Once successfully established, new borne companies have to start proper as well as maintaining reliable record for compliance functions. LHDN mandates financial documents and accounts be appropriately maintained to make sure that revenue earned and also business expenditures can be identified conveniently. Records and accounts need likewise to be supported with invoices, serially numbered receipts, earnings documents, purchase and overhead records as well as other documents of financial investments connected to your company.
When yearly tax filing time reaches, LHDN would certainly not accept projection or any incorrectly prepared financial statements. Non-compliance for a company’s record maintaining may bring about a fine and/or a prison term. From 1 January 2007 onwards, it is a must for all companies in Malaysia to maintain their documents for at the very least five years and fortunately, you can get help from accounting firm in Johor Bahru for this purpose. Thus, a newly set up company should begin to take care of all their monetary records correctly from the first day, to stay clear of the errors and problems of mistaken bookkeeping and tax filing (Also see 3 Most Common Accounting Mistakes).
Advantages of Well-kept Bookkeeping as well as Accounting
- clearer financial planning and comprehension of your firm’s total financial wellness (Also see The Importance of a Petty Cash Book) and even organisation performance
- very early exploration of any possibilities of interior fraudulence or financial mismanagement (Also see Avoid these traps when preparing accounts)
- far better follow up of your business’s costs and also methods of saving your resources, financial or otherwise
- free from worries, as you are aware that your financial records are appropriately kept and current.
- well assisted in the filing of yearly returns and tax obligations with regulatory officials, such as the LHDN and SSM.
Skilfull Accounting Outsourced Bookkeeping Services
Corporations or business owners with adequate abilities as well as resources may prefer to hire an accountant or accounts employees to take good care of their firm’s books and commercial documents. Numerous companies choose to outsource bookkeeping as well as accounting jobs to Professional Accounting Outsourced Bookkeeping Services for various reasons such as inadequate resources and extra expenditures (Also see Advantages Accounting Services Can Bring to Your Business).
Experienced and dependable outsourced bookkeeping experts supply a variety of cost and time-efficient accounting services to Johor Bahru companies to ensure that entrepreneurs like you are able to spend your precious time and spirit on managing your central business deals. Call Back Office Partners today for a consultation for free.