ACCOUNTING SERVICES

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It is critical to the point that regardless of the size or the type of the business, every single Business ought to benefit from accounting services for their Business. The accounting function of a business is the most vital capability which must be performed by all organizations independent of the size and type of the Business. It is critical to such an extent that it is considered the language of the Business as the administration can figure out the total financial image of the Business. Accounting can be characterized as a cycle in which every one of the monetary exchanges of the Business is recorded, summed up and analyzed. This will permit a ton of advantages to the administration of the organization, for example, understanding the present monetary state of the organization, and setting up a financial plan and will likewise help in setting a way for the fate of the Business.

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Here at GSPU, streamlining the accounting and administrative system of our clients is our main aim providing a wide range of following services:

 

  • Maintain accounting records and secure the database
  • Prepare management reports
  • Prepare and maintain sales & purchase ledger
  • Reconcile bank statements
  • Generate creditor listings and inventory reports

Being an expert we comprehend the core of the business establishment process. We guarantee our clients in giving reputing their structure, maximising their credibility, and standing unique compared to their competitors. We adhere to the International Financial Reporting Standards (IFRS) to principal professionalism in our output which made us one of the top review firms.

Benefits of Accounting practices

 

We have noted the need for accounting and bookkeeping services till now. Let us note the benefits of this practice: 

 

  • Decision Making

 

Accountancy and bookkeeping services assist an association with taking choices to purchase, develop, promote, downgrade, financial preparation, and so forth. It assists with making choices and thinking about both the internal and external environment.


  • Legal Requirement

 

Accounting books are to be kept up with straightforwardly so it helps out the audit cycle and gets the job done with the legal necessities. As per the legal necessities of Bahrain, appropriate accounting records are to be maintained, and the inability to do so will have legal troubles for the organization.


  • Budget Preparation

 

A perfectly maintained book of records assists an association in keeping a continuous track of the financial plan. It gives adaptability to increase or reduce the financial plan according to the organization’s necessity. Old and new budgets can be prepared, maintained and controlled at any time.


  • Tracking Malpractice

 

It becomes easier for any firm to recognise any monetary malpractices that happen in the organisation. In addition, they can be amended and diverted.


  • Averting Financial Crises

 

Since these recorded statements are recorded and assessed continuously, they reduce the trouble of the financial emergency for the organisation.


  • Sustainability

 

A clear & transparent book of accounting records assists a business to persist in the competitive market. As stated above, it helps in management. Appropriate practices & operations can assist the business in developing and undergoing market competition.

Why is Accounting important to a Business?

There are many benefits of business accounting. The fundamental goal of Accounting is to record, summarise and examine every financial transaction of the business. It helps both the management as well as the financers of the company. Accounting is a need for every kind of organization. Some of the advantages of profiting from Accounting Services are:

  1. The company’s current financial standing of the company can be understood from the analysis of the transaction records.
  2. All the different records will help the company to keep track of its finances of the company. This can also benefit when the company requires loans and these records can be submitted for legalities.
  3. The compliance situation of the Business can be read from the company records. The awareness of the management about compliance is an advantage as non-compliance leads to penalties and problems.

By availing the accounting services the management can earn many benefits. But the person or team we rely on must be a genuine expert who handles all the business funds very well, this must be a serious concern for the management.

Are Accounting and Bookkeeping different?

Accounting & bookkeeping comes to be related and many people think that they are similar. But it is wrong and the following factors will show the difference:

  1. The process of Accounting includes Recording, Summarizing and analyzing the company’s total financial transactions, whereas the act of bookkeeping includes recording the company’s total financial transactions. The Bookkeeping process does not involve any analysis.
  2. The process of Accounting analyse the company’s total financial transactions and for taking decisions about the future of the Business, whereas bookkeeping is associated only with the recording of the company’s total financial transactions.
  3. The process of Accounting includes Bookkeeping, but Bookkeeping is a step in the complete procedure and forms the basis for Accounting which helps the Accountant & the management in decision making.

