The basics
Cash management refers to the process and system of collecting and managing cash flows, which can be of great importance for both individuals and companies. A well-designed corporate cash management system indicates the health of a company’s financial stability in business.
Cash is the primary asset that companies use to settle their debt obligations and pay for their operational expenses, such as taxes, employee salaries, marketing costs, etc. Taking care of the inflows and outflows of cash on a daily basis is the core component of financial management.
Most of the time, cash management can be integrated with your company’s online banking. With fully integrated monthly banking, business administrators of your company gain access to funds every single day without facing the risk of a broken cash flow chain.
Getting started
To enjoy Hongda’s Monthly Banking and Cash Management service, only the following materials are needed to work with Hongda for a smooth transition.
Additional documents may be requested during the consultation process, based on your specific requirements.
What is included
Hongda’s Monthly Banking and Cashier Service package includes:
Does the service include tax compliance support? Monthly banking and cashier services generally do not include direct tax compliance support. Tax compliance usually requires collaboration with tax advisors or accountants.
How it works
Quick answer: the service covers four areas: payments, reconciliation and payroll, foreign currency and cash management, and accounts and compliance. Select an area for detail.
Stage 1 of 4
Arrange and process payments to local suppliers and office expenses for your company.
Stage 2 of 4
Regularly compare your company’s bank accounts with your financial records to ensure consistency.
Stage 3 of 4
Foreign exchange and settlement services for your company.
Stage 4 of 4
Assist your company in opening and managing bank accounts.
Hongda’s Monthly Banking and Cashier Service package is described in eight items; they are grouped here into four areas.
Cross-border and accounts
Monthly banking and cashier services support cross-border payments and foreign currency transactions, including managing foreign exchange accounts, providing real-time exchange rate information, and offering international payment channels like SWIFT. This allows businesses to conduct international transactions more efficiently and manage exchange rate risks.
Yes, monthly banking and cashier services support multi-account management, especially for large enterprises or multinational companies. Businesses can manage multiple accounts from different departments or regions through the bank’s platform, optimizing fund allocation and ensuring efficient cash flow.
Why Hongda
Coordinate banking with the accounting and payroll work around it, with one China-based service team.
Serving foreign companies in China since 2007, with client relationships that go back to 2008.
Company setup, banking, tax, payroll and work permits coordinated by one team.
English-language project management with a China-based team in seven locations.
We confirm the scope before work begins and say which decisions rest with authorities or banks.
Client voices
Travis Perkins
David Finch BA ACMA CMIIA CAMA
Director of Group Business Risk & Assurance, Travis Perkins PLC
With Hongda since 2008
Travis Perkins PLC (a leading builders merchant in the UK) has been using Hongda Business Services since 2008 for accounting and professional services. Throughout this time, we have found the team at Hongda to be very helpful and professional in their dealings with us. We look forward to working with the company in the future.
Sound United
Jack Peng
Vice President, Asia Pacific, Sound United
With Hongda since 2013
Sound United (a leading designer and manufacturer of consumer audio products in the US) has been using Hongda Business Services since 2013. Moving one’s operations to China is not a small task, but Hongda’s expert services helped us set up a company and deal with tax issues so we could get on with growing our business in no time at all, and that’s why we continue to use them today.
Tulip Pacific Ltd.
Erik de Waard
Director, Tulip Pacific Ltd.
With Hongda since 2012
Tulip Pacific Ltd. (Business planning and interim financial management services) has been using Hongda Business Services since 2012. Hongda has helped us set up legal entities in China/HK and takes care of our annual company audits. They are the most efficient business service provider I have worked with to-date, and their professional advice has helped me better advise my own clients and provide greater value to my overall business.
Your team
Meet the three chief consultants at Hongda, including founder Angel Ho and co-founder Bobby Lee.
Chief Consultant, CEO
Founder of Hongda in 2007. Holds Chinese Tax Agent, IPA (Australia) and IFA (UK) certificates. Provides one-stop services covering market access, company establishment, financial settlement, financial and tax consultation, and human resources management.
Chief Consultant
Co-founder of Hongda. Many years of corporate legal consultancy and involvement in managing client enterprises. Familiar with tax, personnel and project management work across Guangdong, Hong Kong and Macau. Excellent English communication skills.
Chief Consultant
24 years in enterprise management, business development, and financial and tax compliance. Has provided financial and tax advisory services for hundreds of companies. In-depth learning and practical experience in IFRS (International Financial Reporting Standards), Generally Accepted Auditing Standards and International Taxation.
FAQ
Practical answers about cross-border payments, cash flow and accounts.
Ask your questionMonthly banking and cashier services support cross-border payments and foreign currency transactions, including managing foreign exchange accounts, providing real-time exchange rate information, and offering international payment channels like SWIFT. This allows businesses to conduct international transactions more efficiently and manage exchange rate risks.
Banks provide real-time fund monitoring and automated payment functions to help businesses maintain healthy cash flow. Companies can identify cash shortages early, allocate funds efficiently, avoid late payments, and reduce financial pressure.
Yes, monthly banking and cashier services support multi-account management, especially for large enterprises or multinational companies. Businesses can manage multiple accounts from different departments or regions through the bank’s platform, optimizing fund allocation and ensuring efficient cash flow.
Monthly banking and cashier services generally do not include direct tax compliance support. However, banks can assist by providing financial data and reports, which help businesses ensure compliance during tax filings. Tax compliance usually requires collaboration with tax advisors or accountants.
Contact our team
Share your plans, structure and timing. We confirm the scope with you before any work starts.
