According to Inland Revenue Ordinance, every company is required to keep sufficient records to enable assessable profits to be readily ascertained. All records must be retained for seven years from the transaction date.
Even after the company cease trading, the company record keeping obligations continue until the seven year period has expired. It is an offence not to keep adequate records. The company can be penalized for not doing so by being fined up to $100,000.
It is also important to keep the accounting book updated for management decision making.
Prism provides accounting service include the following scope:
- Bank reconciliation statements
- Prepare professional financial statement including Profit and Loss statement, Balance Sheet and Cash Flow
- Prepare management accounts including trial balance, accounts payable summary, accounts receivable summary and other balance sheet account breakdown
- Consulting on company accounting structure and policy set up
- Maintenance of proper records and computerized system
- Customize Financial Analysis
- Consultation on company internal control
- Arrange Independent Auditor
- We provide monthly, quarterly, yearly book-keeping services to meet our clients’ unique needs.
More information about our accounting service and Xero accounting in Hong Kong.
