Why Does a Business Need Accounting and Bookkeeping Services?
Accounting and bookkeeping in Malaysia can turn out to be a very time-consuming as Malaysia functions on a pre-defined set of accounting standards which cannot be violated at any cost. In order to work in accordance with these standards, a company must have a back support which has proper knowledge of the country’s accounting policies as it is a very challenging task and requires a lot of time, experience, and efficiency. Even if it’s not for the sake of law, accounting and bookkeeping is very beneficial anyway, it helps in keeping a track of the cash inflow/outflow, payment of relevant taxes, tax filings, etc. which eventually gives a clear future outlook of the company as well as helps in planning better business strategies and ensures that a business runs more efficiently by preventing the possibility of any taxation hazards in the future.
The following 3 entities play a significant role in monitoring the accounting and bookkeeping practices in Malaysia.
1. Malaysian Accounting Standards Board (MASB)
The Malaysian Accounting Standards Board (MASB) was established in 1997 and under the Financial Reporting Act, the board has the authority of setting up financial reporting standards and statements of principles for financial reporting in Malaysia. Prior to the Malaysian Accounting Standards Board, two local accounting professional bodies, namely, the Malaysian Institute of Accountants (MIA) and the Malaysian Institute of Certified Public Accountants (MICPA) were carrying out the setting up procedure of accounting standards in Malaysia. The main objective of MASB is to enhance the quality of external financial reporting framework in Malaysia.
2. Malaysian Financial Reporting Standards (MFRS)
The Malaysian Financial Reporting Standards (MFRS) was established by the Malaysian Accounting Standards Boards (MASB). All the registered companies in Malaysia are intended to prepare their statutory financial statements strictly in accordance with the MFRS. The MFRS’s framework is totally compliant with the framework of the international financial reporting standards (IFRS) which results in the enhancement of the credibility and provides a transparent financial reporting system in Malaysia.
3. Malaysian Private Entities Reporting Standard (MPERS)
The Malaysian Private Entities Reporting standard (MPERS) was launched by the MASB. It is the revised framework of the private entities reporting standards and is applicable only to the private companies which are incorporated under the Companies Act 1965. The MPERS is a self-contained standard comprising of 35 sections which cover all the relevant areas for financial reporting by private entities. It is based on the International Financial Reporting Standards for Small and Medium-Sized Entities (IFRS for SMEs) which has been issued by the International Accounting Standards Board (IASB).
Business Setup Worldwide Accounting Services in Malaysia
Business Setup Worldwide is a consulting platform which keenly understands the importance of accounting and bookkeeping in an organization. Our accounting services in Malaysia include:
- Financial accounting
- Bookkeeping and reporting
- GST advisory
- Audit and income tax
- Payroll and company secretarial services
- Statistical analysis
- Filing tax returns
- Preparation of financial statements
Who We Are
Business Setup Worldwide is a platform which helps you with your company formation procedure and overall business holding and enhancing services. We facilitate the setup of your business through services like company registration, accounting, bookkeeping, intellectual property protection, etc.
We keep your business objectives at the centre of our operations. We specialize in business-oriented support activities, in face of the ever-changing global executive environment. We commit to adapt to the market and conceive innovative strategies to aid firms with their vision.
Business Setup Worldwide is a platform that helps foreign investors in establishing their company in Malaysia. Our business experts take care of the accounting and bookkeeping, so you can focus on business development activities. They guide and plan the entire business and financial framework that helps a company to gain stability in a foreign land. Apart from dealing and sorting out the accounts and financial aspects, our experts also help in clearing the legal proceedings which are essential to clear in order to establish a business.