WFOE accounting service advice needed

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FrancoMy Original post #1
We are a small WFOE and we are interested in hearing others’ experiences with accounting services. Price level? Software commonly in use ( if any )? We will have very few transactions per month. We could for e.g. fill in the data in an excel sheet ourselves and send the file and papers to the accounting company. Monthly tax reporting probably will be the biggest work.

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DaveNXT #2
I’m in a similar situation, running my small WFOE. Need to get accounting, tax filing & HR work done but in the spirit of bootstrap startup I want to keep such administration cost as low as possible. Hiring a staff specifically to do this wouldn’t make much sense because there isn’t much bookkeeping work to do at this point in time, I suspect it maybe true for you too. I could do it myself but the problem in China is that tax filing needs to be done every month and as I understand, every new employee must be registered with the labour bureau. There’s also the issue of dealing with the government officials which could be frustrating and time consuming given the Chinese government is still some way from being as efficient and professional as we are used to in the developed world. I have better use of my time, which leave me with no other practical option but to hire an external accounting company to do it. I’ve been quoted RMB 1500/month for accounting services (includes tax filing but not annual audit) and RMB 1000/month for HR service. I would gladly switch to another company if someone has had good experience with their accountant and that the fee is comparable. I suspect ooooooo would be charging significantly more. As for accounting software, I think that whether you need to use one depends on the nature of your business and the amount of activities. I’m not using one at the moment because the amount of activities doesn’t justify the effort in using it.

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