Specialist outsourced accounting services
With their expertise and knowledge, BoardRoom’s team of certified chartered accountants and finance experts can ensure your accounting is accurate, effective, and compliant with local laws and regulations.
Our expert accounting services allow you to concentrate on your core business operations without managing an additional in-house accounting team. Our highly trained staff are up to date on all local regulations and requirements, ensuring the ongoing success of your business.
Helping businesses thrive
BoardRoom provides high-level support and efficiency-enhancing technology solutions, to help your business successfully branch into new regions. We are dedicated to improving our clients’ operations, which can help boost productivity and profitability, and also providing advice on local cultural nuances that need to be carefully considered when doing business in APAC.
Our Hong Kong team is adept at helping new businesses and established organisations alike to achieve their individual short-term and long-term goals.
Our global accounting services
As one of the most trusted accounting firms in Hong Kong and the Asia-Pacific region, we ensure that your company meets all relevant regulatory requirements, preserving the integrity of its reputation. Ask us for a quote today to identify the cost to outsource accounting for your company.
Bookkeeping for management and statutory compliance
Our accounting professionals in Hong Kong can look after all your day-to-day account maintenance. As a top-tier bookkeeping company in Hong Kong, we provide you with detailed insight into your business in terms of enhancing performance and streamlining operations.
With BoardRoom’s bookkeeping and global accounting services, all your accounting reports can be easily sorted. From accounts management to statutory compliance reporting, our specialist team will help guide your business in its expansion endeavours.
We focus on providing comprehensive global accounting services so that you can concentrate on growing your business in Hong Kong and beyond.
We can help with:
- Chart of accounts and report templates set up
- Completing accounting entries, including a compilation of:
- General ledger reports
- Trial balances
- Statements of financial position for management reporting and financial analysis
- Bank reconciliations
- Preparing year-end statutory financial statements, including:
- Statements of comprehensive income
- Statements of financial position
- Cash flow statements
- Statements of changes in equity
- Notes to the accounts
- The annual audit process, including liaison with auditors
- Head office reporting
- Short-term staff secondment to resolve temporary resource shortages or catch up on backlog accounts
- Reconstruction of accounts due to unfinished, lost or damaged documents
Consolidating group accounts
Save precious time and money for your finance team by consolidating your group accounts with BoardRoom. Knowing how to consolidate financial statements is even more important if you are a business that operates across several regions or countries. This is because consolidation allows your team to correctly represent financial results for investors as well as Hong Kong Financial Reporting Standards purposes.
Our skilled consolidation agents can help you coordinate this process. We understand the intricacies of consolidating accounts, such as circumstances where the parent company does not solely own a subsidiary company.
Our team is here to guide you through the process to ensure precision and quality for your company and stakeholders.
Cash management
Distributing company funds can be a complex process. BoardRoom can help simplify the task by streamlining your accounting services with payment support facilities to oversee correct fund distribution and administration.
Our full-service approach includes a range of outsourced accounting services, such as:
- Coordinating in-house accounting and HR/payroll functions to support straightforward employee and supplier payment approvals
- Providing accounts payable solutions to administer supplier and vendor payments
- Establishing organisational payment obligations, simplifying the accounting process
Streamlining your accounting services minimises the administrative load that these vital tasks create. Our highly trained accounting team removes the labour-intensive responsibilities from your employees, while ensuring compliance and accuracy in all transactions.
CLIENT TESTIMONIALS
YOUR POINT OF CONTACT
Eunice Hooi
Managing Director Asia, Tax & Accounting
Frequently Asked Questions (FAQs)
1. What types of accounting services does a business in Hong Kong require?
Hong Kong businesses who trade in a public market are required to comply with the Hong Kong Financial Reporting Standards (HKFRS). One of your business’s responsibilities is to remain compliant and up-to-date with all the current regulations stipulated by the regulatory authorities, even as they change.
