Primasia is a Hong Kong based company incorporations services group that has been supporting both local and international clients for over three decades. No matter how large/small your company is, a business must be able to manage all its company’s payroll obligations with a professional level of efficiency and ease. The concept of human resources, especially the financial side of payroll is not solely tied to the idea of ensuring their employees’ wages are accurately calculated and paid to the employees. But also, the business must ensure that the payroll process is completed in compliance with Hong Kong’s or any country’s employment laws and regulations. In Hong Kong, it is required by law to stay on top of your bookkeeping, perform annual audits and file annual tax returns with the Inland Revenue Department. This is often performed on a month-by-month basis as it is set in the terms and conditions of the employee’s employment contract. To meet those requirements, it is essential for the company to ensure that the company’s accounts are accurate and up to date; therefore, keeping track of your financials is also crucial for analyzing your company’s performance as well. For many medium sized companies and small sized companies, the ability to dedicate a concentrated number of resources to this endeavor is sometimes too taxing for the business and is sometimes too difficult to deliver on as the management of payroll is too time-consuming and equally mentally/physically exhausting no matter what industry you are in. To overcome this problem, many companies look towards outsourcing their payroll solution to external companies to handle both their company accounting and payroll solutions. This is a great solution as it allows you and your business to focus on other areas of core business strategy.
Before we continue, here are a few key definitions entrepreneurs and other key business figures need to understand. The term payroll is attributed to the number of employees that receive compensation from their employees in return for services rendered in their employment contract. For the fellow accountant, payroll also refers to the total amount of compensation these employees are entitled to receive for their personal services. Bookkeeping is a practice of recording and tracking the financial transactions of a business. This is often summarized into an activity report which shows how the business is doing. Bookkeepers may also regularly perform wider tasks such as invoicing, paying bills, preparing tax returns, monitoring key performance indicators, and providing strategic advice to its management.
Here at Primasia, we offer our clientele traditional bookkeeping and accounting services; but highly recommend switching to cloud accounting services. Do you want to know why? Primasia is a Certified Business Advisor and a Silver partner with the online accounting platform Xero here in Hong Kong. We offer a comprehensive and customized Xero accounting services suitable for start-ups, SMEs, and larger corporations. We are also able to provide the training you will need to help your company navigate Xero. If you are interested in learning more about Xero and our online accounting services, please click here to visit our website.
Primasia offers comprehensive and customized accounting services, as well as audit and tax compliance services to fulfil the needs of our clients. This includes start-ups, SMEs, and larger corporations. With over 10 years’ worth of experience, we here at Primasia believe our HR and payroll specialists in Hong Kong can assist you with the following:
Primasia Accounting and Tax Package
- Bookkeeping Services (Annual/Quarterly/Monthly)
- Financial Reporting
- Preparation of Management Accounts
- Consolidation of Accounts
- Annual Audit Coordination
- Filing of Profits Tax Return
- Offshore Tax Claims
- Cash Management
- Virtual CFO
Knowing what you know now, ask yourself the following questions about your payroll situation at your company:
- Am I buried in paperwork?
- Is my company compliant with the local tax regulations, such as employment income tax return filing and the filing of profit tax returns?
- Is warehouse and shipping paperwork slowing down my company’s fulfilment department?
- Could I be better investing my current time in paperwork and accounting into something more productive in the company?
If the answer to any of these questions is ‘Yes’, then it is time for you to look in the mirror and re-evaluate your priorities. Outsource some of that time-consuming paperwork and allow professionals to assist you. By outsourcing your paperwork, you will be able to focus more on your core business strategies and day-to-day tasks. This could mean you could think about business expansion earlier than originally anticipated, connect more with your loyal customer fanbase, or improve your digital marketing footprint online on all your social media platforms.
If you wish to start outsourcing your accounting solution in 2021, our team here at Primasia can help you get started with our tailor-made accounting and tax solutions. Primasia has qualified and experienced accounting professionals who can ensure that your company is compliant with the local tax regulations, completing tedious procedures such as the employment income tax return filing and the filing of profit tax returns. For more information about our accounting package here in Hong Kong or about Hong Kong’s tax compliance rules and regulations, feel free to drop Primasia a line today! Please click here to learn more about our accounting and tax solutions. Click here if you wish to view Primasia’s main company homepage and learn more about our company’s services here in East Asia, as well as the wide range of company incorporation services we offer.
Primasia Corporate Services is a Hong Kong based corporate services provider that has been supporting its clients in Asia for over three decades. Among several of our services, Primasia Hong Kong (Primasia) offers our clients Online Accounting services, China Company Incorporation services, Virtual CFO services, MPF Filing services, Profit tax filing services, Employment return filing services, Wholly Foreign-Owned Enterprise (WFOE) incorporation-, and registration services etc. One of our services which we are proud to be offering our clientele is our investment visa and working visa Hong Kong services.
Connect with Primasia Corporate Services Limited
Hong Kong Headquarters: Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wan Chai, Hong Kong