Updated: Feb 11, 2022
Hong Kong businesses are required to comply with the Hong Kong Financial Reporting Standards (HKFRS). One of your business’s responsibilities is to remain compliant and up-to-date with all the current regulations stipulated by the regulatory authorities.
Staying compliant is also an essential aspect. But both startups and large MNCs face these challenges:
A lack of trained and knowledgeable staff to handle accounting functions in-house
Being unfamiliar with Hong Kong’s financial reporting framework and its compliance requirements
A greater need for control over costs and expenses
Difficulties fulfilling group reporting requirements under a different set of generally accepted accounting principles
Keeping ahead of tax, accounting and bookkeeping regulations is imperative if you want to run a reputable business without headaches from regulatory authorities further down the line.
Some organisations have alarmingly found themselves diverting more resources from their core business in order to stay compliant in increasingly complex environments and cope with growing operational needs.
Whether you are a small or medium sized company, a large MNC, a brand new start-up or an established business, accurate and reliable accounting as well as bookkeeping is at the core of every successful company.
You will be able to find value in professional accounting services. Having a competent outsourcing accounting service provider can deliver valuable insights and analysis on the financial health of your company. They will provide a precise report of your monthly cash flow, spot opportunities for business growth, and help you stay organised.
There may be a need to outsource your accounting tasks should you be facing difficulties internally with staying ahead of accounting compliance matters. Difficulty in hiring qualified accountants to fulfil your finance needs can be a tell-tale sign that it may be the right time to consider outsourcing your accounting management.
Accounting outsourcing is when you employ a dedicated accounting or corporate services firm to handle your accounting matters. By leaving this work to them, you eliminate the need to hire in-house experts and can spend more of your time, energy and effort on growing your business.
Professional bookkeeping and accounting services are necessary in order to gain an accurate understanding of where your business sits financially. This is vital for spotting areas of potential growth, and planning ahead to run a successful business.
Outsourcing your business’ accounting or bookkeeping has several advantages. If you are a smaller company, it might not be worth your while to hire an in-house full-time accountant. For larger companies, this solution can place a considerable strain on your internal organisation due to the sheer volume of administrative work. Outsourcing your finance operations to a company like Bestar, which specialises in accounting and bookkeeping services, can help reduce the administrative burden, so your finance team can focus on what’s important to grow your business.
Both startups and large MNCs can benefit greatly from outsourcing their accounting at any stage of their business. Newer businesses will benefit from the help of experts when they cannot justify hiring an experienced employee, while larger companies may consider outsourcing to an expert firm when they are looking at lowering costs and overheads.
Companies like Bestar can easily accommodate your growing needs, all the while maintaining accuracy and a professional standard of service.
By keeping accurate bookkeeping, you can avoid accounting and tax breaches which usually result in hefty fines and penalties by regulators.
As a leading accounting firm in Hong Kong, Bestar offers you a team of chartered accountants and accounting professionals with decades of cumulative experience in the field. Bestar offers a range of accounting services that are more efficient, cost-effective, and quicker than handling everything internally. Our comprehensive bookkeeping and accounting services can help to ensure that your business stays compliant and organised in the face of ever-changing requirements stipulated by the regulatory authorities.
We keep your books so you can keep growing your business. We help you stay focused on your core activities and achieve your business performance goals without the headache of staying on top of internal and statutory deadlines, and lower your compliance risk, increase operational efficiency and reduce cost in hiring in-house specialised staff.
Bestar ensures that a company’s expenditures, income, and transactions are all recorded in the company’s financial books. We can also prepare any necessary management reports and year-end statutory financial statements, filing of invoices, bank reconciliations, assist in annual audit processes, and much more.
Our accounting services
Cloud-based financial management systems
Chart of accounts and report templates set up
Bookkeeping and statutory compliance services (for statutory and management reporting)
Accounting entries, compilation of general ledger listings, trial balance and statement of financial position for management reporting and financial analysis
Other reporting, such as budgets and cash flow
Preparation of annual year-end statutory financial statements including statement of comprehensive income, statement of financial position, cash flows statement, statement of changes in Equity and notes to the accounts which are in compliance with Hong Kong Financial Reporting Standards
Consolidation of group accounts
Preparation of consolidated accounts with multiple subsidiaries
Preparing consolidation schedules and group reporting packages
Head office reporting
Assistance in annual audit process including liaison with auditors, attending to their questions and request for information
Preparing audit schedules, answering year-end audit queries, updating trial balances with year-end audit adjustments
Provision of payment administration service
Payment of vendor invoices and employee expenses claims via cheques, online banking, telegraphic transfers or other forms
Preparing cash book and bank reconciliations)
Financial Management Solutions
Reconstruction of accounts due to incompleteness, lost and damaged documents
Short-term accounting staff secondment to resolve temporary resource shortages or assist to catch up on backlog accounts
Cost of accounting or bookkeeping services
The rates for accounting and bookkeeping services in Hong Kong depend on the size of your business and the scope of your needs. As with all corporate services, there are cheaper and more expensive options. It is better to seek professional advice from reputable accounting service provider to properly assess your company’s accounting requirements.
Generally, reputable accounting service provider like Bestar charges between HK$2,000 to HK$4,000 per month for accounting and bookkeeping services .
Each business has a different set of accounting needs and financial requirements. To see how Bestar can help you, contact us today to learn more about how our accounting services can benefit your business specifically.