At our accounting firm, we take pride in being the leading provider of professional accounting services in Malaysia. With an experts experienced team, we provide comprehensive Malaysia accounting solutions tailored to meet diverse business needs in various industries.

Malaysia Accounting Services

In Malaysia, we offer a range of accounting services to help businesses achieve their financial goals and meet reporting requirements. Here are some of the common accounting services we provide:

1. Cash Flow & Working Capital Analysis

We help small and medium enterprises (SMEs) identify, assess, and address gaps in managing working capital and cash flow effectively. With the result that this analysis helps businesses optimize their financial resources and improve liquidity.

2. Account Consolidation Services & Financial Statements

We empower company shareholders by providing consolidated financial statements, thus giving a comprehensive view of the company’s financial status. This service helps stakeholders understand the overall financial performance and position of the company.

3. Management Reports & Accounts

We offer accurate and timely financial and statistical information to managers. These reports aid in making informed day-to-day and short-term decisions, thus enabling effective financial management within the organization.

4. Financial Planning & Budgeting

Our services help SMEs structure and implement proper planning and budgeting practices. Doing so by assisting in managing financial resources effectively, setting realistic financial targets, and monitoring performance against the budget.

5. Other Accounting Services

Other then the above services, we provide additional accounting services to support businesses, such as:

Our aim is to support businesses in Malaysia with their accounting needs, enabling them to streamline their financial processes, make informed decisions, and meet their financial goals effectively.

Accounting Standards in Malaysia

The Malaysian Accounting Standards Board (MASB) sets accounting standards, and Malaysian companies must above all maintain statutory financial statements that comply with these standards. For foreign companies listed on the stock exchange, their financial statements should adhere to the International Financial Reporting Standards (IFRSs).

There are specific accounting standards applicable to different types of entities. The Malaysian Private Entities Reporting Standards (MPERS) are mandatory for private companies, while other entities must follow the Malaysian Financial Reporting Standards (MFRSs).

It is imperative that companies prepare financial statements following relevant accounting standards following their entity type accordingly. Because compliance with these standards ensures accurate and transparent financial reporting in Malaysia.

Reach our Representatives

The best way for the foreigners who want to enter Malaysia’s market, is to engage a company incorporation service provider. That provides you one stop service, from registering a business all the way to post-incorporation.

Reach out our sale representative for register a company in Singapore

Determining the Financial Year-end Date for Malaysia Companies

Unlike some jurisdictions that prescribe a specific financial year-end date, Malaysia allows you to pick your financial year-end date. In accordance with Malaysia’s Companies Act 2016, companies can choose their financial year-end so as to best suit the companies operations and goals.

Regardless of chosen financial year-end date, companies must prepare financial statements within 18 months of incorporation date. These financial statements serve as crucial documents that provide an overview of the company’s financial performance, position, and cash flows.

Companies must submit their prepared financial statements to both the Companies Commission of Malaysia (SSM) and the Inland Revenue Board (IRBM). Because this submission ensures compliance with regulatory requirements and facilitates transparency in financial reporting.

While Malaysian companies can pick any date as their financial year-end, most companies will typically pick certain dates. Many Malaysian companies choose December 31st, the last day of the calendar year, as their financial year-end. Or the last day of a quarter, for example March 31, June 30, or September 30 as their financial year-end. These dates often coincide with the natural conclusion of accounting periods, making them convenient options for financial reporting and analysis.

Meeting Accounting and Tax Compliance Requirements in Malaysia

1. Bookkeeping

In Malaysia, adherence to regulatory guidelines mandates that every company maintain accurate and comprehensive records of their financial transactions. These records encompass invoices, receipts, income records, purchase and expense records, as well as various accounting and statement documents. Through effective bookkeeping practices, businesses gain several advantages. For example, obtaining a clear financial outlook, deeper performance insight, identifying financial mismanagement, and effectively monitoring expenses.

2. Annual Financial Statements

Under the Companies Act 2016, it is the responsibility of company directors in Malaysia to prepare annual financial statements. Furthermore, these financial statements must be prepared annually within six months after the end of the financial year. Before distribution, statements must undergo audit and provided to company members, recipients of meeting notices, auditors, and debenture holders. Public companies are further required to present their financial statements at the annual general meeting. Directors failing to comply with these obligations may face penalties.

To explain additionally, annual financial statements play a vital role in accurately depicting a company’s financial position and performance. Such as disclosing director’s pay, retirement benefits, compensation for loss of office, loans, and other such transactions. Private companies must file financial reports in XBRL form to SSM within 30 days of distributing them to company members.

