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Freelance Accountant Rates and Fees in Hong Kong (Audit, Bookkeeping, and Tax Returns)

Are you hiring a freelance accountant in Hong Kong to help you with bookkeeping, auditing, and filing tax returns? Here’s our guide to freelance accountant rates and fees.

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Having an accountant to take care of your business’ bookkeeping and accounting tasks can help you understand your company’s financial status better and improve operational efficiency. That being said, hiring a full-time accountant is costly to small businesses and startups. One economical way to enjoy professional accounting services is to hire a freelance accountant. 

Freelance accountants offer services from bookkeeping, auditing and filing tax returns. Rates and fees would be different depending on the services you’re looking for. In this article, we’ll look at a detailed accounting service price guide that includes the general scope of work and charging reference to help you hire the right freelance accountant!

Accounting and Bookkeeping Service Scope

Accounting and bookkeeping services include handling the company’s day-to-day financial transactions, such as:

  • payments and receipts of checks or cash, 
  • interest expenses and income, 
  • bank transfers, 
  • and salary settlements. 

Accountants also assist in preparing financial statements, which include balance sheets, income statements, and cash flow statements. These three documents lay the foundations of financial data analysis, reflecting the company’s performance and cash flow. 

Freelance Accountant Rates and Fees in Hong Kong

Freelance accounting charges depend on your monthly transactions or monthly revenue, and whether you choose to pay on a monthly, quarterly, or annual basis. Fees are usually lower if you have lower monthly revenue and pay annually for the services. The monthly charges can range from HK$300 to HK$4,000+.

At Binery, we offer affordable accounting services for startups in Hong Kong that include many perks in addition to essential accounting services. Our plans include features such as unlimited transactions, an inclusive monthly subscription to Xero (one of the best accounting software in Hong Kong), AI processing for invoices and receipts, monthly financial reports and CFO reviews, government forms handling, and more! You can check out our pricing here

Auditing Service Scope

All Hong Kong incorporated companies are required by law to audit their financial reports every year. Auditing has to be conducted by an independent CPA to issue an auditor’s report and audit opinion to honestly verify the accuracy of the company’s financial reports. 

Auditing services usually include reviewing the company’s financial information to ensure their inventory matches the records in their books according to statutory requirements, and then submitting the results to the Inland Revenue Department. 

For more detailed information about auditing in Hong Kong, check out our Beginners’ Guide to Auditing for Hong Kong Companies here

Freelance Auditor Rates and Fees in Hong Kong: An Overview

Auditing charges usually depend on your business’ annual revenue. The higher your revenue, the more costly it becomes to audit. Auditing fees usually range from HK$3,000 to HK$30,000 annually. 

Binery can connect you with an independent auditor that provides comprehensive auditing services that start at HK$5,000 for an annual audit. Legally, Binery will strictly act as a coordinator between customers and independent auditors, but will not conduct any audits on behalf of customers.

Tax Filing Service Scope

If your company has been operating in Hong Kong for over a year, you will need to file the following three types of annual tax returns issued by the Inland Revenue Department: 

  • Profits tax return
  • Employer’s return
  • Individual tax return 

The IRD will issue the Profits tax return and Employer’s return on the 1st of April every year and issue the Individual tax return on the first working day of May. Companies are required to complete the tax filing within one month from the issue date, where any delays may be met with penalties or even prosecution. 

Freelance accountants usually provide tax advice and calculation services for tax filing, as well as calculating the taxes your company has to pay after deducting applicable expenses and applying exemptions and incentives. 

Tax Filing Rates and Fees in Hong Kong

The tax filing rates and fees depend on the tax filing items and how complicated your company’s operations are, and can range from HK$1,000 to HK$9,000+. 

Conclusion

Hiring the right freelance accountant can help you take care of the daily financial and operational tasks so you can focus on running and growing your business. Binery offers comprehensive accounting services for startups and businesses in Hong Kong to cover your business’ needs, no onboarding fees required! 

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