Question 1

How often should I update my accounts ?

Accepted Answer

We generally recommend monthly or quarterly accounting so that business owners have more timely visibility over their financial performance, cash flow and estimated tax position.Keeping accounts updated during the year allows potential tax issues, unusual expenses and changes in profitability to be identified earlier, rather than only discovering them after the financial year has ended.Monthly accounting is more suitable for businesses with regular transactions, tighter cash flow or management that requires closer financial monitoring.Quarterly accounting may be suitable for businesses with more moderate activity that still want periodic financial visibility and tax planning.Yearly accounting is generally more suitable for dormant, very low-activity or simple companies where regular management reporting is not required.

Question 2

What documents do I need to provide for bookkeeping?

Accepted Answer

Generally, you will need to provide documents such as bank statements, sales invoices, purchase invoices, receipts, payment records, payroll information and other relevant supporting documents. The exact documents required will depend on your business activities.

Question 3

Can Kalyx take over from my existing accountant?

Accepted Answer

Yes. We can review the current accounting status, identify the latest completed period and arrange the necessary accounting records or opening balances for the transition. If previous records are incomplete, additional work may be required before the accounts can be brought up to date.

Question 4

What if my accounts are several months or years behind?

Accepted Answer

We can assist with catch-up bookkeeping and account preparation. The scope and fee will depend on the number of outstanding periods, transaction volume, availability of supporting documents and condition of the existing records.

Question 5

Can accounting services help me monitor my cash flow?

Accepted Answer

Yes. Regularly updated accounts provide better visibility over cash movements, customer outstanding balances, supplier payments and business expenses. For businesses that want closer cash-flow monitoring, monthly accounting is generally more suitable than waiting until year end.

Question 6

Can accounting records help with tax planning?

Accepted Answer

Yes. Up-to-date accounting information gives you a clearer view of your estimated profitability and financial position before year end, allowing tax matters to be reviewed earlier rather than only after the financial year has closed.

Question 7

What will I receive in a Management Account?

Accepted Answer

A Management Account gives you a clearer view of how your business is performing and its current financial position.Your Management Account will generally include:Profit & Loss Statement — shows your revenue, expenses and profit or loss for the period.Balance Sheet — shows your company’s assets, liabilities and equity at a specific date.Trial Balance — provides a summary of all account balances and helps ensure the accounting records are properly balanced.General Ledger — shows the detailed transactions recorded under each accounting account.Debtor Ledger — shows amounts owing to your company by customers and helps you monitor outstanding receivables.Creditor Ledger — shows amounts your company owes to suppliers and helps you monitor outstanding payables.Fixed Asset Schedule — provides a breakdown of your company’s fixed assets, including cost, depreciation and net book value.

Question 8

How are accounting fees calculated?

Accepted Answer

Accounting fees generally depend on factors such as transaction volume, frequency of reporting, number of bank accounts, business complexity, quality of existing records and the scope of support required.

Question 9

What happens if some supporting documents are missing?

Accepted Answer

We will identify the missing information during the accounting process and request the relevant documents or clarification from you.Missing supporting documents may:Delay the completion of your accounts;Affect the accuracy or classification of transactions;Make it difficult for the auditor to verify certain expenses or balances;Result in additional audit queries or adjustments; andCause certain expenses to be disallowed for tax deduction if there is insufficient evidence to support that the expense was incurred for business purposes.For this reason, we encourage clients to maintain proper invoices, receipts, contracts, payment records and other supporting documents throughout the year.

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The exact scope and fee are customised according to transaction volume, business complexity, document quality, reporting needs and e-Invoice requirements.

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Best for stable businesses with moderate activity

YEARLY

Best for low-volume or simple businesses

Frequently Asked Question

How often should I update my accounts ?

What documents do I need to provide for bookkeeping?

Can Kalyx take over from my existing accountant?

What if my accounts are several months or years behind?

Can accounting services help me monitor my cash flow?

Can accounting records help with tax planning?

What will I receive in a Management Account?

How are accounting fees calculated?

What happens if some supporting documents are missing?

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Your Accounting &
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Full Internal
Accounting Team

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and Service You Can Trust

Choose the Reporting Frequency
That Fits Your Business

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Business Solution

Type of Business Entity
New Sdn Bhd
Switch to Us

Accounting & Bookkeeping
Payroll & HR
Audit & Assurance (WP&CO)
Tax Compliance & Tax Audit
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