Let the Chartered accountants help you prepare your bookkeeping, check the numbers, and optimize tax numbers according to the Hong Kong financial reporting standards.
At Fastlane, we embrace technology, that’s why we ensure to run all your accounting work through our cloud-based accounting platform, Xero.
As a Xero Platinum partner, FastLane group has extensive experience in helping companies to handle accounting work through the Xero accounting platforms.
Let the Chartered accountants help you prepare your bookkeeping, check the numbers, and optimize tax numbers according to the Hong Kong financial reporting standards.
At Fastlane, we embrace technology, that’s why we ensure to run all your accounting work through our cloud-based accounting platform, Xero.
As a Xero Platinum partner, FastLane group has extensive experience in helping companies to handle accounting work through the Xero accounting platforms.
Dedicated Account Manager Enjoy a dedicated account manager in Hong Kong to guide you through the |
Audit and Tax Filing
By letting us handle your accounting & bookkeeping, we can perform our |
Xero Cloud Accounting Software With our professional training and customized setup for your account, |
Monthly / Quarterly / Yearly Bookkeeping ServicesWith our various accounting plans, we are flexible and able to provide customized services to meet your business needs. |
Access to our Professional Payroll With our extensive experience and expertise,
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We offer a unique delivery model with technology that enables us to provide an unrivalled service which has successfully supported more than five hundred companies.
There are many factors that influence a business’ decision to adopt a cloud-based accounting platform. As a business owner, if you ever find yourself and your business experiencing these signs, it may be a good indication that it’s time to embrace digital transformation and give cloud-based accounting systems a try!
With 1000+ third-party apps that can be integrated with Xero, you can tailor-make your Xero experience as you see fit! As a Xero Platinum Partner, we can help you integrate your Xero account with the following apps:
WHY FASTLANE?
Support businesses at every stage of business |
Provide expert payroll and corporate services |
Fully licensed professional accounting, auditing, and corporate services firm |
Awarded Xero Partner of |
Cloud accounting and |
Trusted by over 500+ |
“We have worked with FastLane now for several years, and see them as a vital part of our team. They are extremely diligent and responsive and provide truly world-class service in all their secretarial services, accounting, and auditing. I have already recommended them to several other companies who have also been delighted with their service. I strongly recommend them for any business looking to take the accounting load off your company, allowing you to focus on your customers and your business. Thanks to Tony, Michelle, and the FastLane team!“
Nigel Hawthorn, Managing Director
Treadfox International Limited
“Thorough and fast services, Fastlane did a great job handling my accounting work. The best is that they are one of the most affordable accounting services companies in Hong Kong. Highly recommended!”
Raindrop Technologies Limited
“With the analysis that comes with Xero, we’ve realized that we were spending so little and were actually making quite a lot. We did not picture that we could hire this fast, but now that we have access to more up-to-date information, we can now move forward with plans that were initially not possible!“
Daniel Lau & Kobi Tollitt, Eleven Digital
“Having never received accounting training, I found Xero to be the perfect tool because of its user friendliness and accessibility. Xero also makes collaboration easier with our accounting firm, FastLane. Since both parties have access to our Xero account, FastLane can easily advise Dedicare on their accounting, audit and taxation matters”
Dr. Brian Chung, Dedicare
“We rely heavily on Xero’s automated bank feeds for our data-entry tasks. The platform is even able to auto-generate whatever financial reports we need, as we need them! I think from an efficiency perspective, Xero is really helpful. Time saved is money saved.”
Calista Hung, VOTEE
“Handling traditional bookkeeping and audit for many years. I cannot believe using Xero can make the process so much easier and faster. I no longer need to bring all physical documents around and have useful accounting reports anytime anywhere when logging into Xero. Thanks FastLane.”
Frankie Yiu, Central Japanese Club Limited
All Hong Kong-incorporated companies are statutorily required by the Companies Ordinance to audit their financial statements on a yearly basis.
These financial statements are essentially accounting documents prepared by a Certified Public Accountant (CPA) on behalf of a business, with the aim of providing financial accountability to the company’s stakeholders. For private companies, financial statements are not required to be filed on public records.
