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.

A general trend of companies that tend to adopt this service are organisations that exhibit the following characteristics:

• Non-complex Pay Runs – Standard payroll calculations for companies mostly consisting of full-time monthly salaried staff or casual labour typically find outsourcing payroll to be immensely beneficial as costs tend to be lower than having a full time equivalent (“FTE”).
• Expanding Businesses – For businesses like technology start-ups or food & beverage chains where growth can be exponential, good Outsourcing Payroll services and providers can keep up with dynamic and fast changes in staff numbers.
• Multi-Jurisdiction – These companies benefit from outsourced payroll as they can redirect the resources of the HR team into other business generating activities when they spend lesser time ensuring that they are familiar with the different laws across several countries/states.
• Compliance Worries – Companies that operate in markets with complex labour laws and regulations such as Malaysia and China might have a lack of access to expert knowledge necessary for them to operate with a peace of mind. Outsourcing payroll to a reliable vendor can help lift the burden of worrying about fines or potential lawsuits resulting from a misunderstanding of the complicated payroll requirements.

Of course, this is not an exhaustive list and there are exceptions. As every business is unique, an excellent Payroll Outsourcing Service provider should have the ability to customise and advise you on the best solution to meet your needs.

There is no one size fits all workforce management solution when it comes to Payroll, however, we often see companies that exhibit the following characteristics benefiting most from the adoption of an all-in-one human resource management system SaaS solution.

• Start-ups – A HRMS SaaS model can provide a no-frills solution to process payroll for growing companies. An all-in-one HRMS SaaS solution can also offer efficiencies for busy companies, automating and connecting many of the key modules needed to administer payroll such as leave, claims, and benefits administration, as well as performance management. Modern HRMS SaaS solutions such as a human resource management software will also cater to the mobile nature of our world and offer a mobile app and the ability to access the system anywhere, anytime.
• Companies using Offline Administration Methods – A HRMS SaaS model can help alleviate administrative burden for HR teams running manual payroll processing, especially ensuring data accuracy and calculations as the system will do this automatically.
• Companies with Complex Legacy Systems – Usually companies seek a HRMS SaaS solution when they have a legacy system that is unable to retrieve real-time data efficiently. Modern HRMS SaaS models provide real-time reporting capabilities, ensuring that businesses can leave behind clunky legacy systems and streamline to a more efficient mode of payroll reporting.
• Businesses with Complex Payroll Processes – The adaptability of a HRMS SaaS software ensures that even the most complicated and complex pay runs can obtain a customised solution, should they select the appropriate vendor.

There is a wealth of options for processing payroll. The correct solution will boil down to what is most suitable for your business. Your companies’ size, growth strategies, compliance requirements, existing HR management systems, and operating model will all influence the path you choose. Whatever your choice, whether a human resource management system software or other payroll outsourcing provider, always ensure that your solutions are in line with your objectives.

Our regional presence with offices in Singapore, Malaysia, Hong Kong, China and Australia and experience in dealing with various regional and international clients makes us one of the trusted Payroll Outsourcing partners in the APAC area. Contact our Payroll experts to see which payroll solution best suits your business.

Payroll is a largely administrative function that requires a high level of attention to detail. In short, it is a time-consuming business requirement, regardless of your company size be it 50 employees or 5,000, processing payroll is a constant that can quickly drain HR resources. When you outsource your payroll processing you allow your HR teams to focus on core business activities that drive performance and growth, fundamentally saving the business time.

Wherever there are time savings, there are typically cost savings, and outsourcing payroll is no exception. It is a common misconception that payroll outsourcing is more expensive than having an in-house team. The truth is, it really depends on your business needs, however, as a general rule you can expect payroll outsourcing to be a cost-efficient solution if you have standard pay runs.

If you require a more complex solution, payroll outsourcing could still be the answer. By outsourcing your payroll, you have a dedicated team at your fingertips who has an array of experience across a diverse range of business needs and challenges. You do not need to worry about hiring and training staff to manage your complex needs – allowing you to shift these finances towards profitable activities.

There is no one size fits all solution for running payroll. Each business has a unique set of requirements that a professional payroll outsourcing firm will not only cater to but recommend best practices processes and systems. Multi-country payroll processing, especially across Asia Pacific can be a daunting task to manage in-house. However, a payroll outsourcing firm will have a multitude of experience across a wide range of industries and will conduct multi-country payroll processing daily, meaning your business will benefit from their years of experience.

Comprehensive payroll reporting can make a real difference to an organisation, from visibility over annual leave trends for resource planning or assessing overtime reports, payroll reporting can play an important role in business planning. A good payroll outsourcing provider will not only have the platform in place that caters to comprehensive reporting they will also provide regular reporting and insights for your business.

By choosing your HRMS wisely, you guarantee peace of mind for your HR department and free-up resources to focus on other functions such as improving processes and securing a strong talent pipeline. In the words of Elbert Hubbard, let your extraordinary people do extraordinary work and leave the machine to do the ordinary work.

Personal data protection has never been more important than when in the context of processing payroll. The personal data stored for payroll is highly sensitive and requires a significant investment, not just in infrastructure but also in staff training to ensure companies remain in compliance with local personal data protection laws.

By engaging a credible payroll outsourcing company, the investment and risk associated with compliance failure by your internal teams are mitigated. The payroll outsourcing company will have extensive systems and best practice processes in place to ensure there are no data breaches, and also keep all your data backed up regularly with top-quality encryption.

Running payroll, especially across Asia, brings with it a multitude of local country statutory regulations and standards that need to be met. This goes beyond accurate computations of gross to net salary and moves into the specific statutory deductions required in the country you’re operating.

The intricacies of these reporting standards need to be timely and mistake-free to avoid potential time-consuming audits and penalties. A professional payroll outsourcing company will ensure you always remain a compliant employer, due to their team’s expansive knowledge.

A professional payroll outsourcing provider will also have had a variety of experience processing payroll for companies of all shapes and sizes that may have expanded to other places in Asia Pacific or across the globe. This is a direct benefit to your business because it means that irrespective of how you grow or where you grow into, you can rest assured that your company stays compliant in numerous jurisdictions.

A key benefit of outsourcing is direct access to a team of highly trained professionals well-versed in payroll and other areas of business compliance. Each individual is dedicated to answering any payroll questions you have, whilst pre-empting and providing proactive solutions to any potential issues that may arise. The team at BoardRoom has multiple years of experience offering outsourced payroll services to companies of all sizes from cities across APAC, which means their local and regional knowledge will offer you the best business advice. You will also have a team that is ready for action, with no need to train them.

Many payroll outsourcing companies provide complementary services which can be integrated into your business flows, streamlining your operations. BoardRoom is a good example, where the company’s team of professionals across Hong Kong, China, Singapore, Malaysia, and Australia offer comprehensive services such as Corporate Secretarial, Accounting, and Taxation.

This is a benefit to your business as you can tap into a team of experts that cater to all your back-end business requirements, ensuring you remain compliant across the board. By working closely with one vendor on multiple administrative functions, you can also experience smoother processes and greater efficiency, with less room for misunderstandings or errors.

At Boardroom, we are experts in helping all sorts of companies, from corporations to fast-growing SMEs, with their payroll, allowing them to focus on what matters – growth and profitability.

From local payroll services handling for Hong Kong businesses to managing substantial payroll obligations for bigger organisations spread across Asia-Pacific, we help companies comply with local statutory regulations while ensuring your most valuable asset, your employees, are paid on time, correctly and compliantly.

Contact us today and empower your organisation with greater freedom through our payroll services and solutions.

You can also learn more about our payroll solutions here.