Why You Need a CPA? - LUKE Accounting Services

Why You Need a CPA?

A CPA ensures that your accounts comply with the generally accepted accounting principles and statutory requirements
A CPA has a fiduciary responsibility to his clients, and is legally required to act in the best interest of clients.
A CPA helps you to analyse your financial data and provides valuable insights into your business performance.

Accounts prepared by a CPA add credibility and assurance to IRD, your bankers and investors.

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2 SERVICE PLANs

Annual Service from HK$3,000

The Annual Package includes compilation of annual accounts for tax filing purpose.
Basic Fee HK$3,000 for the first 100 transactitons
Additional HK$2,000 for every subsequent block of 100 transactions (or part thereof)

From HK$3,000 / Year

Monthly Service
from HK$2,000

For companies with >300 transactions, we recommend using our monthly financial management package, which includes review of internal controls, debt aging analysis, stock check, financial reports and tax filing services.

From $2,000 / Month

Fast, Accurate and Affordable

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FAQ

How to obtain a Fee Quotation?

Initial Fee Quotation – We can provide an initial fee quotation based on information provided by you on the phone/email.

Revised Quotation – A revised quotation, based on the estimated time required which vary with transaction volume and business operation, will be provided upon receiving your financial documents.

Payment – Clients will have to settle fees before provision of accounting services.

Why is it important for a sole proprietor to hire a CPA?

Sole Proprietors’ Accounts are not subject to auditing by a CPA, and taxpayers who are not familiar with accounting rely on their accountants.

Risks of Inaccurate Accounts – Some accounting firms may charge a very low fee and hire unqualified bookkeepers to save cost. They do not provide detailed accounting records for checking, and taxpayers may suffer the consequence of inaccurate accounts:-
– Understatement of assessable profits may induce six years of back year investigation by IRD and charging of penalty up to three times the amount of underpaid tax; or
– Payment of excessive tax if the assessable profits are overstated.

Did You Know only about 50 percent of accountants are licensed CPAs? When you work with a professional CPA, you can rest assured that your accounts are being handled by an expert.

How long should I keep accounting records?

Section 51C of the Inland Revenue Ordinance requires every person carrying on a trade, profession or business in Hong Kong to keep sufficient records in the English/Chinese of his income and expenditure to enable the assessable profits to be readily ascertained.

Such records shall be retained for a period of not less than 7 years.

Failure to comply with the requirements of the Ordinance without reasonable excuse may be liable to a maximum fine of $100,000.

What accounting records are required to be kept?

Under the Inland Revenue Ordinance, the accounting records to be kept for seven years include –
– books of accounts recording income and expenditure;
– vouchers, bank statements, invoices, receipts;
– records of the assets and liabilities;
– records of all sums of money received and expended in relation to that trade, profession or business; and
– records of goods purchased and sold in a trade, details of the sellers and buyers, and the related invoices.

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2 SERVICE PLANs

Annual Service from HK$3,000

Monthly Service from HK$2,000

FAQ

Monthly Service
from HK$2,000