Introduction to Chinese Accounting Standards

China’s accounting system follows the framework of Generally Accepted Accounting Principles (GAAP), also known as Chinese Accounting Standards (CAS). These standards have been regularly revised and continuously developed over time, and now they fully comply with globally recognized International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles. Despite several reforms, there are still challenges.

Hiring and finding professional accountants who understand your company’s domestic regulations and laws may be costly. In this situation, outsourcing bookkeeping and accounting services to experienced service providers becomes an ideal choice, especially for small and medium-sized companies that want to spend more money and effort on business operations.

Why outsource your company’s accounting business to Simon?

In some common cases, companies would rather outsource bookkeeping and accounting services to professional service providers than hire internal accountants.

• A global company has just registered in China and does not have enough time to hire its own qualified internal accountant. In this case, the company will seek an agency to provide accounting and tax declaration services to ensure compliance with regulations
• The company has a small scale and a relatively simple financial process framework. Therefore, considering budget savings and reducing the number of employees, there is no need to establish a finance department
• Small and medium-sized companies or individual operators often do not meet the criteria for hiring full-time financial accountants. The above-mentioned corporate entities will choose a bookkeeping company to represent them in financial recording

Outsourcing bookkeeping services to Simon will also bring you business advantages in running your company in China. Of course, you can:

• Save labor costs for enterprises: If a company hires a bilingual accountant, the monthly salary will exceed 10000 yuan, and the salaries of senior accountants and foreign trade accountants may even be higher. By collaborating with Simon, you can enjoy higher quality and more professional financial and tax consulting at a lower price without the risk of labor disputes
• Reduce administrative burden: In addition to paying salaries, qualified accountants also need to pay social insurance and other salary benefits for employees. However, if you choose Simon as your business partner, it can effectively alleviate the additional burden on your company
• Enjoy instant and accurate tax declaration: If the company’s financial accounting and tax declaration are arbitrarily, underreported or delayed, the responsibility and property losses must be borne by the company itself. However, if the loss is caused by Simon Company, we usually assume a commitment and provide compensation
• Simon always maintains neutrality and assumes the confidentiality obligation of direct communication with overseas headquarters

Why is Simon better? Factors that need to be remembered

There are many bookkeeping companies in the market. Choosing the right partner can not only help you comply with financial requirements and regulations, but also save you energy and budget. By collaborating with experienced accounting firms, you can also gain insights into your financial situation through real-time information and updates.

Still unsure how to choose the best bookkeeping agency for your company? Here are the main factors you should consider and what sets Simon apart from other competitors.

Does the accounting firm have bookkeeping qualifications?
To provide accounting services to clients, companies must first obtain accounting qualifications. You can request the company to present a business license and accounting qualification certificate approved by the local finance bureau for evaluation.

Why choose Simon: Simon has met all the requirements and qualifications to provide bookkeeping services to clients. You can request copies of relevant qualification certificates at any time for confirmation. In addition, Simon was elected as the vice president unit of Shenzhen Proxy Bookkeeping Association in 2021. Simon has also been rated as an A-level accounting service provider by the government.

Does the institution have experienced full-time financial personnel?
Due to cost considerations, some companies may hire part-time finance personnel to provide services to customers, which will reduce the quality and stability of the services.

Why choose Simon: Simon has built a strong accounting team. Many members of our finance team hold tax agency certificates or senior accountant certificates. Their work experience in this field has been proven to be over 10 years. Our experienced financial experts value your financial situation as much as you do and are determined to provide you with stable financial records.

Does the company have the ability to provide external services?
Most bookkeeping outsourcing companies mainly serve domestic companies and may lack the ability to meet the requirements of foreign companies. In addition, when reporting financial records to overseas headquarters, you must also consider English proficiency.

Why choose Simon: Simon has been working with foreign investors who want to operate in China. We mainly serve foreign investors and overseas companies, and have strong multilingual communication skills. Our English consultants can help you solve any problems you may encounter. We can also translate your financial reports into English and even provide assistance for your communication with overseas headquarters.

Does the company have a stable office address?
The working environment is a powerful proof of a company’s business reputation, employee capabilities, and financial condition. You can learn where your financial records are kept to understand the company’s reputation and reliability.

Why Simon: We have offices in Chinese Mainland, Hong Kong, the United Kingdom and Vietnam. Knowing that choosing a reputable partner will be an effective way to reduce risk, we welcome you to visit one of our offices in person to enhance your confidence in Simon. Our finance manager can discuss the company’s financial reports face-to-face with you and provide advice on the company’s operations and tax planning.

5. Does the company provide comprehensive service content?
The service content of different accounting institutions may vary. Some companies only provide basic financial records and tax declarations, while others will also have their experienced accountants or registered accountants provide additional services.

Why Simon: Daily bookkeeping and accounting are just a small part of Simon’s services. Through Simon, you can enjoy comprehensive financial management services, including bookkeeping, tax declaration, tax filing, as well as financial consulting, financial analysis, and tax planning services.
Is the fee charged by the company reasonable?
Although it is not wise to evaluate reasonableness solely based on price, cost remains an important factor when choosing suitable partners.

Why choose Simon: We do not recommend a one size fits all service to clients at different stages of development. We start by understanding your unique requirements and the actual situation of your company. We will provide you with tailored business solutions at reasonable prices that meet your current needs. Collaborating with Simon is always more cost-effective than hiring one’s own accountant internally.

Simon Comprehensive Accounting Service Package

1.Accounting

• Preparation of accounting documents, accounting books, registration, and preparation of accounting statements
• Fixed asset detailed account
• Inventory quantity, amount detailed ledger, general ledger
• Written feedback and communication on monthly abnormal projects
• Bank deposit balance, legality and compliance of original documents, reasonableness of financial data
• Issuing invoices
• Design and draft employee salary statements

2.Tax declaration service

• Declare value-added tax and personal income tax
• Final settlement of corporate income tax and annual income tax before declaration

3.tax return

• Archiving accounting books and tax declaration documents: Bookkeepers print and archive file types monthly, and print accounting books annually

4.Tax risk management

• Profit, logistics transfer tax, and income tax management
• Quarterly balance sheet and data analysis, adjustment, and recommendations
• Provide assistance in communicating company accounts with the local tax bureau
• Provide tax advisory services and tax self inspection advice
• Update company registration information (excluding shareholder changes)

5.Banking services

• Arrange payment to local suppliers and office expenses, etc
• Handle bank reconciliation
• Handle salary payments for local employees
• Handle bank foreign currency transactions
• Assist in making payments to overseas headquarters

Why choose Simon?

Rapid Processing

With experienced team members, we can handle your project faster than others.

Unsuccessful, no charge

Simon promises that we will only charge after your project is successfully completed.

Tailored services

We will provide the most suitable business plan based on your situation.

Traceable process

Simon has an online system for you to track any updates to the project.

Frequently Asked Questions

Do you have any further questions? don’t worry! We are happy to answer!