Johor Bahru

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Accounting Services

Sections

Types of Accounting Services Available

  1. Bookkeeping Services

    • Description: Regular recording of financial transactions, maintaining ledgers, and preparing financial statements.
    • Common Tasks: Accounts payable/receivable management, bank reconciliations, and financial reporting.

  2. Tax Filing Services

    • Description: Preparation and submission of tax returns for individuals and businesses.
    • Common Tasks: Corporate tax returns, personal income tax filing, Goods and Services Tax (GST) compliance, and tax planning.

  3. Payroll Management

    • Description: Handling employee compensation, including salaries, bonuses, and deductions.
    • Common Tasks: Payroll processing, statutory contributions (EPF, SOCSO), and issuance of payslips.

  4. Auditing Services

    • Description: Independent examination of financial statements to ensure accuracy and compliance with regulations.
    • Common Tasks: Internal audits, statutory audits, and compliance audits.

  5. Financial Advisory Services

    • Description: Providing strategic advice on financial planning, investment, and risk management.
    • Common Tasks: Business valuations, cash flow management, and financial forecasting.

  6. Company Secretarial Services

    • Description: Ensuring compliance with corporate governance and regulatory requirements.
    • Common Tasks: Filing annual returns, maintaining statutory registers, and advising on company law.

Typical Costs

  • Bookkeeping Services: RM 500 to RM 2,000 per month, depending on the volume of transactions and complexity.
  • Tax Filing Services: RM 300 to RM 1,500 per return, varying based on the type of entity (individual vs. corporate) and the complexity of the tax situation.
  • Payroll Management: RM 200 to RM 1,000 per month, depending on the number of employees and the complexity of payroll calculations.
  • Auditing Services: RM 2,000 to RM 10,000 per audit, depending on the size of the company and the scope of the audit.
  • Financial Advisory Services: Fees can range from RM 1,000 to RM 5,000 for specific projects or ongoing advisory services.
  • Company Secretarial Services: RM 1,000 to RM 3,000 annually, depending on the services required.

Procedures for Engaging Accounting Services

  1. Identify Your Needs: Determine the specific accounting services you require based on your business size, industry, and financial complexity.

  2. Research and Shortlist Firms: Look for reputable accounting firms in Johor Bahru. You can check online directories, local business listings, or seek recommendations from other business owners.

  3. Request Proposals: Contact shortlisted firms to request proposals. Provide them with details about your business and the services you need.

  4. Evaluate Proposals: Compare the proposals based on services offered, fees, and the firmโ€™s experience and qualifications.

  5. Schedule Consultations: Meet with potential firms to discuss your needs, gauge their expertise, and assess their communication style.

  6. Engagement Letter: Once you select a firm, they will provide an engagement letter outlining the scope of services, fees, and terms of service.

  7. Provide Necessary Documentation: Prepare and submit all required financial documents and information to the accounting firm.

  8. Ongoing Communication: Maintain regular communication with your accounting service provider to ensure smooth operations and address any issues promptly.

Local Considerations and Regulations

  • Regulatory Compliance: Businesses in Malaysia must comply with the Companies Act 2016, which includes maintaining proper accounting records and filing annual returns.
  • Tax Regulations: The Inland Revenue Board of Malaysia (LHDN) oversees tax compliance. Ensure that your accounting service provider is familiar with local tax laws and regulations.
  • GST and SST: Malaysia has transitioned from GST to Sales and Service Tax (SST). Ensure your accounting service provider is updated on the latest tax regulations.
  • Cultural Considerations: Building a good relationship with your accounting service provider is essential. Malaysians value trust and personal connections in business dealings.

Conclusion

Engaging accounting services in Johor Bahru can significantly ease the financial management of your business. By understanding the types of services available, typical costs, and the procedures involved, you can make informed decisions that align with your business needs. Always ensure that the accounting firm you choose is reputable and compliant with local regulations to avoid any legal issues.