Accounting Services Hong Kong
As a recognized accounting firm of the Hong Kong Institute of Certified Public Accountants and a Xero Platinum partner, we provide top-notch accounting services that comply with Hong Kong accounting standards.
Trusted by over 1000+ businesses
We Provide Accounting Services For All Businesses
Startups
Tailored accounting services to support your startup’s growth, including bookkeeping, tax compliance, and financial planning. Ensure your financial foundation is strong from the start.
SME Businesses
Customized accounting solutions for SMEs, offering efficient bookkeeping, payroll processing, and tax planning. Streamline your operations and focus on scaling your business.
Corporations
Covering advanced financial reporting, auditing, and strategic tax management. Maintain precision, compliance, and strategic oversight for complex financial needs.
Our Accounting Process
1. Identify & Record
Gather your receipts and any previous reports that can let us estimate the number of transactions required for us to do accounting.
2. Xero Setup
We will help you set up a Xero account, so that you can enjoy the transparency and efficiency that Xero prides itself to bring.
3. Preparation
We will begin preparing your journal entries, worksheets, adjusting entries and more.
4. Posting & Inputting
We will then begin posting and inputting the figures into the general ledger.
5. Generating Reports
We will then generate the financial statements (cashflow, P&L, balance sheet etc).
6. Closing The Books
This only applies to year-end accounting catchup services. For monthly accounting, we simply repeat the cycle from step 3.
Our Accounting Service Packages
<30 Monthly Transactions
From HK$2,900 / Month
31-50 Monthly Transactions
From HK$3,300 / Month
51-75 Monthly Transactions
From HK$4,000 / Month
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Why are Accounting Services Important?
With the rapid development and constant changes in the global business environment, accounting services play a crucial role in modern enterprises. Here are several key functions of accounting services and their importance:
Ensure Financial Health
Accounting professionals will record, analyze, and interpret a company’s financial data, which is crucial for management to assess the financial health of the business. This information not only helps the management team in strategic planning but also supports day-to-day operational decisions.
Ensure Compliance
Accounting professionals are familiar with various legal and regulatory requirements, able to ensure that the company’s financial statements and disclosures meet the standards. This not only helps reduce legal risks but also enhances the company’s credibility and trustworthiness.
Essential Management Tool
Through financial analysis, businesses can gain deep insights into their financial status, operational performance, and resource allocation. These insights help companies identify and resolve issues, improve business operations, and achieve long-term growth and sustainable development.
Consequences of Not Doing Accounting
Lack of Financial Transparency
Limited understanding of financial status and business outcomes: Management cannot assess the company’s financial health, hindering informed management and strategic decision-making.
Affected Investment and Financing Capability: Lack of accurate financial data affects investor and bank trust in the company, limiting the company’s ability to raise capital.
Violation of Statutory Requirements
Facing Legal Consequences and Fines: Non-compliance with relevant accounting laws and regulations may result in fines or other legal sanctions, negatively impacting the company’s reputation and image.
Risk of License Revocation: Prolonged neglect of accounting obligations could lead to the government revoking the company’s business license, disrupting normal business operations.
Increased Operational Risk
Failure to Address Financial Issues: Problems such as cash shortages or debt crises may lead to financial instability, potentially resulting in bankruptcy or severe operational difficulties.
Harming Investor and Creditor Interests: Inability to provide accurate financial information may lead to investor distrust, potentially resulting in lawsuits and prolonged legal disputes.
Other Serious Consequences
Impact on Normal Business Operations: Failure to conduct proper accounting may affect daily operations. For example, if annual fees are not paid, this information will appear on the Hong Kong Companies Registry website, severely damaging customer trust. Long-established customer confidence may also be lost if customers discover that your business has not undergone annual review, leading to a bad reputation.
Why FastLane?
Professional Accounting Services
Get a dedicated accountant to prepare your financial statements and balance sheet. We are on-call via live chat and respond within a day.
Xero Cloud Accounting System
Send us your receipts and documents electronically. We securely store them in one place. Accessible at any time.
No Hidden-fees
Transparent pricing that is customized and covers all your business needs. No worries about surprises charges and penalties.
Talk with our Chartered Accountant, we can help you with accounting services and Xero accounting system.
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What Do Our Clients Say About Us
Ba&sh
Knead
MXC Consulting Limited
Frequently Answered Questions
Why should a business outsource accounting services?
As a small business owner, it’s likely that you’ve taken on the task of bookkeeping yourself in order to stay mindful of your expenses. Most business owners discover that their time is better spent focusing on their goods and services rather than accounting debits and credits as their company expands.
You may outsource everything from day-to-day accounts receivable to payables, payroll, transaction coding, accounting, filing your Profits Tax Return, and even financial reporting. Read Benefits of Outsourced Accounting Services.
What is cloud accounting?
Cloud accounting, also known as online accounting, entails hosting accounting software on remote servers, transitioning the entire process to a cloud-based system while maintaining the same functionality as traditional desktop accounting. This approach mirrors the PaaS (Platform-as-a-Service) business model, where data undergoes processing in a separate location before returning to the user or client.
Cloud accounting software eliminates the requirement for individual desktop installations and maintenance, providing businesses with real-time reporting and visibility. Besides, a significant advantage is the ability for users to access software applications remotely via the Internet or Intranet. In the context of a Hong Kong accounting firm, employees across various departments can access consistent, up-to-date data and software versions without missing any updates.
Furthermore, most cloud platforms offer API functionality, allowing third-party software to integrate with your system and enhance your business accounting processes.
What accounting software is FastLane using?
FastLane is using a cloud-based accounting software named Xero. Xero accounting system offers businesses a simple, yet powerful, way to manage their finances. Xero users can access their business finances wherever they are, collaborate seamlessly with other parties, and can even improve their cash flow through online invoices.
FastLane Group started its journey with Xero in 2013 and winner of Advisory Partner of the Year at the Xero Awards 2024! and Xero Platinum partners. Our team are Xero Certified Advisors can guide you through the benefits of Xero and transform how you do your bookkeeping, run your credit control and even pay your employees.
What is bookkeeping and can I handle it myself?
You can handle bookkeeping yourself, but it is not recommended. Keeping account books is essential for ensuring the efficient operation of the company. It involves maintaining a comprehensive record of year-round financial transactions, including profit and loss statements, balance sheets, ledger accounts, accounts receivable and payable, and bank reconciliation statements. Read Accounting or Bookkeeping? Which of them is needed for my business?
Is FastLane a Certified Public Accountant (CPA) for accounting services?
Yes, FastLane CPA Limited is a certified CPA practice, licensed by the Hong Kong Institute of Certified Public Accountants (HKICPA) under registration number S0615. In addition to this, FastLane is also licensed by the Hong Kong Company Registry to provide a wide range of corporate services. Our team of certified accountants ensures that our services adhere to the highest standards of professionalism and compliance to handle complex accounting and taxation matters, providing tailored solutions to meet your specific business needs.
What are the tax filing requirements in Hong Kong?
Every company is required to submit its Profits Tax Return annually. For newly incorporated company, the first Profits Tax Return is issued 18 months after incorporation. The company will then have 3 months to prepare the accounts and audit report for the initial profits tax filing. Subsequently, the tax return must be filed by the deadline determined by the Company’s Accounting Year End Date.
Furthermore, companies employing staff are required to submit the Employer’s Return of Remuneration & Pensions annually. This report should include the salaries and wages disbursed to employees for each fiscal year (April to March) and is commonly filed in April each year.
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