One of the many considerations that need to be made when setting up a business is that of accounting. It may seem like a relatively simple matter that can be managed with a bit of common sense involving little more than bookkeeping skills. However, if that were the case there would be no need for accountants and financial planners while every large business on the planet has its accountancy department. But what about small businesses or multi-regional enterprises moving into Malaysia? Can they afford to set up a team to manage the company finances and deal with accounting compliance issues? And would such a team have an adequate awareness of the local laws, customs and requirements needed to avoid what could be very costly errors or oversights? Probably not.
Trust local expertise
So, what is the best way to handle this vital aspect of doing business in Malaysia? The answer to this is, naturally, to turn to one of the Malaysia accounting companies. There you will meet a dedicated team of accountants and financial advisors, and so that your needs are fully understood, you can request a thirty-minute consultation, free of charge, before deciding how to proceed. By engaging one of Malaysia’s foremost accounting companies, you will be ensuring that your financial records are not only accurate but also kept in the appropriate format for your type of business.
Maintaining a balance
Monthly balance sheets will keep you informed as to the financial health of your company and end-of-year financial statements drawn up in the required format will ensure not only that your tax obligations are met but also any opportunities are garnered. Also, if your business falls into a category that requires an end of year audit, with your Malaysian accounting company liaising with the government auditors, the process can run smoothly and efficiently. This frees you up to handle the day-to-day management of your company.
The right tool for the job
You might wonder why not invest in accounting software to take care of your bookkeeping. You need to consider, however, whether such software will produce records in the format required by Malaysian law and be able to handle the intricacies of elements such as the payroll tax. This is not to say that business software does not have anything of value to offer; on the contrary, there is a lot of very useful software available which is of particular interest to start-up enterprises. Engaging a Malaysian accounting company to take care of that side of your business give you the time to enjoy the benefits of some of this software.
If you are considering, or are in the process of, starting up a business venture in Malaysia, you will have to ensure that your company has the appropriate licence and meets other government requirements such as any necessary permits and approvals. The Malaysian government provides a comprehensive guide to the processes involved in registering a business.