The image above shows the actual screen from our ledger. All company transactions are recorded here and are used to prepare the company’s balance sheet, income statement, and other financial statements. Why Companies Should Use Accounting/Bookkeeping Services? Introduction Efficient and accurate financial management is essential for business success. Companies, whether large or small, often […]
Category Archives: Accounting and Bookkeeping in Korea
Outsource to an Accounting Firm Instead of Hiring a Bookkeeper In-house bookkeeping is great for large companies. They need expert staff on full time constantly handling payment requests, payment processing, tax filings, payroll calculation, etc. There are a million things for them to do. However, if you’re a smaller operation monthly sales of between […]
Under the Korean Commercial Law and related tax laws, a company is required to keep its accounting records using “double-entry” bookkeeping system, and prepare financial statements and maintain them for at least five (5) years. Also, once you start a business in Korea, you would be required for following reporting requirements : Value Added Tax […]