Accounting and Bookkeeping
Accounting and Bookkeeping Services
Accounting and bookkeeping services are two crucial financial services for every business.
Accounting is the common language of businesses for financial communication and refers to systematic recording of transactions, summarizing, analysing and reporting in a particular format as required under different laws and regulations. Different countries have different reporting requirements and Accountants in today’s world should be qualified and equipped with a reasonable understanding of these requirements. This will help the companies to analyse the financial status and performance of the company.
Virtual Bookkeeping Services help you to manage the task related to recording each of the financial activities of the business. It is an integral part of businesses for recording Revenues and Expenses. Stakeholders of business need to monitor the financial status regularly to take stock about budgets, revenues and fundraising programs if needed. SRQ Companies will provide deep insights about different financial aspects and provide end to end solutions in the accounting process. We help you reduce finance staff costs and ensure we provide quality services.
We at SRQ Companies think innovatively to provide customized solutions for our clients. We look upon and provide advice on minute possible issues and become efficient in Operations. We also provide specific services on different aspects of accounting functions like:
- Preparation of Journals and Posting into ledgers
- Finalization of Accounts
- Preparation of Financial Statements
- Budgeting & Forecasting Services
- Preparation of MIS reports
- Preparation of VAT invoices
- Installation of accounting software with due care maintained on data confidentiality
- Preparing Tax Calculations
- Preparation of Books of accounts, Ledgers, Receipts and Payments, Cash and Bank Accounts.
- Provided with updated balances periodically about Debtors and creditors and their ageing.
- Inventory Management
- Physical verification of Inventory and Cash Balances.
- Maintenance of HR and Payroll
- Preparation of Cash Flows
- Managing Banking and Cash operations
- Ensuring compliance with Employment and Labour Laws
- Calculating VAT liability and Tax refunds
- Maintenance of records on Output VAT liability and Input Tax deduction.
- Fixed Asset Management.
Role of Accountancy firms in GCC:-
Accounting & Bookkeeping firms in GCC region have helped businesses to manage their daily routine tasks in efficient and effective way to reduce staff costs and also in improving the quality of accounting function and its reporting. This helps business not only in reducing the associated costs but also improved reporting helps in identification and addressing of key issues in reporting needs of the entity. The Periodic reporting helps to not only addressing these issues but also improving the quality of the reports. The accountancy firms in Oman and other GCC countries have helped not only businesses but also the governments by providing them the required information about companies and also implementing different laws and regulations and helped in ensuring compliance.
Recently with the introduction of VAT in Oman, the accounting & bookkeeping function has to undergo changes to address the VAT impact on different aspects of finance & accounting. With the introduction of new laws and regulations, it is becoming important for organizations to maintain books of accounts in compliance with different laws & regulations. Monthly preparation of accounting & bookkeeping reports like trial balance, balance sheet, Profit & loss will help to not only understand the financial status of the company but also to enable the business to take informed decisions. Also SRQ Accounting & Bookkeeping services will provide support in different areas of finance function.
- 1. Asset Management
- 2. Payroll Management
- 3. Process flow
- 4. Capital Management
- 5. Cash flow/Fund flow management
- 6. Setting up the Invoicing process
- 7. Working Capital management
- 8. Oman specific accounting or other reports
Some of the benefits of Outsourcing Accounting & bookkeeping function includes:
- Expert solutions for all accounting & bookkeeping related issues
- Reduced staff costs
- Regular & Periodic monitoring of financial health
- Deep insights on all the accounting & bookkeeping reports
- Income Tax and VAT planning
- Deep insights on Fund requirements
- Advisory on Asset Management and financing of assets
- Regular & Periodic reports of Trial Balance, Profit & Loss and Balance Sheet
- Preparing key reports on Income tax and VAT filings
- Payment of duties and other levies within the stipulated deadline