Accounting Services in Hong Kong

A practical accounting service for Hong Kong limited companies that need clean bookkeeping records, audit-ready financial statements and support with annual Profits Tax filing.

Every Hong Kong company must keep proper accounting records . These records are not just for internal admin. They are used to prepare financial statements, support the statutory audit and complete the company’s Profits Tax Return filing with the Inland Revenue Department.

Get Started HK helps founders and SMEs organize their bookkeeping, reconcile bank transactions, prepare year-end accounts and keep their company ready for audit and tax compliance.

Accounting Services in Hong Kong: Key Takeaways

• Hong Kong companies must keep proper accounting records that show and explain their transactions under Section 373 of the Companies Ordinance (Cap. 622).
• Accounting records are used to prepare financial statements, complete the statutory audit and support Profits Tax filing.
• Business and accounting records should generally be kept for at least seven years.
• Good bookkeeping reduces audit delays, tax filing issues and year-end compliance stress.
• Accounting service fees usually depend on transaction volume, business complexity, and annual turnover.
• Accounting software (such as Xero or Quickbooks) can help record transactions, but professional review is still important for audit readiness, tax treatment and compliance.
• If a company plans to claim offshore profits tax exemption, its accounting records should support where income-generating activities took place.

What does our Accounting Service Include?

At the end of your financial year, your accounting service produces a full set of financial statements. These typically include an Income Statement, Balance Sheet, General Ledger. The statements should be prepared in accordance with either the Hong Kong Financial Reporting Standards (HKFRS) or the SME Financial Reporting Standard (HKSME-FRS), depending on the size and nature of your company.

Once prepared, these statements go to your auditor for independent review. This is a separate, mandatory step under Hong Kong law. We cover that in detail on our statutory audit services in Hong Kong page.

How the Accounting Services Process Relate to Tax Reporting?

Here is how your accounting service fits into the bigger compliance picture each year.

1. Keep your records throughout the year Save invoices, scan receipts, and record all bank transactions as they happen.

2. Prepare your financial statements Your accountant organises your records into a formal Income Statement, Balance Sheet, and General Ledger.

3. Audit An independent HKICPA-registered CPA reviews the statements and issues an Auditor’s Report.

4. File your Profits Tax Return The audited financial statements, tax computation, and signed Profits Tax Return are submitted to the Inland Revenue Department (IRD).

At Get Started HK, we can handle all 4 steps for you.

How Accounting Service Fees Work in Hong Kong?

This is worth explaining clearly, because there’s a lot of variation, and some of it may be more misleading than others. The most common pricing approaches you may come across are:

• By transaction volume — you pay based on the number of transactions processed per month or year. This reflects actual work done and is the most straightforward method.
• By revenue — some firms charge a percentage of your annual turnover. This doesn’t reflect accounting complexity. A company with HK$5 million in revenue but 15 transactions a month has no more accounting work than one with HK$500,000 in revenue and 2,000 transaction count. If a firm quotes you a fee based on your revenue, it’s worth asking why.
• By the month — monthly billing can add up, particularly when year-end adjustments are charged separately on top.

At Get Started HK, our accounting service is priced by transaction volume and quote a fixed once-off fee before we begin. We find this is the most honest and predictable approach for SMEs.

Accounting Software vs. Professional Accounting Service

Tools like Xero, QuickBooks, and FreshBooks are genuinely useful for logging transactions and categorising expenses. We recommend using them, and our accounting service integrates with them directly.

What they don’t do is replace a qualified accountant’s judgment. Software records data but it doesn’t verify whether that data is correctly classified for Hong Kong tax purposes, whether an expense is allowed, or whether your accounts will hold up to IRD scrutiny. The IRD reviews filings with experienced human eyes, and errors (regardless entered manually or generated by software) will be spotted.

What to Look for in an Accounting Service in Hong Kong?

• Qualification — Hiring an accountant with recognized accounting qualification (such as HKICPA) is highly recommended to ensure your accounts are prepared accurately and are audit-ready from the start.
• Independence — the person who prepares your accounts cannot also audit them. These are legally required to be separate functions.
• Fixed pricing — a reputable firm should be able to give you a quoted price before starting, not an estimate that expands at year-end.
• Familiarity with the IRD — Hong Kong’s tax environment has specific nuances around offshore profit exemption claims, allowable expenses, and related-party transactions. Local experience matters.

The team at Get Started HK includes accountants with Big Four backgrounds. We act as your tax representative with the IRD, handling any follow-up correspondence or review requests directly.

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Frequently Asked Questions

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Many of our accounting clients first come to us when they register a company in Hong Kong — if you’re at that stage, our incorporation packages include guidance on getting your accounting set up from day one.