Accounting

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.

 

Traditional Bookkeeping

 

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 monthly/yearly profit & loss statements and balance sheet
  • Checking of payments being processed
  • Consultation on accounting related issues in general
  • Reminder on audit before tax submission
  • Filling of profits tax returns

We charge our clients a service fee a fixed fee per month, which depends on factor such as the number of transactions that have been processed through the accounts, business complexity and turnover.

 

Cloud Accounting

 

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 Xero, a cloud accounting software.

We can assist your company in the set up or transition to a smart accounting system model with Xero. 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:

Easy invoicing

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.

Multi-currency consolidation

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
  • Xero training
  • Financial reporting
  • Preparation of management account
  • Annual audit assistance
  • Filling of profits tax returns

 

If you are undecided on which accounting model is suitable for you, please contact us for an accounting consultation. We will be happy to understand your business model and accounting needs and recommend you with the best tailored made accounting solution.

 

Corporate Audit

 

Every year, a Hong Kong company must audit their accounts by a Certified Public Accountant (CPA) and file the audited accounts together with tax return to the Inland Revenue Department (IRD). An independent CPA should be hired, which should be separate from the CPA or external bookkeeping firm who has been hired for ding the bookkeeping or management accounts to ensure the audit report is an independent and professional report.

Auditing includes the following procedures:

  • Assess the size of the audit
  • Determine the audit opinion
  • Review all financial statements
  • Ensure compliance with all IRD/HK Company Ordinance requirements
  • Identify potential mistakes
  • Sign off on the audit document.

Dealing with auditors can be rather challenging because it does require patience and bookkeeping knowledge on the part of those being audited. Our Company will arrange the audit for your company. We will handle all enquiries that are being raised during the audit process provide supporting documents. We also manage the time to ensure the audited financial report will be submitted on time before the deadline of filing taxes lapses.

Alternatively, if you already have a CPA, we can give you business advice on how to improve the financial performance of your business.

 

Contact us to learn more about our services

 

Contact

Specific questions? We are happy to help you. Contact us

About Us

HKWJ Tax Law & Partners Limited is an international boutique firm providing its clients tailor-made tax services, audit, accounting & company incorporation and advisory services in Hong Kong and around the globe. HKWJ Tax Law & Partners Limited is a proud member of the HKWJ Group.

Our Services

Our services include not only tax law advice on beneficial structures for corporations and private individuals, but also tax compliance services, such as Hong Kong tax returns, Hong Kong employers returns and Hong Kong transfer pricing documentation. When required, we assist our clients with their tax disputes, investigation or litigation that may arise during the course of their businesses or their private life. Within the HKWJ Group, various other services are provided such as business advisory, consultancy services, digital marketing, and human resources solutions.

In addition, we are much more than a tax firm as we offer accounting & audit services, incorporation of company & company secretarial services and process agent services. All our services are carried with the utmost confidentiality and respecting our strict privacy policy.

Our Vision

The tax system in Hong Kong is simple but not straight forward. Globalisation has resulted into Hong Kong accepting various international tax standards, making its tax laws more complicated. At HKWJ Tax Law & Partners Limited, we are guiding our clients through this challenging tax law climate, thereby contributing to the growth of their success. Only together, we all grow.

Our People

Our accountants and tax law advisors have all a professional background in either accounting or tax laws and gained in-depth accounting & tax knowledge from large accounting & law firms. As your trusted accounting and tax advisor, we can make your taxes issues less stressful and worrisome, and hopefully, make them even go away. In addition, our in-house consultants can assist with business advisory services, risk management, compliance, digital marketing, and human resources solutions.

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Our People

Willem Jan Hoogland

Partner Get in touch

Lucas Ting

Senior Tax Advisor Get in touch

Samuel Fung

Senior Tax Advisor Get in touch

Andy Ma

Accountant Get in touch

Annie Choi

Company Secretary Get in touch

Wistar Wong

Accountant Get in touch

Mei Shu

Marketing Manager Get in touch

Testimonials

Look forward to receiving the official notice from the IRD on the exemptions.

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