Owners created and started their small businesses with the purpose and intention of doing what they love. Their passions are brought into the real world. Small-business owners are passionate in serving their customers. Therefore, they hope to make something special with their businesses. In an ideal world, these business owners do not have to worry …
Category Archives: Accounting & Auditing
Application Process of Employment Agency License
Obtaining an employment agency license is not as hard as you may think. Rather it is simple and straightforward as long as you have the necessary documents and follow the application steps. There is a procedure for applying for an employment agency license. Don’t worry if you are not familiar with the process as we …
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Managing your Business via Cloud Base Platform Xero
Starting your own business can be exciting as you get to pursue your interests and make your ideas into reality, at the same time, it comes with responsibilities and tasks on the daily. This includes accounting work, administration tasks, and clerical duties. It can become quite difficult to manage everything at the same time, especially …
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Keeping Your Company Records for 7 years
Do you remember the last time you sorted all of your company records? It can be quite confusing and frustrating keeping track of all of your documents. Nevertheless this is always the last task on your to-do list. According to the Company Ordinance, Section 51C of the Inland Revenue Ordinance requires every person carrying on a …
3 EASY, EFFECTIVE WAYS TO INCREASE SALES AND TRAFFIC FOR E-COMMERCE SHOPS
3 Effective Ways to Increase Sales and Traffic for E-Commerce Shops If you operate your business on an e-commerce platform like Shopify, you know that it can be difficult to create traffic and close sales. Below, Centre O offers easy ways to boost your sales: Send Samples to Social Media Influencers Social media can be …
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HOW TO CONNECT DBS ACCOUNT WITH XERO
If you are using a DBS account, you can link your account to XERO and have your transactions to be reconciled automatically every 24 hour. This way, you can check your invoices’ status to see whether payment has been received or not on your DBS Account. To connect your DBS account, you should: 1. In the Accounts …
HOW TO CONNECT HSBC ACCOUNT WITH XERO
At Centre O, we work very hard to facilitate the process of serving our clients, including using XERO as accounting cloud-base system to make your finances much easier. By connecting your HSBC Account to Xero, your transactions will be reconciled automatically every 24 hour. Below is the process to connect your HSBC account to XERO: …
WHAT TO DO WHEN I RECEIVE MY PROFIT TAX RETURN FORM?
18 months after the date of incorporation of your company, you will receive your first Profit Tax Return Form from the Inland Revenue Department. Here below are 4 important points you should know about that form. 1. Don’t miss the deadline! The deadline for submitting the Profit Tax Return Form is 3 months after the …
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LATE PAYMENT
Late payment in Hong Kong Late payment is something to be expected for small businesses. However, with the right Website Payment Terms in place, you can ensure that you will get paid as agreed upon. Website Payment Terms state how the customer will pay. It is a good idea to set up a clearly outlined …
STEP 4 OF ACCOUNTING PROCESSES IN HK: INCOME STATEMENT AND BALANCE SHEET
Step 4: Income Statement and Balance Sheet The final step is creating the financial statements. The two most important are the balance sheet and income statement. The income statement shows how the business earned and spent its money over the period. Typically, the income statement will show income received then deduct product costs (see step …
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