Retail Accounting in China
Despite the pandemic and unprecedented challenges in the global market, China scored a steady growth in the retail sector. According to the International Monetary Fund (“IMF”) report in 2020, China is the only major economy with positive growth in 2020.
Digital advancement, new innovations, and eCommerce will continue to transform China’s retail landscape and fuel growth in the retail sector. We expect huge recovery in both offline and online retail market in China.
The retail industry in China is continuously evolving, requiring expertise and deep market knowledge to stay ahead of market trends. Partner us to co-create solutions and maximise your business opportunities in China.
Increase Revenue
We can assist you in building your financial and investment models, so that you can maximise your business value and achieve your business goals.
Strategy 1 – Investment Model Planning
- WFOE Management
- Need not apply special license for the company
- Easier operational processes for setting up of branches
- General way to apply for the franchising license
- Tax efficiency: Gains/losses amongst branches can be offset at company level
- Single Brand
- The fastest and most direct way to set up restaurants and retail stores
- A chain of branches can be set up concurrently
- Tax efficiency: Gains/losses between branches can be offset at company level
- Multiples Brands
Strategy 2 – Policy Updates Affecting Sales Strategy
- Timely update of major Chinese government meetings
- Discussion on potential macro-economy influence and implication on sales
Strategy 3 – Business Diagnosis
- Marketing Diagnostic
- Sales and Revenue Diagnostic
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Financial Status Diagnostic
Profitability
We help our clients to analyse critical financial data to reduce various operating costs, including labour cost, communication cost, and operational cost; to maximise profits.
Strategy 1 – Centralise Management System
- System upgrading and data migration
- Accounting health check
Strategy 2 – Data Integration to Gain Consumer Insights
- ERP Implementation
- Business Model Analysis
- Business Process Review
- KPI Design
Strategy 3 – Tax Optimisation
- Business planning and advice on optimal structure for tax
- Review inter-company activities to comply with transfer pricing requirements
- Apply for VAT exemption (for qualified enterprises)
Strategy 4 – HR Opportunities (Employment Module Planning)
- Customise relevant employment modules for your organisation
- Work permit applications
- Work hours scheme planning and application
- Intuitive work scheduling and attendance management
Strategy 5 – Performance Appraisal & TQCM (Compensation & Performance System Setup)
- Salary benchmarking
- Develop salary structure
- Develop performance appraisal policies
- Implement performance appraisal system and training
- Develop benefits and Incentives structure
Cash Flow Enhancement
Cash flow is critical for business sustainability. We redesign business models and payment schedules to achieve a favourable payment arrangement, and optimise cash flow.
Strategy 1 – Payroll Outsourcing
- Salary calculation and disbursement
- Social insurance and housing fund management
- Individual income tax filing
- Commercial insurance arrangement
- Employee health check
- Government subsidy application
Strategy 2 – Cash Flow Enhancement
- Co-create a complete cash flow/budget management system
- Optimise cash flow management process
- Create a risk analysis and early warning system
- Design supply chain model and business model
- Apply tax preferential policy (for qualified enterprises)
- Apply for financial subsidies and/or tax rebates