An efficient accounting system is just as good as the accounting service provider you choose. Quality accounting services in Malaysia are abundant, but the service you choose will probably depend on how much work you need done and your budget.
If you just need your books balanced every few weeks and invoices sent out, you may benefit from a part-time provider, but whether you outsource this vital job full-time or part-time, you must choose a quality accounting service.
Your accounting providers can compile your records monthly/quarterly for GST submissions or yearly for non-GST registered companies and non-complex companies, annual statutory auditing and corporate tax submission to the IRB. Since Malaysia Government announced implementing GST on April 2015, it’s lead accounting work to be more complex and important to a company. Heavy penalty will be imposed on any non-compliance and thus a qualified accountant play an important role. Quality accounting services in Malaysia will benefit your company more than a cheap, inefficient accounting service.
Benefits of Choosing Quality Accounting Services in Malaysia
For many businesses, an accountant helps them accomplish three key tasks: To make predictions, to make more effective business decisions, and to balance their books. But, providers of quality accounting services can help you achieve more than these 3 benefits.
Below are some benefits:
Stay Focused: You will rely on their accounting services and solutions to free up your time and resources to focus on other activities.
Flexibility: Onsite or offsite, they are flexible and can work weekdays or weekends.
Convenient: All accounting tasks can be scheduled conveniently around your business. Accounting data and information can be maintained at your office, giving you convenient access to your documents, invoices, vouchers, statements etc.
Confidentiality: They take non-disclosure agreements seriously and will not disclose any of your business or personal information to 3rd parties.
Cost Effectiveness: The cost structure of quality accounting services in Malaysia is affordable. It will allow you reduce accounting overheads because it works around your budget.
Quality accounting services in Malaysia provide many valuable services. Some offer specialty or customized accounting services. Check out the below 4 common services that are offered by these providers:
Accounting services are critically important for all companies and businesses. Your records are maintained, updated and balanced. Because your financial records are valuable for day to day references, it is necessary to ensure that it is pristine.
You can easily generate accounting reports like income statements, balance sheets, cash flow statements and other management reports for more insight into the business operations and to make better business decisions.
All companies and businesses registered in Malaysia must maintain a proper accounting system to be compliant with various government requirements and legislation such as Income Tax Act 1967, Companies Act 2016, and the recent Goods and Services Tax (GST) Act of 2014.
Quality bookkeeping services will ensure that your accounts can be easily audited for the submission of annual returns to SSM (Suruhanjaya Syarikat Malaysia), GST, and tax submission to Inland Revenue Board (IRB).
3. Tax Filing and Planning
Under GST, businesses with a turnover/taxable supply exceeding RM500,000 from the current month and the past 11 months, and even those projected to have a taxable supply that will exceed RM500,000 up to 11 months from the current month are required by law to register with the Royal Malaysian Customs Department (RMCD) as a taxable person.
They are required to file periodic returns and can claim GST refunds or pay GST accordingly. This can get somewhat confusing for some business owners who have to sort out taxes and plan accordingly. A quality accounting service provider can help you file taxes and plan for your future.
An experienced accounting professional will help you meet any accounting and financial challenges your business may be facing. With a seasoned accounting team to assist, businesses can now have a skilled accounting team to handle all accounts receivables, accounts payables, bank reconciliations, financial consulting etc. Accounting consultants have a job scope that can be customized to fit perfectly with your business and needs.