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Accounting
Our support, can help you focus on your business

Accounting

Our support, can help you focus on your business

What is accounting?

Accounting is the preparation of financial statements of the company. The process begins with book-keeping, which is to record the company's business transactions.

The financial statements are reports that allow interested parties to evaluate the profitability and solvency of a business.

These reports include the following financial statements:

  • Balance Sheet
  • Income Statement
  • Statement of Owner's Equity
  • Statement of Cash Flow

Why accounting work is required?

Legally required

The Inland Revenue Ordinance (IRO) requires every company to keep sufficient records (in English or Chinese) to enable your assessable profits to be readily ascertained. All records must be retained for 7 years from the transaction date.

Hong Kong company are not required to file tax return on monthly basis. It is required on annual basis. Therefore, accounting work can be performed monthly, quarterly, semi-annually or annually depends on your business circumstances and management needs.

When filing the tax return, and audited accounts should be enclosed which include:

  • Financial Statement / Balance Sheet;
  • Auditor’s Report;
  • Profit & Loss Account relating to the basis period; and
  • Tax computation.

Practically required

There are also many other reasons why you should keep accurate business records.

  • Accurate records allow you to be in better control of your business by helping with financial planning and decision making;
  • You portray a more professional image that makes it easier to deal with your bank;
  • Appropriate records enable you to file an accurate profits tax return;
  • The costs to you of an IRD audit are reduced if all of the necessary records are readily available;
  • Compliance costs are less;
  • Losses in your business may be detected;
  • You are in greater overall control of your business.

 

Our accounting services
  • Setup / Review accounting system and give appropriate recommendation
  • Provide training to client's staff for proper accounting skills
  • Assist on financial management reporting
  • Evaluate companies' performance by professional analysis techniques
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