We file your accounting reports painlessly

Here’s what our customers say

• What are Tax Accounting Services?

  A tax accounting service helps your startup deal with filing your income tax, and other taxes placed on your small business. Companies usually engage with this service provider to improve accuracy and timely preparation of tax accounting balance. When you have better control over your company’s tax accounting function, you will be able to focus on the more strategic aspects of your business.

• Why should my small business or startup outsource accounting and tax accounting services?

  As a small business owner, you’ve shouldered the work of bookkeeping yourself to keep a close eye on your expenses. As your business grows, most owners find that their time is better served to focus on their products and services, rather than your accounting debits and credits. Outsourcing these tasks means hiring a service that provides a full accounting department experience. You can outsource everything comprising from day-to-day accounts receivable, accounts payable, payroll, transaction coding, taxation, to financial reporting.

• What accounting software do you use?

  We use Xero. It is a modern, accounting software that lives on the cloud, with tools to manage invoicing, inventory, expenses, cash flow tracking, bank reconciliation, bookkeeping and other accounting services for small businesses. It is accessible from any computer or mobile device. Xero integrates with a variety of third-party including Stripe, PayPal, Capsule and HubSpot.

• In what form should I submit my data?

  Send us your records in whichever format you have them. Drop your files in our app, store them in a cloud or email to our experts — they’ll take care of the rest.

• What is one transaction?

  A transaction is any deposit into or withdrawal from the bank. This is assuming all payments and receipts are done through the company’s bank. An example can be payment to suppliers, salary payments, expenses reimbursement or customer transfer. Bank fees and charges will not be considered a transaction.

• What are my tax filing requirements?

  All companies are required to submit Profits Tax Returns annually. The first Profits Tax Return for a newly incorporated company will be received after 18 months of incorporated. 3 month will be allowed for preparing the accounts and audit report for first tax filing. Thereafter, the tax return should be filed with deadline depends on the Company’s Accounting Year End Date. Below is an illustration.

  Accounting Year End Date	Due Date
  between 1 April to 30 November 2018	30 April 2019
  between 1 to 31 December 2018	15 August 2019
  between 1 January to 31 March 2019	15 November 2019

  Employer’s Return for of Remuneration & Pensions is required annually as well. Companies have hired employees should report the salary and wages paid to employees for each fiscal year (April to March) in April every year.

• Why choose Osome as an accounting and bookkeeping service provider?

  When you’re ready to take your business to the next stage of growth, you’ll want to hand over the routine and administrative tasks like accounting and bookkeeping to trusted experts who know what the entrepreneurial grind is like.

  We help small businesses in Hong Kong with all the necessary accounting services. We prepare financial statements, tax reports and handle bookkeeping. The accounting advice would save you time from figuring this out on your own and save costs by being compliant with the local authority instead of paying late fees or penalties which can add up to a huge sum.

  You don’t only get your own team of accountants with Osome, you also get access to all your documents and financial data anywhere you want to work, using our app. All your documents are digitised and stored securely on the cloud.

• What does an accountant do?

  An accountant plays an important role as the financial backbone of any business, large or small. They prepare and examine financial records, make sure that transactions are accurate, and that taxes are paid on time.

  Accountants use numbers and financial statements to tell business owners of the health of their company, analyzing profits and losses. This information forms the basis of a company’s report and legal filing reports.

  Their duties include:

  • Determining payroll requirements
  • Interacting with auditors to complete audits
  • Preparing and reviewing budgets, revenue, payroll entries, invoices, expenses and other accounting documents
  • Preparing profit and loss statements and monthly closing and cost accounting reports
  • Compiling and analyzing financial information to prepare entries to accounts, such as general ledger accounts, and documenting business transactions.
  • Supervising the input and handling of financial data and reports for the company’s automated financial systems.