In accordance with the Inland Revenue Ordinance of Hong Kong, any persons/entities carrying on trade, profession or business are obliged to keep the business records of that enterprise own for at least seven years. In other words, a set of complete and detailed and tidy accounting records are convenient and also cost effective to conduct the forthcoming audit assignment.
YOUR BENEFITS: Minimization of labour cost
In particular, many firms (of small-medium enterprises) are most likely to outsource their accounting tasks to audit firm or accountancy & consulting firm to increase their competitive capability as the cost of hiring a fully time, experienced accounting staff to do the accounting tasks are reduced by 70% if outsourcing is implemented. Moreover, qualified accountants fully understand the requirements of IRD and Companies Ordinance applicable to limited companies incorporated in Hong Kong.
Indeed, bookkeeping task is quite time consuming compared to other clerical work. After outsourcing such task to accountancy firm, the company can allocate its own staff to implement other tasks in more efficient manner and increase its productivity.