All business and companies in Hong Kong are required to do bookkeeping and audit subsequently these accounts, an area in which we can help and assist. Although this requirement seems to be quite burdensome (compared to some other jurisdictions where such requirements do not exist or where exemptions apply), for purposes of creating tax substance, it is quite an advantage to have these management and audit accounts in place.
Another advantage of these requirements is that one has proper accounts in place whenever there is a need for bank accounts, loans or simply to make sure that your company has enough retained earnings to distribute dividends.
Our different packages and custom made services can assist you with all your accounting matters from bookkeeping to auditing. We currently use the MYOB system for most of our bookkeeping clients as this is commonly used in Hong Kong by not only the clients’ companies but also by the auditors. When signing up for our services, we will provide you with the following resources and deliverables:
- Dedicated account managers
- Input of accounting data
- Preparation of bookkeeping or management accounts including month/yearly profit & loss statements and balance sheet
- Payment processing
- Consultation on general accounting issues
- Reminder on audit before tax submission
- Filling profits tax returns
- We can also provide auditing services such as corporate audit.
As 5G technologies roll out, bookkeeping services are transitioning to smart services. Cloud computing and the internet of things are necessary tools that are popular amongst startups, entrepreneurs, SMEs and even large corporations. Ecommerce business set up around platforms like Shopify and other platforms benefit from online accounting integrations. Therefore, besides the traditional bookkeeping we offer a reliable online bookkeeping and accounting services through Quickbooks, a cloud accounting software.
We can assist your company in the set up or transition to a smart accounting system model. We will provide training, bookkeeping, annual audit coordination and preparing profits tax filing as well as providing you with insights on how to improve the financial performance of your business and resources.
Some of the cloud accounting advantages are:
Fast moving businesses need fast tools to create and send invoices, receive payment updates and have an instant pending invoices report in place.
Mobile & remote
As businesses go global, remote immediate access to your accounts, check balances, uploaded receipts and invoices sent out to customers is necessary. You will be able to do so even from your smartphone or tablet anywhere at anytime.
With cloud bookkeeping you will easily be able to reconcile foreign currency accounts and see exchange rates updated on hourly basis.
Using a cloud bookkeeping system also may have disadvantages such as that clients have access to the system and mistakes may occur when client accidently input or changed entries without notifying us. Security breaches in the cloud server as well as server breakdown may occur, so additional security and backup measures will need to be implemented.
Our smart accounting solution packages include:
- Online bookkeeping service
- Quickbooks training
- Financial reporting
- Preparation of management account
- Annuals audit assistance
- Filling of profits tax returns
The Best Accounting Solution for You
When making a decision for which accounting system to go need to consider that using a cloud bookkeeping system also may have disadvantages such as that clients have access to the system and mistakes may occur when client accidently input or changed entries without notifying us.
Additionally, poor internet access may slow down the accounting process and security breaches in the cloud server as well as server breakdown may occur, so additional security measures, stable internet connexion, and backup measures will need to be implemented.
Finally, some cloud accounting solutions may limit your ability to work with foreign currency in terms of input and invoicing or may request extra fees related to the platform.
If you are undecided on which accounting model is suitable for you, please contact us for an accounting consultation. We would be happy to understand your business model and accounting needs and recommend you with the best tailored made accounting and audit solution for your current business, startup or freelancer activities.