According to the Inland Revenue Ordinance, Chapter 112 of the Laws of Hong Kong, every person conducting business in Hong Kong must keep adequate records of his income and expenses and keep them for a period of at least 7 years. Failure to comply with relevant laws can result in a fine of up to HK$100,000.
In the past 40 years, we have encountered many clients who have ignored the importance of record-keeping. Only after they receive tax returns or letters from Inland Revenue Department, would they realise the importance and urgency of keeping proper records and accounts, and start seeking assistance from accountants. If you fail to provide the required accounting records and documents within the time set out by the Inland Revenue Department, you may face heavy fines and penalties.
By engaging professional accountants for accounting works, not only will a business be assured of compliance with legal requirements and accounting standards, but also saving its time and training resources. By going through the business records and information, our experienced accountants will be able to give professional analysis and feasible recommendations to assist our clients to establish a good financial system, improve corporate management costing and profitability. We can also give our clients recommendations on accounting software according to their company size and operations, so as to ensure the accounting procedures are efficient and adequate.
In addition, accurate and regularly updated accounts can timely provide information needed for operational decision-making, which help a business to draw up financial plans, and understand and manage the business more effectively. Accounts prepared by professional accountants can help companies to negotiate with banks, customers, suppliers, and investors for development opportunities.
For more information about accounting and bookkeeping
Please contact our professional consultants, we will provide you with free consulting services.