Today’s company owners are faced with many expectations when it comes to governance, financial, and environmental reporting compliance. As a result, businesses juggle day-to-day responsibilities alongside more complex obligations, such as accounting, finance, internal audits, and risk management. So, is there a way of getting all these activities right affordably, conveniently, and professionally? The best method is accounting outsourcing in Hong Kong.
What is Accounting Outsourcing?
It denotes when a company hires a third party to handle a few or all the finance functions of an organization. Many organizations in Hong Kong opt to work with agencies of experts to concentrate on crafting and implementing strategies for growth in the competitive market. For example, companies aiming to exploit the Closeness Economic Partnership Arrangement (CEPA) between China and Hong Kong to trade duty-free with Mainland have to work extra hard to demonstrate tax substance. Therefore, they go for accounting outsourcing in Hong Kong for compliance and strategic assistance.
Some of the accounting services that you can outsource in Hong Kong include:
- Bookkeeping services.
- Accounts receivables/ payable management.
- Drafting financial statements and reports.
- Financial planning and services.
- Tax reporting and filing.
- Fraud and forensic accounting.
Why You Should Go for Accounting Outsourcing Now
The primary benefit of hiring accounting experts for most companies in Hong Kong is to ensure that all the accounts-related tasks are handled professionally. Why risk handling the accounts alone and getting it wrong when professionals wait to assist? Here are the main benefits to anticipate:
To maintain its competitive edge as a business hub, Hong Kong is always reviewing its policies, and it is not unlikely to find new updates on accounting requirements. Expert accountants are up-to-date with the latest requirements in Hong Kong and can help you comply and avoid penalties.
- Cutting Down the Cost of Running Your Business
Is your business paying more than necessary for accounting? If you opt to work with an in-house team, it implies that your company has to meet their wages, allowances, and all other statutory payments. Now, you have the opportunity to cut these costs through accounting outsourcing in Hong Kong. These professionals handle all the tasks agreed on in the contract, and there are no additional costs, such as allowances and bonuses.
Again, you will not have to worry about buying and maintaining expensive tools. For example, Primasia, one of the most respected agencies, works with the latest XERO accounting software.
- Strategy Enrichment
When planning a significant move, such as forming a partnership or expanding to neighboring markets, it is essential to understand the financial status of your enterprise clearly. Accounting experts in Hong Kong have helped other companies in the past and will come in handy in enriching your strategy for success.
Is Accounting Outsourcing in Hong Kong for You?
Now that you know the benefits of accounting outsourcing in Hong Kong, the next question might be, “is it for you?” Here are some key indicators that show it is time to go for accounting outsourcing:
- A company working on hiring new accountants: If you have some accountants who have left and the vacancy has not been filled, go for accounting outsourcing in Hong Kong because tasks like audits and bookkeeping cannot wait.
- You are scaling up your company: Scaling a company, perhaps adding new production lines or opening additional branches, will require more bookkeeping work. Bringing onboard experts in accounting means that you can focus on the core tasks of improving your business as they handle the complex accounting tasks.
- When accounting and finance tasks start taking up too much of your valuable time: Accounting is indeed paramount, but the core tasks of driving the business to revolve around leadership, product development, marketing, and driving sales. So, if you establish that accounting is taking the bulk of the time that should have been used elsewhere, it is time to bring on board some professionals.
This post highlights some of the main benefits that you should expect from accounting outsourcing in Hong Kong. However, these are not the only benefits. Working with experts like Primasia will also be beneficial with other executive tasks, such as payroll management, carrying out due diligence, and filing tax returns. So visit Primasia now to talk to an expert and get all the accounting assistance you need.