As your company expands, the quantity of paperwork will rise and become more time-consuming. It might be a good idea to hire an accountant for your small business at this point. Here are five reasons why your little firm may require the assistance of an accounting company to offer accounting services.
Accountants are vital for any company, no matter how big or small. Accountants ensure that your business runs smoothly by keeping track of all the paperwork. As your company expands, the amount of documentation and labor required will rise. It might now be time to look for an accountant for your firm to acquire accounting services hong kong. In fact, this choice may save you a lot of time and money, and it should be regarded as a smart investment!
Here are five good reasons to do so.
- Spend your valuable time developing the core business
We understand how busy you may be, but you don’t have to handle everything on your own. Simply outsource the less essential work like as invoicing and accounting so that you can focus on more vital business operations. You may feel more in control of your business with an accounting firm to assist you. You may rest confident that they will go through your company’s financial data and ensure nothing is overlooked.
- Get sound legal advice for your business’s structure
You may need the advice of an accountant when you’re starting a new business in order to choose the best legal structure for your company. You could require the accounting services of an accountant when you have diverse legal structures such as limited companies, limited liability partnerships, sole traders or proprietors.
When you’re expanding your company, hiring an accounting firm to review your contracts can help you make better judgments with more confidence.
- Gather information quickly through a seamless audit process
Under Hong Kong’s Companies Ordinance, businesses are required to submit annual audits. Failing to do so may result in a violation of the law. Accountants can assist you in preparing your financial statements and giving you peace of mind. This is when accounting firms like FastLane come into play. They can handle the more technical accounting tasks and act as your company’s point of contact with your auditors.
During a financial audit, auditors will examine your company’s financial statements to ensure they are in line with Hong Kong laws. The audit is more likely to go well if these financial statements are well prepared.
- Keep Hong Kong’s laws in mind and remain compliant
Every firm in Hong Kong is expected to keep their books in good working order and maintain accurate financial data according to Inland Revenue Department’s standards. When you have a busy job, it’s easy to overlook things.
You may face fines if you’ve neglected to maintain track of your company’s financial data. You can be relieved of this duty and have peace of mind knowing that appropriate procedures will be followed when you hire an accounting firm. When it comes to tax preparing, you may also get advice and allowance ideas!
- Increase Your Business’ Cash Flow
Day-to-day bookkeeping tasks, accounting operations, and balance sheet and office expense claims are all ready for your review so you can see where the money is going in and out of to help you better manage your cash flow!
How FastLane can help?
FastLane can help you get rid of the need for manual labour and bid goodbye to your paper troubles. If you’ve always wanted to know how to find an accountant for your small business, we’ve got you covered. A Chartered accountant will go through your books, generate and file reports, suggest tax exemptions, and be there to assist with your questions. We can assist with both accounting and secretarial tasks, including those related to SMEs.
At FastLane, We embrace technology, which is why we use our cloud-based accounting software, Xero.
FastLane group has considerable expertise in assisting firms with accounting services hong kong using the Xero accounting platforms as a XERO Platinum partner.
FastLane Services
We offer comprehensive accounting services and handle all of your accounting needs from the Internal Revenue Service (IRS), including:
- Implementation and training on Xero Cloud Accounting Software
- Bookkeeping Services for a Monthly, Quarterly, or Annual Period
- Data input in accounting
- Reconciling accounts
- Management accounts, including monthly profit & loss statements and balance Sheets, are prepared
- Account receivable & account payable aging reports are prepared
- Create a great list of client input items such as receipts or the nature of transactions
- See how the company’s finances are shaping up, as well as its matrix
- Reminder on Audit and Tax Deadlines
- Review your Xero account for the time period, including settings, bank feeds and reconciliations, sales and expenses categorization
- Prepare a Xero Health Check Report that includes findings and recommendations for improving your health
