Bookkeeping and Accounting Services
The provisions set out in the Hong Kong Companies Ordinance require all Hong Kong incorporated and registered entities, like every Hong kong Limited Company to maintain proper records and books of accounts and to comply with statutory audit requirements on an annual basis. Hong Kong has adopted a Financial Reporting Standards framework (HKFRS) based on the International Financial Reporting Standards (IFRS).
In order to accommodate private companies and small and medium sized entities the Hong Kong Institute of Certified Public Accountants (HKICPA) further issued Financial Reporting Standard for Private Entities (HKFRS-PE) and qualifying SMEs (SME-FRS) removing topics and disclosure requirements that are not generally relevant to private entities, and simplifying requirements for recognition and measurement.
Mühler McKay can assist establishing a dedicated bookkeeping and accounting system to record and manage the bookkeeping and accounting operation and file all bookkeeping and accounting materials systematically. We are able to comprehensively support you and your business with accurate bookkeeping, accounting and financial reporting, thus leaving you to focus on your core business activities. Mühler McKay will advise you of any changes that will affect your business and accounting practices.
Our bookkeeping and accounting services offered include:
- Setting up of an accounting system
Our bookkeeping and accounting services include assistance in setting up and maintaining an advanced and dedicated bookkeeping and accounting system, to manage bookkeeping and accounting operation and file all bookkeeping and accounting materials systematically.
- Bookkeeping and maintaining of accounting records
With our bookkeeping and accounting services you can simply pass all your invoices and other bookkeeping and accounting materials to us, and we will prepare the required accounting books and records for you and your business, which record the Hong Kong Limited Company entries from day to day.
- Periodic management reporting on monthly, quarterly or yearly basis
As part of our bookkeeping and accounting services, we can also help you with the preparation of accurate monthly, quarterly or yearly financial statements including balance sheet and income statement.
- Preparing consolidation and group reporting
As of HKIFRS 10 some entities need to prepare consolidated accounts. We can take care of your accounting consolidation needs as well as your group reporting with our bookkeeping and accounting services.
- Management accounting / Preparing cash flow statements and budget for management
Mühler McKay can assist you to develop an advanced managerial accounting system, which assists in corporate tax planning, strategic cost control and decision making for long term financial planning. Confidential management accounting data is used within the Hong Kong Limited Company and requires a mature internal accounting system for processing.
- Liaising with auditors and annual audit schedules
Every Hong Kong Limited Company needs to prepare and file audited accounts, drawn up by a Hong Kong Certified Public Accountant (CPA). We have long relationships with Hong Kong CPA firms and are able to liaise with the CPA on your behalf so that the audit requires less of your attention.
- Preparation and filing of tax returns
We can prepare your tax returns and can file them on your behalf and for your Hong Kong Limited Company.
- Supporting services
Mühler McKay also provides supporting services for business operations such as assistance with incorporation services / company formation services, advising on tax efficient legal structures for (groups of) companies (corporations, for instance a Hong Kong Limited Company, partnerships, branches, representative offices), bookkeeping and accounting services (according to Hong Kong principles) as well as audit arrangement, general corporate compliance like provision of company secretary services (in Hong Kong) as well as providing a registered address or virtual office in Hong Kong, obtaining obligatory registrations, permits and licenses, as well as employment advice, including Hong Kong work visa application and general guidance.
Whether you are a start-up, an established small or medium sized enterprise / SME, or a multinational group our objective is to help your organisation efficiently when it comes to bookkeeping and accounting services in Hong Kong. Apart from our bookkeeping and accounting services, Mühler McKay offers comprehensive services which include arranging businesses and operations in a tax efficient manner in order to bring down your effective global tax rate, satisfy international tax compliance obligations and mitigate taxation risks.
We appreciate the opportunity to consult you in regard to our bookkeeping and accounting services and to assist you with your business.
Please contact us or visit us in Hong Kong for your first consultation for our bookkeeping and accounting services.
Mühler McKay based in Hong Kong is a business advisory firm with worldwide reach and renders, among others, bookkeeping and accounting services to a diversified international client base from various industries and sizes.