CONSIGNMENT AGREEMENT

Marketing INCORPORATION

If the supplier of a good wishes to retain ownership of the said good when it is being sold by another party, a Consignment Agreement is necessary. This document is specially created for the instance when a consigner (person or a business) entrusts goods to a middleman for the purpose of selling goods to an end customer. In this arrangement, the consigner typically does not pay the …

Issue invoice

ISSUE INVOICES ON TIME

Marketing INCORPORATION

ISSUE INVOICES ON TIME Getting the money owed to you is key to surviving the start-up phase. An invoice breaks down the costs provided, the total amount due, and how the customer should pay for their received bill. By using an invoice, you can keep track of who has paid, who has not paid, and the condition of your cash flow. Invoices provide a …

Distribution agreement

DISTRIBUTION AGREEMENT

Marketing INCORPORATION

Distribution agreement Besides the sale of goods and the supply of services, there may come an opportunity to collaborate with other companies. There may be the issue that they are not under the same agreements that your company is under. To make sure everyone is in agreement and knows their expectations, you should create a Distribution Agreement to set out …

GOODS AGREEMENT

CAN I REGISTER A LIMITED COMPANY USING THE WORD “ASSOCIATION” IN THE COMPANY NAME?

Marketing INCORPORATION

Limited company CAN I REGISTER A LIMITED COMPANY USING THE WORD “ASSOCIATION” IN THE COMPANY NAME? YES! You can register a Limited company with the word ‘association’ in the company name. This will be seen as a normal Hong Kong Limited company, limited by shares. Further, if you are planning to setup a ‘group’, that is not a Hong Kong …

STEP 4 OF ACCOUNTING PROCESSES IN HK: INCOME STATEMENT AND BALANCE SHEET

Marketing ACCOUNTING & AUDITING

Step 4: Income Statement and Balance Sheet The final step is creating the financial statements. The two most important are the balance sheet and income statement. The income statement shows how the business earned and spent its money over the period. Typically, the income statement will show income received then deduct product costs (see step 1), yielding gross profit. Gross …

STEP 3 OF ACCOUNTING PROCESSES IN HK: SEND IN YOUR OUTSTANDING INFORMATION

Marketing ACCOUNTING & AUDITING

Step 3: Send in Your Outstanding Information As is often the case, while completing the vouchers some information is missing. This could mean the accountant cannot figure out how an invoice is paid, credit card statements are missing, some receipts are illegible, or even the receipts are in another language. When this happens, the accountant will re-check and reach out …

STEP 2 of ACCOUNTING PROCESSES IN HK: CREATING VOUCHERS

Marketing ACCOUNTING & AUDITING

Step 2: Creating Vouchers Now that all your invoices and receipts are sorted (See Step 1), the accountant must create vouchers. A voucher is made for the income earned each month, and the different expenses incurred each month. In accounting, earned income and incurred expense does not necessarily mean money was collected or spent. Earned income means a product or …

4 STEPS OF ACCOUNTING PROCESSES IN HK- STEP 1: CLASSIFYING ACCOUNTS

Marketing ACCOUNTING & AUDITING

Ever wonder what magic goes on behind the accountant’s desk that turns your shoe box of invoices and receipts into an income statement? It is not magic at all. Rather, it is a thorough process that can be broken up into four steps. STEP 1: CLASSIFYING ACCOUNTS All your invoices and receipts sent in must be classified as either income, …