Accounting

Our firm not only writes up the book of accounts of its client but also provides advice on accounting system best suited to the clients’ business to ascertain the financial statements are generated accurately and on a timely basis.

The service encompasses:

  • Bookkeeping and full set of accounts
  • Back-log accounting
  • Consolidation of accounts
  • Project accounting
  • Cash management
  • Budgeting

These can be performed at either our or your premises and can be arranged weekly or bi-weekly, or indeed at any stage of the accounting process either on full time or part time basis. The service level depends on your circumstances and needs.

We work in a proactive manner to transform those financial numbers into useful information. Most importantly, we provide recommendation for risks or weaknesses identified as well as tap on the potential area for growth.

Our firm takes pride in its ability to create outcomes for clients that are delivered on time and with the client’s best interest in mind.

All companies need to keep proper accounting records and produce financial report for the following purpose:-

  1. For Statutory requirements
  2. For business and management purposes

Statutory Requirements

Companies Commission of Malaysia (SSM) as provided by the Company Act 1965

Inland Revenue Department, as provided by the Income Tax Act 1967

For Business and Management Purposes

For Auditor

For suppliers or creditors

To help management preparing company’s budget and planning

Inland Revenue Department, as provided by the Income Tax Act 1967

To help management preparing company’s tax planning

For bankers to see the potential and reliability of the company

For shareholder and investor to analyst the performance and potential of the company

Accounting and Book Keeping Services

Our services includes maintaining daily accounting records or updating accounts periodically i.e. monthly, quarterly, half yearly, annually or updating backlog accounts. These include the followings:

Collecting and recording of all business transactions data.

Transactions include sales, purchases, receipts and payment.

Records books include sales book, purchase books, general ledger, cash book, journals, register book, etc.

Documents include sale invoices, purchase invoices, payment vouchers, cheques, etc.

Upon completion we will produce the following reports for you.

Trial balance

Balance Sheet

Debtors Aging report

Bank Reconciliations

Creditors Aging Report

Fixed Asset Schedule

Any other related schedules

Trading and Profit & Loss Account

Reporting Framework & Accounting Standards in Malaysia

Financial Reporting Act 1997 defined approved accounting standards as:

  • Accounting standards which are adopted by the Malaysian Accounting Standards Board (“MASB”)
  • In relation to foreign companies listed on a stock exchange in Malaysia, acceptable internationally recognized accounting standards.

MASB approved accounting standards are:

  • Private Entity Reporting Standards (“PERS”) for private entities. And
  • Malaysian Financial Reporting Standards (“MFRS”) for entities other than private entities

Private entity is a private company incorporated under the Companies Act 1965 that;

  • Is not itself required to prepare or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia; and
  • Is not a subsidiary or associate of, or jointly controlled by an entity which is required to prepare or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia.

A private company is defined in Section 15(1) of Companies Act 1965 as:

A company having a share capital may be incorporated as a private company if  its memorandum or articles –

  1. restricts the right to transfer its shares;
  2. limits to not more than fifty the number of its members (counting joint holders of shares as one person and not counting any person in the employment of the company or of its subsidiary or any person who while previously in the employment of the company or of its subsidiary was and thereafter has continued to be a member of the company);
  3. prohibits any invitation to the public to subscribe for any shares in or debentures of the company; and
  4. prohibits any invitation to the public to deposit money with the company for fixed periods or payable at call, whether bearing or not bearing interest

DO YOU WANT A FINANCIAL STATEMENT PREPARED?