Accounting & Bookkeeping

Accounting Services in Malaysia

To stay on top of all the exchanges, transactions, and expenses that occur within our organisation, we require a well-organized system. For almost as long as people have engaged in trade and business, accounting and bookkeeping have existed. There are essentially two types of accounting: managerial accounting and financial accounting.

Financial accounting deals with data that businesses disclose to the public, whereas managerial accounting handles data that is not. Examples of this type of data include wage costs, the cost of items produced, profit targets, and material control information.

Bookkeeping Services

As the name suggests, bookkeeping is the process of keeping track of, evaluating, and deciphering a company's financial transactions. More specifically, it deals with documenting, keeping, and retrieving financial transactions on behalf of an organisation. Therefore, the bookkeeper's job is to provide financial statements so that the accountant may handle taxes and legal matters. An expert bookkeeper can create accurate financial records that show how a company operates and can also provide precise information that lets the company know exactly how well it is doing. Financial accounting deals with data that businesses disclose to the public, whereas managerial accounting handles data that is not. Examples of this type of data include wage costs, the cost of items produced, profit targets, and material control information.

Setup of Accounting System

A properly maintained accounting system is a necessity for all companies. It is because a well-devised accounting system manages to ensure relevant and reliable information is recorded in financial statements and for better financial management. There are many advantages of using a sound accounting system to manage your business. One of the advantages is that it keeps your finger on the pulse where you could access to your business’s financial information at any time. Simply put, a good accounting system saves you both time and money as it supports the growth and establishment of your business.

Accumulate Financial Documents

– Retain all business-related documents, encompassing invoices, bills, bank statements, receipts, governmental paperwork, and assessments.

– If you’re uncertain about the pertinence of a document to your business, it’s advisable to retain it and seek guidance from your accountant or another knowledgeable individual at a later time.

– Consider investing in a date-stamp for marking the received date on documents.

Create Filing System for Documents

– Organize financial documents by employing file folders and labels.

– Organize bank statements, customer invoices, vendor bills, government assessments, and similar documents into distinct files.

– Utilizing color-coded file folders can significantly enhance the ease of retrieving files.

– Regularly file to prevent last-minute chaos at the end of the year.

– Organize distinct folders for pending invoices, bills, and other documents that necessitate further attention.

Determine Accounting Requirements

– Evaluate the magnitude of transactions, intricacy of business operations, and consider your budget and time limitations.

– Consider hiring a bookkeeper on a full or part-time basis, handling the task yourself, or outsourcing to a third party based on your specific needs.

– It is advisable to enlist the services of a professional accountant for assistance in setting up an accounting system, addressing ongoing inquiries, managing financial reporting and analysis, and handling tax preparation.

Select Accounting Software

– The decision to hire a bookkeeper or manage accounting tasks independently will influence the necessity of using accounting software.

– Opt for user-friendly software when handling tasks independently. Numerous small business applications offer free trial periods for testing purposes.

Enter Financial Transactions into Accounting Software

– It is crucial to promptly record transactions, such as customer invoices, vendor bills, deposits, and checks.

– Perform monthly bank statement reconciliations to monitor balances and minimize the risk of errors.

– Making month-end adjustments, such as accounting for depreciation, foreign exchange fluctuations, and accruals, contributes to enhancing the accuracy and reliability of financial statements. These adjustments, however, can be executed by accountants at the close of the fiscal year.

Generate and Analyze Reports

– Utilize accounting software to generate reports derived from inputted data. Evaluate reports on Accounts Receivable and Aging, accounts payable to vendors, as well as inventory balances.

– Monthly, financial statements can be produced to showcase the business’s profit and loss, along with the balance sheet.

– Examining financial statements aids in boosting sales, cutting expenses, and verifying the timely collection of customer balances and compliance with loan covenants.