For corporate entities, financial statements are required and must be prepared, in order to comply with the disclosure requirements set out in the Hong Kong Companies Ordinance, Hong Kong’s Financial Reporting Standards, and the Rules of The Stock Exchange of Hong Kong Limited for listed companies.
Cloud accounting is a better way to do accounting work. Unlike traditional accounting solutions, cloud accounting platforms are hosted on remote servers and make data and software accessible online anytime, anywhere, and from any device.
The greatest strength of moving accounting from offline to online is that it allows companies to manage and share access to their financial documents with their team, accountants, and bookkeepers – facilitating collaboration, transparency, and efficiency.
To sum up, cloud accounting means storing and accessing accounting data over the internet and online software instead of one’s computer. Since the software is hosted in a remote server, it does not solely rely on a hard drive therefore it results in a safer choice for accountants or business owners. People can add or adjust data through an online platform with instant updates on all devices. There are also some other very popular usages of cloud computing such as google drive, dropbox, and Apple iCloud.
Software Keep Update
Technology is evolving every day, including clouding software. When you are always able to work with the latest version of the software since they update automatically, you can utilize the latest technologies or features to improve your workflow.
Easy to access
As long as you have an internet connection, you can connect to cloud accounting software anytime. It makes your team greater flexibility in working with your operations.
Reduce manual tasks
Cloud accounting software like Xero usually has integrations or bank feed functions that allow you to import transaction data safely from the bank to your cloud software. It reduces time in manual data entry as well as the reconciliation process.
Generate Reports instantly
Generating financial statements are no longer a problem for cloud accounting users. You can have your financial reports instantly with your software to comply with accounting standards.
Huge Storage Cost
With the fact that data need to be stored in a local drive or in physical copies, there are great risks in terms of storage and transfer of data. And once the data is lost, there are huge costs to recover.
Limited people have the access
Since only a few computers have the software, very few people are able to get access to the accounting software which makes accounting work more inefficient in terms of collaboration and transparency.
Not able to adapt company growth
Given the software will not update automatically, the original software may not be able to manage the scaling business. The software then becomes a burden for the company instead of a tool.
The FastLane Group utilizes a cloud-based accounting software named Xero. Xero offers businesses a simple, yet powerful, way to manage their finances. Compared with traditional accounting systems or Excel, Xero users can access their business finances wherever they are, collaborate seamlessly with other parties, and can even improve their cash flow through online invoices.
The FastLane Group started its journey with Xero in 2013 and is certified as one of the Xero Advisors and Xero Platinum partners. Our team are Xero experts and can guide you through the benefits of Xero and transform how you do your bookkeeping, run your credit control and even pay your employees. To affirm our position as a leading Xero Partner, the FastLane Group has been awarded the Xero Award for Accounting Partner of the Year 2019!
Business owners who adopt Xero primarily do so because they want to make use of a business tool that will make running their business easier. Xero offers a simpler and more efficient way of managing some of the most tedious business processes out there, such as managing the invoicing of clients.
With Xero, businesses can create template agreements, invoice clients right away while making it easy for them to settle their payments, and even provide business owners with features that will allow them to follow up on any outstanding invoice! By automating many business processes, business owners will have the freedom to refocus their energy on the key revenue-driving activities that will help grow their business!
Once you have made the decision to move your business to a cloud accounting system like Xero, you have to take into consideration what this transition would look like. The following are factors to consider that can help smoothen the adoption of Xero:
Many businesses often want to migrate all of their historical data from their old accounting platform onto Xero. However, to the extent that all the financial data of a business is already backed up and accessible, large data migration may not be necessary. Because this is a task that needs to be balanced with time and cost, sometimes it will be best to limit the migration of information to just what a business needs to meet its statutory record-keeping obligations. In these circumstances, it would be best to discuss these issues with your accountant!
A common issue that a business experiences when moving to a cloud accounting system is that their financial information may require formatting in order to be successfully imported into Xero. Not only can this task be time-consuming, but it can also be complex. If a business decides to simply migrate its closing balances, a professional accounting firm may not be necessary for the purpose of getting started on Xero. However, if a business decides they want to migrate all its information, then working with a professional accounting firm can guarantee that no complications will arise during this exercise.
