ACCOUNTING SERVICES
PREPARATION OF MANAGEMENT ACCOUNT
No business is set up to incur losses. Active directors that view management accounts as a financial dashboard of their company are always interested in keeping updated on the performance and position of their business. At one glance, they need to know whether they have enough cash to fund their operation, and whether their company is incurring too much debts.
Due to the requirements from the director, the accounts can be prepared monthly, quarterly or yearly. We can assist to generate the management accounts as listed below in many different ways :
- Enter all accounting records into the company’s accounting software at their office.
- Bring the accounting records to our office to generate the management accounts for the year by next month, provided that all records are properly filed and given.
- Provide accounting staff to your office and assist you in your operation once a week.
WHAT DOES PREPARATION OF MANAGEMENT ACCOUNT INCLUDE?
- Entering all accounting records into a computerized accounting software.
- Bank reconciliation
- GST reconciliation
- Generating Statement of Financial Position, i.e. SOFP (formerly known as Balance Sheet)
- Generating Statement of Comprehensive Income i.e. SOCI (formerly known as Profit or loss)
- Generating Statement of Cash Flow
- Generating Statement on changes in equity
- Generating notes to SOFP
- Generating notes on specific accounts in the SOCI
BENEFITS OF OUTSOURCING ACCOUNTING SERVICES TO YTK.
Entrepreneur or Business Owner like you can fully concentrate on your business by outsource accounting services to professional like us. Apart from preparing a complete, accurate and timely management account to Company’s managements, our team are also able to support your Company’s Finance and Operation roles, such as issuance of invoice to customer, issuing payment voucher, make payment to suppliers, monitoring account receivables, etc.
CASE STUDY
| Scenario | Company A has just operated their business for less than a year. They had engaged a freelance bookkeeper who handles their accounting needs annually. Company A wanted to know more about the performance of their business but the freelance bookkeeper is unable to provide them useful insight. |
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| YTK action | Company A approached our firm and showed us their management accounts. They wanted more insights about the performance of the company so as to make decision to improve the business. We interpreted the accounts and pointed out the critical areas that the management should focus on. Since then, we not only took over as their accounting agent because of the insights that we gave them but also provided them with the accounts on a monthly basis so that they can easily keep track of the performance of their business. |
| Benefits to client | The client is able to know the performance of the company and make changes to their pricing of their goods to keep pace with the mass market. |
PAYROLL SERVICES
All the Employers in Malaysia are obligated to comply with rules and regulations such as Employment Act 1955 and Malaysia Income Tax Act 1967. Failure or non-compliance may incur penalties imposed by respective government authorities which may ultimately affect the business.
Despite of spending your time to figure out on “what to do” and “how to do” when start to hire employees or increase your Company expenses by hiring HR to handle the HR and payroll matter, you can outsource this HR and payroll’s role to professional like us.
Our team are here to support your organisation needs, ranging from the basic payroll services to complex HR and financial management.
WHAT DOES PAYROLL SERVICES INCLUDE?
- Preparation and issuance of payslips and payment of salaries to employees by fund transfer;
- Preparation and submission for EPF, SOSCO and MTD;
- Issuance of form EA to each employee;
- Preparation and submission of form E to IRBM.
BENEFITS OF OUTSOURCING PAYROLL SERVICES TO YTK.
We offer you peace of mind by ensuring your employees are paid correctly and on time. We also keep you up-to-date with changing on Labour Law and employer’s obligation to make sure your Company is in compliance at all time.
CASE STUDY
| Scenario | A Foreign Company employs Malaysia citizens to carry out work in Malaysia. They are unaware of the Malaysia’s Labour Law and employer’s obligation. |
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| YTK action | We took over as the Company’s outsource payroll agent and processed their payroll monthly. We also keep them up-to-date with changing legislation and make sure they are in compliance. |
| Benefits to client | The client save time in processing the payroll and is able to stay focused on their core business. |