- Xero Platinum Partner
- Certified Public Accountants
- Chartered Secretaries
Preparing financial statements yourself is a pain in the neck
Filling out the reports is a lot of manual work
There’s no way to check if you’ve done it right
The filing deadlines always come at a bad time
Your time would be much more valuable spent on something else
Out of 5 Unaudited financial statements prepared by entrepreneurs, 4 turned out to be incorrect
We do affordable online accounting for busy founders
An expert who has your back
A Chartered Accountant assigned to your company will review your books, compile and file reports, suggest tax exemptions and be there to help with any of your queries.
No manual labor
We’ll take over your invoices, receipts, and bank statements in any format. We then sort, reconcile them, and prepare reports.
We charge a flat fee that covers your bookkeeping, financial statements, management reports, and tax filing. So no extra charges out of the blue!
Don’t take our word for it, try yourself
Book a demo with our team: they'll guide you through the accounting dashboards, uploading documents, chat support and more. See exactly what you're getting before you decide.Get a callback
We know how to do accounting and optimise tax for your business
Every industry has its own perks and complications when it comes to bookkeeping and accounting. We advise what tax exemptions and tax reliefs your company is entitled to, and we organise your reports exactly the way needed to comply.
Accounting for Retail Industry
Offline sales in Hong Kong have grown 57% over the last 10 years. However, it’s e-commerce that really wins the battle: over 60% of Hong Kong population order online now, and the number is expected to grow to 72.6% in 2022.
Accounting for Construction Industry
2020-2021 Budget has plans for over HK$120 billion (US$15.4bn) to continue expanding Hong Kong’s development of infrastructure, buildings, and construction industry.
Accounting for Restaurants Industry
With travel restricted, locals are rediscovering the city food scene. Readings for short term business outlook for restaurants hit a record 53.6, marking good business conditions for the first time since 2018.
Accounting for Hotel Industry
The word “staycation” is one of the most searched words on Google Trends in Hong Kong. Hotels in Hong Kong are promoting staycation packages even more to attract locals with promotional packages.
Accounting for Hospitality Industry
May readings on the short-term outlook among smaller retailers and restaurants rose above the 50 level, marking good business conditions for the first time since 2018.
Accounting for Entertainment Industry
Between 1991 and 2018, total sales of fine art in its auction houses jumped from around $11 million to nearly $1.4 billion. In addition, Hong Kong’s government is allocating HK$260M to boost the movie industry.
What you need to know about accounting in Hong Kong
What are the official requirements in Hong Kong?
- Prepare unaudited accounts
These include income statement, balance sheet, and cash flow statement.
- Audit these accounts annually
Every Hong Kong business must be audited by a certified third-party Accountant, who then submits the results to the Inland Revenue Department.
- File annual Profits Tax Return
It is a calculation of a tax your company has to pay after deducting all applicable expenses, and applying exemptions and incentives.
Get in touch with our Certified Accountants. Get a callback
Accounting plans that match
the size of your business
You don’t measure your business by the number of transactions, so neither do we. Our accounting packages are tied to your revenues. Pick a monthly plan to pay a small regular fee or a yearly one and get 2 months free of charge. All our packages come as they are, no extra charges — simple and straightforward
What’s your average monthly ?
Monthly revenue under HK$30k
Price per month, billed annually only
In this package:
- Annual bookkeeping
- Annual management reports
- Unaudited Financial Statements
- Annual profits tax return filing
Additional services you may needGet more
Profits Tax Return, (BIR51) filing
Consolidated unaudited report, per subsidiary
Holdover of provisional profits tax application
Application for Offshore tax exemption
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89% of customers recommend us
7,500+ clients worldwide
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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.