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 or Chinese language 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 HK$100,000.

The records prescribed in the Ordinance include books of accounts recording receipts and payments, vouchers, bank statements, invoices, receipts; records of the assets and liabilities; statements of trading stock, etc……

The Scope of Bookkeeping and Accountancy Services

• Maintenance of accounting books and records monthly, quarterly or annually;
• managing untidy or accumulated book of accounts.
• preparing annual financial statements include Balance Sheet; Income Statement
          and other necessary breakdowns;
• Providing professional training and assisting to set up accounting system;
• arranging stock-taking, etc.

Advantages of Bookkeeping and Accountancy Services

• supervising by Professional Accountants, which is more professional,
          more prompt and more accurate;
• computerized accounting which prepare general ledgers and financial
          statements in Chinese or English version;
• filing accounting materials systematically which is good for finding and checking;
• providing free consultancy services to client in respect of accounting,
          management, taxation and auditing.