Statutory Requirements of Account Bookkeeping in Malaysia
Under the Malaysia Companies Act, every registered company in Malaysia is required to keep its books of accounts. Directors are primarily responsible for the safekeeping of accounting records and financial statements. Financial transactions must be entered into the books of accounts within sixty (60) days from completion of the transaction. Maintaining the company’s books of accounts is mandatory to reflect and update the financial position of the company, including its state of affairs. Directors who fail to comply with the above-mentioned requirement may be liable for imprisonment for a term of 3 years or a fine of RM10,000.
At Bestar Consulting, our experienced accountants will provide you with professional bookkeeping and accounting services. Using only industry-standard account bookkeeping practices, we help SMEs and corporate entities in Malaysia make informed decisions about financial management. We analyse financial information, generate financial statements and forecast business opportunities so you can plan ahead. We liaise and answer audit queries and prepare the schedules as required by your auditors.
Bookkeeping Service Packages
Bestar Consulting provides cost-effective offers for bookkeeping services fees. The packages available are as follows:
|Monthly Bookkeeping for Active Company||RM 900 (subjected to 6% tax)|
|Quarterly Bookkeeping for Active Company||RM 1,200 (subjected to 6% tax)|
|Yearly Bookkeeping for Active Company||RM 1,500 (subjected to 6% tax)|
|Yearly Bookkeeping for Dormant Company||RM 500 (subjected to 6% tax)|
|E-filling & GST submission||Free|
Note: E-filing and GST submission will only be available for free if you take up any of the packages.
Advantages of Outsourced Account Bookkeeping Services
Bookkeeping entails a direct recording of financial transactions, including purchases, payments, receipts and sales. Accounting, on the other hand, involves the analysis of bookkeeping data to generate reports and prepare financial records like balance sheets, financial statements, and tax returns. Account bookkeeping helps maintain day-to-day auditing of financial statements for submission of annual returns of the company.
Here are the benefits of our account bookkeeping services:
- Detailed Recording
- Easy To Plan
- Improve Financial Standing with Banks and Investors
- Tax Planning
- Easier Audits
- GST Accounting Software
- GST Compliance
- No Hidden Charges
- Experienced Staff
The bookkeeper will maintain up-to-date detailed transactions in your company’s account, which ensures the integrity of your financial statements. The process is much cheaper and faster than doing in-house.
With proper recording, you can easily forecast and plan your strategy accordingly. Since you have better insights on your overall financial health, you can fill the gaps and spot financial opportunities for your organisation.
If you need to take out a loan or additional capital infusion, one of the documents required by banks and investors would be your detailed accounting statements. This will allow them to understand your company’s financial standing to determine if it is profitable for them to loan or partner with your organisation.
The IRB requires the official accounting statement for tax purposes. Aside from legal compliance, the updated financial sheets will allow you to be more confident in addressing vulnerabilities in your finances since you can plan the amount of taxes to be paid at the end of the fiscal year.
At the time of the audit, the accountant can easily collate all the necessary information available on-hand and prepare your updated balanced sheets to make the process easier and more straightforward for tax auditors.
We provide you with our licensed software, so you do not need to acquire proprietary software to comply with regulations.
Our goal is to ensure your company complies with the GST requirements to avoid incurring unnecessary penalties.
Our fee structure is transparent and fixed. You do not have to worry about hidden fees, which may increase your costs.
All our accountants are certified and highly experienced. You can trust them to manage your accounting needs so that you can realign your valuable time and resources on the business.
Complete Account Bookkeeping Services in Malaysia
Because bookkeeping services matter for the growth of your company, you need to partner with a firm that offers complete bookkeeping services.
Bestar Consulting is a one-stop corporate services provider in Malaysia that offers comprehensive packages to meet your company’s accounting and bookkeeping needs.
At Bestar Consulting, we are committed to providing the utmost convenience to all our clients. We make sure that all your books are constantly updated and accurately documented. Additionally, we guarantee government regulation compliance and timely submission of all your company’s financial statements and important reports, so you don’t have to worry about getting penalized. Whether you’re a start-up or a well-established company, our goal is to make it simple for you.