Accounting
LMSL has a special team supported by its accounting, treasury and corporate services division who are dedicated to the day to day operations of companies of this nature.
Accurate and reliable accounting, as well as bookkeeping, are at the core of every successful company. To help business owners achieve success, LMSL focuses on delivering the most comprehensive Hong Kong accounting services so you can focus on accelerating your business in Hong Kong and beyond forward.
Purchase Orders
We confirm purchase orders to suppliers and sales to buyers. In addition, we negotiate with both the buyers and suppliers in respect of the terms of LCs relating to each transaction.
Letters of Credit
Our staffs are experts in liaising with banks in respect of both the opening and transferring of LCs including preparation of all necessary documentation relating to the application and transfer of LCs. During the course of each transaction, our staffs follow up and ensure that LC is issued in time to meet the production and shipment schedules of the supplier.
Import & Export Documentation
Our staff will obtain all shipping documentation from the suppliers and ensure that appropriate import and export licenses are applied for.
Invoicing
We will prepare all invoices and packing lists for submission to the company’s bankers together with all other documentation required under the terms of an LC. Our staff will liaise with the company’s bankers to ensure that there is no delay in settlement of the LC after preparation of documents.
Monitoring Transactions
Our staff will monitor each and every transaction from its commencement until its completion to the satisfaction of our client. When a transaction is in progress, we will monitor suppliers, banks, freight forwarders etc.; on a day to day basis.
Settlement
When the transaction is completed, all documentations are usually checked before settlement of the LC is approved.
Communication
Our staffs are trained to act immediately upon the instructions of our clients and to keep them informed of the status of any transaction from the time a purchase order is first issued until the funds from the transaction are finally received and banked. During the course of each transaction all communications with banks, buyers and suppliers will be supported by fax confirmation. If any client requests cannot be satisfied within 24 hours, we will advise our client accordingly and provide an estimate of when the instructions will be satisfied.
As our staff, in effect, form part of our client company’s operations, we only act on our client’s instructions and written approval will be obtained before any significant action is taken.
Payments & Receipts Reports
Our accounting and treasury division will prepare detailed lists of all bank movements and reconcile the balance with bank statements on a regular basis at a frequency which satisfies the needs of our client company: this can either be weekly, monthly or quarterly.
Financial Reporting
In addition of the preparation of regular statements of receipts and payments, our accounting division will also generate profit and loss statements and balance sheets in accordance with our clients’ requirements; this can also be done a monthly, quarterly, semi-annually or annual basis. Furthermore, we will prepare annual financial statements and appropriate files to facilitate a speedy audit (if necessary).
