In Malaysia, it is mandatory to have accounting auditor perform statutory audit of the financial statement for the submission of annual returns in the end of the fiscal year. Annual tax return shall be lodged and Annual General Meeting shall be held after audit before you submit the audited financial statement to Suruhanjaya Syarikat Malaysia (SSM) by the due date. Care must be taken since you may be imposed a fine if you fail to submit in due time.
※For clients only require yearly basis bookkeeping for audit purpose
※For clients require monthly basis bookkeeping.
Why bookkeeping Service is necessary
All companies registered in Malaysia must perform statutory audit and submit financial statement. Settlement of accounts is based on accounting record, so good bookkeeping by competent and experienced accounting staff is required to produce reliable financial statements. Failing to do so may result in a delay of the submission of the financial statements and you may be asked to pay a fine. Bookkeeping without proper knowledge may result in producing improper accounting record and tax evasion without recognizing that it is illegal.
Who should consider our bookkeeping service?
- I want to focus on my core business without spending too much time on payroll processing.
- I have little knowledge of payroll processing in Malaysia, so want to rely on the professional to reduce my anxiety.
- Our accounting staff retired and there is no appropriate employee to do bookkeeping.
Items included in the fee
- Processing and submission of the Memorandum, Article of association and statutory documents to a registry office
- 1. Maintenance of the following accounting records
- Bank Account
- Petty cash account
- General ledger
- Journal entries
- Account receivable
- Account payable
- Bank reconciliation
- 2. Preparation of monthly accounting reports including the following items
- Balance sheet （BS)
- Profit and Loss account （PL)
- General lodger （GL)
Payroll is to calculate salary for employees, allowances, income tax, and all necessary payroll taxes that re defined by local law. There are statutory requirements such as EPF and SOCSO in Malaysia, and contribution should be made from both employers and employee.
Employers are also obliged to deduct personal income tax from the monthly salary of employees, and there are deadline for EPF/SOCSO/Personal income tax, and a fine shall be imposed for overdue.
*EPF is Employees Provident Fund and close to Japanese pension system.
*SOCSO is Social Security Organization, and close to accident compensation insurance in Japan.
*SOCSO（Social Security Organization）は、被用者社会保障制度と呼ばれており、日本の労災保険に近い位置付けの制度
※The above fee is per one month and covers up to 3 expatriates and up to 6 local staff.
Additional fee of RM100 per expatriate and RM50 per local staff shall be charged when exceeding a limit.
Why do you need our payroll services?
It is not that difficult to calculate EPF/SOCSO/Personal Income Tax since calculation table is prepared for that. However, you are required to judge if allowance/expenses/transportation expenses/social expenses are regarded as personal income or corporate expenses depending its contents and purposes, and miscalculation may result in insufficient tax payment where a fine shall be imposed. Therefore, we suggest you outsource payroll to the professional if you do not have the experienced accounting staff.
Who need our payroll services?
- I want to focus on my core business without spending too much time on bookkeeping.
- I have little knowledge of payroll processing, so want to rely on the professional to reduce my anxiety.
- Payroll staff retired and there is no appropriate employee to do payroll.
- I want to save cost for accounting staff since our sales volume is decreasing.
- I want to grasp our company’s financial status on schedule.