Accounting & Auditing_Tax & Accounting

Benefits of Outsourcing Your Tax & Accounting Services

You can devote full focus on your core business operations with less time taken up on accounting work.
It can save your cost on running business, human resources and employee management.
The complex areas of the Chinese Accounting Standards and tax reporting are entrusted to teams that deeply understand them.
Our accounting professionals are up-to-date with the latest rules & regulations, with clear foresight on the upcoming standards.
Precise accounting information submissions to the Chinese authorities are very important as there can be strict penalties for incorrect or misrepresentation of information.
We can counsel on the tax structures & planning, which can potentially reduce your tax burdens.

How can we help you ?

Professional Service Team

RY Consulting has a teams of experienced accountants and senior accountants with over 15 years experince in accounting & taxation service in China. We provide accounting, auditing, tax services for foreign-invested companies at competitive price and fast response.

One-stop Solution Provider

The service teams of RY Consulting has been specialized in business services for over 15 years. We not only assist our clients to register Chinese companies, open bank accounts, accounting & taxation services but also provide many other services our clients request, such as services of Hong Kong companies, Singapore companies, China visa, license application and etc.

Accountnig, Auditing and Taxation Service Package

Bookkeeping：

Maintaining books and records in accordance with China rules and maintaining the general ledger;
Monthly report:

Preparing of monthly report on the calculation of tax payable in the current tax period in English;
Financial statements:

Preparation of financial statements in conformity with the accounting provisions in China: profit and loss account, balance sheet and cash flow statement;

Tax filing:

Preparing and filing tax reports to China tax authorities (Income tax, VAT, personal income tax, etc);
Audit procedure:

Arrangement of compulsory procedure of auditing and issue audit report；
Tax advisory:

Consultations regarding taxes and accounting in China.

Frequently asked questions for Accounting and Auditing in China:

What basic information I need to know about China company accounting?

The accounting work should be done monthly before tax filing at 15th of each month.

The system here is all in Chinese and Chinese accounting law is different from that of the rest of the world. So you need to find an accountant who are specialized in Chinese accouting and understand Chinese language.

It is a better choice to outsource the company accounting and tax service to a professional service agent like RY Consulting when you just start your business in China, in order to do everything right and avoid non-compliance penalties.
What are the steps for accounting work in China?

Step 1: Prepare supporting documents to apply for accouting and send them to us;

Step 2: We prepare of financial statements in conformity with the accounting provisions;

Step 3: We communicate with you while checking and correcting the financial statements;

Step 4: Prepare the tax filing report and file it to the authority after confirmed with you.
Which documents are required for Chinese accounting?

Bank statements;

Bank advices;

Sales contract and invoices;

Purchase contract and invoices;

Payroll;

Other expenses Invoices and etc.
Does my company need annual audit report?

Annual audit in China is a mandatory compliance required for all foreign invested enterprises (FIEs) in China, including wholly foreign owned enterprises (WFOEs), joint ventures (JVs) and representative offices (ROs).

Foreign investors can only distribute and repatriate their profits or dividends back to their home country after completing their annual audits and settling all relevant tax liabilities.

Failure to comply with the annual audit and related measures may result in extra expenses, penalties, or even revocation of business licenses.
What's the right time to initiate the annual audit process?

Some people may say to start preparing for China's annual audit in every January.

However, our tax advisers usually suggest our clients to start the process earlier in November or December, based on the below considerations.

Firstly, it saves time. January and February are the rush period for auditing and it takes longer to finish audit report.

Secondly, potential problems are easier to spot and can be resolved earlier if you start the process in November or December.