We Keep Your Books so You Can Keep Growing Your Business.
Accurate and reliable accounting as well as bookkeeping is at the core of every successful company. To help business owners achieve success, BoardRoom focuses on delivering the most comprehensive accounting services so you can focus on accelerating your Hong Kong business forward.
As a leading accounting firm in Hong Kong, BoardRoom offers you a team of chartered accountants and accounting professionals. Our comprehensive bookkeeping and accounting services can help to ensure that your business remains compliant in the face of ever-changing requirements stipulated by the regulatory authorities.
01 Bookkeeping and Statutory Compliance Services (for Statutory and Management Purpose)
- Chart of accounts and report templates set up
- Accounting entries, compilation of general ledger report, trial balance and statement of financial position for management reporting and financial analysis
- Bank reconciliations
- Preparation of year-end statutory financial statements including statement of comprehensive income, statement of financial position, cash flows statement, statement of changes in Equity and notes to the accounts which are in compliance with Hong Kong Financial Reporting Standards
- Assistance in annual audit process including liaison with auditors, attending to their questions and request for information
- Head office reporting
02 Consolidation of Group Accounts
- Preparation of consolidated accounts with multiple subsidiaries
03 Cash Management
- Provision of payment administration service
- Payment of vendor invoices and employee expenses claims via cheques, online banking, telegraphic transfers or other forms
04 Financial Management Solutions
- Short-term staff secondment to resolve temporary resource shortages or assist to catch up on backlog accounts
- Reconstruction of accounts due to incompleteness, lost and damaged documents
- Accounting issues solution
Why Choose BoardRoom?
Because we help take your business further, faster, at all stages
BoardRoom is Asia-Pacific’s leader in Corporate and Advisory Services including Employee Stock Options Plan Services, Regional Payroll Services, Corporate Secretarial Services, Share Registry Services, Accounting and Taxation Services, Payroll Outsourcing, and Human Resource Outsourcing.
For over 50 years, we have supported companies in navigating through complex operational and regulatory policies and cultural sensibilities. We are well-positioned in Asia-Pacific with offices in Singapore, Australia, China Mainland, China Hong Kong, and Malaysia, as well as an extensive partner network throughout Asia.
BoardRoom is the partner of choice for many Fortune 500 multinational companies, public listed and privately owned enterprises.
Frequently Asked Questions (FAQs)
1. What types of accounting services does a business in Hong Kong require?
Hong Kong businesses who trade in a public market are required to comply with the Hong Kong Financial Reporting Standards (HKFRS). One of your business’s responsibilities is to remain compliant and up-to-date with all the current regulations stipulated by the regulatory authorities, even as they change.
Accounting services in the following areas can help businesses stay compliant and organised:
- Bookkeeping and statutory compliance
- Consolidation of group accounts
- Cash management
- Financial management
- Cloud-based financial management systems
Each business has a different set of accounting needs and financial requirements. Get in touch with BoardRoom to understand how our professional team of chartered accountants can help your business.
2. How much do accounting or bookkeeping services cost in Hong Kong?
The rates for accounting and bookkeeping services in Hong Kong depend on the size of your business and the scope of your needs. Generally, accounting and bookkeeping services in Hong Kong should cost between HK$2,500 to HK$5,000 per month, for a reputable provider.
As with all corporate services, there are cheaper and more expensive options. Cheaper options may have lower upfront investments – but will likely cost your business more time and effort in the long run, especially as you scale your business and your accounting needs become more complex. Thus, it is better to seek professional advice from reputable accounting service provider like BoardRoom to properly assess your company’s accounting requirements.
3. What does a bookkeeping company do?
Bookkeeping companies like BoardRoom ensure that a company’s expenditures, income, and transactions are all recorded in the company’s financial books. They can also prepare any necessary management reports and year-end statutory financial statements, handle payroll, filing of invoices, bank reconciliations, assist in annual audit processes, and much more.
4. How can accounting services help my business?
Whether you’re running a startup or a large MNC, you will be able to find value in professional accounting services. Having a competent outsourcing accounting service provider can deliver valuable insights and analysis on the financial health of your company. They will provide a precise report of your monthly cash flow, spot opportunities for business growth, and help you stay organised.
5. What is accounting outsourcing services?
Accounting outsourcing is when you employ a dedicated accounting or corporate services firm to handle your accounting matters. By leaving this work to them, you eliminate the need to hire in-house experts and can spend more of your time, energy and effort on growing your business. A firm like BoardRoom has a team of chartered accountants behind their work, offering professional services that seamlessly integrate with your business operations.
6. What are the advantages of outsourcing my accounts or bookkeeping?
Outsourcing your business’ accounts has several advantages. If you are a smaller company, it might not be worth your while to hire an in-house full-time accountant. For larger companies, this solution can place a considerable strain on your internal organisation and costs due to the sheer volume of administrative work. Outsourcing your finance operations to a company like BoardRoom, which specialises in accounting and bookkeeping services, can help reduce the administrative burden, so your finance team can focus on what’s important to grow your business.
With a team of professional and chartered accountants, BoardRoom offers a range of accounting services that are more efficient, cost-effective, and quicker than handling everything internally.
7. When is the right time to outsource my accounting management?
There is never a bad time to outsource your accounting management. Both startups and large MNCs can benefit greatly from outsourcing their accounting at any stage of their business. Newer businesses will benefit from the help of experts when they cannot justify hiring an experienced employee, while larger companies may consider outsourcing to an expert firm when they are looking at lowering costs and overheads.
However, many companies decide to outsource their accounting tasks when they plan to grow and scale their operations at a fast pace. There may also be a need to outsource should you be facing difficulties internally with staying ahead of accounting compliance matters. Difficulty in hiring qualified accountants to fulfil your finance needs can be a tell-tale sign that it may be the right time to consider outsourcing your accounting management. Companies like BoardRoom can easily accommodate your growing needs, all the while maintaining accuracy and a professional standard of service.
8. Why do businesses need accurate bookkeeping?
Professional bookkeeping and accounting services are necessary in order to gain an accurate understanding of where your business sits financially. This is vital for spotting areas of potential growth, and planning ahead to run a successful business.
Staying compliant is also an essential aspect. Keeping ahead of tax, accounting and bookkeeping regulations is imperative if you want to run a reputable business without headaches from regulatory authorities further down the line. By keeping accurate bookkeeping, you can avoid accounting and tax breaches which usually result in hefty fines and penalties by regulators.
9. How can BoardRoom help in accounting services?
BoardRoom can help with a variety of accounting services, keeping you compliant in the face of ever-changing regulations. Our team of chartered accountants have decades of cumulative experience in the field, and are able to craft personalised plans for your business that streamline your accounting functions. Get in touch with us to learn more about how our accounting services can benefit your business specifically.