Compilation of Unaudited Financial Statements

According to guidelines provided by SSM (Suruhanjaya Syarikat Malaysia), financial audits may not be mandatory for certain private limited firms operating in Malaysia. Nonetheless, a corporation needs a carefully evaluated financial statement. In general, without an independent verification and review procedure, a financial statement remained unaudited. Put differently, until your financial accounts are examined and accepted by a certified external auditor, they are regarded as unaudited. Through our affiliated audit companies, Voo Corporate Advisory offers the services of unaudited financial statement compilation, unaudited financial report preparation, and more.

You will receive all the following, when we prepare you unaudited financial statements:

– Director’s Report and Statement

– Detailed Profit and Loss Statement for the Year End

– Detailed Balance Sheet as at a certain date

– Company Compliance Notes to Financial Statement

Profit and Loss Statement (also known as the statement of financial performance) provides you information about your sales, expenses and profit. In addition, it will give you a clearer picture of your company status for a period of time. For instance, One (1) year.

Balance Sheet (also known as the statement of financial position) provides you information about Assets, Liabilities and Equity. It tells you the position of your company as at a particular point of time.

For a small and medium enterprise which qualifies for audit exemption, with the Director’s Report and Statement, Profit and Loss, Balance Sheet, Compliance Notes, it will be sufficient to be compliant with Malaysia laws and regulations. You will be able to file your company’s annual return to SSM (Suruhanjaya Syarikat Malaysia) as well as the lodgement and filing for yearly tax returns to IRB (Inland Revenue Board of Malaysia).

Freelance Bookkeeper or Accountant

The present economy has undergone changes due to the rise of the gig economy and freelancing. The practice of outsourcing corporate functions unrelated to revenue generating is becoming increasingly popular among businesses. Put another way, outsourcing has facilitated long-term commercial partnerships and collaborations between an organisation and an outside service provider, which lowers costs and produces a win-win scenario for both the organisation and the service provider. Employers can minimise costs and maximise flexibility by customising the degree of service provided to match their business needs through accounting outsourcing. When you choose Voo Corporate Advisory's bookkeeping services in Malaysia, a consultant or accountant will be assigned to work directly with you to meet your accounting needs for your company. You don't need to break the bank to receive expert assistance, so don't worry.

More and more people are choosing to establish their own businesses in Malaysia these days. Stated differently, their desire is to have control over the direction of their future. The majority of individuals who operate their own businesses are preoccupied with making the most of every dollar they have invested. However, they invariably wind up taking on far too much on their own, frequently at a huge expense to their company.For instance, many business owners believe they can handle crucial tasks like bookkeeping on their own or choose to hire a freelance bookkeeper or accountant in Malaysia. Nevertheless, even while it could seem like a simple method to save a few bucks, doing so is typically a grave mistake. Accounting errors can undermine your small business and prevent it from growing.

Nevertheless, it is not necessary to appear so.

For this reason, a seasoned accounting firm like ours is available to offer small and medium-sized business owners stress-free assistance with a range of tasks, such as bookkeeping, tax services, audits, and more. This is the reason.

We are professional

An accomplished and seasoned group of specialists leads the Voo Corporate Advisory. Our team comprises of highly skilled professionals in accounting, taxation, GST, secretarial, and other related fields, who will deliver exceptional service. Expert accounting services is one of the offerings. We can help you with audits for small, medium, and big firms, which may be mandated by law in many cases. We will also assist you in maintaining compliance and pinpointing areas that require development.

We are accredited and recognized

Additionally, we have accreditation and recognition. Established in 2014, we have been recognized by ACCA as an Approved Employer since 8 June 2014. Voo Corporate Advisory is ranked among the Top 10 Premium Compliance Service Providers of 2016 in the APAC Region by Enterprise Services Insights, as of September 2016. Furthermore, in September 2016, Malaysia Brands named us a Top Player Firm in Malaysia.

We know how it works

Working with a professional accountant can have advantages that you may not have previously considered. As a team of experts with extensive knowledge of tax law, accounting standards, and administration requirements, we are very well versed in the subject of accounting and know all about the nuances of the accounting. Our skilled staff and well-established reputations demonstrate our ability to broaden our accounting service offerings to accommodate all of your company’s needs.

