Some problems business’ face are not easily traced back to the accounting methodology, writes Lily Li Fapiao accounting refers to recognising revenue and costs solely based on available fapiaos (the official receipts that are issued and received for goods or services in China). Accountants do not conduct bookkeeping until they issue output fapiaos or receive input fapiaos – and from there, they generate the required financial statements and calculate a …
Tag:
accounting
Fapiao accounting could be limiting your business growth, writes Valur Blomsterberg In China, fapiaos (the official receipts that are issued and received for goods or services provided) are the most important document for tax reporting. They are the gold standard for a business’s taxable income – and for this reason, many accountants do their bookkeeping based solely on fapiaos. This method of accounting does not require the accountant to do …