5 Best Bookkeeping Services in Hong Kong [2024]

Getting your company’s financial records right from the start with accurate bookkeeping makes tax time in Hong Kong much less stressful. But can you imagine having to deal with piles of invoices, payroll records, and reports every month? It would be a headache and might take forever. 

That's why many companies in Hong Kong decide to outsource their bookkeeping to professionals. There are numerous bookkeeping services available, so selecting the right partner can be challenging. 

This article highlights 5 top bookkeeping services based on their reputation, experience levels, and the different sizes of businesses they support. We'll introduce each provider and detail their bookkeeping services, costs, and the expertise of their teams.

Let's dive in. 

Acclime Hong Kong is an integral part of the Acclime Group, a corporate services specialist focused on the Asian market. With a presence in 14 markets across the Asia-Pacific region, the company caters to over 14,500 active clients. 

Acclime Hong Kong offers bookkeeping, accounting, tax, human resources, and advisory support aimed at corporations and private clients seeking to expand in Asia.

• Bookkeeping services at the client's office or Acclime office
• Initial setup of books and ledgers in Xero or QuickBooks
• Services available monthly, quarterly, or annually
• Provision of bank signatories if needed
• Financial reporting and management accounts 
• Year-end financial statement based on monthly or quarterly accounts
• Recommendation of an appropriate auditing firm
• Additional accounting service add-ons like vendor payment support, commercial trade services, periodic management reports, review of accounting policies, and financial planning & analysis

Acclime's accounting service costs vary depending on transaction volume and complexity. For more information, contact the Acclime Hong Kong team or schedule a free 30-minute discovery call.

Established in 1989, Yau and Wong CPA has been a local bookkeeping and accounting service provider for over 30 years. They specialise in offering high-level expertise from CPAs to Hong Kong SMEs. 

Yau and Wong CPA provide comprehensive all-in-one bookkeeping services, including bookkeeping, tax, audit, and more. The company's founder and partner are members of the Hong Kong Institute of Certified Public Accountants.

• Offer physical and online bookkeeping services
• Connect directly with the accountant who handles your bookkeeping
• Tailor accounting policies to your specific needs
• Provide financial statements
• Update financial data periodically
• Offer monthly, quarterly, or annual options
• Proficient in Xero, QuickBooks, Peachtree, and NetSuite
• Other services, such as integrated accounting, compliance, and taxation services

The company offers tiered pricing calculated according to your company's transaction volume and complexity. While they advertise affordable pricing on their website, specific quotes are only available upon request. 

You can contact Yau and Wong CPA directly for more details on pricing. 

La Nao Consulting operates as a professional service firm providing legal, accounting, and corporate services in Hong Kong and China, including corporate services, internal law, cross-border contracts, market entry strategies, industry analysis, partnership facilitation, accounting, tax, and audit assistance. 

Their team comprises lawyers, accountants, and corporate governance specialists in both regions.

• Bookkeeping
• Preparation of financial statements
• Audit coordination
• Tax computation and strategy
• Filing of Tax Returns
• Inland Revenue Department liaising
• Payroll services

Pricing details are not listed on their website. To inquire about their pricing and fee structure, please contact La Nao Consulting directly.

Startupr Hong Kong Limited is a Trust and Company Service Provider (TCSP) offering comprehensive business support, assisting customers throughout their entire Hong Kong business journey, from inception and registration to daily operations. 

Licensed under the Registry for Trust and Company Service Providers, their services encompass the incorporation of new Hong Kong companies, facilitating bank account opening options, and offering professional accounting and audit services. 

They offer general bookkeeping services and additional accounting services in tiered plans.

• Bookkeeping services
• Financial statement preparation
• Monthly reporting
• Management account development (Profit and loss, Balance sheet, Trial balance, General ledger)
• Ledger management for expense, general, and asset accounts
• Proficient in Xero and QuickBooks software
• Bank reconciliation
• Additional accounting service includes Hong Kong taxation services and Profits Tax Return (PTR) filing

Startup

What's included in this plan:

• General bookkeeping
• Bank reconciliation
• Financial statements
• Multi-currency accounting
• Backoffice system storage
• Quarterly reviews and reports
• Quickbooks desktop software

SME

What's included in this plan:

• Everything in Startup, plus;
• Upgrade from quarterly to monthly reviews and reports
• Quickbooks Desktop, Quickbooks Online, or Xero Online
• Invoice administration
• Tracking of bill settlements
• Monthly Accounts Receivable (AR) and Accounts Payable (AP) reports

Enterprise

What's included in this plan:

• Everything in SME, plus;
• Weekly email support
• Access to Startupr tax guides tailored for Hong Kong companies
• Provision of tax representation to the Inland Revenue Department (IRD) upon request

Additional administrative fees may be incurred depending on the required amount of work and the chosen Online Cloud Subscription plan.

