Harnessing Top Accounting Talent in a Changing Regulatory Landscape

Feb 2 2024
Stone Forest
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As technology transforms processes and jobs, accounting rules and standards only become more complex. No company today – big or small – can afford to ignore the importance of employing qualified finance and accounting staff who can help navigate these complexities.

The Chinese business environment, marked by its distinctive regulatory landscape, places a premium on professionals with not only technical expertise but also a deep understanding of local compliance intricacies. Meanwhile, the Chinese recruitment market for accounting staff has been influenced by several factors:

High Demand for Qualified Professionals: With the continuous growth of the Chinese economy, there has been a high demand for qualified accounting professionals. Multinational corporations and local businesses alike seek individuals who can navigate complex regulatory environments and ensure compliance.

Competition for Talent: The scarcity of experienced accounting professionals has led to an increased competition among employers. This competition is especially fierce for candidates with expertise in international accounting standards and practices, given the global nature of many businesses operating in China.

Regulatory Changes: Frequent changes in accounting standards and regulations in China have created a demand for professionals who can quickly adapt to new requirements. This dynamic environment makes it challenging for companies to keep their in-house accounting teams up-to-date.

Rising Salaries for Accounting Professionals: Due to the demand-supply gap, salaries for qualified accounting professionals are on the rise. Employers are now offering competitive compensation packages to attract and retain top talent.

In light of these challenges, our professional onsite support services emerge as a strategic solution. From providing professional background checks, and on-boarding talent programmes to ongoing trainings for staff, our systematic approach to talent management helps attract and secure the right pool of quality professionals to drive your business forward. We enable you to easily access high-caliber accounting and finance professionals without the hassle of hiring full-time staff.


We provide diversified services for your peace of mind:

  • Functional Outsourcing:

    We offer high-caliber professionals to meet your enterprise’s short-term or long-term financial position requirements, carrying out responsibilities including:

    • Accounts Receivables & Payables
    • Treasury Management
    • General Ledger
  • Project Outsourcing:

    Find the right candidates for your special projects by leveraging our pool of seasoned and highly skilled professionals. For those assignments that require individuals with a high level of technical, interpersonal, negotiation and diplomacy skills, we excel in pairing qualified experts to support your business in the successful completion of:

    • System Change & Data Migration
    • Finance Team Restructuring
    • Urgent Project/Crisis Management
  • 3-6 months Short-term Outsourcing:

    For a short-term boost to ensure smooth operation during peak periods or when you need specialised, skilled candidates to deal with unexpected challenges, we are here to support you with:

    • Short-Term Cover
    • Sudden Workload Increase
    • Unplanned Headcount Movements
    • Business Reorganisation & Restructuring


Why SBA Stone Forest?

SBA Stone Forest

Other Companies

Exclusive Financial Talent Pool

We have over 100 financial staff who are on standby at any time, with a short onboarding cycle, and can match suitable service candidates as needed.

Temporary recruitment from external sources with a long onboarding cycle.

Integrated services to ensure service staff meet project requirements

Provide preliminary screening of resumes, arrange onsite interviews, and provide training required for the corresponding positions

Provide a preliminary screening of resumes and organise onsite interviews

 

The service period can be adjusted according to project requirements

After the project is completed, staff will return to work within SBASF without worrying about personnel placement issues.

Sign a labour dispatch contract according to the project, and terminate the contract upon project completion

Ensure service quality

Fixed project manager tracks the entire process and controls in real-time to ensure service quality.

No project manager to control service quality.

Service staff can be replaced at any time

Filter within existing internal teams as needed, and no additional handover fees will be charged during the handover period.

If replacing service personnel, additional recruitment is required, and double service fees must be borne during the handover period.

 

CHINA UPATES

Accounting and Taxation

  • Tibet joins All-Electric Invoice Pilot, effective from 1 December 2023, covering all of China.

