Frequently Asked Questions

We’d be happy to answer your questions. If you have a question that is not covered here, please reach out to us!

Introduction to Binery

Binery is a highly automated bookkeeping service specifically built for online businesses and technology startups in Asia. We have offices in Hong Kong, Singapore and Malaysia.

With Xero and Quickbooks or any other accounting software for that matter, there is usually a steep learning curve which can be time consuming, With Binery, however, there is no learning curve. We partner with Xero and Quickbooks, combined with proprietary code to manage your bookkeeping on your behalf.

Think of it as ‘CFO as a Service’ at a fraction of the cost.

Xero and Quickbooks have built powerful world-class accounting software systems. We partner and leverage their unique features to provide you with the absolute best solution for your business.

You can definitely manage your bookkeeping but many of our customers choose us because they do not have the time or expertise to do so, and do it correctly.

Yes. We can support your business if you operate in Hong Kong, Singapore or Malaysia.

About Our Services

Our operations team will handle the entire on-boarding process. You will have a single point of contact along the entire process.

We use Xero, as it is one of the world’s most trusted software and we would not compromise your trust and your company’s security for anything!

If your system can be successfully integrated with the accounting systems, for example, Stripe integrating with Xero, then you do not have to upload any transactions.

The only time you might have to upload transactions would be physical receipts where we would ask you to snap a picture using our invoice/receipt capture software.

If you have invoices and bills being sent to your email, we will set it up so that you do not have to manually forward these emails to us. The purpose is to help you automate your operations.

You do not have to learn a single thing. There is no learning curve. That is the beauty of Binery. Focus on your business instead and leave the number crunching to us.

We can help you catch-up your bookkeeping with an extra fee.

Depending on the package you choose, you will be assigned a bookkeeper either shared or dedicated. If you choose our Venture package, you will be working with a dedicated bookkeeper, same person, every month.

You can expect your books to be completed 5 days after month end. If the cadence needs to be increased, we are happy to arrange for this to happen as well.

If you have an HSBC business account, we can automatically link you up to Xero for an automatic daily feed. If you are with another bank, we can be assigned your accountant in your online bank account and extract the necessary payments every month.

Bookkeeping gives you a crystal clear picture of where your money is coming and going. When your books are up-to-date, you get an accurate measure of your business’s health, allowing you to make smarter financial decisions.

Having accurate books pays off at tax time, too. When your bookkeeping is up-to-date, you avoid scrambling to get caught up before the tax deadline, or missing out on any deductions.

Your bookkeeper reconciles your accounts, categorizes your transactions, and produces your financial statements. They also make adjustments to your books to ensure they’re tax-compliant.

Your bookkeeper will contact you once a month for a CFO review, providing insights into your financial statements.

We want to make bookkeeping as hands off as possible for you. You can contact your bookkeeper anytime, and at the same time, we can reduce the amount of time we bother you because of our automation engines.

If you have 12 months worth of books to catch up, we can produce a complete set of books within 2 months time.

Bookkeeping is the process of recording daily transactions in a consistent way, and is a key component to building a financially successful business. Bookkeepers take care of the day-to-day financials, like posting credits and debits, maintaining the general ledger, and completing payroll.

Our bookkeepers are located in Hong Kong and Malaysia, so they are well aware of their geographic characteristics. Bookkeepers generally do not have to be qualified but for service quality, we only employ qualified accountants to service you.

We only offer accrual basis accounting as this is the right method for companies that are looking to grow and scale, which makes up the majority of our existing customers.

These services can be provided but would operate under the Plus or Custom packages since additional expertise is required to address these functions. For example, payroll services would require HR experts familiar with statutory law in the jurisdiction. If you have these specific requirements, please contact our customer support or bookkeeper.

We refer our customers to our audit partner, McMillan Woods, which is a global accounting and audit firm that is familiar with our automated bookkeeping practice. What this means for you is that there will be less back and forth between yourself and the auditor.

We do provide tax advisory services. Please do reach out to our customer support or your bookkeeper for more information.

It is very easy to get started with Binery. Leave your email and we will contact you immediately for your free consultation.

You have to provide your Business Registration and Company Registry certificates to validate your business before we can get started with the trial.

We are very familiar with systems whether they are revenue generating systems such as CRMs, to cost systems, such as Payroll apps, that integrate with accounting systems. In order to build your bookkeeping technology stack, we will have to dive deep to gather an understanding of your business first. Only then can we glue and begin automate your operations, as a result automating the bookkeeping process as well.

If we cannot download your bank statements for you. We will send you a monthly reminder to download the bank statements to send it to us.

