Timely and accurate bookkeeping is pivotal for business in assessing financial performance, position and cashflow at any given time. Without such financial document, it is almost impossible to determine the financial health of a given business. Detecting early warning signs of critical matters such as liquidity and depleting profit margins can also be remotely possible and if not corrected over time can result in financial ruin and insolvency. In this case, a dramatic compulsory winding up and/or bankruptcy is the likely outcome in the immediate future. We list 6 benefits on why businesses should outsource their bookkeeping and accounting services with professional public accountant for accurate and timely presentation of the business.
- Access to finance and accounting expertise,
- Cost savings,
- Avoid high accounting staff turnover and re-learning time for new staff,
- Focus more on your business operation, sales and marketing to increase profits,
- Get access to business intelligence from our professional and qualified accounting staff and
- The ability to scale down or up quickly depending on economic situations.
Accurate and timely bookkeeping are also mandatorily required by various laws imposed by Malaysian authorities. We list down key laws as follow.
- Section 245 of Companies Act 2016,
- Section 82 of Income Tax Act 1967 and
- Section 24 of Sales Tax Act 2018.
The company and every officer can be fined up to RM500,000 or imprisonment of up to 3 years, or both for non-compliance.
Failure to produce accounting records, the chargeable income of the taxpayer may be determined according to the best judgement of the Director General of Lembaga Hasil Dalam Negeri (LHDN) or other government authorities and an assessment made accordingly to justify tax due to the authorities.
Special Note:
Certain accounting records may be lost or damaged due to computer/server breakdown and other unforeseen circumstances. Our professional accountants can assist in the retrieval of such records for producing or reconstruction of the financial statements for various purposes, particularly in fulfilling the statutory requirements imposed by Lembaga Hasil Dalam Negeri (LHDN), other statutory bodies and financial institutions.
We are a multilingual firm, proficient in English, Malay, and Chinese languages.
For English/Malay speaking clients, please contact:
E-mail: megat.faizal@mfmco.my
Mobile: +6010 372 6830 (Call/WhatsApp)
For English/Chinese speaking clients, please contact:
E-mail: lee.mf@mfmco.my
Mobile: +6010 381 2996 (Call/WhatsApp)