The Chinese accounting system follows the Chinese Generally Accepted Accounting Principle (GAAP) framework, also known as the Chinese Accounting Standards (CAS). These standards have been revised regularly and evolved over time and now they are quite in accordance with the globally recognized International Financial Reporting Standards (IFRS) & US GAAP. Despite the several reforms, changes still exist to pose challenges.
Hiring and locating professional accountants who knows the domestic regulations and laws in your own company can be costly. In this case, outsourcing bookkeeping and accounting affairs to an experienced service provider becomes an ideal choice, especially for small and medium-scale companies who expects to spend more money and energy on business running.
Let’s look at Hongda’s outstanding bookkeeping qualifications and why Hongda can be an optimal partner for your business!
There are some general cases when companies prefer outsourcing their bookkeeping and accounting affairs to professional service provider instead of hiring in-house accountants.
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.
2. Tax Declaration Service
3. Tax Filing
5. Banking Service
Doing business with HONGDA is getting a share in our know-how, expertise and dedication. Our determination leaves our customers with peace in mind, as they know our passion and strive for perfection in all that we do.
To ensure that we keep pushing the boundaries of what our market can expect, we relentlessly strive for increased benefits of doing business with HONGDA. To declare our efforts, our daily work is based on 4 tangible, practical promises to our customers - and just as much to ourselves.
We will contact you as soon as possible. Please make sure that your contact information is correct!