June 10, 2023

Reflection Group

Business, BtoB, Health

Should You Go for Accounting Outsourcing in Hong Kong?

Buildings in business district in Hong Kong

Hong Kong is one of the best jurisdictions for businesses that target to grow rapidly and reach the Far East as well as the rest of the globe.

Whether you have an e-commerce company or an import-export enterprise, the jurisdiction offers the perfect ladder to the set goals. We must also indicate that Hong Kong takes matters of finance and taxes very seriously, and most companies opt for accounting outsourcing. So, should you also go for accounting outsourcing in Hong Kong? 

Keep reading to understand the benefits of using accounting outsourcing in Hong Kong. We will also outline the main indicators that show it is time to outsource. 

What is Accounting Outsourcing?

Accounting is the process of keeping financial accounts in a business. It includes recording, summarizing, analyzing, verifying, and reporting results in line with the accounting frameworks of the jurisdiction under consideration. Accounting can also be broken down into smaller and more specific categories, such as tax and financial reporting. 

Accounting outsourcing is the process of contracting a third party to handle either one or all parts of the company’s accounting. In Hong Kong, the most outsourced accounting services are: 

  • Cost accounting. 
  • Financial accounting. 
  • Tax accounting.
  • Financial planning and reporting services. 
  • Bookkeeping. 

What are the Main Benefits of Accounting Outsourcing?

The primary benefit of accounting outsourcing in Hong Kong is that the task is handled by professionals. This gives you the assurance that the books are processed in line with the Hong Kong Accounting Standards (HKAS), which largely borrows from the International Financial Reporting Standards (IFRS). 

With a good firm of experts, such as Primasia, the accounting work in your company is offered by Certified Public Accountants (CPA). Therefore, you can expect to get the following additional benefits.

  • Faster completion of your accounting tasks. 
  • Avoiding penalties associated with incorrect or late accounting reporting. 
  • Greater flexibility because you can focus on other tasks, such as scaling business operations, without worrying about the accounting
  • Your staff can be trained on different aspects of accounting by the Primasia accountants.

Indicators that Show It is Time to Go for Accounting Outsourcing Hong Kong

The benefits we have listed above are only a few drops into the ocean of what to anticipate. However, you need to make the first move of contracting the preferred agency of experts. Here are the main indicators that show you should consider outsourcing: 

  • Accounting is Taking a Lot of Your Time 

Whether you handle the books alone or have put up a team, it is paramount to note when accounting starts taking up too much time. This can result from a lack of technical skills or the work being too much.

When you contract Primasia, there are enough experts with the required skills to complete all the accounting tasks.

No matter the urgency or how big your firm is, Primasia can handle it!

  • You Have Concerns About Data Security 

This should always be a top priority for your company. With an in-house team, the danger of loss or leak of sensitive information lurks. What if your employees give third parties access to your system? Do you have ample backup for the data? 

Accounting outsourcing in Hong Kong can guarantee the utmost security for your data. For example, Primasis uses the most advanced accounting software, stores data on multiple servers, and restricts access only to vetted experts. 

  • You Want to Craft New Strategies for Business Growth 

Whether you are planning for company scaling, changes, acquisitions, or venturing into new areas, a financial decision will have to come into play at some point. Accounting outsourcing in Hong Kong can help to correctly analyze your company’s financial situation so that only the right decision is selected. Indeed, you will find the financial report from an expert very helpful for every decision you take in the company. 

Other signals that show you need to outsource accounting services include a lack of appropriate accounting skills and a poor understanding of related laws. Visit Primasia now for help with all accounting works or other executive services, such as payroll management and tax matters.