Basic Standard Accounting in China

The companies working in China need to have robust accounting processes and systems in conformity to the China GAAP, without which they will be unable to meet the statutory requirements. We help our clients with setting up of accounting systems which meet the China GAAP regulations. We use the latest UFIDA ERP software and assist our clients in setting up Charts of Accounts (COA) as per the China GAAP regulations. Our software allows the clients the flexibility to set up accounting units like cost center, profit center or any other analysis unit which the management may require for internal analysis and reporting. We assist the clients in setting up prudent and robust internal accounting policies which help them to effectively review and control the accounting systems. The clients are also helped in setting up of systems for generating regular reports as per the requirements of their management.

GWBMA provides monthly bookkeeping services to its clients. We help to develop different template forms like expense application form, payment application form, invoicing forms etc. for the clients. Our clients are provided support in generating accounting documents and recording of the same in the UFIDA software system. We generate all the basic books of accounts for the clients like sub-ledgers, general ledgers, monthly books of accounts etc. GWBMA provides services for monthly, quarterly tax returns to all our clients to whom we provide monthly bookkeeping services. The different tax filings handled by us include corporate income tax, individual income tax (excluding expats and foreigners), business tax, value-added tax etc.  We provide comprehensive services for tax filings.

All companies operating in China are required to file the Annual Corporate Income Tax (CIT) consisting of approximately 30 reports for the last year till the end of May next year. The CIT annual filing requires lot of experience and understanding of the systems as it is generally a complicated process. We assist our clients in collection of all original accounting and tax documents like trial balance, profit and loss account, balance sheet, tax payment notices etc. from their management. On the basis of documents collected, we prepare the details of tax adjustments, explanation reports of annual filing and share the same with the clients for their approval. If required, BIS also arranges a face-to-face meeting with the client’s representatives to help them out in a better manner. Once the clients approve the estimated returns, a print of all the annual filing documents is sent to them for their signature and seal. Subsequent to this, the returns are filed with the appropriate authorities, completing the process of filing the annual CIT.

GWBMA has skilled manpower on its rolls to help our valued clients with services like account initialization, monthly bookkeeping, monthly tax filing, VAT filing, and annual corporate income tax filing. Our certified accounting professionals take care of the minutest requirements of the clients.

Accounting Bookkeeping Tariffs

Accounting reports

  • Set up the accounting system
  • Bills and receipts audit
  • Compile the accounting documents
  • Design and implement an accounting system
  • Account items recording
  • Financial report & Balance Sheet
  • Statement of income and loss
  • Financial advisory

Bookkeeping Service

  • Initial finance/accounting system setup
  • Preparing monthly accounting reports
  • Bookkeeping report
  • Financial statements
  • Reconciliation services (if required)
  • Print and bind voucher and book account

Accounting Advisory

  • Unified planning of taxation control system
  • Financial management system
  • Cash income, claim for payment, and reimbursement
  • Sales management, inventory and and assets management advisory
  • Internal control and audit
  • Management of foreign fund and loans
  • Salary and welfares

Taxation Service

  • Apply for General VAT Payer (if required)
  • VAT (Value Added Tax) Report
  • Tax Filing in Tax Authorities
  • Applying for E-tax filing
  • Applying for VAT Invoices and Invoices IC card
  • Opening bank account for the tax authorities

Opening VAT invoice

  • Authentication of offset VAT counterfoil
  • Transcribe the taxation to related authorities
  • Filing monthly financial statements
  • Calculation and filing monthly VAT and VAT additional tax and fees
  • Calculation and filing quarterly enterprise income tax
  • Calculation and filing stamp duty

Annual inspection

  • Compile the annual report
  • Audit for annual report
  • Audit for foreign exchange
  • Annual income tax collection
  • Separate annual inspection

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Bookkeeping & Accounting

Foreign Invested Company need to maintain their accounting and financial reporting in compliance with Chinese laws and regulations. On the basis of documents collected, GWBMA provide complete end-to-end accounting and tax services to our clients working in China to ensure the compliance of their accounting according to the Chinese regulations.