There is no doubt that Accounting is one of the most important functions which have to be performed by a business, but they should pick the suitable accounting system. The process of Accounting System Analysis actually examines the Accounting system followed by the business and also provides assistance in case they are not using the proper accounting systems.

Bookkeeping can be defined as the process of recording all the financial transactions made by a business. It is the responsibility of the bookkeeper to record, classify and summarize all the transactions of the business so that they can be used further. Many people think that the process of Bookkeeping is the same as the process of Accounting, but this is a misconception. Bookkeeping can actually be considered a subset of the Accounting Function. In Bookkeeping, it is required that all the transactions of a business are recorded and classified, whereas, in accounting, the recorded transactions are further analyzed to find out what is the present situation of the Business and also derive a future plan.

Payroll becomes one of the top priorities of any organization when it comes to dealing with an employee. An organization needs to value their employees and for the proper maintenance of the services is extremely important. In Bahrain, most of the business entities find outsourcing the payroll services to be way beneficial.

Accounting is one of the oldest yet one of the most important functions which a business should perform. It is so important that no matter the size or the nature of the business is, each and every Business should avail accounting services for the Business. The accounting function of a business is one of the most crucial functions which should be performed by all businesses irrespective of the size and nature of the Business. It is so important that it is considered as the language of the business as the management can understand the complete financial picture of the business.

Accounting is a very important activity that is to be performed diligently by the management, but it is also true that Accounting can be very time taking and repetitive. This is why most of the companies require external assistance while conducting the accounting activity for the business. Some companies outsource the Accounting Function of the company to a third party for better results.

Inventory Verification helps the company reduce the loss of inventory to a great extent, providing assurance to the management that the inventory reflected in the financials are reliable. Inventory is the most valuable asset of any company and is most susceptible to pilferage, fraud, wastage or damage.

As per International Accounting Standards (IAS2) inventories are the asset held for sale in the ordinary course of the business, in the process of production for resale and in the form of materials or supplies to be consumed in the production process or the rendering of services. As per IAS 2 Inventories are measured or valued at lower of cost or net realizable value.

When a business is set up, many different businesses focus on providing the best possible product or services so that the business flourishes to new heights. During this, the businesses knowingly or unintentionally do not record the financial transactions of the business. This can cause problems for the business in the long run, and this is why Updating Backlog Accounts is important for a business

Fixed assets, as the name suggests, are fixed or permanent investment of a company and is expected to be in use for more than a year. Replacements, maintenance and/or additions are imperative for maintaining the assets for the long term. Fixed assets, being of high value, call for proper internal controls to be in place to ensure that the assets are maintained and used in the best possible way. The effective and optimum utilization of the assets steers a company to success.

We aim to make your world of tax reporting easier and more manageable with the help of our trained and qualified staff and through the variety of tax consultancy services we offer. Whether you are looking for help with personal, international, business, or specialized tax forms, we have resources to help you reach your goals.

VAT Consulting

We are a leading VAT Consultant in BAHRAIN and we understand your concern. We provide the perfect solution for you including: The knowledgeable and experienced VAT team VAT advisory, training, and consultancy solutions VAT recording, billing, and payment to NBR Bahrain

VAT Registration

Value Added Tax (VAT) is a tax on the consumption or use of goods and services levied at each point of supply. It is a form of indirect tax which is adopted by more than 150 countries in the globe. The rate of tax in Bahrain is 10% in line with the GCC VAT agreement and there are categories of goods and services classified as Standard rated, Zero-rated and exempted. Businesses’ having the total revenue of BD.37, 500 /- for the past 12 months has to be registered for VAT mandatory.

VAT Return Filing

Value Added Tax (VAT) is charged on the consumption of goods and services. Be it a new business or an established business, filing for VAT return acts as a savior and also holds a good image in the eyes of the government. We can support you in filing the VAT returns monthly, quarterly or annually with the support of our dedicated and experienced VAT consultants and associates.