Cloud Accounting with Xero and BoardRoom – Make it work for you

Cloud accounting with Xero and BoardRoom

Cloud Accounting with Xero and BoardRoom – Make it work for you

Cloud Accounting with Xero and BoardRoom Hong Kong – Make it work for you

Cloud accounting platforms like Xero are well recognised for their benefits such as saving time, money and effort for companies in Hong Kong – big and small. It can improve your finance team’s productivity and speed up processing of payments and invoices, which means your company is getting paid faster.

Even so, there are still companies hesitant to make the switch from traditional accounting to a cloud accounting system.

A common concern is the set up and migration of existing financial data into Xero which can be difficult, particularly so for companies with complex structures, or small businesses with fewer resources. This can make implementation time-consuming and hinder your company from realising the full benefits of Xero.

The solution? By working with the right Xero partner like BoardRoom, your switch to Xero cloud accounting solution can be a seamless and rewarding experience. Our Xero online accounting experts in Hong Kong will advise and guide you through the process on how you can best optimise Xero to your benefits, effectively improving your accounting and business tools.

Leave traditional accounting behind today

Cloud accounting uses online software and stores the data from your accounts in the cloud. ‘The Cloud’ is a network of remote servers storing vast amounts of data. In contrast, traditional accounting software is installed locally on your computer with data stored on a hard drive or a server on-site.

While traditional accounting has its benefits such as not requiring an internet connection and having full control over your security levels and access, it is heavily dependent on ensuring that updates and data backup are done continually. When in comparison, the benefits of cloud accounting far outweigh those of traditional accounting.

Cloud accounting software makes it easier for your team to access and collaborate, all without the need for additional hardware costs and software expenses. It also offers your company a real-time snapshot of business performance while providing data security and protection. But perhaps the most important aspect for a business owner is that cloud accounting helps you save time and improve accuracy, which assists your company run more efficiently. This is why many companies in Hong Kong use cloud accounting, like Xero.

Xero accounting implementation made easy with the right partner in Hong Kong

The complexities of Hong Kong’s regulation make changing to a new accounting system challenging. However, with a team that’s experienced in implementing a new professional accounting system such as Xero for companies in Hong Kong, organisations can avoid potential pitfalls such as misplaced data or accidentally limiting essential user access.

Finding the right affiliate can be as simple as looking at the partners that are certified as a Xero consultant. BoardRoom for one is a XeroTM Gold Champion Partner that has consistently showcase our expertise in implementing Xero for a wide range of company profiles.



We’re experienced in transferring your company’s data from your existing accounting system to Xero. Once you have provided us with the necessary data, we will work in the background to set up your Xero file setup according to your needs. This means minimal downtime for your team while they continue working as per normal.

Our support does not just end at set-up – we also ensure that your team is confident in fully optimising the Xero platform. This includes training and support services to facilitate the change management process for your team. Our Hong Kong team is also just an email, phone, or video conference call away to support your team with any Xero enquiries.

Challenges of Xero set-up and migration for complex company structures

Data migration and change in accounting platforms are especially tricky for companies with a complex structure. Strategic planning is often needed to ensure your company structure is reflected correctly in Xero and that it meets any regulatory reporting requirements in Hong Kong.

Companies may risk errors, issues, and potentially expensive faults when switching accounting platforms. Improper set-up and migration of data may lead to long-term problems such as not being able to meet regulatory reporting requirements. Having a partner with the right qualifications like BoardRoom can help avoid these pitfalls and save you time further down the road.

Our Xero data migration services ensure a complete data migration, comparative balances migration and porting over of last closing balances. Additionally, our online training modules will guide your team through purchase, sales, bank transactions and reconciliation, cash flow, inventory, sending online invoices, generating financial reports, in addition to other advanced features.

accounting software

Making Xero accounting right for your company in Hong Kong

How do you get the most out of Xero accounting software, especially with limited resources? With thousands of apps and integration available on Xero, BoardRoom Hong Kong helps to cut out the guesswork by recommending the right ones that best suits your company needs.

We also customise your chart of accounts or report templates, incorporate your logo into financial documents, or set-up tracking categories and contacts – plus more. Most importantly, we’ll provide the necessary training to ensure that your team is set towards success.

Grow your business with BoardRoom’s regional expertise

When you partner with BoardRoom, you’re not working with a regular accountancy firm. As professional services experts, we operate across multiple jurisdictions and offer a wealth of knowledge on all aspects of company administration. This means that no matter where your offices are located, whether Hong Kong, Singapore, Malaysia, China or Australia, we can assist you to seamlessly integrate all of your accounts functions and accounting services through your Xero accounting system.

In addition to Xero set-up and migration, we also provide incorporation, share registry, company secretarial, payroll, plus many other administrative services. Therefore, by partnering with BoardRoom, your company gains access to our wide range of skills and expertise to assist your administration and accounts teams operate more efficiently.



xero implementation partners

Xero consultations are available for full scale migration, set-up, or integration of systems – such as payroll or point of sale. No matter the complexity of your company structure or which accounting system you’ve been using, our team of experts is always ready to provide support through every step of the way.

