Section 51C of the Hong Kong Inland Revenue Ordinance provides that every person carrying on a trade, profession or business in Hong Kong shall keep adequate records in English or Chinese of his income and expenditure to enable the assessable profits of the trade, profession or business to be readily ascertained and shall retain such records for at least 7 years after the completion of the transaction, act or operation to which the records relate.

Benefits of Accounting

• Understand the company's economic status, financial status, profit level, and assets and liabilities, and make important decisions

• All documents are clear and neat, which can make the company's operation more systematic.

• To prevent employees from stealing company assets/money

• Accounting can monitor the business status of a company, such as its revenue, cost, profit, etc., and help the company adjust its business strategy in a timely manner to improve its operating efficiency.