Know more about Hong Kong Accounting and Bookkeeping service

All incorporated and registered business entities, MNCs (Multinational Companies), SMBs (Small and medium-sized businesses), startups in Hong Kong are mandatorily required to maintain proper records and books of accounts. 

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Under the Hong Kong Companies Ordinance, all limited companies in Hong Kong are required to comply with statutory audit requirements annually. No matter the size of your company, records need to be maintained and complied with under the International Financial Reporting Standards’ (IFRS) framework named Financial Reporting Standards framework (HKFRS).

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Added advantages of maintaining accurate business records and books.

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• Timely submission of tax returns

• Better financial decision-making

• Reducing compliance costs

• Reducing audit costs

• Demonstrating transparency in conducting business

 

GEEKAYSYS provides you a range of business function services, such as accounting services, bookkeeping services, payroll services, corporate tax filings, and audit arrangements. We use a range of different world-class software to make sure your data is processed safely and accurately. We can use the following accounting software Microsoft Dynamics GP, Tally PRIME, XERO, Intuit QuickBooks, Google Sheets, MS Office EXCEL for accounting and management reporting. Given below are the complete details about all these services packages:

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Accounting in Hong Kong

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Keeping a book of accounts is a statutory requirement for all limited companies in Hong Kong. Doing so not only helps you comply with the law but also helps you manage your business better. Moreover, it also helps you demonstrate your company’s competence in front of banks, investors, partners, suppliers, and anyone associated with your company financially. 

 

At GEEKAYSYS, we provide a full-fledged bookkeeping and accounting service that focuses on providing our customers with the most personalized and top-quality service. The features of the accounting functions include but is not limited to the following:

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• Accounting setup

• Monthly, quarterly, year-end review

• Financial analysis

• Management reporting

• Management account

• Preparing closing allocations entries

• Comparative statements with the prior year

• Income statements

• Balance sheet

• Cash flow/budgeting

• Financial statements & reports

• Payroll and reporting

• Fixed assets, lease, and loans management

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The payroll feature in the accounting service package has further sub-features that need to be looked at in more detail. 

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Bookkeeping service package

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Bookkeeping refers to the recording and management of all financial transactions carried out by the company. These accounting records include purchases, sales, receipts, and payments. The information recorded in these books by a bookkeeper is what is used by an accountant to prepare financial reports. 

 

All limited companies in Hong Kong are mandatorily required to maintain and update their books. In accordance with the Hong Kong Financial Reporting Standards, balancing bank statements and records of accounts receivable and accounts payable is done as a part of the bookkeeping system.

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Since in-house bookkeeping work can come at the price of making costly hires such as bookkeepers and accountants, many companies choose to outsource the work entirely. At GEEKAYSYS, we can assist you in keeping your company’s books under our bookkeeping services package.

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• Sales entries from sales order

• Purchase entries from purchase order

• Cash and bank entries

• Bank reconciliations

• General ledger reconciliation

• Accounts payable management

• Accounts receivable management

• Annual financial statements

• Credit card receipts reconciliation

• Cash management

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Corporate tax filing and audit work arrangements package

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Apart from filing income and personal tax returns for employees, all companies registered in Hong Kong are required to file profit tax returns along with audited financial statements. At the request of the Inland Revenue Department (IRD), all Hong Kong-registered companies are required to submit their profit returns. Based on the previous year’s figures of the company, provisional tax is charged. 

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Under the Professional Accountants Ordinance (PAO), Hong Kong has registered auditors. All registered active companies in Hong Kong are required to get their accounts audited by these auditors on an annual basis. The auditors are technically called Certified Public Accountants. The Hong Kong Institute of Certified Public Accountants (HKICPA) has certain standards set based upon which the auditors carry out their work. 

 

Corporate tax filing and audit arrangements are a lengthy and tiresome process with a wide scope for errors. To avoid any mistakes and violations of legal standards, GEEKAYSYS puts to work their best experts at making sure the numbers are processed accurately, punched incorrectly, and the process happens smoothly without any delays.

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For any service that you might not have been able to find above, contact us, and we’ll prepare a package for you. If we are not able to be the right experts for you, we will redirect you to our friends in the business who are. 

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Payroll service 

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The Hong Kong payroll determines mandatory benefits for all employees of every company registered in Hong Kong. These benefits include the minimum wage, holidays, annual paid leaves, sick leaves, maternity leaves, medical benefits, severance packages, housing allowances, and year-end bonuses.

 

It also determines a mandatory Provident Fund for all employees of every company registered in Hong Kong. All full-time and part-time employees aged between 18-65 mandatorily need to open a retirement program savings fund.

 

Several companies do not have an employee size that justifies hiring a Human Resources (HR) person or a payroll specialist. In such scenarios, outsourcing the services for payroll is what multiple Hong Kong-based companies choose to do. Our payroll feature includes but is not limited to the following processing functions:

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• Employee salary statutory deductions calculation

• Payment arrangements to employees

• Payment arrangements to concerned authorities

• Payment arrangements to vendors

• Expense reimbursement arrangements

• Provident Fund contribution calculation

• Payment arrangements to Provident Fund trustees

• Employee benefits computation

• Year-end tax forms preparation for employees

• Personal tax returns preparation 

• Payment arrangements for severance packages 

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The payroll feature also includes reporting functions.

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• Printing and delivering payslips to employees

• Complete employee record maintenance

• Payroll reports

• Statutory tax reports

• Provident Fund remittance statements for trustees

• Periodic MIS (Management Information Systems) reports

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