I started a company last year and the following is what's being quoted to me for book keeping by my CPA's firm.
It's an e-commerce company, transactions are only done online. Payments received by paypal and another payment processor for CC transactions. No customers in HK.
The CPA firm requires a daily voucher for each payment processor. That's 682 transactions calculated!
Then for each paypal withdrawal to a HK bank account = 100 transactions. Then there's the supplier invoices and other expenses, let's say 50 transactions. In total 832 transactions or so or 69/month.
The quoted fee for book keeping alone is almost 46.000 HKD! Excluding audit and any additional reports.
The profits tax owed is less than the book keeping fees alone.... I believe i'm being ripped off.
Can anyone with an online business / e-commerce business confirm? Do they really need to have a daily voucher for each payment processor and calculate each voucher as a single transaction?