Our accountants at Relin Consultants are always eager to support you with comprehensive accounting and bookkeeping solutions. Our guide below highlights everything you will need to consider before engaging in bookkeeping services in Malaysia.
Reasons to outsource your accounting and bookkeeping in Malaysia
There are several good reasons why you should outsource your accounting and bookkeeping to a professional firm like ours. Below are the 4 main reasons why you should do so:
Financial reporting that is accurate and significant
Keeping your books up to date and accurate, as well as helping you understand your business’s numbers.
A comprehensive solution
Providing you with a complete financial picture of your company and assisting you in creating budgets, predictions, and tax planning throughout the year.
Concentrate on development.
Freeing up time to focus on growing your business without interruptions.
Save money on recruiting, hiring, training, compensation, taxes, and employee benefits.
What are the generally offered bookkeeping services in Malaysia?
- Monthly, quarterly, and yearly bookkeeping services.
- Statutory reporting on financial statements.
- Bank account reconciliation.
- Financial budgeting and thorough accounting analysis.
- Consolidation of group accounts.
- Advisory to optimize financial accounting process.
- Accounting system setup and implementation.
- Accounting Standards compliance.
What is bookkeeping, and how is it different from accounting?
The recording of a company’s financial transactions on a regular basis is referred to as bookkeeping. Companies can track all information on their books to make crucial operational, investment, and financing choices with effective bookkeeping.
A bookkeeper keeps track of and categorizes a company’s daily financial activities. An accountant expands on the data supplied by the bookkeeper.
Who should engage in bookkeeping services?
Bookkeeping services are adequate for most businesses, particularly in Malaysia, although they may want accounting services for other reasons. Every company is required by the “Suruhanjaya Syarikat Malaysia (SSM)” and the “Lembaga Hasil Dalam Negeri Malaysia (LHDN)” to have properly accounted financial documentation and records.
What are the bookkeeping fees in Malaysia?
- For annual accounting transactions of 10 to 100 transactions: RM500 to RM800
- For annual accounting transactions of 101 to 200 transactions: RM800 to RM2,000.
- For annual accounting transactions of 201 and above: RM2,000 and above.
Feel free to contact us at +65 8756 2027 or email us at firstname.lastname@example.org. Our team of accountants can provide you with a non-obligatory consultation.