Find out more today on how partnering with BoardRoom can save you time and money for your Xero implementation needs.

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Hong Kong Corporate Tax Guide: Improve Your Tax Planning

corporate tax planning

Hong Kong Corporate Tax Guide: Improve Your Tax Planning

Improve Your Tax Planning with our Hong Kong Corporate Tax Guide

Hong Kong is world-renowned for its business-friendly taxation and regulatory environment, with corporate tax rates that are considered some of the lowest in Asia.

However, some companies still pay more tax than they need to. Effective corporate tax planning maximises tax benefits while maintaining compliance. To help your company improve its tax planning, we have created a guide to corporate tax in Hong Kong.

How to pay corporate tax in Hong Kong

Corporate tax is known locally as ‘profits tax’ in Hong Kong. It applies to all profits (excluding capital asset sales) that are:

  • sourced in Hong Kong; and
  • generated by corporations, sole proprietors, partnerships, trustees and bodies of persons carrying on any trade, profession or business in Hong Kong.

For corporate tax purposes, no distinction is made between resident and non-resident companies. This means no tax is levied on profits arising abroad, even if they are remitted to Hong Kong.

The standard corporate tax rate is capped at 16.5% for corporations or 15% for unincorporated businesses in Hong Kong. However, a two-tiered corporate tax rates regime applies, which lowers the rate on the first HKD 2 million of assessable profits to:

  • 8.25% for corporations; or
  • 7.5% for unincorporated businesses.

Assessable profits above HKD 2 million are subject to the standard profits tax rate.

Typically, the Inland Revenue Department (IRD) issues profits tax returns annually on the first business day of April. After calculating how much tax your company owes, file your profits tax return within one month of the issue date (subject to any extension applications).

When your company receives the IRD’s notice of assessment, you must pay a provisional tax. If your company ends up under- or overpaying your provisional profits tax, you can subtract or add the amount to your payable tax for the following year.

business tax advisory

Why business tax planning is important

Tax planning is the process of examining your business’s financial situation and making strategic decisions to lower your overall tax liability. Effective corporate tax planning is all about analysing your company’s finances to ensure that you pay the lowest taxation possible while staying compliant with the local regulations in Hong Kong.

There are many reasons why your Hong Kong business needs to prioritise tax planning. Perhaps the most obvious one is to save money. By carefully analysing your financial situation and taking advantage of every deduction and credit available to you, you can minimise your company’s overall taxation liability. This could result in thousands of dollars in savings for your business each year. In addition to saving money, there are additional reasons why tax planning is crucial for your company’s growth and success:


  • Avoid penalties and fines: If you underpay your corporate taxes under the wrong rates, you will be subject to late payment penalties, heavy fines, or even jail time from the Hong Kong government. These charges can add up quickly, so it’s important to ensure that you are paying the correct amount of taxes each year. A professional tax advisor can help you determine exactly how much taxes you owe so that you can get peace of mind and steer clear of these costly charges.


  • Improved cash flow: One of the key benefits of effective corporate tax planning is that it can free up cash flow for your business in Hong Kong. By deferring or reducing your taxes, you will have more cash available in the short-term to reinvest in your business or take care of other expenses. This could give your business the boost it needs to reach the next level of success.


  • Better understand your company’s finances: Many businesses make strategic decisions without fully understanding their financial situation. Proper tax planning can help you gain a better understanding of your company’s finances, which can be extremely helpful when making decisions about things like expanding into new markets outside of Hong Kong or investing in new product development. With this information at hand, you can make informed decisions about where to allocate your resources in order to maximise growth and profitability.

How your company could benefit from expert business tax advisory services

Tax planning amid Hong Kong’s complex tax regulations can be challenging. Without a specialised expert to guide you or provide corporate tax accounting support, it can be easy to miss out on tax breaks and exemptions that your business is entitled to. The best way to maximise your company’s savings and deductions is to work with professional accountants who understand Hong Kong’s regulations when navigating Hong Kong taxation and tax planning.

Our tax experts at BoardRoom are not only well-versed in Hong Kong’s local tax regulations but also have in-depth knowledge of international tax treaties. With their advice, your organisation can avoid any double tax issues. Moreover, our team will help you to apply for any extra tax incentives that could benefit your business.

Additionally, as your company grows, so too does the complexity of your tax reporting obligations. If you fail to meet your tax filing obligations, you may experience costly penalties. Our corporate tax accountants help guide countless businesses in all industries and sizes across Hong Kong and the APAC region to stay tax compliant each financial year.

Looking for trusted tax advisory services in Hong Kong?

With over 50 years of experience delivering top-notch corporate services, BoardRoom is your trusted business partner to help you take care of your bookkeeping and accounting needs so you can focus on growing your business. Contact our taxation specialists today to discover how they could guide your company through staying compliant with Hong Kong’s corporate tax regulations and maximising tax benefits.

We also offer a range of other corporate services all under one roof, including:

These make it easier for you to get on with business while we handle the time-consuming, operational tasks.

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