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Accounting & Bookkeeping Service
For those who are not trained with accounting knowledge, this may be the question that pops up in their mind most frequently, “What is the difference between bookkeeping and accounting?” Simply put, bookkeeping is meant for the recording of all the daily financial transactions related to your business. Meanwhile, accounting is meant for summarising and classifying the financial data for the purpose of reporting and interpreting, to gauge the financial position of your business.
Hence, Accounting and bookkeeping services are essential for every business.
Bookkeeping and accounting are crucial for every business as they not only fulfil legal and compliance requirements such as tax submission and reporting to shareholders. In addition, accurate and proper bookkeeping and accounting will enable you to make better-informed decisions related to expenditure, business investments, acquisition of assets and managing cash flow, which is highly important for the sustainability of your company.
As a business owner, we are certain that you would not want to receive an unexpected penalty or tax bill from the Inland Revenue Board of Malaysia (Lembaga Hasil Dalam Negeri — LHDN) due to poor bookkeeping and accounting practices. We truly understand your concerns as a business owner in terms of cost-savings to minimize all business expenses and optimize the use of your resources to gain more profits from your business. Therefore, you need not hire a full-time accountant which may be costly to your business such as long-term salary, Employee Provident Fund (EPF) and Social Security Organisation (SOCSO) contribution. So what’s your next best option to hiring a permanent accounting staff? Most of the business owners are facing difficulties in finding a knowledgeable and reliable account staff. Outsourced accounting service is the answer!
Top 5 Benefits In Engaging Our Outsourced Accounting and Book-keeping Services:
- Cost Effective
The minimum salary for a professional full-time accountant is RM4,000 (Most of the time you can’t get them in this minimum cost), not to mention that you need to take care of his EPF, SOCSO, annual leave, medical leave and other statutory benefits. By outsourcing your bookkeeping operations to us, you only pay for what you need – nothing more, nothing less.
- Expertise on your side
By teaming up with our firm, you will have access to expert advice and confidence in financial reports that meet regulatory and compliance standards. You no longer need to worry about depending on a freelance or unqualified accountant or bookkeeper. You get a dedicated team who knows your business and how to apply the latest financial rules to your books.
- Eliminate the impact of employee turnover at your company
Staff turnover is one of the major problem faced by many business owners. When you outsource your company bookkeeping to us, you will no longer worry when you will receive your employees’ resignation letter again.
- Allow you to focus on your core business
By allowing us to handle your company accounts, you will save more time to focus on your core business operation. Outsourcing enables your company to relocate your resources to other activities too. This is of great benefit to your business development.
Most of our experienced employees can communicate in multi-language (e.g. English, Chinese (Mandarin) and Malay). This avoid miscommunication due to language barrier so we can understand our clients accounting and book-keeping requirements better.
Our Accounting Solutions For You:
All companies need to keep proper accounting records and produce financial report for the following purpose:-
- For Statutory requirements
- For business and management purposes
- Companies Commission of Malaysia (SSM) as provided by the Company Act 1965
- Inland Revenue Department, as provided by the Income Tax Act 1967
FOR BUSINESS AND MANAGEMENT PURPOSES
- For Auditor
- For suppliers or creditors
- To help management preparing company’s budget and planning
- Inland Revenue Department, as provided by the Income Tax Act 1967
- To help management preparing company’s tax planning
- For bankers to see the potential and reliability of the company
- For shareholder and investor to analyst the performance and potential of the company
ACCOUNTING AND BOOKKEEPING SERVICES
- Our services includes maintaining daily accounting records or updating accounts periodically i.e. monthly, quarterly, half yearly, annually or updating backlog accounts. These include the followings:
- Collecting and recording of all business transactions data.
- Transactions include sales, purchases, receipts and payment.
- Records books include sales book, purchase books, general ledger, cash book, journals, register book, etc.
- Documents include sale invoices, purchase invoices, payment vouchers, cheques, etc.
- Upon completion we will produce the following reports for you.
- Trial balance
- Balance Sheet
- Debtors Aging report
- Bank Reconciliations
- Creditors Aging Report
- Fixed Asset Schedule
- Any other related schedules
- Trading and Profit & Loss Account
Our firm not only writes up the book of accounts of its client but also provides advice on accounting system best suited to the clients’ business to ascertain the financial statements are generated accurately and on a timely basis.
The service encompasses:
- Bookkeeping and full set of accounts
- Back-log accounting
- Consolidation of accounts
- Project accounting
- Cash management
These can be performed at either our or your premises and can be arranged weekly or bi-weekly, or indeed at any stage of the accounting process either on full time or part time basis. The service level depends on your circumstances and needs.
We work in a proactive manner to transform those financial numbers into useful information. Most importantly, we provide recommendation for risks or weaknesses identified as well as tap on the potential area for growth.
Our firm takes pride in its ability to create outcomes for clients that are delivered on time and with the client’s best interest in mind.
Why outsource your book-keeping / accounting to us?
Clients choose us because it has proven that they can save a lot of time and hassle when it comes to preparation of additional documentations for taxation and auditing requirements. Integrating with professionals under one roof can safeguard unnecessary future tax issues on record keeping too.
Our book-keeping / accounting outsourcing is based on the volume of bank and cash transactions and complexity of varied business activities which serves the compliance requirements for taxation and auditing purposes.
The scope of work generally encompasses
- Collection of accounting documents and records
- Organize and ensure completeness of records
- Data processing into Accounting system
- Preparing report and schedules necessary for tax and audit purposes
- Prepare general reporting for client management purposes
We estimated our book-keeping and accounting outsourcing services table of fees as follows: –
TABLE OF FEES
For active business activities (monthly)
For semi-active business activities (quarterly)
For non-active business activities (yearly)
If the activities exceed the suggested fees based on time and resources utilization, we shall prompt you and mutually agreed on additional fees.