Accounting in China

Our service offers accounting guidance in compliance with Chinese Accounting Standards (CAS/PRC GAAP), ensuring adherence to the financial regulations in China.

Through our team of local Chinese accounting experts and foreign management we ensure accounting and financial reporting is fully compliant according to Chinese regulations, while simultaneously ensuring full transparency towards and an understanding of the expectations of international management. Via our outsourced accounting services, we not only alleviate the administrative burden but also provide our clients access to qualified China CPAs, licensed tax advisors and accountants with knowledge on all aspects of accounting in China.

Learn more about China’s accounting standards here:

China Accounting Standards

Foreign companies with operations in China are required to complete several compliance requirements in...

China Accountancy, Bookkeeping and Financial Reporting Services

We assist our clients with a full range of accounting services in China: day-to-day bookkeeping activities, monthly accounting and preparation of financial reporting, where we provide customized services in China depending on the requirements of our clients. Our service offering includes the following:

Setup of accounting processes and creation of financial reporting package in line with China GAAP.
Performing of on-site or off-site bookkeeping.
Preparation of statutory financial reports (Balance Sheet, Trial Balance and Income Statement among others) and submission with Chinese authorities.
Preparation of customized financial reports, management accounts, forecasts and cashflows.
Direct real-time access to accounting and reporting.
Budget preparation, forecasting and analysis of company’s financial position.
Secondment of accounting professionals to support local Chinese accounting team.
Advise on Chinese accounting policies and procedures.

China Accounting and Finance Review

The management of operations of our clients in goes beyond accounting and bookkeeping in China. Additional complexities arise when investors manage their Chinese subsidiary from abroad. We support our clients to exercise greater control over their Chinese subsidiaries, increase transparency and minimize risk through a range of financial management- and administrative services. Our offering includes the following services:

Banking & Treasury Services:

Including setup of payment cycles, design of checks and balance process, timely processing of scheduled and ad-hoc payments to third-parties and operational communication with the bank.

Handling of Inward and Outward International Payments:

We create transparency understanding China’s foreign exchange regulations, declaring and clearing funds received from abroad or payments made to an entity abroad, processing currency conversions and advising on tax impact of inbound and outbound transactions.

Custody of Company Chops:

Maintaining of custody of company chops and safeguarding essential company documentation (incl. business license(s) and statutory records), design of control and approval processes, processing of chopping requests.

VAT Invoicing (Fapiao):

Issuing and verification of official VAT invoices (fapiaos), purchasing of VAT invoices with local authorities and advisory on tax consequences.

Expense reimbursements:

Design of reimbursement processes, collecting of supporting documentation and processing of reimbursements following approval.

Improve Your Company’s Accounting Processes

Get in touch with us today and learn more about how you can make your company’s accounting processes streamlined and simple.

Testimonials

MSA has been our trusted advisor throughout the entire lifecycle of our China journey, enabling us to dispatch employees (EOR) to China while having no legal entity and the incorporation and operationalization of our Chinese subsidiary. After this, MSA continues to prove its value as an advisor in supporting not only Chinese accounting, taxation, and compliance requirements but also by advising on specific licensing requirements within the horticulture industry in China, such as those for trading in pesticides and other chemicals. With a profound understanding of our headquarters’ interests and a thorough understanding of local business practices in China, MSA has enabled us to balance the often-conflicting requirements for control and compliance with our ambitious China growth strategy.

Royal Brinkman

Vincent Van Der Wilk
Area Manager Asia & Africa at Royal Brinkman

For our fast-growing business, we need a reliable partner to handle all our payroll-related matters, which we found in MSA. They helped us streamline our internal processes by implementing and improving compliance processes from a legal perspective and in terms of our corporate policies. We fully trust in the confidentiality of our employees’ data, as they ensure secure data storage from internationally recognized providers. Whether on ad-hoc requests or long-term oriented recurring matters, we always receive a fast and complete response to our questions that help us achieve our compliance goals and overcome the challenges in payroll, IIT, and social security in China.

Genuine German

Damian Maib
Founder

MSA was our first choice when we were looking for a China-based accounting firm with a fundamental understanding of our Belgian background and the ability to connect two diverging business cultures. As our company operates with the corporate ERP system Oracle, we are delighted that MSA works through proprietary access directly in our system, ensuring the availability of our company figures in the format we are accustomed to. During our company’s setup procedure, they managed to organize particular steps without the personal presence of the company representatives (e.g., opening a bank account) by identifying alternative verification procedures. We appreciate that MSA always listens to our queries. They are very well connected both within China and internationally. In addition to our questions about our China business, we are glad to receive advice on questions about other international topics from their connections within their global network.

Hybrid Software

Joachim Van Hemelen
Chief Financial Officer

MSA has been an exceptional business partner for our company, whom have a thorough understanding of our internal processes and our ERP system. As a result, and combined with their expertise in finance and taxation, they have been able to support Feinmetall by training our finance- and administrative staff to ensure quality standards and compliance throughout all areas. Because of their availability on short notice, we can rely on MSA’s support at a moment’s notice if required. We further rely on MSA to follow our monthly business on site in China in terms of accounting, taxation, and general compliance. Ensuring full compliance with local regulations and transparency for our management team in Germany is essential and MSA is our trusted partner helping us achieve this.

Feinmetall

Patrik Dinser
Commercial Director

From day one of our collaboration, I have found the team at MSA perfect for our needs. As a UK based business with notable activities in the Far East, we are looking for clear, constructive and accurate advice along with of course day to day financial/fiscal support. This is exactly what we get, and this provides enormous reassurance over the numbers and furthermore excellent support as we grow our business in the Far East. A true partner to our business in every sense of the word.

Badgequo Ltd.

Matt Goldstein
Finance Director

MSA has been our trusted service provider since the establishment of our operations in China. With a profound understanding of Chinese compliance requirements and the ability to translate these requirements in an international context, MSA has enabled us to achieve an exceptional level of transparency and an understanding of the Chinese financial and administrative regulations. After the expansion of our operations in China we continue to rely on the expertise of MSA in relation to taxation matters. MSA continues to reserve dedicated staff members, with a thorough understanding of our operations, whom are ready to support our local finance team in a heartbeat should the need arise.

Lotus Bakeries NV

LOTUS BAKERIES CHINA

MSA is our advisor of choice for complex tax and financial advisory with respect to our China operations. MSA’s team of experts has supported us with extensive advice on various topics such as international transactions, tax implications and business structure optimization. We trust on the company’s knowledge and experience to make well-informed decisions that are key to our company’s success in China. Most notably, MSA’s solid advice and practical support has enabled us to successfully optimize our internal business structure, which included among others comprehensive advice on the optimal business structure for CIBES’ operations in China and subsequent support from MSA with the implementation of the new structure (incl. establishment of 40 branches across Mainland China).

Cibes Lift Group AB

Manuel Neuhofer
Director of Finance and Administration for ASIA & MENA CIBES Lift Group

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Accounting in China

China Accountancy, Bookkeeping and Financial Reporting Services

China Accounting and Finance Review

Banking & Treasury Services:

Handling of Inward and Outward International Payments:

Custody of Company Chops:

VAT Invoicing (Fapiao):

Expense reimbursements:

Improve Your Company’s Accounting Processes

Testimonials

Setup, manage and grow your business with MSA's expert services.

Receive expert tips and business insights