Whether you have a tech firm or hospitality-related company, one of the things that you must get right in Hong Kong is accounting. The Inland Revenue Department (IRD) and Hong Kong administration look at businesses as the primary source of revenue for the island and do not take accounting or tax-related errors lightly. To be able to concentrate on business matters, such as product development and marketing, most investors and managers prefer accounting outsourcing in Hong Kong to in-house accounting.
Firms offering accounting services use experts with a lot of knowledge in bookkeeping. Therefore, you can count on them to not only cut down the cost of accounting in your firm but also build a strategy to accelerate your enterprise’s growth. This is why you need to build a good relationship with them. Keep reading as we provide pro tips on how to build a strong relationship:
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Select the Best Firm for Accounting Outsourcing in Hong Kong
The first step in building a good relationship is ensuring you only work with the best. With more firms getting into the market, the danger of picking the wrong one always looms. This is why you should vet the selected firm to ensure that it has highly qualified and committed staff. Here are other checks to focus on when looking for the right accounting firm:
- Go for the firm with experienced accountants
- Make sure the firm is licensed to offer the accounting services you want
- If your company has branches in other countries, the outsourced accounting firm should be able to work there too
- Only work with an accounting firm that uses the latest accounting software
Make Sure Your Objectives are Clear
Identifying a good firm for accounting outsourcing is only the first step. Next, you need to develop a clear objective that is supposed to guide your journey. Make sure to share your company’s strategy with the accounting experts so that they can craft a plan to help you achieve your goals.
At this point, you might be worried, especially if the company has not been doing so well. However, you should not because accountants target providing the right picture of your firm. If your enterprise had a poor performance, that should be used to craft strategies for turning it around.
Protect the Information Shared with the Accounting Firm
As we indicated earlier, you need to ensure that the outsourced firm meets all the compliance requirements. For example, are they conversant with the accounting standards recommended by the Hong Kong administration?
Another crucial issue is data protection. Make sure to enquire about data encryption from the firms selected for accounting outsourcing in Hong Kong. Insist that the company should have and apply a robust customer information protection procedure in its system. Here are some attributes to check for high-level data protection:
- Data encryption
- Data monitoring
- System access limitation
Once you have agreed on all aspects of data security, also insist on information sharing. Particularly, you should ask for regular briefings to know the progress. This means that you can start working on rectifying issues identified in your books right away.
Accounting outsourcing in Hong Kong is the best way to go if you want to get your bookkeeping or tax matters, among others, right. When you build a good relationship with the experts in the outsourced firm, it becomes easy to get more and grow your business to the next level. These experts have seen other firms grow and become successful, and you can take their advice to increase revenue and market share in Hong Kong and the entire Asia-Pacific region.