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Accounting and Financial Reporting

CW CPA provides comprehensive accounting, financial reporting and finance function support services to businesses operating in Hong Kong and Mainland China. From day-to-day bookkeeping and financial reporting to finance process optimisation and cross-border reporting conversion, we support organisations across the full finance service spectrum.

Managing financial records, regulatory reporting and accounting standards across jurisdictions can be complex, particularly for companies with multinational group structures or PRC GAAP and HKFRS / IFRS reporting requirements. Our structured approach integrates transactional accounting, financial oversight and finance systems advisory to ensure accuracy, compliance and operational efficiency.

We help clients strengthen internal financial controls, streamline reporting processes and maintain audit-ready financial records, enabling management to focus on business growth with confidence.

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Our Working Approach
  • Use of recognised accounting systems to improve accuracy, consistency and accessibility of financial information
  • Compliance-focused financial reporting aligned with local requirements in Hong Kong and Mainland China
  • Timely preparation of accounting records and reports to support compliance and management requirement
  • Support for audit preparation and early identification of financial reporting risks

Our Accounting and Financial Reporting Services

Accounting and Financial Reporting services support the preparation, integrity, and strategic oversight of financial information. These services encompass bookkeeping, financial reporting, business process outsourcing, financial control enhancement, cross-border reporting conversion, and transaction-related financial advisory. The objective is to ensure accuracy, regulatory compliance, operational efficiency, and decision-useful financial insight across both local and multinational business environments.

Bookkeeping & Ledger Maintenance

  • Maintain complete and accurate general ledger and subsidiary ledgers in accordance with PRC GAAP/HKFRS / IFRS and Hong Kong statutory requirements.
  • Record journal entries, accruals, prepayments, and adjusting entries to ensure proper financial period cut-off.
  • Design and optimise chart of accounts structures to support management reporting and statutory compliance.
  • Perform ongoing bookkeeping services, ensuring accounting records meet audit and regulatory standards.
  • Review financial data for completeness, accuracy, and classification consistency.

Reconciliation & Financial Close Support

  • Perform bank, cash, and intercompany reconciliations to ensure financial data integrity.
  • Reconcile accounts receivable, accounts payable, and balance sheet accounts on a periodic basis.
  • Manage month-end and year-end closing processes, including preparation of closing schedules.
  • Prepare audit-ready working papers and supporting documentation for statutory audit purposes.
  • Identify and resolve discrepancies in financial records to maintain reporting accuracy.

Management & Statutory Reporting Preparation

  • Prepare monthly management accounts with detailed financial analysis and variance commentary.
  • Draft statutory financial statements under PRC GAAP/HKFRS or HKFRS for Private Entities.
  • Prepare consolidated financial statements and group reporting packages.
  • Support interim and annual reporting cycles, including financial disclosures and notes to accounts.
  • Assist in financial statement formatting and presentation aligned with regulatory requirements.

Special Purpose Reporting

  • Prepare financial statements under special purpose frameworks such as tax basis or regulatory basis reporting.
  • Produce grant utilisation statements and funding compliance reports for government or donor bodies.
  • Prepare financial schedules required by lenders, investors, or contractual counterparties.
  • Develop customised financial reports tailored to specific stakeholder needs.

Payroll & Finance Administration

  • Coordinate payroll processing and ensure compliance with Hong Kong employment regulations.
  • Support MPF administration and payroll reporting requirements.
  • Maintain payroll records and prepare payroll-related financial schedules.
  • Assist with finance administrative processes to support internal governance.

Accounting Staff Secondment

  • Provide qualified accounting professionals on temporary or project-based assignments.
  • Support month-end closing, system implementation, or audit preparation during peak periods.
  • Reinforce in-house finance teams during staff shortages or transitional phases.
  • Deliver on-site or remote accounting support aligned with client operational needs.

Cloud Accounting System Implementation

  • Implement and configure cloud accounting platforms such as Xero, QuickBooks, or ERP systems.
  • Design chart of accounts and reporting frameworks aligned with business operations.
  • Configure system workflows, approval hierarchies, and internal control settings.
  • Migrate financial data from legacy systems and ensure data integrity.
  • Provide user training and post-implementation support to finance teams.

Finance Process Design & Optimisation

  • Review and redesign finance workflows including AP, AR, GL, and financial close processes.
  • Optimise month-end close timelines and reporting efficiency.
  • Develop documented accounting policies and finance procedure manuals.
  • Improve financial reporting accuracy through process automation and standardisation.
  • Enhance operational efficiency within the finance function.

Internal Financial Controls & System Controls

  • Design financial control frameworks aligned with governance and regulatory expectations.
  • Implement segregation of duties and approval matrix structures within accounting systems.
  • Establish system-based internal controls to mitigate financial reporting risk.
  • Document control procedures and support audit readiness initiatives.
  • Strengthen internal financial governance through control assessment and improvement.

Financial Reporting Oversight

  • Oversee preparation of financial statements and management reports.
  • Review consolidated group financial statements for accuracy and compliance.
  • Conduct comparative analysis and variance reporting to support management decisions.
  • Monitor financial reporting processes to ensure reliability and timeliness.

Internal Financial Controls & Process Design

  • Establish and maintain internal financial control systems.
  • Identify control weaknesses and recommend remediation measures.
  • Strengthen governance and risk management within finance operations.
  • Support financial compliance and reporting integrity initiatives.

External Liaison & Reporting Governance

  • Coordinate with external auditors throughout statutory audit processes.
  • Manage regulatory reporting and statutory filing requirements.
  • Prepare audit schedules and respond to auditor queries.
  • Ensure readiness for financial reporting inspections or regulatory reviews.

Cross-Border Reporting & Conversion

  • Perform PRC GAAP to HKFRS / IFRS financial reporting conversions.
  • Reconcile differences between accounting frameworks for group consolidation.
  • Harmonise multinational financial reporting standards across jurisdictions.
  • Support cross-border consolidation adjustments and reporting compliance.
  • Advise on multinational financial reporting structures and governance alignment.

Financial Due Diligence

  • Conduct buy-side and sell-side financial due diligence for mergers, acquisitions, and investment transactions.
  • Perform quality of earnings analysis and normalisation adjustments.
  • Assess working capital requirements and net debt positions.
  • Review historical financial performance and sustainability of revenue streams.
  • Identify financial risks, contingent liabilities, and transaction-specific exposures.

Post-Transaction Integration Support

  • Assist in alignment of accounting policies post-acquisition.
  • Support financial reporting integration and consolidation setup.
  • Review finance process integration and internal control alignment.
  • Provide transitional financial oversight during integration phase.