Fastlane CPA Limited

Accounting & Taxation

profit and loss statement

What Is A Profit and Loss Statement?

  A profit and loss statement – also known as an income or operations statement – is a document that gives a snapshot of a particular business’s overall financial position for a given period.    In general, a P&L statement gives an overview of the profits and losses as they[…]

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What Is A CPA Firm?

  For many entrepreneurs and SMEs, the task of managing one’s financial processes can be overwhelming. As many individuals do not come from accounting or finance backgrounds, working with an experienced CPA firm can help you take the confusion and complexity out of running a business and allow you to[…]

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HK Taxation of E-Commerce and Digital Assets (DIPN 39)

Hong Kong’s tax system has always been recognised as simple and straightforward,  however, this system has faced challenges in recent years due to the development of the e-commerce industry. On 27 March 2020, Hong Kong’s Inland Revenue Department (“IRD”) issued a revised version of their Departmental Interpretation and Practice Notes No.[…]

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Xero Set Up Guide

SMEs require cloud solutions that are simple to manage, yet complete in their functionality. Although there are plenty of solutions to choose from, it is often difficult for new users to use them effectively. In this article, we look to provide practical advice on how to make best use of Xero,[…]

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Introduction to Hong Kong Accounting Standards

As the world becomes increasingly globalized, more people are engaged in the world of business than ever before. As a direct result, it has become largely recognized that it is essential for there to be general consensus on how businesses recognize and present their financial information. Accounting standards help address[…]

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5 Reasons Why SMEs Need an Accounting Firm

Previousy, we introduced accounting systems for SMEs. Regardless of what a business does or how big it is, accountants always have a place in ensuring they run smoothly. Early on, small business and SME owners might find it sensible to handle accounting responsibilities themselves, however as a business grows these tasks undoubtedly[…]

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