Nova offers a range of services, including business setup, cloud accounting, auditing, and digital transformation, to startups and growing businesses in Hong Kong and the APEC region. They leverage modern technologies and software like Xero, Netsuite, and Dext to offer a full suite of solutions.

Nova has earned the trust of over 2,000 esteemed businesses worldwide, spanning various sectors and sizes, including shopping malls, tech startups, multinational enterprises, restaurants, and retail chains.

• Cloud bookkeeping
• AI-powered bank reconciliation
• Bank feeds from multiple operational accounts
• Access to consolidated and real-time financial information
• A data-rich dashboard for monitoring financial performance 
• Scheduled and customised reports
• Working with Xero and NetSuite
• Other services such as auditing and tax management, CFO advisory, cloud HR and payroll, and enterprise resource planning (ERP)

There is no pricing information available on their website. Please contact Nova directly to learn more about their pricing and fee structure.

Business owners often believe they should handle their own bookkeeping and accounting to monitor expenses closely. 

However, there are compelling reasons to consider hiring professional services, with the top two being: 

• Better time management - Keeping financial records, bookkeeping tasks, payroll, taxes, and financial reporting takes a significant amount of time that business owners may not have. As business expands, many owners realise their time is better invested in their core products. 
• Expertise and oversight - Bookkeepers and accountants have specialised skills and knowledge of accounting standards, tax laws, and financial compliance that the average business owner may lack. An accounting service also provides an extra set of eyes to catch errors, identify opportunities for improvement, and monitor financial health. In essence, this helps protect and improve the business.

Making the best choice for your bookkeeping and accounting services is crucial. This section covers the essential considerations.

Expertise and experience in accounting should be the primary focus. Firstly, look for a professional bookkeeper and a certified accountant who can efficiently and accurately handle your bookkeeping and accounting tasks. In Hong Kong, you can look for a certification from the Hong Kong Institute of Certified Public Accountants (HKICPA).

Secondly, ensure they have experience working with businesses similar to yours in terms of size, industry, and complexity. Hence, you can be confident that they understand your specific challenges and can offer solutions tailored to your business goals.

In a few words, consider their qualifications, years of experience, and areas of specialisation. 

The second factor that you should consider is the range of services that the bookkeeping and accounting service provider offers. 

Depending on your business needs, you may require different types of accounting and bookkeeping services, such as:

• General bookkeeping
• Bank reconciliation
• Audit 
• Tax computation and filing
• Financial statements preparation and analysis
• Management accounting and reporting
• General ledger and trial balance preparation
• Payroll 
• Budgeting and forecasting
• Cash flow management

Selecting a service provider that can deliver all or most of your required services is the optimal decision. 

This approach not only saves you time and money but also ensures consistency and quality in managing your accounting and bookkeeping functions.

However, there may be situations where certain services are not needed on a regular basis. For example, accounting, financial statements, and tax returns are typically required annually. 

Your choice between monthly services for ongoing insights and convenience or more cost-effective options like annual bookkeeping depends on your preference, business operations, and budget. 

Consider the tools and technology that your accounting provider leverages. 

Modern accounting and cloud-based solutions like Xero and QuickBooks can offer automation capabilities, real-time access to financial data, and cost efficiency.

The ultimate aim is streamlined accounting. You will also want a service that can be integrated with your existing CRM, ERP, inventory systems, and more. 

In fact, 94% of accountants have embraced a modern technology like cloud accounting.

Flexibility and transparency in pricing are also essential. You'll notice that different providers may structure their fees in various ways, such as based on transaction amounts or monthly expenses. 

Most of the providers offer packages per fiscal year with the option for additional pay-as-you-go services. 

Simply choose the one that fits your budget and ensure they don't have hidden fees. 

Here are some questions to ask when evaluating a potential service provider:

• Do you provide customised solutions?
• Are there any extra charges for additional services?
• Do you offer discounts?

Navigating financial compliance and planning in Hong Kong's dynamic market can be challenging, so we've identified the top 5 bookkeeping and accounting services that excel in simplifying those processes. 

This includes Acclime with a wide range of add-on services, Yau and Wong CPA's personalised approach for SMEs, La Nao's expert guidance on cross-border intricacies, Startupr with support from new ventures' inception to daily financial tasks, and Nova's cloud-based solutions. 

When finding the perfect accounting partner in Hong Kong, you'll want to consider expertise, services, software solutions, and transparent pricing. 

Ultimately, the right services can be a key to substantial time and cost efficiencies.