Bookkeeping and Accountancy Service

If you do not have a complete accounts department or do not wish to maintain one, you can subcontract the routine bookkeeping work to us so that you can spend more of your time on managing your business. We provide high level assurance of accountancy works over different types of industry and have proficiency experience in catering, logistics, trading, retailing, engineering professional association and manufacturing sectors.

Companies Ordinance (Cap.622) and Inland Revenue Ordinance require every person carrying on a trade, profession or business in Hong Kong to keep sufficient accounting records for a period of not less than 7 years. The accounting records must be sufficient:

  1. to show and explain the company’s transactions;
  2. to disclose with reasonable accuracy, at any time, the company’s financial position and financial performance;
  3. to enable the directors to ensure that the financial statements comply with this Ordinance ; and
  4. In particular, the accounting records must contain daily entries of all sums of money received and expended by the company, and the matters in respect of which the receipt and expenditure takes place; and a record of the company’s assets and liabilities.

A director of a company who wilfully fails to take all reasonable steps to secure compliance of retaining the accounting records commits an offence and is liable to a fine of $300,000 and to imprisonment for 12 months.

The records prescribed in the Inland Revenue Ordinance include books of accounts recording receipts and payments, vouchers, bank statements, invoices, receipts; records of the assets and liabilities; statements of trading stock, etc. Failure to comply with the requirements of the Inland Revenue Ordinance without reasonable excuse may be liable to a maximum fine of HK$100,000 and to imprisonment for 12 months.

Clients usually require their accountancy works to be prepare on a monthly basis in order to give a sharp and effective image of understanding. However, some may choose to prepare on a quarterly, half-year or annual basis. We offer clients the accountancy services, ranging from recording transactions to preparation of individual and consolidated financial statements, as follows:

  • Use appropriate accounting software for recording transactions
  • Prepare financial statements on a timely basis, reports are included but not limited to Statement of Financial Position and Income Statement.
  • Provide breakdown for the purpose of auditing
Documents required for preparation of financial statements
Type of transaction Record to be maintained
Sales Sales invoice, Goods return note, Receipt slip, Daily receipt record, Till-roll, etc
Purchases Purchases invoice, Petty cash voucher, Payment slip, Cheque stub, Statement
General expenses Expenses invoice, Payment receipt, Cheque stub, Salary record
Bank transaction Bank statements, Bank paid-in slip and related receipt details, Cheque stub and copy (Please specify the transaction amount, nature and payee details)
Tangible assets Purchase and sale agreement, Invoice and receipt, Cheque stub and copy
Inventory Inventory list (Including quantity and unit cost on every items) Obsolete or slowing-moving inventory
Investment Security ask/bid confirmation slip, Purchase and sale agreement, Capital inspection report (Apply for PRC investment)