What affects how much bookkeeping costs in Malaysia?
Cost depends mostly on the number of transactions, how organised your documents are, whether you have payroll, stock, SST or foreign currency, how many bank accounts you use, and whether the work is current or backlogged. There is no official fee scale, so compare written quotes.
No law or regulator sets bookkeeping fees, so quotes vary widely between providers. The main drivers are:
- Transaction volume: more invoices, receipts and bank lines mean more hours
- Document quality: missing, unsorted or unreadable documents raise cost sharply
- Complexity: payroll, inventory, multiple currencies, SST, hire purchase loans, intercompany accounts
- Number of bank and card accounts to reconcile
- Software: use of cloud software with bank feeds reduces manual entry
- Frequency: monthly books cost more than year-end only, but save cost of cleanup
- Backlog: catching up several years costs more than staying current
- Reporting level: management accounts, budgets and analysis are extra
- Provider type: a freelancer, small firm and large firm price differently
Ways to keep costs reasonable
- Send documents monthly in an agreed format
- Separate business and personal spending
- Use bank feeds and e-Invoices
- Agree the scope in writing, including what is extra
- Ask for a fixed monthly fee instead of hourly billing
Compare like-for-like scope, not just the headline price.
Legal basis
- Companies Act 2016, s.245
Sources
Applies to 2026 · Last reviewed 29 October 2026
General information for business owners, not legal, tax or professional advice. Rules change, so check the sources or ask a licensed professional before you act.
Related questions
- What is the HRD Corp (HRDF) levy and is it mandatory for my company?The HRD Corp levy is a monthly payroll-based contribution that funds training. According to HRD Corp's FAQ, employers in covered sectors with 10 or more Malaysian employees must register and pay 1% of monthly wages; employers with 5 to 9 may register voluntarily and pay 0.5%.
- What should I look for when choosing accounting software?Choose software that handles Malaysian needs: SST, e-Invoicing through MyInvois, payroll statutory contributions, ringgit and foreign currency, bank feeds and a clear audit trail. Check data export, support, user permissions and total cost. Cloud versions make it easier to share access with your accountant.
- Should I do bookkeeping myself, hire a bookkeeper or outsource it?Do it yourself when transactions are few and you have the time and discipline. Hire in-house when volume justifies a regular role. Outsource when you want expertise without a full salary. Whichever you choose, the directors stay legally responsible for the records.
- What is the difference between bookkeeping and accounting in Malaysia?Bookkeeping is the day-to-day recording of transactions: sales, purchases, payments and receipts. Accounting uses those records to prepare financial statements, interpret results and support decisions and tax filing. Good bookkeeping comes first, because accounts can only be as reliable as the entries beneath them.
- Is a Sdn Bhd legally required to keep accounting records?Yes. Section 245 of the Companies Act 2016 requires every company, including its directors and managers, to keep accounting and other records that explain its transactions and financial position. This applies even to a new, dormant or loss-making company.