Bookkeeping in Hong Kong: Do It Yourself, Hire or Outsource?

Do it yourself

• Suits: very few transactions, simple sales, an owner who will reconcile monthly.
• Risks: it is easy to fall behind, mix personal and business items, or misclassify. Your time may be worth more elsewhere.

Employ a bookkeeper

• Suits: steady daily volume, payroll, stock, or multiple bank accounts.
• Points: you need supervision and a cover plan for absence; the employee cost includes MPF and leave.

Outsource

• Suits: businesses that want professional processes without a full-time hire, or that need coverage and continuity.
• Points: agree scope in writing (what is recorded, how often, who approves), who owns the files, how you access the data, and what happens at hand-over.

What does not change

• The directors must take all reasonable steps to secure compliance with the record-keeping rules (ss.373, 377). Delegating the work does not delegate the duty, though a reasonable belief that a competent and reliable person is responsible is a defence (s.373(7)).
• The statutory audit is performed by an independent auditor, not by whoever does your bookkeeping.

Review every month: bank reconciliation done, receivables chased, payroll and MPF filed.

For what each option costs, see the answer on the factors that drive bookkeeping and accounting cost.