Accounting & Tax

A CFO’s Response to the COVID-19 Outbreak

For many companies dealing with lost revenue due to a crisis, the CFO or finance manager plays a key role in a quick recovery.

An overview of the PRC Tax System and Administration

Below we provide foreign investors a background of the PRC tax system and administration to guide investment decisions.

2019 Will be a Year of Tax Enforcement in China

2019 Will be a Year of Tax Enforcement in ChinaChina has been undergoing nationwide tax reform at a speed that most businesses can’t keep up with. This article summarizes important changes in the business environment in China surrounding recent policy updates. The...

Four Scenarios That Lead to a Tax Audit in China

Four Scenarios That Lead to a Tax Audit in ChinaIn China, receiving a visit from the Tax Authorities is never a pleasant surprise. Even well-intentioned and honest businesses can get penalized for unqualified fapiaos, missing supporting documents, and simple mistakes...

What to Do if You’re Still Using Excel to Manage Your Inventory.

Four Scenarios That Lead to a Tax Audit in ChinaIf your business requires maintaining an inventory, you might sometimes feel like you’re walking a tightrope. While too much inventory leads to an increased operational cost, not having enough goods in stock means you...

[CASE STUDY] How To Handle an Inventory Write-Off & Product Wastage

[CASE STUDY] How To Handle an Inventory Write-Off & Product Wastage SME managers tend to focus on marketing and sales while neglecting inventory management. However, they might never realize that huge tax and financial risks could arise from inaccurate bookkeeping...

3 Hard Truths About Using ERP Systems in China

3 Hard Truths About Using ERP Systems in China Implementing an Enterprise Resource Planning (ERP) system and getting your staff to use it is a common challenge for many small businesses, which becomes even more critical when applying it to a country with a very...

Why Fapiao Accounting is Bad for Your Business

3 Hard Truths About Using ERP Systems in China In China, fapiaos are the most important document for tax reporting. They are the gold standard for a business’ taxable income – and for this reason, many accountants do their bookkeeping solely based on fapiaos. This...

Internal Control for Expense Claims

Internal Control for Expense Claims Employee expense claims are paperwork heavy and intensive processes for any business. It is tempting to allow the process to go unsupervised so long as employees receive their reimbursement, and amounts appear reasonable. However, a...

Expense Claims in China – Make Sure They’re Tax Deductible

Expense Claims in China – Make Sure They’re Tax Deductible Expense claims in China must follow certain guidelines in order to avoid paying taxes on otherwise tax-deductible business expenses.  The most common mistakes resulting in unnecessary tax payments come from...

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