3. Annual Audit

In Malaysia, most companies undergo an annual audit, except those meeting specific criteria for audit exemption. Such exemptions apply to dormant companies, zero-revenue companies, and threshold-qualified companies. Dormant companies are companies not involved in business activities or accounting transactions. Zero-revenue companies are companies with no revenue in the present and past two financial years, and total assets below RM300,000. Threshold-qualified companies are companies meeting specific criteria for annual revenue, total assets, and employee count. However, sole proprietorships and partnerships in Malaysia generally enjoy exemption from annual financial statement audits.

4. XBRL (eXtensible Business Reporting Language)

Malaysia has adopted XBRL as the standard format for processing financial data, offering advantages in terms of cost-effectiveness, enhanced efficiency, and improved accuracy. The Malaysian Business Reporting System (MBRS) serves as an XBRL-based platform through which registered companies can submit both financial and non-financial information. Financial components covered by XBRL include financial statements and reports, annual returns, exemption applications, as well as key statements such as the income statement, balance sheet, statement of changes in equity, and cash flow statement.

Compliance with these accounting and tax requirements is of paramount importance for companies operating in Malaysia. By fulfilling these obligations, businesses can ensure accurate financial record-keeping, maintain transparency, and uphold regulatory standards. Ultimately, compliance fosters trust, stability, and credibility within the business environment.

Your Trusted Malaysia Accounting Firm

With years of experience in the industry, we have a full range of computerised accounting and bookkeeping services.
Your company’s accounting function is in good hands with our professional accountants.

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Your Questions, Answered

We’ve picked the top questions that we get asked the most when it comes to accounting services in Malaysia.

It is important to know if they are chartered or certified. Hiring and engaging an accounting firm that has relevant experience in your field will definitely be a plus. You should also consider engaging a local accounting firm, so they are updated with the latest regulations.

Yes, every company in Malaysia is required to prepare financial statements. The Companies Act 2016 mandates that companies must prepare financial statements within 18 months from the date of incorporation and subsequently within six months of their financial year-end.

Yes, annual financial statements in Malaysia must provide a true and fair view of the financial position and performance of the company and its subsidiaries. Additionally, the statements should include information on director’s remuneration, retirement benefits, compensation for loss of office, loans and dealings in favor of directors, and auditor’s remuneration.

Malaysian law does not require sole proprietorships or partnerships to have their financial statements audited annually. However, it is still important to maintain proper accounting records and comply with tax and reporting obligations.

All companies operating in Malaysia are obligated to uphold meticulous records and accounts. This encompasses the diligent preservation of financial documents, including invoices, receipts, income records, purchase and business expense records, as well as accounting statements. Such records are of utmost importance for the seamless execution of the accounting process, serve as valuable business references, and ensure full compliance with regulatory requirements.

The eXtensible Business Reporting Language (XBRL) serves as a standardized format employed to process financial data. In Malaysia, registered companies utilize the Malaysian Business Reporting System (MBRS), an XBRL-based platform, to submit both financial and non-financial information. Through this system, financial components like financial statements, annual returns, and exemption applications are filed in XBRL format, ensuring consistency and facilitating seamless information exchange.

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Why Outsource Your Accounting Function

In today’s fast-paced business environment, outsourcing your company’s accounting function to a professional accounting firm in Malaysia can offer numerous advantages. Here are compelling reasons to consider outsourcing:

Outsourcing your accounting operations cuts costs on hiring a full-time team, allowing strategic reinvestment in growth areas like marketing or expansion to boost profitability.

Engaging accounting services equips you with a ready team of experts, freeing up time and resources spent training and managing an in-house team to focus on core business activities for maximized growth.

Outsourcing your accounting eliminates deadline worries (tax filing, reporting, etc) with expert firms ensuring timely completion, freeing you to focus on business growth.

Outsourcing your accounting guarantees expert handling (certified professionals) for accurate financials, regulatory compliance, and valuable business insights.

Outsource your accounting functions to ensure compliance with ever-changing regulations, as expert accountants stay updated for you. Minimising penalties and legal risks for your business.

Outsourcing your accounting function offers significant advantages, including cost savings, time efficiency, deadline compliance, superior quality of work, and access to up-to-date regulatory knowledge. By partnering with a trusted accounting firm in Malaysia, you can streamline your financial operations, enhance your business performance, and focus on strategic initiatives that drive long-term success