Every business is in need of accountants

Even you are a startup, you do need a professional accounting firm to support

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In the budding stage of a business, startups entrepreneur are busy trying to bootstrap, stretch limited funds, and cut costs wherever necessary, manager accounting and finances on your own seems to be an option. This makes sense if the business owner is an accountant. If not, this could be a serious mistake that negatively impacts the potential growth and success of your business.

As an corporate service provider outsourced accounting and book keeping services, we often redo the work and re-file taxes for our first time client who have not hired professional accounting firm resulting before, it generates extra workload and thus cost.

AsiaBC urge startup entrepreneurs definitely has to seek for professional accounting support under the following situations:

  • with annual turnover over HK$500K, this amount is a good benchmark;
  • or, have already hired some employees as a good sign of business growth, the importance to know its cash flow as well as burden raise;
  • or, involves more than one core member, higher degree of financial reporting is in need.

Apart from employing accounting staff, outsourcing accounting to professionals can saving on staffing cost, that way only the exact level of day-to-day transactional work and accounting support are paid. More than book keeping and accounting services, AsiaBC is capable of providing year-end / quarter-end / month-end book keeping, tax-efficiency measures, expense tracking, payroll, agency of banking and financial services, and financial planning to your business.

Required by the Hong Kong government, corporate bodies are require to hand-in Audit Report which is signed by one of Certified Public Accountants (CPA) with annual tax return. Therefore, the business owner is bound by laws to hire CPA for the generation Audit Report. AsiaBC has close relationship of CPA in Hong Kong to assist client to obtain audit report.

You can see a brief of our “Tax & Accounting Services” for entrepreneur in Hong Kong:

Overview of AsiaBC Tax & Accounting Services as a part of our entrepreneur Relocation by Asia Business Centre.

Overview of AsiaBC Tax & Accounting Services as a part of our entrepreneur Relocation by Asia Business Centre.

Taxation and Accounting is always the 2nd most complicated issues after incorporation. We have prepared the articles in our “Guide to Hong Kong” and hope every oversea entrepreneur can have a look to them for more about doing business in Hong Kong:

Benefits of Outsourcing Accounting Jobs

Applicable to starting up and up-and-running businesses

An outsourced accounting firm will give you essential support to your business while also providing the following benefits:

Concentrate on your Core Business

The core-business of a business owner and early employees is focusing on building products & services, developing relationships with potential customers and partners, and marketing and sales. For others non-core business, that every business owners should learn to separate core from non-core and focus on your core business, the earlier to obtain the outsourced accounting support, the earlier to grasp the opportunities of growth.

Quality Financial Information

Outsourced accountants provide high-quality financial information, it is vital to raise funds or obtain debt or reach out to new investors. These kinds of financial statements are also essential for tax reporting purposes and providing updates to corporate members such as investors. On the other hand, this will give the business owners as well as the decision makers insight into the nature of running a business which is invaluable to business strategic planning.

Valuable Business Partners

Outsource firms have extensive expertise working with early stage start-ups. This sort of expertise and experience can be invaluable for your entrepreneur when it comes to raising funds, financial planning, negotiating term sheets, structuring deals, financial reporting, etc.

Accounting – Language of Business

AsiaBC facilitates the communication among businesses members

We are more than just outsourced accountant.  We will not only prepare for your annual accounts but also take care of  your overall finance situation to fulfill the legal requirement as well as enhance the efficiency of your business.

  • Accounting & Book keeping Services

    Service Scope

    • Computerize and Update the books in accordance with the Hong Kong Accounting Standards
    • Prepare for general ledger, cash account, bank account, accounts receivable and account payable
    • Prepare for bank reconciliation statement
    • Prepare for monthly / quarterly / annually financial statements including Balance Sheet and Income Statements for tax filing purpose
    • File Tax Return

    Fee schedule:

    • According to our pre-determined fee schedule, clients are informed with an estimation of service fee based on their number of transaction and turnover.
  • Tax Efficiency Planning

    We are familiar and experienced in utilizing Hong Kong tax system for assisting clients to obtain tax efficiency planning within the legal scope such us maximize the effect of tax deduction, tax allowance as well  Double Tax Treaty.

    • For business bodies:
      • Tax consultation
      • File corporate Tax Returns
      • File Employers’ and Employees’ Returns
      • Assist in replying to inquiries from Inland Revenue Department e.g. for tax field audit or investigation
      • Apply for claim of offshore income / Double Tax Treaty
    • For personal income:
      • Tax consultation
      • File personal Tax Returns (e.g. Salaries Tax)
      • Apply for personal tax allowance and deduction
      • Handle Personal Assessment
      • File Property Tax Return
      • Assist in replying to inquiries from Inland Revenue Department e.g. for tax field audit or investigation
  • Connect with auditors (Audit Report)

    Our extensive network of Hong Kong auditors (Certified Public Accountant of Hong Kong) can save your time to seek for the trustful auditor.

You are advise to read our “Business Guide to Hong Kong” section for taxation system in Hong Kong.

Hong Kong is one of the freest city and lowest tax jurisdiction for doing business.