Why It’s Smart to Hire an Accounting Firm in Hong Kong

You’re finally expanding your business in Hong Kong, and you can’t wait to get everything up and running. But before doing that, it’s essential to build the foundations of your business in the city first, especially when it comes to managing your finances.

For starters, the Hong Kong Companies law states that all businesses under its jurisdiction are required to keep an accurate record of all their financial transactions and update their books at all times. And since you’re doing business here for the first time, here’s why hiring an accounting firm in Hong Kong would make complete sense:

You can guarantee compliance with Hong Kong’s accounting standards.

Hong Kong has very strict standards when it comes to the accounting activities of its businesses. Here, you don’t just prepare books and keep receipts, but you need to follow the Hong Kong Financial Reporting Standards (HKFRS) when recording transactions and preparing financial statements. The city also has a very stringent tax filing system under the Inland Revenue Department (IRD).

Now if you’re doing business here for the first time, learning all of these things on your own can get overwhelming. Even local entrepreneurs choose to hire an accounting firm because they want to stay compliant with the city’s very strict rules.

You can save a lot of time.

Accounting firms in Hong Kong are very accurate when it comes to recording transactions, tracking expenses, and creating books. This is because they’re used to such high standards. Now if you have to figure everything out on your own, it would take up a lot of your time that could’ve been spent doing other more important activities. With professionals on your side, you know that everything is taken cared of while you focus on the things that you’re good at in running your business. In fact, it’s always recommended to outsource bookkeeping and accounting activities no matter where you’re doing business because it saves you a lot of time.

You can complete the tax season seamlessly.

It doesn’t matter if you’re in Hong Kong or back home—tax season is one of the most stressful times of the year for any entrepreneur. So why torture yourself by doing everything if you can hire professionals who can get the job done for you? Accounting firms in Hong Kong are known for their accuracy in completing forms, organising financial transactions and just making sure that you’re up to standards during tax season and beyond.

The bottomline