WS CPA provides professional accounting and bookkeeping services to small and medium enterprises. Our services include:
Using our accounting software, our clients can enjoy the following benefits:
Our services include:
Contact WS CPA to learn more about our accounting and bookkeeping services and how we can help your business thrive.
Our team calculates the profit or loss of a business for a given period based on the data provided by the client. We list the sales revenue, cost of goods sold, and various expenses incurred during that period.
Our profit and loss statement can be calculated on a monthly or yearly basis.
The balance sheet is a financial statement that provides a clear picture of a company’s worth on a specific day. It is generally calculated by subtracting the company’s total liabilities, including payables and debts, from the total value of its capital, bank and cash balances, inventory, and accounts receivable.
The date of the balance sheet is set as the last day of the period covered by the profit and loss statement.
Bank reconciliation is the process of comparing a company’s current bank account balance to its issued checks to determine the actual account balance.
If a company’s account balance is insufficient to cover its issued checks and other daily expenses, additional funds can be drawn from other sources.
Financial Statement Preparation Time:
For monthly bookkeeping: Approximately 2 to 3 weeks
For yearly bookkeeping: Typically completed within 1 month.
What data should a company keep?
Every Hong Kong company should manage its accounting data properly, which is regulated by the Companies Ordinance and Inland Revenue Ordinance. When auditing financial statements, the company needs to provide accounting vouchers, invoices, bank statements, and other documents. During a tax investigation, accounting records and document vouchers are required for the tax authorities to review. Failure to retain relevant data may result in fines of up to HKD 100,000.
What are accounting data and vouchers?
Accounting vouchers include:
Books (to record income, payments, income, and expenses);
Vouchers, invoices, receipts;
Bank statements;
Records of assets and liabilities;
Daily income and expenditure records;
If it involves the purchase and sale of goods, all records of incoming and outgoing goods, invoices;
Sufficient details about the goods and the buyer and seller (including quantity, value, and identity);
Inventory statements, etc.
What are the risks of not keeping records?
The Inland Revenue Ordinance requires relevant business operators to retain such records for at least 7 years. If the regulations are violated, the relevant personnel may be fined up to HKD 100,000. During a tax audit, the tax authorities have the right to request that taxpayers provide such documents. If the vouchers are not provided, the relevant personnel may be fined. In addition, the company has no defense when estimating taxes with the tax authorities.
Why choose to outsource accounting bookkeeping?
All companies established in Hong Kong must keep their financial records properly, prepare annual financial statements, and manage their accounts.
Outsourcing accounting services to external experts has become a social trend for small and medium-sized enterprises. It is already very common in the United States and other developed countries. Outsourcing accounting bookkeeping work to accounting firms can save the heavy expense of hiring full-time accounting clerks, and obtain professional, efficient, and high-quality bookkeeping services. It can also ensure that the accounts comply with accounting standards.
Contact us to learn more about our accounting bookkeeping outsourcing services and how we can help your business stay on top of its finances.