Financial Arm length services for foreign companies that operate in Israel
ERB specialized in providing full range of financial services to foreign companies that have operation in Israel but do not wish to establish financial and Administration facilities for their local operations and rather have ERB as their Israeli representative for all financial aspects and duties. Our solution would usually be in collaboration with local legal advisors to cover all legal aspects. Such services include:
- Salary processing, payment and reporting.
- Bookkeeping services.
- Compensation plans, salary and Employees benefits.
- Financial Operations and payments.
- Administration facilities
- Reporting to authorities, auditors relations etc
- Controller services - Reporting abroad on all financial activities at all requested formats.
Salary processing, payment and reporting.
Our services of salary processing, payment and reporting will include:
- Salary processing and production of discrete salary slips
- Copy of salary slips for employees personal files
- General ledger entry for bookkeeping department for the salary breakdown down to pre defined departments
- Full report to controller or manager in charge on salary components per employee, section, and all possible breakdowns
- Filing and production of all due reports and forms (102, 126;106 etc) to tax and social security authorities .
- Execution of payment through “MASAV” Israel’s inter bank clearing system.
- Calculation production payment and reporting of all social benefit components to all relevant institutions including Pension and management insurance funds, education funds, disability insurance on a monthly basis and ongoing control over payment and amount paid and accrued.
- Monitoring, recording, reporting and management of vacation days, seek days army reserve days etc in the salary system.
- Production of periodical calculation of all salary related accruals such as severance and vacation.
- Processing of all relevant calculation needed at termination of an employee and related reporting to authorities.
The bookkeeping services are rendered off site and generally include the following tasks:
- Monthly basis closing of bookkeeping system - all major month end reconciliations
- Related ongoing reporting to tax and VAT authorities.
- Multi currency (NIS and $) bookkeeping system.
Compensation plans, salary and Employees benefits.
We streamline our clients’ compensation, salary and benefit packages by providing the following:
- Set-up of a benefit plan (pension fund, educational fund, risk insurance etc.). In addition to setting and determining the ideal plan, we negotiate and bid for the best broker for the company.
- We assist and consult on set-up of salary and benefit policies (holidays, percentage of base salary to be applied to benefits, employee manuals, etc.).
- Consulting on Israeli Employees Stock Option Plans. We provide know how on option plans guidelines, policies, vesting schedules terms, amounts, Options to senior employees, Options “Exit” issues and so on. Our advice is always updated and reflects common market relevant data.
- We maintain the ongoing optionees list and report upon request.
- We provide a focal point for all relation with relevant authorities with regard to employee’s compensation.
- Consulting on all relevant employee employer relationship practices.
Financial Operations and payments.
As needed and requested by our clients we shall provide the following services:
Assist in set up of local bank account the foreign entity or enable our customer to operate through our trustee account.
- Serve as signatories at the customers’ bank On going account.
- Sign checks, payments to suppliers, authorities etc.
As will be required by our client from time to time
- We shall serve as the Israeli representative for VAT purposes as required by law.
- Take off administration and financial burdens of local representatives’ shoulders.
- We shall assist in all negotiation with local relevant vendors.
- Manage the records of vacation days, army reserve days etc
- Other administration needs
Reporting to authorities, auditors relations etc
We shall be responsible for reporting duties to local authorities and serve when needed as interface to auditors for all relevant aspects.
Controller services - Reporting abroad on all financial activities at all requested formats.
Focal point in the company to all financial ongoing matters (employees; banks, suppliers etc.)
Monthly reporting, in English, in $USD, meeting the standards of \'Big 4\' reporting and VC\'s standard reporting requirements, based on templates used by the company
We shall provide financial reporting including:
- Balance sheets
- Profit and loss accounts
- Cash flows, Burn rates and cash flow forecasts
- Salary reports
- Any other financial reports and break down costumed to the customer need
The reporting is on a monthly basis, costumed to the format required by the client, and nominated in $ , EURO or other relevant currency.
More about our services
ERB’s services are rendered both on- and off-site
- Salaries are kept in a most discrete manner and precautions
- We provide response during both Israeli and US (east and west costs) working hours.
- Our solutions are fully scalable and are customized to the individual client.
We are here for you. Please contact us:
ERB New York
251 West Nyack Rd,Suite A P.O Box 307, West Nyack, NY 10994
360 S. Kiely Blvd., Suite 250, San Jose, CA 95129
Call Center: +1-646-340-4867