If you have a company in Hong Kong, one notable thing about the jurisdiction’s operating design is that more emphasis is put on accounting. Because the island does not have land for agriculture or mineral deposits, it relies largely on taxes from businesses.
This is why they insist that every company registered in Hong Kong must maintain its books properly. So, how do you achieve this? One of the components that you need in your firm is the best accounting software in Hong Kong.
Keep reading as we reveal the best accounting programs that you can work with in your business.
A Brief about Accounting Software
Accounting software, also referred to as accounting apps, are programs developed for simplifying financial transactions in organizations. These programs can range from simplistic single-entry types, which are recommended for individual record management, to advanced systems that are able to manage multiple operations, such as invoices, salaries, account payable, ledgers, and company assets.
Instead of doing their bookkeeping manually, risking multiple errors and inefficiencies, many companies are switching to accounting programs. The software makes it easy for managers and investors to track financial transactions and promptly generate reports. With the software, you are also able to keep associated costs low and get accurate data for better decision-making.
One lovely thing is that the accounting programs in Hong Kong are designed to suit everyone. So, whether you have just registered your company in Hong Kong or it has made some strides after incorporation, there is a perfect program for you.
Special Benefits of Using the Best Accounting Software in Hong Kong
To accounting experts, the accounting programs that a company uses are the most valuable assets. They make managing finances efficient and will come in handy in promoting fast growth for the entire firm. Here are additional benefits of using the best accounting software in Hong Kong:
Helps to Save Your Company Costs
Accounting programs are used to help automate the primary calculations and administrative duties. For example, you can cut the costs associated with printing and documentation because the bulk of the data is stored digitally. The automation also helps to ensure that you only need a few workers to manage the books of accounts, which is very important in reducing the cost of operations.
Improving Data Accuracy
Inaccuracies in a company’s financial statements can result in serious trouble, including penalties from the Inland Revenue Department (IRD). At times, they could even risk the company closure.
However, you can avoid these risks by working with the right accounting software in Hong Kong because the process of data collection, analysis, and financial report generation is automated. Verification of data in case of an unanticipated challenge is also easy.
Helps to Improve Decision Making
This is one of the major benefits of using the best accounting software in Hong Kong.
Without an automated bookkeeping system, comprehending your enterprise financial status will be very difficult. However, you can rely on the program to get the numbers to determine where to invest more or cut costs.
With a better understanding of your financial company’s financial status, it will be pretty easy to craft better strategies for faster business growth and success.
Improving Data Security
In most companies, financial data is one of the most confidential pieces of information and has to be protected to avoid getting accessed by malicious parties. Such protection is never easy, especially when working with manual systems of accounting.
However, accounting computer programs help to ensure that data is always stored in centralized points protected by trusted firewalls.
Only a few people with the authority to manipulate and work with the secured data are given access.
What are the Main Features of a Good Accounting Program
Every accounting program comes with its own strengths and weaknesses, but there are some features that each of them must have. Here are the main ones:
Billing and Invoice Management
Advanced accounting software should help your company easily create and manage different categories of invoices and bills. It should also be able to create e-invoices that can be customized depending on investor’s preferences.
This is another crucial feature and is found in most accounting programs in Hong Kong. If the reconciliation is done manually, it can take a lot of time and will also be prone to errors. However, modern accounting apps allow you to reconcile company statements with bank accounts in seconds.
With the right accounting program, generating financial reports is easy and convenient. For example, you can generate cash flow, balance sheets and other financial reports within seconds.
The reporting feature also allows you to prepare them in multiple formats, from pie charts to tables, for better interpretation.
This is another crucial feature that you should always check and confirm it is working well. It makes it easy to estimate the revenue and expenses of a company for better decision-making. Forecasting comes in handy in promoting prudent financial management, optimizing profits, and cutting down unnecessary costs.
Top Accounting Management Software
In addition to the features we have highlighted above, it is important to think about the nature of your business when searching for the best accounting software in Hong Kong. You might also get some free options, but the paid versions usually come with more features and capabilities. Here are the top five programs that you might want to select for your organization:
- Sage: This is one of the most trusted accounting programs in Hong Kong. It is award-winning accounting software created to help spur the growth of small and medium enterprises. The program comes with two main options. Sage Business Cloud Accounting for small enterprises and Sage 50 Accounting Peachtree for medium to large organizations.
- The Express Accounts Accounting Software: This affordable business accounting tool is designed to help small and medium enterprises with simple accounting needs. The most notable attributes of this tool is the availability for OS X and windows, tracking sales, recording recurrent orders, and creating quotes/ invoices.
- Xero: If you want advanced accounting software in Hong Kong for the automation of most applications, look no further than Xero. It is recommended for large organizations that target high levels of data accuracy and safety. With Xero, you can easily manage invoices, which can be instantly generated with only a few taps on the mobile app.
You will also love the top-notch customer support services of Xero, which is available 24/7. So, if you ever get stuck or notice the program is not working as expected, professional support staff will always be available on the other end to assist.
As you can see, the best accounting software in Hong Kong selected for your company will come in handy in determining the success you can achieve. Remember to carefully review the program to determine how effective it was when used by other investors and managers.
If it comes with free versions, take advantage of the trial periods to test the different features and only order it if it is satisfactory.
If you are unsure about the program to select, it might be a good idea to consider working with an agency of experts. In addition to handling your accounting tasks, the experts can also recommend the best program for you.