After setting up a company in Hong Kong, it is important to keep your accounting records in accordance with the local regulations. Get Started HK has a team of professional accountants who are qualified in Hong Kong and we can provide you with different solutions to meet your profits tax reporting needs.
Bookkeeping & Accounting service at Get Started HK
As per section 373 of the Companies Ordinance, a Hong Kong company must keep accounting records that are adequate to explain transactions of the company, and to disclose the company’s financial position and performance with reasonable accuracy. The record may be kept in hard copy form or electronic form while it is mandatory to keep all these records for 7 years from the end of the financial year.
Get Started HK provide a full-fledged accounting service in accordance with the Hong Kong accounting standard. We help maintain proper records and books of accounts to make sure your data is processed safely and accurately.
How much does accounting service cost?
Our price range is based on the number of transactions and it generally includes the followings.
- Full set financial statements (income statement, balance sheet, trial balance and general ledger)
- Multiple currencies
- Profit Tax Return form submission
- Tax computation submission
- Offshore profit tax exemption status
- Accounting solution with professional HK certified public accountants
Depends on your corporate needs and situation, our accounting fee starts at HKD3,500. If you are interested in our accounting packages, you can contact us at firstname.lastname@example.org to tailor make an accounting plan.
How should I keep my accounting record?
In order to keep accounting record tidy and neat, you are recommended to save and scan all your transaction history, invoices and expense receipts into different folders. You should also create a new folder each month to make records clear. If you have many transactions each month, you can even consider to use an accounting software to sort out information.
An accounting software can help you make things more organised. It can also help you to store and compare data for analysis. Below is an example – Wave – and this software is free of charge.
- Invoice in any currency
- Receipt scanning with Wave free mobile app
- Unlimited collaborators or accountants
- Generate financial statements for year-end
- Other financial reports on Overdue Invoices & Bills, Cash Flow, Profit & Loss and more
- Bank and credit card connections
- Business performance view on dashboard
Another popular software is Xero. It is a very user-friendly software but this software can sometimes be more expensive than hiring a qualified accountant in Hong Kong. Xero subscription fee starts from HK$4000 and it mainly covers the following.
- Send invoices and quotes
- Enter bills
- Reconcile transactions with your bank
- Create financial performance reports
- Handle multiple currencies
- Capture bills and receipts with Hubdoc
- Unlimited users
- Bank-level encryption
- Online dashboard
However, customers shall note that an accounting software cannot replace the role of a professional accountant. The Hong Kong Inland Revenue Department will still need a practising accountant to prepare the audited report. If this is your first time setting up a company in Hong Kong, I’d suggest you to consult with our accountants at email@example.com so we can tailor make a cost effective package for your company.