Bookkeeping and
Accounting Service

In What Cases a Bookkeeping Agency is Important?

There are some general cases when companies prefer outsourcing their bookkeeping and accounting affairs to professional service provider instead of hiring in-house accountants. 

1. A global company has just registered in China, and does not have enough time to hire their own qualified in-house accountants.In this case, the company will find an agency to provide bookkeeping and tax declaration services to ensure that the company is in accordance with regulations.
2. The company’s scale is small and financial process framework is relatively simple. Therefore, it is not necessary to have a financial department based on the consideration of saving budget and reducing the number of staffs.
3. Small and medium-sized companies or self-employed individuals generally do not meet the criteria for hiring full-time financial accountants. The aforementioned business entities will choose bookkeeping companies to carry out financial recording on their behalf.
   

The Benefits of Partnering with Bookkeeping Firms

1. Save on the labor cost of the enterprise: if a company recruits a bilingual accountant, the monthly salary will be more than 10 thousand yuan, and the salary of senior accountants and foreign trade accountants can be even higher. In cooperation with an agency bookkeeping company, you can enjoy higher-quality, more professional financial and tax consulting with a much lower price, without the risk of facing labor disputes. 
   
2. Ease the administrative burden: in addition to paying salaries, they also need to pay social insurance for employees and other payroll benefits. However, if an enterprise chooses a bookkeeping firm, it can effectively alleviate the additional burden on the enterprise.
   
3. Enjoy immediate and precise tax declaration: if the company’s financial accounting and tax declarations are reported indiscriminately, underreported, or late, the liability and property losses must be borne by the company itself. However, if the loss is caused by the bookkeeping firm, the bookkeeping company will generally undertake the commitment and compensate.
   
4. The third-party organization is always neutral and has the obligation of confidentiality to directly communicate with the overseas headquarters
   

Factors to Consider When Choosing the Right Partner

– Why Hongda is Better?

There are numbers of bookkeeping companies in the market. Choosing the right partner to work with not only helps you keep compliance with the financial requirements and regulations, but also gives you a good opportunity to save energy and budget. By cooperating with experienced bookkeeping firm, you can also get the chance to know the health of your financial status by real-time information and updates.

Still unsure about how to choose the best bookkeeping agency for your company? Here are the main factors that you should consider, and what makes Hongda outstand from other competitors.

1.    Does the firm hold bookkeeping qualification?
To provide bookkeeping service to clients, the company must obtain the bookkeeping qualification first. You can require the firm to present the business license and bookkeeping qualification license approved by the local Finance Bureau for assessment.
Why Hongda: Hongda has met all the requirements and qualifications for providing bookkeeping services to our clients. You can ask the copy of related qualification licenses anytime for confirmation. In addition, Hongda was selected as the vice-president unit of Shenzhen Agency Bookkeeping Association in 2021. Hongda was also rated as A-level accounting service institution by the government.

2.    Does the agency have experienced full-time financial personnel?
Some companies would hire part-time financial staffs to provide services to clients due to cost considerations, which will reduce the quality and stability of services.
Why Hongda: Hongda has built a strong accountant team. Many of our financial team members hold certificate of tax agent or senior accountant certificates. They have worked proven experience in the field for more than 10 years. Our highly experienced financial specialists value our your financial status as much as you do, and are determined to provide stable financial records for you.

3.    Does the company present foreign service capabilities?
Most bookkeeping outsourcing firms mainly focus on serving domestic companies and may lack ability to fulfill the requirements of foreign companies. In addition, the ability to speak English is also something you must consider when it comes to reporting the financial records to your overseas headquarter.
Why Hongda: Hongda has been working with foreign investors who expects to run their business in China. Our take foreign investors and overseas companies as our main service object and present strong multi-language communication ability. Our English-speaking consultants can help you solve any problems that you may have. We can also translate your financial report into English, or even provide assistance in communication with your overseas headquarter.

4.    Does the company have stable physical office address?
The working environment is a strong proof of the company’s business reputation, staff ability and financial condition. You can learn about the place where your financial records are kept to get an overview of the firm’s creditability and reliability.
Why Hongda: We have established physical offices in various cities across the Chinese mainland, Hong Kong, the UK, and Vietnam. Understanding that choosing a partner with reputation and reliability would be an effective method to reduce risk, you are welcome to have an on-site visit to one of our offices to enhance your confidence about Hongda. Our financial managers can discuss company financial report with you face to face and provide suggestion on the company operation and tax planning. 

5.    Whether the company provides integrated service contents?
Service contents may vary in different bookkeeping agencies. Some companies only provide fundamental financial recording and tax declaration, while other will also provide additional services by their experience accountants or CPAs.
Why Hongda: Daily bookkeeping and accounting is only a small part of Hongda’s services. With Hongda, you can enjoy comprehensive financial management services including bookkeeping, tax declaration and tax filing, as well as financial consultation, financial analysis and tax planning services. 

6.    Does the cfirm charge reasonable fees?
Although it's not wise to evaluate the reasonableness by price solely, the cost is still important factor that you must consider when choosing the right partner. 
Why Hongda: We will not suggest “one-size-fits-all” service to our clients at their different stages of development. We start everything by understanding your unique requirements and the actual conditions of your company, we will propose a tailored business solution just for you with reasonable prices to fit you at current phase. And it is always more cost-effectively to partner with Hongda than hiring your own accountants in-house.

One-stop Bookkeeping and Accounting Services Package

1.    Bookkeeping

• Accounting documents preparation, accounting books, registration and accounting statements compilation
  Subsidiary ledger of fixed assets
  
• Subsidiary ledger and general ledger of inventories’ quantity and amount 
  
• Written feedback and communication of monthly abnormal items
  
• Bank deposits balance, legality and compliance of original documents, rationality of financial data
  
• Issue Fapiao
  
• Design and draft staffs' salary form  

2.    Tax Declaration Service

• Declare VAT and individual income taxes
  
• Pre-declare corporate income tax and final settlement of annual income tax

3.    Tax Filing

• File Accounting books and tax declaration documents: Bookkeeper prints and file types of documents monthly and prints accounting books yearly

• Profit, goods turnover tax, and income tax management
• Seasonal Balance Sheet and data analysis, adjustments and suggestions
  
• Providing assistance when communicating with the local tax office relating to company's accounts
  
• Providing tax advisor service and taxation self-checking advice
  
• Make updates to company’s registered information (Does not include shareholder changes)

5.   Banking Service

• Arrange payment to local supplier and office expense, etc;
• Handle bank reconciliation;
  
• Handle the salary payment to local employee;
  
• Handle foreign currency operation in the bank:
  
• Assist with payment to overseas headquarters.