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.

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.

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.

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 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.

Instead of accumulating overheads with an in-house accounting team, you will create cost savings by outsourcing to an expert services provider.

This gives you access to a team of accounting professionals without needing to spend on recruitment, training, wages or employee benefits.

Our team of professional chartered accountants at BoardRoom can streamline your accounting function while ensuring you meet all of your compliance obligations.

Running a large, multi-national company can be time-consuming and expensive. As your company grows, so too does the complexity of your tax reporting obligations. The last thing you want is to be in breach of the Hong Kong Inland Revenue Department’s (IRD’s) compliance requirements. At best, that may result in an audit. At worst, you could incur significant financial penalties.

For example, failing to meet your tax filing obligations can result in costly penalties. If you mistakenly leave some tax unpaid in Hong Kong, the IRD considers the outstanding amount to be a tax default. As such, it will take recovery actions and add a 5% surcharge onto the unpaid tax balance. The second instalment will then be due immediately if the first instalment is late. After six months, the IRD will impose an additional 10% surcharge on any outstanding balance.

However, a professional firm like BoardRoom is well-versed in tax law compliance. Outsourcing your accounting function to our team of taxation specialists can help your company to avoid any costly pitfalls.

Your company is probably entitled to several tax breaks, but you may not be aware of all of them, they are also ever-changing so it can be hard to stay up-to-date. For example, businesses in Hong Kong with an annual profit of less than HK$ 2,000,000 need only pay a tax of 8.25%. That is half the regular corporate tax rate.

The IRD also released several business tax measures in its 2021-22 budget, including profit tax reductions and registration fee waivers. Hong Kong has signed a number of double tax treaties, the benefits to Hong Kong companies are numerous.

Tax experts at a specialist accounting services provider like BoardRoom can help you to take advantage of all of these tax breaks – and more – while staying compliant. Our team will also go the extra mile and apply for any tax incentives that could benefit your company.

Accurate, reliable accounting is at the core of every successful company in Hong Kong. However, outsourcing your accounting function to expert service providers like BoardRoom removes the need for an in-house team. This helps you to save on employee overheads while still maintaining access to a professional team of chartered accountants.

To maximise your company’s financial health, our accounting experts will help you to:

• stay compliant;
• maximise your tax benefits;
• keep you organised; and
• offer you clearer insights into your company’s growth potential.

Get in touch with our professional chartered accountant team today to learn more about our accounting services and how they can help to boost your company’s financial health.

Managing your accounts in-house does not necessarily translate to cost savings or better efficiency. Maintaining an experienced full-time accountant, or two, could set you back thousands of dollars a month. And in the event where your accountants may later choose to advance their careers elsewhere, you would have to embark on a resource-intensive hiring process that would cost you precious time and money.

However, should you choose to engage a professional accounting firm, you virtually eliminate these concerns and get a host of benefits in the process. You pay a monthly service fee that gives you access to the expertise of an entire team of accountants who are proficient in various areas of accounting – from tax management to bookkeeping services. You will never have to worry about varying hiring costs, induction/training programs, and employee turnover!

One key benefit of accounting, when done correctly, is its ability to clarify the status of your company’s financial health. Having a clear picture of your company’s finances helps you to make informed decisions when growing your business. It allows you to determine the feasibility of any business plan such as expansion and hiring. It prevents any counterproductive decisions that might threaten or delay your business growth by months or even years.

Credible accounting firms can help you to paint a clear picture of your company’s cash flow and seasonality by critically analysing your receivables, collections, and financial statements. Additionally, should you engage a regional accounting firm, their advisory services and market-analyst will be made available to you. Through them, you can effectively assess your company’s performance through comprehensive financial reporting and make strategic decisions that will aid in your business success.

Time is a valuable and finite resource, so it matters what we do with it. As your company grows, more time will be needed to organise paperwork and navigate newly applicable regulatory complexities. From matters such as payroll and tax statements to annual financial statements, a single oversight could result in a compliance infringement that may lead to a hefty financial penalty.

These risks and time costs can be mitigated through a professional accounting firm that is experienced in tax laws and procedures. Often a team of experts will be quick to flag any irregularities they spot in your financial documents and ensure that your accounting records remain immaculate. In short, their services will keep your company from any financial pitfalls and allow you to enjoy peace of mind.

Navigating Hong Kong’s complex regulations can pose a series of challenges that may result in an oversight of applicable tax breaks and exemptions. Ensure that you are maximising your savings and deductions by engaging professional accountants who are familiar with Hong Kong’s regulations and can adequately qualify your business for the relevant tax rebates as well as expense deductions.

For companies that conduct business overseas, a professional team of accountants can even prevent issues such as double taxation due to their in-depth understanding of international tax treaties.

Accounting records can be messy. A decade of records would quickly amount to hundreds of files and thousands of pages. Naturally, this makes the retrieval of data and references a nightmare. Fortunately, as we transit into a technological age, professional accounting services are offering to store your business accounting records and financial data electronically on secure platforms using advanced accounting software. These platforms often come with additional modules such as automated payroll services and claims submission, making such procedures much more efficient.

Another benefit of using accounting services to digitise your accounting records is the ease of access it provides – regardless of location and time of day, you can retrieve records and reports in real-time from anywhere in the world!

BoardRoom is a regional accounting firm in Hong Kong that caters to corporations and fast-growing SMEs. Our expertise extends from tax accounting to managing statutory compliance reporting for companies across Asia-Pacific. With BoardRoom’s extensive accounting solutions and services, you can reap all the benefits by regaining precious resources and refocusing them on what matters – growing your business.

Contact us today or learn more about our accounting solutions on our website.