Accounting, Finance and SST 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. SST Accounting Tutorial

Outsourced Sales and Services Tax (SST) Accounting Services

Under the Sales Tax Act 2018 and Services Tax Act, 2018, 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 SST returns accordingly.

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

  1. Recording and classifying the Sales amount with the respective Sales/Service Tax – to be based on the sales invoices prepared by the company;
  2. Compiling data required for Sales/Service Tax purposes by extracting information from the accounting records maintained;
  3. Preparing reconciliation worksheet to establish that the figures to be reported tally with the financial reports;
  4. On behalf of your company, we shall, complete and submit your SST Form 02 to Custom Authority on a bi-monthly basis;
  5. Assist you to submit the cheque** on Service Tax payable together with the SST Form 02 on a bi-monthly basis;
  6. Monitoring the Service Tax payable in the Balance Sheet to ensure payment of Service Tax to Custom Authority is made within twelve (12) months from the date of the invoices.

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