Why there is no official figure
The IRD and the Companies Ordinance set what business records must contain and how long they are kept[1][3], not what anyone may charge to keep them, and no government page states a market rate. Compare quotes against the scope of work below rather than against a headline monthly number.
The factors that set the price
| Factor | Why it changes the work |
|---|---|
| Transaction volume | Every sum received and spent needs a day to day entry and a voucher, invoice, receipt or bank statement behind it |
| Bank accounts | Each account produces statements to keep and match to the cash book |
| Stock | A goods business records purchases and sales with buyer and seller detail, plus year end stock statements and stocktake records |
| Services | A service business records the services provided, traceable through the books to income |
| Payroll and MPF | Each contribution is paid with a remittance statement showing every employee's relevant income and contributions |
| Year end and audit | A company's financial statements are audited every year unless it is dormant |
| Records kept abroad | Accounts showing the position at intervals of not more than 6 months must be sent to Hong Kong |
How often the books are done
The IRD's own guide tells small businesses to make bookkeeping a regular routine, keep it up to date and not leave things to the last minute[2]. A provider who closes the books every month works through small batches with questions answered while they are fresh. One who receives a year of receipts at once has to rebuild the daily money record before the accounts and the audit can start, and that rebuild is usually what makes a cheap quote expensive.
Audit readiness
Audit is required for all companies except dormant ones[5], and a corporation with gross income files audited financial statements with its profits tax return[6]. Ask whether the quote includes preparing the year end file for the auditor and answering the auditor's questions. The IRD notes that the cost to you of an IRD audit is reduced if all the necessary records are readily available[2].
What to ask for in a quote
- The monthly transaction count included, and the number of bank and card accounts.
- Whether payroll and MPF remittance statements are in scope, and how often contributions are prepared[4].
- Whether year end lists of debtors and creditors and stock figures are prepared[2].
- How often the books are closed, and the turnaround after each period.
- Who answers audit queries, and whether that is priced separately.
- Where the records are held, in what language, and for how long: at least 7 years[1].
The cost of not doing it
Failing to keep sufficient records without reasonable excuse can bring a fine of up to HK$100,000 under the Inland Revenue Ordinance[1], and a director who fails to take all reasonable steps to keep proper company accounting records is liable to a fine of HK$300,000[3].
Rules, forms and figures can change, and the official pages listed below are the authority wherever this summary differs from them.