Maintaining accurate and timely financial records plays an important role for the success of a business company. It enables the management to run the operation both efficiently and effectively. It is a legal requirement for any business to maintain an appropriate book of accounts to ensure that all relevant taxes are paid and tax filings are made on time.
At HY Accounting, our chartered accountants and outsource experienced accounting professional team, with regular training of latest update in accounting standards and tax legislation and rulings issued by the Government, will strive to deliver regular, meaningful, financial reports timely and accurately to make sure you always have a clear financial snapshot of your business with affordable and reasonable rates. We work closely with clients to understand and focus the marketing and operational activities to develop the strategies for improving the business profitability and financial control process. Furthermore, rest assured that our accountants handle the client’s business information and data with integrity and confidentiality.
Our accounting and bookkeeping services include:
Cloud accounting software is similar to traditional, on-premises, or self-install accounting software, only the accounting software is hosted on remote servers. Data is sent into “the cloud,” where it is processed and returned to the user. All application functions are performed off-site, not on the users’ desktop. In cloud computing, users access software applications remotely through the Internet or other network via a cloud application service provider. In other words, cloud accounting software frees the business from the daily hassle that involves increased cost and workers. Additionally, cloud accounting provides real-time reporting and visibility throughout the organization, with flexibilities and mobility. In short, the rise of cloud accounting services has changed the way both accountants and the clients they serve to manage business finances.
Bookkeeping services is the process of keeping records of financial transactions and preparing financial statements, such as balance sheets and income statements. In more precisely, it involves the recording, storing and retrieving of financial transactions for a company. As such, the bookkeeper is responsible for setting up financial statements for the accountant to perform legal and tax management.
Consolidation accounting is the process of combining the financial results of several subsidiary companies into the combined financial results of the parent company. This method is typically used when a parent entity owns more than 50% of the shares of another entity or otherwise has contractual control of the subsidiary. The parent company prepares consolidated financial records by adjusting entries and eliminating intercompany transactions. Simply put, consolidation accounting is a process of combining assets, equity, liabilities and operating accounts of a parent firm and its subsidiaries into one financial statement.
A well-designed implementation and setup of an accounting system is crucial to ensure relevant and reliable details is recorded in financial statement and for better financial management. The basis for all accounting begins with a good “set of books”. Hence, a good accounting system saves both time and financial resources as it supports the growth and establishment of your business.
The Companies Commission of Malaysia (SSM) may exempt audit private limited companies from being audited, according to the guidelines implemented starting in 2018.
Nevertheless, a properly reviewed financial statement is crucial for a business. In general terms, a financial statement remained unaudited without an independent verification and review process. Specifically, your financial statements are considered as unaudited until they are inspected and approved by a certified external auditor. Our associated audit firm’s professionals provide the service of compiling unaudited financial statements and drafting of unaudited financial reports.
