Our experienced accounting team establishes a tailor-made bookkeeping outsourcing solution for each client based on their needs and industry characteristics, from daily bookkeeping and tax return to the preparation of financial statements. We will ensure that your financial statements and books of accounts fully comply with the requirements of the “Accounting Law of the People's Republic of China”, the “Regulations on Financial and Accounting Reporting by Enterprises” and the “Accounting Standards for Enterprises”.
Finance and Accounting Outsourcing
We currently provide finance and accounting outsourcing services to more than 50 clients from Germany, Austria, and Switzerland for their subsidiaries in China.
As a professional finance and accounting outsourcing team, we are constantly updated on the latest accounting regulations, tax regulations, and guidelines. We invest heavily in hardware and software devices, tax law databases, human resources, and training. Our extensive experience and skills in setting up financial systems help our clients meet their financial expectations in China. In addition, we provide compliance services that allow companies to focus on handling their core tasks and achieving their business performance goals.
Reconciliation of Financial Statement
Our accounting & tax teams have already provided services to a wide range of German, Austrian, and Swiss clients from different industries for many years.
We have gained much practical experience in reconciling Chinese financial statements into financial statements prepared according to HGB or IFRS. Due to the differences between Chinese and German standards, the classification of the report accounts, and the way they are presented, we have established a specific business unit for the reconciliation of the annual financial statements to provide intensive support to German, Austrian, and Swiss parent companies with Chinese subsidiaries.
- We provide you with a complete set of finance and accounting outsourcing services: preparation of accounting voucher - review – book-entry– preparation of financial statement - tax return.
- For new clients: we set up your chart of accounts and accounting books (accounting books include general ledger, subsidiary ledger, cash journals, and bank deposit journals, etc.)
- Our Junior Accountant collects the original vouchers sent by the clients, and if there are issues with the original vouchers, we will promptly communicate with the client first and then proceed accounting, account treatment and calculate the taxes.
- The Senior accountant will review the accounting results, including the appropriateness of the accounting processing, the legality of tax calculation, and the reconciliation of current accounts. After all accounts have been checked correctly, we fill out the tax return and communicate with the clients about the tax situation.
- The tax team is responsible for the return work. From the 1st to the 15th of each month, we prepare and submit the monthly financial statements according to the requirements of the tax bureau, mainly including "balance sheet", "profit and loss statement" and tax returns of each tax type.
- Reviewing original vouchers, filling out journal vouchers, entering into the Kingdee financial software system, generating accounting books (general ledger, subsidiary ledger, cash journals and bank deposit journals).
- Preparation of English and Chinese financial statements, including trial balance, profit and loss statement, and balance sheet in accordance with "Enterprise Accounting Standards".
- Monthly online submission of Chinese financial statements, including profit and loss statements and balance sheets, to the local tax bureau.
- Monthly tax return of individual income tax (IIT), value-added tax (VAT), surtaxes, stamp duty, and quarterly corporate income tax (CIT/EIT) returns.
- Annual individual income tax (IIT) and corporate income tax (CIT/EIT) tax return.
- Accounting reconciliation (reconciliation of transactions between affiliated and non-affiliated companies, including Intercompany reconciliation between German, Austrian and Swiss headquarters and Chinese subsidiaries)
- Expense compliance review
- Accounting review
- Preparation of monthly/annual financial statements in accordance with IFRS
- Reconciliation of financial statements/group report prepared in accordance with Chinese GAAP to financial statements/group report prepared in accordance with HGB/German GAAP (or vice versa)
- Assisting companies in setting up financial systems and training financial staff
- Providing advice on the latest accounting & tax laws and regulations and daily accounting and tax issues
Payroll and HR Service
Our “payroll outsourcing service” is designed to help companies be freed from their daily work and give them more time to focus on their core business.
Our professional payroll team will complete monthly payroll calculations for our clients based on data provided by the client and following strict confidentiality procedures. We design "Foreign Employee Services" to help foreign employees work in China. We provide customized solutions for foreign employees, from advice on dispatch, China labor law, individual income tax law, and social security, applications for work and residence permits, and payroll service.
- Handling of employment and termination formalities for the employees
- Salaries and wages calculation: basic salary, individual income tax (IIT), social insurance, and housing fund of employer and employee contributions
- Monthly return and payment of individual income tax (IIT), social insurance, and housing fund for employees (employee's portion)
- Monthly return and payment of social insurance and housing fund for clients (employer's portion)
- Preparation of the monthly payroll and sending of the electronic payroll statements to employees
- Preparation of the payroll summary and sending the electronic payroll summary to companies
Foreign Employee Services:
- Dispatch consulting: China labor law, individual income tax (IIT) law, social insurance consulting, advice on salary planning
- Application for work visas, work permits, and residence permits
- Salaries and wages calculation: basic salary, individual income tax (IIT), social insurance, and housing fund (portion to be paid in China)
- Monthly/annual income tax returns
- Social insurance registration and account opening
- Handling of social insurance payment formalities
- Payroll compliance review, including salary calculation, individual income tax (IIT) compliance and validity, social insurance payment compliance, etc.
Banking and Cashier Services
How can you spend more time on your primary business? Let us take care of cashier services, such as invoicing, incoming and outgoing payments, cash payments and reimbursements as well as banking transactions.
- Help companies set up cash (bank) payment processes and forms
- Complete cash payments and reimbursements for approved payment requests
- Reviewing and filing of all receipts, invoices, and booking documents
- Monthly updating of the bank transaction books
- Preparation of the bank reconciliations at the end of the month
VAT Invoice (fapiao) Services:
- Application for the maximum amounts
- Purchase, issuance, and verification of special VAT invoices
- Review of travel expenses reimbursement
- Keeping seals for clients