Accounting and Payroll Services Overview
Boom is a Hong Kong-based company incorporation services group that has been supporting both local and international clients for over three decades. No matter how large/small your company is, a business must be able to manage all its company’s payroll obligations with a professional level of efficiency and ease. The concept of human resources, especially the financial side of payroll, is not solely tied to ensuring their employee’s wages are accurately calculated and paid to them. However, the business must also ensure that the payroll process is completed in compliance with Hong Kong’s or any country's employment laws and regulations.
In Hong Kong, it is required by law to stay on top of your bookkeeping, perform annual audits, and file yearly tax returns with the Inland Revenue Department. This is often performed on a month-by-month basis as it is set in the terms and conditions of the employee’s employment contract. To meet those requirements, the company needs to ensure that the company’s accounts are accurate and up to date; therefore, keeping track of your financials is also crucial for analyzing your company’s performance as well.
For many medium-sized companies and small-sized companies, the ability to dedicate a concentrated number of resources to this endeavor is sometimes too taxing for the business and is sometimes too difficult to deliver on as the management of payroll is too time-consuming and equally mentally/physically exhausting no matter what industry you are in. To overcome to problem, many companies look towards outsourcing their payroll solution to external companies to handle both their company accounting and payroll solutions. This is a great solution as it allows you and your business to focus on other areas of core business strategy.
Before we continue, here are a few key definitions entrepreneurs and other key business figures need to understand. The term payroll is attributed to the number of employees who receive compensation from their employees in return for services rendered in their employment contract. For the fellow accountant, payroll also refers to the total amount of compensation these employees are entitled to receive for their services. Bookkeeping is the practice of recording and tracking the financial transactions of a business. This is often summarised into an activity report which shows how the business is doing. Bookkeepers may also regularly perform wider tasks such as invoicing, paying bills, preparing tax returns, monitoring key performance indicators, and providing strategic advice to management.
Here at Boom, we offer our clientele traditional bookkeeping and accounting services; but highly recommend switching to cloud accounting services. Do you want to know why? Boom is a Certified Business Advisor with the online accounting platform Xero here in Hong Kong. We offer comprehensive and customized Xero accounting services suitable for start-ups, SMEs, and larger corporations. We are also able to provide the training you will need to help your company navigate Xero.
Boom offers comprehensive and customized accounting services, as well as audit and tax compliance services to fulfill the needs of our clients. This includes start-ups, SMEs, and larger corporations. With over 10 years’ worth of experience, we here at Boom believe our HR and payroll specialists in Hong Kong can assist you with the following:
Boom Accounting and Tax Package
- Bookkeeping Services (Annual/Quarterly/Monthly)
- Financial Reporting
- Preparation of Management Accounts
- Consolidation of Accounts
- Annual Audit Coordination
- Filing of Profits Tax Return
- Offshore Tax Claims
- Cash Management
- Virtual CFO
Knowing what you know now, ask yourself the following questions about your payroll situation at your company:
- Am I buried in paperwork?
- Is my company compliant with the local tax regulations, such as employment income tax return filing and the filing of profit tax returns?
- Is warehouse and shipping paperwork slowing down my company’s fulfillment department?
- Could I be better investing my current time in paperwork and accounting into something more productive in the company?
If the answer to any of these questions is ‘Yes’, then it is time for you to look in the mirror and re-evaluate your priorities. Outsource some of that time-consuming paperwork and allow professionals to assist you. By outsourcing your paperwork, you will be able to focus more on your core business strategies and day-to-day tasks. This could mean you could think about business expansion earlier than originally anticipated, connect more with your loyal customer fanbase, or improve your digital marketing footprint online on all your social media platforms.
Boom is a Hong Kong-based corporate services provider that has been supporting its clients in Asia for over three decades. Among several of our services, we offer our clients accounting services in Hong Kong, China Company Incorporation services, Virtual CFO services, MPF Filing services, Profit tax filing services, Employment return filing services, China Wholly Foreign-Owned Enterprise (WFOE) incorporation-, and registration services, etc. One of our services which we are proud to be offering our clientele is our investment visa and working visa Hong Kong services.