Accounting services in the following areas can help businesses stay compliant and organised:
- Bookkeeping and statutory compliance
- Consolidation of group accounts
- Cash management
- Financial management
- Cloud-based financial management systems
Each business has a different set of accounting needs and financial requirements. Get in touch with BoardRoom to understand how our professional team of chartered accountants can help your business.
2. How much do accounting or bookkeeping services cost in Hong Kong?
The rates for accounting and bookkeeping services in Hong Kong depend on the size of your business and the scope of your needs. Generally, accounting and bookkeeping services in Hong Kong should cost between HK$2,500 to HK$5,000 per month, for a reputable provider.
As with all corporate services, there are cheaper and more expensive options. Cheaper options may have lower upfront investments – but will likely cost your business more time and effort in the long run, especially as you scale your business and your accounting needs become more complex. Thus, it is better to seek professional advice from reputable accounting service provider like BoardRoom to properly assess your company’s accounting requirements.
3. What does a bookkeeping company do?
Bookkeeping companies like BoardRoom ensure that a company’s expenditures, income, and transactions are all recorded in the company’s financial books. They can also prepare any necessary management reports and year-end statutory financial statements, handle payroll, filing of invoices, bank reconciliations, assist in annual audit processes, and much more.
4. How can accounting services help my business?
Whether you’re running a startup or a large MNC, you will be able to find value in professional accounting services. Having a competent outsourcing accounting service provider can deliver valuable insights and analysis on the financial health of your company. They will provide a precise report of your monthly cash flow, spot opportunities for business growth, and help you stay organised.
5. What is accounting outsourcing services?
Accounting outsourcing is when you employ a dedicated accounting or corporate services firm to handle your accounting matters. By leaving this work to them, you eliminate the need to hire in-house experts and can spend more of your time, energy and effort on growing your business. A firm like BoardRoom has a team of chartered accountants behind their work, offering professional services that seamlessly integrate with your business operations.
6. What are the advantages of outsourcing my accounts or bookkeeping?
Outsourcing your business’ accounts has several advantages. If you are a smaller company, it might not be worth your while to hire an in-house full-time accountant. For larger companies, this solution can place a considerable strain on your internal organisation and costs due to the sheer volume of administrative work. Outsourcing your finance operations to a company like BoardRoom, which specialises in accounting and bookkeeping services, can help reduce the administrative burden, so your finance team can focus on what’s important to grow your business.
With a team of professional and chartered accountants, BoardRoom offers a range of accounting services that are more efficient, cost-effective, and quicker than handling everything internally.
7. When is the right time to outsource my accounting management?
There is never a bad time to outsource your accounting management. Both startups and large MNCs can benefit greatly from outsourcing their accounting at any stage of their business. Newer businesses will benefit from the help of experts when they cannot justify hiring an experienced employee, while larger companies may consider outsourcing to an expert firm when they are looking at lowering costs and overheads.
However, many companies decide to outsource their accounting tasks when they plan to grow and scale their operations at a fast pace. There may also be a need to outsource should you be facing difficulties internally with staying ahead of accounting compliance matters. Difficulty in hiring qualified accountants to fulfil your finance needs can be a tell-tale sign that it may be the right time to consider outsourcing your accounting management. Companies like BoardRoom can easily accommodate your growing needs, all the while maintaining accuracy and a professional standard of service.
8. Why do businesses need accurate bookkeeping?
Professional bookkeeping and accounting services are necessary in order to gain an accurate understanding of where your business sits financially. This is vital for spotting areas of potential growth, and planning ahead to run a successful business.
Staying compliant is also an essential aspect. Keeping ahead of tax, accounting and bookkeeping regulations is imperative if you want to run a reputable business without headaches from regulatory authorities further down the line. By keeping accurate bookkeeping, you can avoid accounting and tax breaches which usually result in hefty fines and penalties by regulators.
9. How can BoardRoom help in accounting services?
BoardRoom can help with a variety of accounting services, keeping you compliant in the face of ever-changing regulations. Our team of chartered accountants have decades of cumulative experience in the field, and are able to craft personalised plans for your business that streamline your accounting functions. Get in touch with us to learn more about how our accounting services can benefit your business specifically.