    Since 1 December 2023, taxpayers in the Tibet Autonomous Region have been participating in a pilot project for digital and electronic tickets. The specific scope of the pilot for taxpayers will be determined by the Tax Bureau of the Tibet Autonomous Region of the State Administration of Taxation (SAT). Pilot taxpayers can issue four types of digital and electronic tickets: "special VAT invoice," "ordinary invoice," "air transportation electronic ticket itinerary," and "Railway Electronic Ticket."

    Thus, since the first batch of digital e-tickets was piloted on 1 December 2021 in the Inner Mongolia Autonomous Region, Shanghai, and Guangdong Province, the pilot issuance of invoices and the recipients of the invoices have been extended to the whole country.

  • “Announcement of the Customs Commission of the State Council on the Customs Adjustment Scheme for 2024”.
    In order to continue supporting role of imports and exports in the economy and to better fulfill the vital function of customs duties in integrating resources domestically and internationally, the Ministry of Finance (MOF) has issued the “Announcement of the Customs Commission of the State Council on the Customs Adjustment Scheme for 2024.”

    This adjustment scheme will apply to certain commodities, and the policy take effect from 1 January 2024. Key information from the announcement includes:
    • Provisional import duty rates below the most-favoured-nation (MFN) rate will be applied to 1010 items.
    • To accelerate the innovative development of advanced manufacturing industries, import customs duties on resources, key equipment, and parts in short supply domestically will be reduced. This includes items such as lithium chloride, low-arsenic fluorite, and gas diffusion layers for fuel cells.
    • To safeguard people’s lives and health and meet the population’s consumption needs with high-quality supplies, zero customs duties will be imposed on some medicines and raw materials for anti-cancer drugs and drugs for rare diseases. Import customs duties will also be lowered for food formulas for special medical purposes.
    • Import customs duties on items like sweet corn, coriander, and burdock seeds will be reduced.
    • Export customs duties on high-purity aluminum will be reduced to promote the development of the new materials industry.

    Additionally, in accordance with domestic needs, some of the customs items and annotations have been adjusted, bringing the total number of customs items to 8,957.

    Human Resources

  • On 22 December 2023, the Taiwan Province of China Affairs Office of Hangzhou, Zhejiang Province issued eight measures to support and encourage outstanding young talents from Taiwan Province of China to work and start businesses in Hangzhou. These measures aim to strengthen talent introduction, provide financial support, and enhance service guarantees to motivate and facilitate young talents from Taiwan Province of China to explore employment and entrepreneurial opportunities and contribute to the city’s development.

Specifically, to support the innovation and entrepreneurship of young talents from Taiwan Province of China, the "Eight Measures" propose the following:

  1. Granting CNY 0.2 million to 5 million to award-winning landing projects that participated in the Innovation and Entrepreneurship Competition for Overseas high-level Talents in Hangzhou and meet the specified conditions.
  2. Providing transformation grants of CNY 0.05 million to 1 million for 400 shortlisted projects from the Hangzhou College Students Entrepreneurship Competition that choose to establish a presence in Hangzhou.
  3. Allowing high-level talents from Taiwan Province of China to apply for funding ranging from CNY 0.03 million to 1 million for innovation and entrepreneurship in Hangzhou, with a maximum grant of CNY 5 million for special projects.

Corporate Governance

  • The “Regulations on the Supervision and Administration of Private Investment Funds,” released by the State Council of the People’s Republic of China, took effect on 1 September 2023, marking China's inaugural regulation in this industry. Comprising 62 articles across 7 chapters, the regulations cover five key aspects:
  1. Specifying the scope of application.
  2. Defining the obligations and qualifications of private fund managers and custodians.
  3. Regulating fund raising and investment operations.
  4. Introducing special provisions for venture capital funds.
  5. Clarifying supervision, management and legal responsibilities.

These regulations reflect the state’s supportive policy for venture capital funds. They outline the specific requirements that venture capital funds must meet and implement differentiated regulatory and self-discipline administration for venture capital funds compared to other types of private investment funds.

Contact Us

Tan Lee Lee
Head of China, China
tanleelee@sbasf.com

Rita Boyle
Director, Business Advisory, International Desk
ritaboyle@sbasf.con

Yeo Lee Soon
China Business Advisory, Singapore
yeoleesoon@sbasf.com