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Beijing Company Accounting and Auditing

Updated:2019-11-15 12:26:17    Source:www.tannet-group.comViews:269

Beijing company accounting and auditing is one of the legal requirements that investors should pay attention to when doing business in Beijing or other parts of China. According to PRC Company Law and other relevant regulations, all foreign invested enterprises (FIEs) in China, including wholly foreign owned enterprises (WFOEs), joint ventures (JVs), foreign invested commercial companies (FICEs), and representative offices (ROs), are required to comply with the statutory annual audit and other compliance processes.

FIEs can only distribute and repatriate their profits or dividends back to their home country after completion of their annual statutory audits and settlement of all relevant tax liabilities. Failure to comply with the annual audit and compliance may result in extra expenses, penalties, or even revocation of business licenses.

Managing you Accounting and Bookkeeping
All foreign-invested enterprises in China are required to prepare annual financial statements, including balance sheets and income statements for their annual Chinese audit (conducted by a CPA registered in China). RMB is the base currency for ledgers and financial reports.

Many business owners can, effectively, only manage a handful of staff. Rather than doing everything internally and specializing in all relevant business activities, business owners should think about what activities to outsource. Outsourcing is when a company subcontracts an outside person or firm to provide a product or service such as bookkeeping or payroll processing.

Key Areas in Annual Audit
For JVs, WFOEs and FICEs, accounts related to purchases and sales are usually the most vulnerable areas in an annual audit, and so more time would typically be spent reviewing these accounts and ensuring that the accounting data is genuine and accurate. This is done by comparing the transactions with the corresponding contracts, invoices, orders, and inventory changes.

For ROs, because daily business operations are relatively simple compared to other types of FIEs, more attention will be paid on expense accounts and financial statements.

Tannet’s Services
After the establishment of corporation, Tannet will arrange professional accountants for all the issues such as accounting establishment, accountant settlement and tax declaration, etc. In details:

Tax Registration;
Accounting system set-up;
Maintenance of cash book;
Bookkeeping services;
Purchase blank VAT invoice;
Monthly VAT filing;
Filing and submission of financial statement;
Management of Bank Account Services;
Tax declaration;
Annual audit assistance;
Annual inspection support;
Other financial advisory.

Contact Us
Tel: 86-10-58697539
Address: Rm1902, Bldg 17, Jianwai SOHO West, No. 39 Dongsanhuan Rd M, Chaoyang Dist., Beijing

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