JM Consultants PLT is an accounting firm in Johor Bahru provides accounting service to companies or businesses in Johor Bahru, Malaysia. All of our firm accountants are chartered and approved by ACCA and which are the experts at accounting standards like SST (Sales and Services Tax) in Malaysia. Over the years, we are outsourced with accounting works by over hundreds of small and medim enterprises across different regions based in Malaysia, including Johor Bahru, Penang and Kuala Lumpur.
The first step of accounting is bookkeeping, our latest SST accounting software will also assist you on day to day bookkeeping work, helping you to easily record any financial activity happens in your company, and when enough data gathered you will be able to review every financial activity recorded in a summarized statistical way for decision making purpose.
Your Company Financial Health
Aside from the compliance duty which we carry out on annual submission of your company financial statement to SSM (Suruhanjaya Syarikat Malaysia), our accounting service will also help you fully understand on your company financial activities. We will help you to understand your company’s revenue, purchases, receivables, payables, assets, liabilities thoroughly then further advise on your company’s financial position based on our accounting analysis.
Our accounting firm is also a registered member with MIA (Malaysia Institute of Accountants) and a licensed GST tax agent approved by RMCD (Royal Malaysian Customs Department). Our accounting firm also in compliance with the approved financial reporting standards such as (Malaysian Private Entities Reporting Standard) and MRFS (Malaysian Financial Reporting Standards), both standards are issued by MASB (Malaysian Accounting Standards Board) and is/are required by SSM when lodging annual financial statement.
Financial Statements & Service Content
We provide professional accounting service, the provision of financial statement and advisory will not be absensed. Following are the contents will be delivered to your company as part of our service, including but not limited to:
|Company Trial Balance|
|Profit & Loss Statement|
|Company Balance Sheet|
|Detailed Fixed Assets Listing|
|Consolidated Financial Statement|
|Summary of statistical Management Accounts for decision making by managers|
|Detailed Company Accounts Receivables ( amount owed by debtor )|
|Detailed Company Accounts Payables ( amount owed to creditor)|
|Maintenance Cash Book and Bank Reconciliation|
|Help to schedule for account auditing and provide all necessary accounting statement for auditing|
|Assist auditors thoughout the auditing process|
|Provide other financial accounting reports on demand|
|GST Related (GST is 0% since 1st June 2018)|
|Help to register Company GST account with Customs Department (Jabatan Kastam Diraja Malaysia)|
|Preparation and submission of all forms and returns on a timely basis|
|Resolving GST technical issues faced by clients|
|Provide advisories on rules and regulation related to client GST affairs|
What is SST (Sales and Service Tax)
We are also licensed SST (Sales and Service Tax) agents and we have also prepared a set of FAQ on SST matters:
Sales and Service Tax, often abbreviated as SST, is a single stage taxation levied at manufacturer or consumer level (GST is levied at multiple stages from manufactures to consumers). Almost all businesses or companies are required to register for SST, those businesses with annual turnover more than specific threshold requires licensing for the taxes whereas those below the taxation threshold(will not be levied), will also require a certificate. As of this writing, the Sales Tax is at 5 – 10% whereas Service Tax is at 6%.
GST is reduced to 0% since June 1st 2018 whereas SST is set to implement on 1st September 2018 nationwide. There are 2 main categories fall under SST: the Sales Tax, and the Services Tax.
What is Sales Tax?
Sales is initially introduced in February 1972 and is a single stage consumption tax. The levy is charged and paid on the goods which are manufactured in Malaysia and the goods imported to Malaysia as well as the locally manufactured goods at the time the goods are sold or otherwise disposed of by the manufacturer.
Should I apply?
Manufacturers of taxable goods whose annual sales turnover exceed RM100,000 is required to be licensed under sales tax act. Those with annual sales turnover does not exceed RM100,000 are required to apply for a certificate of exemption from licensing. To find out the list of good subjected to sales tax, please visit the following page:SST Malaysia (Sales and Service Tax)
What is Service Tax?
Service Tax is firstly introduced in March 1975 and a few constantly refinement since then. The current Service Tax rate is 6% and like Sales tax, it is also a single stage consumption tax.
Should I apply?
For all taxable services, charged and paid on specific services provided by a taxable person in Malaysia. Yes, for most of the businesses or companies, it is required. To find out if a service is affected, please visit the following page:SST Malaysia (Sales and Service Tax)
Accounting Service FAQ
To clarify the doubts in case of any of our information is not supplementive enough, we prepared a set FAQ to cover:
What is accounting?
Accounting is a process of recording, interpreting, classifying, analyzing and summarizing financial data and using the summarized data our accoutants will help the clients to understand where they financial position at.
Who is a chartered accoutant in Malaysia?
Any accountant who is a registered member of Malaysia Institute of Accountants. (Accountants Act 1967)
What is bookkeeping?
Bookkeeping is the first step of the entire accounting process, its main duty is to record every financial transaction happens within the company on daily basis.
Where to store the bookkeeping records?
We will provide you with our latest GST accounting software for you to easily record every financial transaction happens in the company, then our accountants will utilize the recorded data the further accounting process. (However some businesses prefer to bookkeep using tranditional paper work.)
Who is a bookkeeper?
Bookkeeper responsible for recording transaction including purchases, sales, receipts and payment happens in a company. In modern days, most of the transaction can be keyed in by the company personnels to the GST accounting software provided. We will also be assistance when financial data inconsistent occurs.
Why does my company needs accounting service?
There are two main reasons : Firstly, for compliance reason it is required by SSM (Suruhanjaya Syarikat Malaysia) to lodge annual company financial statement as a report. Secondly, accurately accounts for every financial activities happen in the company is utmost important since it helps the company directors to understand the financial health status of the company.
Where are you based?
We are based in multi regions of Malaysia : Johor Bahru, Penang, Kuala Lumpur and in near furture we will expand our area of service to Singapore.
How do you charge on accounting service?
We believe every business operates differently so it will be difficult for us to define a fixed price for all , please contact us, drop a message through the contact form or request a callback by leaving a contact number to us, many thanks!