Record Keeping – Section 51C of the Inland Revenue Ordinance requires

  1. 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.
  2. Such records shall be retained for a period of not less than 7 years.
  3. Failure to comply with the requirements of the Ordinance without reasonable excuse may be liable to a maximum fine of HK$100,000.
  4. The records prescribed in the Ordinance including
    1. Books of accounts recording receipts and payments, or income and expenditure
    2. Vouchers, bank statements, invoices, receipts
    3. Records of the assets and liabilities of the person in relation to that trade, profession or business etc.
    4. Auditor’s Report

You just have to provide all monthly invoices and receipts to us, our team will be able to prepare monthly, quarterly and annual financial statements, including balance sheet and income statement. This will definitely an advantage for the time and cost saving of the company.