Accounting, Finance and GST Maintenance Services

Accounting and Finance Services

  1. Setting up chart of accounts
  2. Book keeping and preparation of full set of accounts
  3. Preparation of reporting package with specified requirements, if any.
  4. Bank reconciliation
  5. Maintenance of accounts receivables
  6. Maintenance of accounts payable
  7. Reconciliation of debtors’ statements, creditors’ statements, inter-company statements etc.
  8. Bank maintenance – preparation of payments (including via online banking) and monitoring of cash flow
  9. Cash flow projection
  10. Profit/Loss projection and budgeting
  11. Provisional tax computation for calculating tax estimates
  12. Backlog accounting/reconstructing accounts from incomplete records
  13. Recommendation, where possible, for implementation of internal controls for check and balance of accounting information
  14. Preparation of the year-end financial statements, notes to the accounts and supporting schedules for external audit purposes and attending to auditor's queries
  15. Preparation of accounting information required by tax agent and attending to tax agent's queries
  16. Preparation of statutory financial statements in compliance with the Malaysian Financial Reporting Standards/Private Entity Reporting Standards.
  17. GST Accounting Tutorial

Outsourced Goods and Services Tax (GST) Accounting Services

Under the Goods and Services Tax Act, 2014, businesses with taxable supply (i.e. turnover) exceeding RM500,000 in the current month and the preceding 11 months or projected to have taxable supply exceeding RM500,000 in the current month and the next 11 months, are required to be registered as a taxable person with the Royal Malaysian Customs (RMC). The registered person is required to file periodic GST returns and claim GST refund or pay GST accordingly.

At RSM, we undertake this function on your behalf by providing the following services:-

  1. GST Registration
  2. Classifying all purchases/expenses and sales/income according to the tax codes required by RMC.
  3. Preparation of supporting schedule to substantiate figures submitted in the GST return forms
  4. Reconciliation of GST figures in the supporting schedules to the financial accounts
  5. Preparation and submission of GST return forms on your behalf
  6. Payment of GST, if any on your behalf.

Notable accounting assignments:

  • Assisted a reputable skin care retail chain with stores across Klang Valley in improving its financial reporting, cash management and inventory control processes
  • Provide accounting office support including financial reporting, petty cash and bank account operations, attendance at stock count etc to a Sepang site office of a MNC turnkey contractor involved in KLIA 2 project whereby our services were rendered from Kuala Lumpur
  • Undertake the entire accounting function of an international branding consulting firm including invoicing, cash forecasting, bank accounts maintenance, financial reporting and analysis