Functions Of Accounting Service After Setting Up A Company In HK

Functions Of Accounting Service After Setting Up A Company In HK

Not sure when to hire a Hong Kong small business accountant? Do you have a lot of paperwork just to update your business account? Why Hong Kong accounting services are essential to all business owners.

Every company incorporated in Hong Kong must meet the financial reporting requirements of the Hong Kong Financial Information System for the registration of its business activities. Get Started HK is not only important for the timeliness of the report, but also for the submission of tax returns. Through the Internal Revenue Service.

The Hong Kong company registration service will help you record and interpret your financial data in order to make more informed business decisions about your company’s funds and ultimately the tax return of the Hong Kong company.

Business advantages:

Get Started HK not only benefits from the tax reduction system but also the business registration procedures are simple and straightforward, almost attracting foreign investors to Hong Kong. In the right business form, our Hong Kong lawyers will help you make a decision.

Hong Kong companies are also eligible for government assistance, including founder programs, loan guarantees, and marketing funds; companies that require professional work equipment or commercial capital can obtain financial support, and they may also receive special grants for technological updates and innovative ideas.

Hong Kong Professional Accounting Services:

Run your own business, eliminating the trouble of daily accounting. With our reliable accounting services, you can continue to enjoy the freedom of doing business in Hong Kong while ensuring that your account books and financial status are kept up to date.

Helps to measure business performance:

The financial statements clearly show the business and financial status of a small business or company. This helps to better understand the financial situation of your company. The accounting department can not only help you keep track of expenses, gross margins, and income, but it can also help you budget correctly by comparing the above data.

The Hong Kong Stock Exchange abolished the “Listing Rules” requirement for qualified accountants but expanded the provisions on internal control in the “Code of Practice on Corporate Governance” to clearly mention the responsibility of directors to conduct annual reviews. The suitability of the staff for the financial reporting and oversight functions of the audit committee.

Cost control:

The Get Started HK standard costs are evaluated before any costs for providing required financial information in accounting records. Compare the actual cost with standard cost to measure performance. So cost control is possible.

Without accounting records, a hong kong company registration cannot operate. Maintaining accurate and up-to-date business records is essential for smooth business operations. Dual entry procedures.

PTR filing:

Hong Kong law requires all Hong Kong companies to submit PTR to the government, which must be accompanied by company audit reports and Hong Kong certified accountant tax calculations.

The company registration Service will publish its own PTR (Tax Return) 18 months after the company is established, and then every 12 months, usually in April, to further publish the PTR.

Regardless of whether your company is operating in Hong Kong or outside Hong Kong, you usually still need to submit a PTR in your company’s account. Therefore, each registered company has the responsibility to submit its report in a timely and correct manner.

Get Started HK can help companies submit PTR and review financial statements submitted by independent certified public accountants for their business. If you need to fill out an annual PTR presentation for your company, please contact us immediately.

Hong Kong Tax Return:

If you are a company, partnership, or non-resident engaged in any trade, profession or business on your behalf, you must complete your tax return and any other forms and submit them to the IRS before the due date Date (IRD) Generally, a newly registered company receives its first tax return approximately 18 months after the date of opening or incorporation.

Subsequently, conducts an annual audit on the first working day of April each year and submits a large number of tax returns. If it does not meet the requirements of the tax bureau, the relevant criminal regulations authorize agents to prosecute and collect additional taxes and crimes against agents with serious circumstances.

Promote business growth:

One of the main benefits of accounting is that, if done correctly, it can clarify the financial situation of your business. A clear understanding of your business’s financial situation will help you make informed decisions as your business grows. Allows you to determine the feasibility of any business plan (such as expansion and contraction), preventing counterproductive decisions that may jeopardize or delay your business growth for months or even years.

A reliable accounting firm can critically analyze your accounts receivable and income to help you clearly understand the company’s cash flow and seasonality. When you hire a regional audit company, you can also get their consulting and market analysis services. With their help, you can effectively evaluate the company’s performance and make strategic decisions that will help your business succeed.

You need an accountant to help you with your finances:

If you do it yourself, small business bookkeeping can quickly become complicated. If you feel you cannot control who owes you and how much you owe you, an accountant can help you get back on track.

You can also measure key business indicators when Get Started HK, such as the ratio of employee payments and other benefits to total income. An accountant can help by managing your salary and creating charts so you can understand how the relationship changes over time.

If your accountant commonly uses cloud-based software for accounting, they can easily and quickly share their business account with you and create charts and graphs to help you understand the current financial situation of your company at a glance. You follow the pulse of the company and track important matters such as cash flow.