Choosing when to start your business on a new online accounting platform is much easier than you think – depending on your requirements, you can start either on a new month or a new fiscal year. If you don’t need to port all your data over from your old accounting platform, simply bring across your closing balances: it’s a clean break.
The physical change from using one accounting system to Xero is also accompanied by a mindset change for those who will have to use this new system. Business owners need to give their staff enough time to familiarize themselves with Xero by establishing a timeline and providing clear instructions on how to use the platform. Doing so can minimize the occurrence of any accounting issues going forward that arise from a lack of familiarity.
For those who are engaging a professional accounting firm to help facilitate this transition, ask them if they can host any training sessions!
Businesses all have different needs and will use different business tools to address their everyday challenges. Ensuring that all these different tools can work together can often enhance the core capabilities of a business whilst increasing the accuracy of the information utilized. If there is a specific business tool that your business needs, check first to see if it integrates with Xero here. If your desired tool doesn’t integrate, then you can also consider the variety of options found on Xero’s App Marketplace to see if there is a suitable alternative!
Yes, Xero provides regular updates on the launch of new features on its websites on Xero News. In July 2022, Xero announced its new features that will allow customers to get quick answers and optimize financial analysis, the 3 major features of Xero updates include:
For more details, read our blog: What You Need to Know About the Coming Changes Of Xero Accounting Software
We determine the number of transactions per month as the number of transactions conducted in a corporate bank account. This includes all deposits, withdrawals, sales invoices, and business expenses.
At the FastLane Group, we take special care, not to double-count transactions. For example, if a company transfers funds between different bank accounts, we count this as one transaction. We also take into consideration whether the company makes several receipts for one sales invoice, or has similar recurring transactions through merchant accounts (Paypal, Stripe, Payoneer, Neat, etc). Other service providers may not account for such transactions.
If you are unsure of how many transactions your company conducts in any given month, don’t hesitate to reach out to us at FastLane. We can review the necessary documentation to help determine!
As a small business owner, it’s likely that you’ve taken on the task of bookkeeping yourself in order to stay mindful of your expenses. Most business owners discover that their time is better spent focusing on their goods and services rather than accounting debits and credits as their company expands.
Outsourcing accounting services in Hong Kong allows small businesses and SMEs to access and utilize more resources as compared to relying on in-house accountants. The key benefits of outsourcing accounting services to a professional accounting firm are as follows:
You may outsource everything from day-to-day accounts receivables to payables, payroll, transaction coding, accounting, filing your Profits Tax Return, and even financial reporting.
Yes. However, it is not recommended. Bookkeeping is an essential part of a business as they are responsible for managing the day-to-day accounts. For business owners who wish to devote their time to business-generating activities, hiring a bookkeeper can ensure that they are able to do so.
According to Xero, without proper bookkeeping, “it would be easy for transactions to go unrecorded, left to pile up until the end of the financial period. Mistakes could be made and important details could be lost or forgotten”. Having a bookkeeper can lighten a load of a business, improving its efficiency.
Parties who require bookkeeping support but are not ready to completely outsource these related roles can consider setting up a Xero system. The FastLane Group’s cloud accounting services get you started with Xero, provide training on the system and manage all receipts you upload onto the platform!
The following are the 4 major differences between traditional and online accounting:
1. Users
2. Accessibility
3. Automation and Data Backup
4. Updates
Cloud accounting is a smarter, more efficient way to handle your business finances. Cloud accounting solutions, unlike traditional bookkeeping software, are hosted on remote servers and allow information and applications to be accessed from anywhere at any time on any device.
As stated by Marc Benioff, CEO of Salesforce.com, “cloud computing is a better way to run your business”. Moving your accounting work to the cloud is no exception. Businesses that use cloud accounting platforms such as Xero can enjoy increased efficiency through automation functions, increased data security and improved financial control over compliance matters. In addition, cloud platforms are typically designed with scalability in mind, allowing users the ability to pick and choose which functions they want to pay for and utilize.
Let us know if you have any other questions!