Accounting in China
In China, companies are required to maintain a reliable record of accounts and submit monthly financial statements in line with the Chinese Accounting Standards, also known as PRC GAAP. Due to differing accounting standards in China and continuous regulatory development, maintaining full compliance with Chinese accounting rules can pose a challenge and administrative burden for foreign businesses.
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.
Accounting in China, 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 accounting 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.
Accounting in China: Administrative and Financial Services
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.
Design of reimbursement processes, collecting of supporting documentation and processing of reimbursements following approval.
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