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Setup of Accounting System Services in Hong Kong – Our Professionals Are Ready to Help You
The setup of an accounting system is one of the important parts of a business, and it is particularly important for a new company. A business could not keep track of what it owns and what it owes without a definitive accounting system in place. In addition to that, a good and properly setup accounting system will help a company to track the cash flow. However, creating an accounting system is not an overly complicated task – the setup of an accounting system services in Hong Kong can be done easily with professional help. In Hong Kong, keeping compliant accounts is crucial to the future success of a company. Any doubts may tarnish the company’s reputation with the government and banks.
What Does an Accounting System Do in a Business?
- Expenses
Expenses are defined as the amount of cash that goes out of the company in exchange for goods (or services) from another person or company. An accounting system will help a business to keep track of all its expenses with proper categorisation and automatic balance of expenses.
- Invoices
A professional looking invoice is part of the branding strategy of a company – it will develop a positive brand image while building customers’ confidence. At the same time, the accounting systems will not only allow the creation of an instant invoice, but also will also automatically keep track of paid invoices and income.
- Funding
An accounting system keeps track of all the business liabilities, ranging from a payable account, bank loans, and mortgages and so on where the accounting system will keep the business informed of all these liabilities as payable values and will update the balances as soon as the settlement of payment is completed.
How to Set Up the Accounting System
- Proper Documentation of Financial Documents
The very first thing in setting up the accounting system is to have proper documentation of all your financial documents. All documents relating to your business, for example, the invoices, bills, bank statements, receipts, government documentation and assessments, have to be kept properly.
A few tips on documentation:
- Have a stamp that could indicate the received date of the documents in place.
- Create a filing system for documents.
- Organize financial documents in file folders with proper labels.
- Colour code the file folders for easier file retrieval.
- Do regular filing to avoid missing documents or last-minute scrambling at the end of the year.
- Determine Accounting Requirements
You must know what kind of accounting system will suit your business based on the volume of transactions, the complexity of business, and your budget. You will then be able to decide whether your business needs a bookkeeper (either full or part-time), in-house accounting, or outsourcing bookkeeping arrangements.
It is always a good idea to have a professional accountant/professional accounting firm to help you to setup the accounting system, handles the financial reporting and analysis and tax preparation.
- Select Accounting Software
If you opt to hire a bookkeeper or do it yourself, good accounting software will help you a lot.
Why 3E Accounting?
Whether you are the business owner of a small or medium sized company, a multinational, new start-up or an established company, 3E Accounting team can provide the tailored-made solutions to help you in managing your business. Our accounting outsourcing services would cover the management of the accounting system, the organisation of the financial information, and ensure your business complies with the accounting standards in Hong Kong. Contact us today for more information!