There are other differences too and that is why the management must take the necessary decision to practice this.

What is IFRS?

IFRS stands for International Financial Reporting Standards. To bring transparency and to create common rules & regulations in the world of business affairs across boundaries, these sets of rules have been formulated.


  • Are the IFRS applicable to SMEs?

Yes, IFRS apply to SMEs

  • According to the applicable laws, what are the records to be kept?

Each organization is expected to keep accounting records showing its financial transactions whenever the organization’s financial position must be precisely uncovered and empowering the partners or shareholders to affirm that the company records are appropriately kept as per the arrangements of the Commercial Companies Law or any other applicable Laws. Such records include, yet are not restricted to, bank statements, sales and purchase invoices, payment and receipt vouchers, LPOs, contracts/arrangements, and so on.

  • Accounting records are to be kept for what period?

Each organization is expected to save its accounting books in its head office centre for at least 5 years from the end of the financial year of the organization. 

  • Are electronic copies accepted?

An electronic copy of the original documents & records kept can be maintained by the company.

Before selecting an Accounting firm what should we evaluate?

Profiting from an expert’s service in the field of Accounting is a vital choice for a business and can change the financial state of the business to a better or bitter state. Picking the accounting branch of a business must be done with absolute attention to detail as this won’t just assist the Business functions but will enhance the organization’s goodwill among the present and expected financial backers.

Some important factors to be considered before evaluating a business:

  1. An accounting firm’s fees must be well inside limits. If the firm is charging more, the Business should think hard about whether the services given by the firm are truly needful for the Business or not.
  2. The management must be aware of the number of services a firm provides. Some firms will also offer other types of services related to accounting saving time. They will make it less time for these organizations to process the data as of now they already have all the accounting data of the organization.
  3. The firm certifications must be carefully checked by the administration. The Certifications will assist the management in understanding which is the various regions wherein the firm is agreeable to offering its services. The management can likewise really take a look at the firm review to pursue a superior and informed decision.
What is Outsourcing? How are Outsourcing Accounting Functions advantageous?

Outsourcing is a business practice in which a portion of the business chores is dispensed to a third party or a different company. With availing outsourcing service, the organizations will be able to concentrate their full energy and assets on their core activities needing more requirements. Outsourcing can be selected by a business as an action for cost-cutting.

There are various benefits of outsourcing accounting services for an organization:

  1. Outsourcing will save the essential assets of an organization, like cash and will also assist the management in appropriately focusing on the core product/services and improving them.
  2. The organizations to which the accounting is outsourced will have the most recent advancements and will be aware of the most recent standards and guidelines of the law & jurisdiction, which will, thus, assist the business with satisfying all the compliance prerequisites accurately.
  3. With the management having the option to get better and more detailed data about the organization, they can pursue better choices for the Business and can likewise plan for the future of the organization.
  4. At the point when an action is outsourced to a third party, then, the organization is free from focusing & investing its resources in repetitive activity and this gives the Business adaptability which permits the Business to try new product offerings.
Do Small & Medium Businesses require a well-maintained accounting system?

Recently the number of Small and Medium Businesses has an overall rise. These are organizations which don’t have large funds or assets, and for this reason, such Businesses may opt to eliminate Accounting management. They could feel that it is a redundant & repetitive activity and utilizes lots of the organization’s efforts & assets.

However, this is a wrong assumption and there are various reasons which can assist Small and Medium Businesses in availing of the accounting system.

  1. The accounting system can give all the fundamental insights about the business which will, in turn, help the management in figuring out the current state of the Business plan for the future.
  2. The bookkeeping system will likewise assist the administration in understanding the company’s tax structure and will assist in filing the company’s taxes.
  3. Keeping up with records of the Business essentially throughout the previous five years is the right practice and ought to be followed by every organization.