The business environment is changing rather fast, with new technological, regulatory, and environmental requirements forcing companies to seek new ways to comply and satisfy stakeholders’ demands. These ever-changing demands are making accounting very challenging.
In Hong Kong, all companies listed in at HKEX are now required to include sustainability in their financial reporting. Indeed, the entire Far East is progressively changing accounting policies to promote transparency, accuracy, and responsibility. To comply with these requirements and help your company grow faster, you should start using accounting outsourcing in Hong Kong.
This post is a demonstration of how working with accounting professionals can help to make your company more successful.
Why Accounting Outsourcing?
A business is a sort of an “ecosystem” where all functions depend on each other. However, accounting tends to have a bigger impact because almost all other units draw from it. It touches on staff, marketing, payroll management, costs, rewards, transport, and a lot more when finances are needed. This is why you need to ensure that an expert handles all matters of finances, and accounting outsourcing in Hong Kong can come in handy.
Other reasons why you should use accounting outsourcing include:
- The selected accounting outsourcing agency can help keep your company’s books and financial information secure and confidential.
- Your company accounting is handled by professionals certified by the Hong Kong Institute of Certified Public Accountants (HKICPA).
- You can keep the cost of accounting low because the accountants are not on your payroll. Instead, they are paid by the agency you contract.
- The experts you bring on board can train your staff on different financial aspects
Accounting Outsourcing Hong Kong to Take Your Company to the Next Level
The benefits of using accounting experts that we have highlighted above are only a drop in the ocean. With the right agency in accounting, you are sure of growing the company to the next level faster. Here is a demonstration of how the professionals in accounting can help your company grow faster:
Demonstrating Tax Substance to Reach Bigger Markets
When offshore companies are incorporated in Hong Kong, one of the goals is to expand and reach the rest of the Far East. Hong Kong makes it easy to reach these markets, including China, but your company needs to demonstrate tax substance. The challenge is that this is never easy because the concept is complex and not clearly defined in law.
Working with an expert agency in accounting can help you to demonstrate the company’s contribution to improving the island’s economy. The experts will help you comply with the accounting regulations and file tax returns, which are primary to proving the tax substance of a company. They will also help you to apply for the tax residency certificate correctly.
Experts can Help You Craft the Best Strategies for Success
The strategies you make about your company, whether to launch a new product or buy another company, should be sound enough to boost growth. Because they are accounting experts with a lot of experience in the Hong Kong market, you are sure of getting the best advice for growing the brand to the next level. For example, you might be focusing on the Hong Kong market alone, but the experts recommend exploring the Chinese market that is also within reach through the Closer Economic Partnership Arrangement (CEPA).
You are Able to Identify Business Growth Issues Early Enough with Accounting Experts
Smart entrepreneurs always cast their eyes ahead, and accounting experts can help you pre-identify obstacles ahead. Having helped other companies in Hong Kong, the selected accounting outsourcing Hong Kong can help you run deeper analysis and prepare for the challenges ahead. This might be all that you need to convince more investors to inject additional funds for company growth.
As you can see, accounting outsourcing in Hong Kong might be the link needed to thrust your company to the next level. With a good agency, such as Primasia, you are also sure of getting even more assistance, including payroll management, filing tax returns, and carrying out due diligence.