You can contact your dedicated bookkeeper via Email, Slack or WhatsApp. You can also contact our shared bookkeepers via our customer service on our website.

We made a commitment to our customers that we will be in contact with you within 15 minutes of your inquiry. Seamless and fast response is an important value of our company.

You will be assigned a dedicated bookkeeper if you select our Plus package or above.

Please contact our customer service chat for assistance.

We can send invoices on behalf of you to your customers as well as collect your accounts receivable as well. This depends on the package you select.

We do offer HR and payroll services, where we have HR experts who are familiar with the statutory law within each jurisdiction we operate in.

We do offer CFO services. Our CFO services can include helping you budget for your year, helping you craft the financial aspect of your pitch deck to your investors, and many other other functions.

Depending on how much technology is already used in your operational workflow, the amount and type of documents to be submitted vary. Please contact us for more information.

You can submit documents via our Web Application, Email, Slack or WhatsApp, whichever channel is most convenient for you.

Your bookkeeper will notify you on a deadline of when documents, such as bank statements if there is not automatic feed available, is to be submitted in order for the books to be done on time.

Absolutely! For startups and small businesses, we can be your Chief Financial Officer and provide you with advice regarding your finances. For bigger companies that already have a finance team, we can do the bookkeeping so your employees can focus their efforts on something more analytical during their time.

Packages & Pricing

You can cancel the service at any time, there’s no minimum commitment.
However, it is beneficial to pay one year upfront to receive the best commercial offer.

You can refer to our pricing page for more information or contact our customer support to consult. Each customer has unique requirements.

We can support your most time consuming administrative, operational, and booking tasks.

You will not be charged extra for the services listed on the pricing page. The only time when you will be charged extra is when you upgrade a service plan, or when there are additional requirements to be met, for example, doing catch-up bookkeeping.

You can refer to our pricing page for more information or contact our customer support for a consultation consult. Every customer has their own set of requirements.

You can upgrade or downgrade your subscription plan anytime. Please contact our customer support so we could assist you.

There are no variable costs. Unlike other bookkeeping service companies, we do not charge based on the number of transactions you have. What you see in the pricing plan is what you pay for.

Connecting to Xero

To sign up to Binery with Xero:

  1. Open our web app and click Sign Up with Xero.
  2. Follow the instructions to authenticate the connection with Xero.
  3. Your dashboard will be populated with your data automatically.

To connect your Binery account with an existing Xero account:

  1. Complete your profile by following the onboarding instructions.
  2. Click Connect Xero.
  3. Follow the instructions to authenticate the connection with Xero.
  4. Your dashboard will be populated with your data automatically.

Binery’s Xero integration provides a one-way data sync from Xero to Binery.
Binery pulls data from your Xero reports, including Profit & Loss, Balance Sheet and Budget Summary, and subdivides the contents under the following headers:

data pulled from xero to binery

Disconnecting from Xero removes Binery’s authorisation to connect to Xero. If you need to import your Xero data again, you will be prompted to log in and reauthorise Binery to connect to Xero.

To disconnect your account from Xero:

  1. Click on the Settings Icon at the bottom left of the side bar
  2. Go to the Connections tab.
  3. Click .Disconnect from Xero.

Missing reports

In order to import data that powers the dashboard, your Xero organisation must have at least the Profit & Loss and Balance Sheet reports available and filled with data.

Missing variables/accounts

A few missing accounts will not impede data import, but the insights that use the missing accounts may not work as intended.

If your concerns weren’t answered, please contact us and we’ll get back to you soon.

Privacy & Security

Our system design and policies follow standards set by the HKMA, while our data encryption is based on the NIST Cybersecurity Framework.

Data storage is powered by Google Cloud and backed up daily, and access to your data and documents is restricted to you, your Binery accountant, and parties you have given us permission to.

As of August 2022, we are currently securing an ISO27001 certificate, which is the international standard for managing information security.

Taxes and Auditing

Our recommended audit partner will audit your company. Binery will not audit your books to avoid any conflict of interest.

Our audit partners are familiar with how we operate, hence making life easier for you as the business owner.

There is no conflict of interest because we operate as two separate legal entities with a clear separation of responsibility.

You do not have to spend a lot of time speaking to our partner audit partner, the main reason is because they are familiar with the systems and processes we operate with.

You absolutely can work with an auditor of your choice. We only offer a recommendation and it is not a mandatory option.

We do offer tax advisory services if you require guidance. This is a separate charge to the bookkeeping package listed on our Pricing page.

You absolutely can work with a tax advisor of your choice. We only offer a recommendation and it is not a mandatory option.

still have questions?

Couldn’t find what you were looking for?

Reach out to us! We’d be happy to answer any questions you might have.

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