Why Good Accounting Practices are Important for Your Business?
Business owners and directors should be mindful of 2 very important Malaysian statutory provisions i.e.
- Section 258 of Companies Act 2016
- Section 77 of Income Tax Act 1967
Both laws states that it is compulsory for companies to make timely submission of financial statements (using approved accounting standards) to the regulatory bodies. Fines and penalties would be imposed for late delivery. The regulatory bodies in charge are:
1. The Companies Commission of Malaysia
All Public and Non-exempted Private limited Companies are required to lodge their audit report and financial statements (Profit & Loss and Balance Sheet) within 6 months from their financial year end.
2. Inland Revenue Board of Malaysia
Every type of businesses are required to lodge and file yearly tax returns that are based on accurate tax computation sourced from reliable and accurate financial statements.
Making your right choice! Our Accounting Services Helps To Take Care of Your Business!
We take great pride in being different from other accountants.
Our value-added approach involves;
- Understanding fully our customers business and financial needs
- Giving the right solutions to their business challenges
- Recommending appropriate procedures to avoid potential financial pitfalls
- Providing pro-active communication & education to our customers
- Leveraging on our vast network of experience & qualified professionals
3. What are the Benefits of Outsourcing Accounting Services to Us?
1. Accounting Services
We offer drafting of financial reports which follow the Malaysian Approved Accounting Standards and thereafter recommend audit and tax services from our pool of associate firms specializing in auditing and tax services.
Profit & Loss Statement for Year end
1.Balance Sheet &
3.Value Added Services
-Meeting, Presentation and Discussion with director(s) and /or officers to report overall business performance and provide advisory assistance.
Cash Flow Statements & Analysis
Financial Consulting & Analysis
Liaise with Bankers for banking facilities
Advisory Service to Directors on compliance of regulations
2. Registration & Payroll Services
The sourcing of manpower is a requirement before the commencement of business operations. This is followed by the payroll process,
After recruitment of workers, the initial stage of the payroll process requires compulsory registrations of the new company with some semi-government regulatory bodies.
Its purpose is to determine the value of monetary contributions that would have to be deducted out from the monthly wages of the workers and accordingly to be sent to the respective regulatory bodies. (Please refer to the table below for further explanation).
|Regulatory Body||Items to deducted from employee’s salary|
|Employees’ Provident Fund (EPF)||
|Social Security Organisation (SOCSO)||
|Income Tax PCB||
|Human Resource Development Fund (HRDF)||
At the initial stage of business operations, your new set-up may not have qualified and experienced manpower resources support to carry out human resource / payroll work.
Hence outsourcing of this service would be your best solution to save you time and money.
Monthly Payroll Exercise
- The calculation of EPF, Socso & Tax contributions
- Calculation and payment of employees’ monthly wages
- Timely & Mandatory payment of EPF & Socso contributions; along with employees’ tax payments (PCB) to the respective government agencies. See PCB Table 2013 (pdf)
Yearly Payroll Exercise
- Preparation of Form E to Inland Revenue Board
- Preparation of EA Forms for employees