Customize your accounting package

Regardless of the level of expertise your business has, a custom accounting package with carefully chosen features, professionals, and requirements will optimize the return on investment for the business. We will personally assign an accountant or consultant to work with you on your business accounting needs when you hire Voo Corporate Advisory’s Bookkeeping Services in Malaysia. Based on the financial papers you send to us on a regular basis, he or she will evaluate, organize, and maintain your accounts ledger. The accountant will guarantee that management accounts are prepared on schedule and that they meet the requirements of the yearly statutory audit. Along with monitoring statutory compliance issues, your specialized accountant will collaborate with you to make sure you comprehend all of the accounts and reports. You can be confident that Voo Corporate Advisory will always make sure your business complies with GST regulations and notify you of any revisions.

Malaysia Qualified GST Tax Agent, Chartered Accountant, and Consultant

It is a year-round obligation for business owners in Malaysia to file their tax returns, as required by law. An individual with the expertise and qualifications to assist people with all areas of taxation, including business taxes, is referred to as a tax professional. In addition to being a tax advisor, a tax professional frequently specializes in tax law, tax planning, and tax compliance. Experts in accounting, taxation, and even business sustainability will be able to devise strategies with all the creative financial and management choices made by various angel investors, enabling your company to take significant steps toward growth and expansion.

Tax Accountant

There are many benefits to hiring a tax accountant. Considering the time and financial aspects first:

1. It helps you save time.

We believe that every entrepreneur should make time for their areas of expertise. It’s possible that you could file the tax returns on your own, but can you ensure that they are filed accurately? A tax accountant will handle every facet of tax filing, freeing you up to concentrate on increasing your income.

2. It reduces expenses

By ensuring that you pay the least amount of tax possible and making the most of the constantly evolving tax regulations, a competent tax accountant will lower your tax bill.

3. It expands your company.

In addition to helping with tax preparation, a competent tax accountant may offer invaluable guidance on making wise financial and managerial choices that will support the expansion of your company.

GST Tax Agent

With effect from 1 April 2015, Malaysia replaced its Sales and Service Tax regimes with the Goods and Services Tax (GST) in an effort to modernize its tax structure and boost corporate productivity. All companies that have surpassed the specified threshold must register for GST and maintain input and output tax records. The GST’s adoption has a wide range of effects on the business environment in Malaysia, but there are a few things to bear in mind:

1. Accounting for GST

2. Filing GST Returns

3. GST Refunds

4. GST Offences

5. GST Review and Appeals

Our tax consultant at Voo Corporate Advisory is a certified GST tax agent in addition to being a licensed accountant. We have developed a number of ways to assist clients in easing and minimizing any potential disruption to their business operations. Among other things, we assist clients with GST registration, reducing tax liabilities, explaining tax matters to them, filing tax returns, and maintaining compliance with tax requirements.

Chartered Accountant of Malaysia

Malaysian Institute of Accountants (MIA) is the accountancy body in Malaysia. It was created in accordance with the Accountants Act of 1967 in order to govern and advance the accountancy industry in Malaysia. The title “Chartered Accountant Malaysia,” or “C.A.(M),” is awarded to members of MIA. Professionals in accounting, business, and finance who have relevant job experience and a recognized accounting qualification are awarded this designation. Our tax accountants at Voo Corporate Advisory are genuine Malaysian chartered accountants with a solid history in accounting.

More than what the market can provide, Voo Corporate Advisory is a skilled tax accountant your business can rely on.Our staff comprises tax directors from the Big Four and trained accountants, all of whom attest to the professionalism and qualifications of our group. Additionally, we can assist you in developing strategies for all the creative financial and managerial choices that come from various angel investors, including accounting, taxation, and even business sustainability, to help your company grow and flourish with a huge leap.