According to Inland Revenue Ordinance, every company is required to keep sufficient records to enable assessable profits to be readily ascertained. All records must be retained for seven years from the transaction date. Even after the company cease trading, the company record keeping obligations continue until the seven year period has expired. It is an offence not to keep adequate records. The company can be penalized for not doing so by being fined up to $100,000.
It is also important to keep the accounting book updated for management decision making.
We provide monthly, quarterly, yearly book-keeping services to meet our clients' unique needs.
More information about our accounting service and Xero accounting in Hong Kong.
We’ve used Prism for a variety of support services and they’ve always been top notch. Definitely recommend them if you need help as a start-up business that needs support getting all of your paperwork in order.
⭐⭐⭐⭐⭐ June 17, 2022