Business Strategy and Finance Strategy need to be aligned such that the changing business landscape is catered to effectively with the resources available, both people and systems. We bring your finance function fit to purpose to effectively serve the business operations.
Assessing the current state of tax compliance procedures in place within the finance department and identify GAP's to comply with the Bahrain VAT Law.
Providing advise on VAT issues,
VAT Health checks, and
providing reports required for filing of tax returns
Implementation of an accounting system for any mid sized company can easily put a drain on the resources, both financial and human. Having a techno-functional adviser to assist in system selection and project manage during implementation while effectively coordinating between the finance-IT and operations can add significant value to the entire process.
Working with the management team on the annual budget and planning process
Preparing monthly financial statements (balance sheet, income statement and statement of cash flow), including actual versus budget financial analysis
Recording payroll based on information from third party timekeeping systems.
Assisting with changes to the monthly payroll for joiners and leavers as they occur.
Reviewing quarterly payroll reports and analysis for significant variations month-wise.
Assisting in the shared services and outsourcing initiatives of the client, we identify the business processes which can effectively be outsourced to run the operations more efficiently and improve the bottom lines.
Our Experienced Accounting team will assist in developing chart of accounts based on reporting needs
Developing revenue recognition policy (IFRS 9 compliance).
Assisting in the financial statement impact of new Accounting Standards or significant revisions therein.
Assistance in Monthly reconciliations of Bank and Customer/ Supplier statement balances.
Devising MIS pack and periodic review
There can be key management led initiatives as diverse as Digital Transformation, implementing an ERP system, inventorization of Fixed Assets or Inventories, preparation for an Acquisition etc. A milestone based project tracking with various stakeholders may be taxing on regular staff. The Company may not also have the internal expertise to lead the project. We can lead and manage the project and deliver an effective project closure.
We do new company incorporation in the Kingdom of Bahrain and can handle the secretarial work for the new company like filing annual financial statements with the authority, document management for the newly established SME's, Any changes with the Ministry of Industry and Commerce in the Address, Nature of Business (Activity), or shareholders agreements.
As a businessman you have seen many ups and downs but somehow the current market situation and the uncertainty have resulted in too many unknown factors to deal with.
To manage this you should have a trusted professional adviser who will provide you a robust advice on your business’s projections of liquidity. You need simple answers to your simple questions;
We at SimplyFI can help you in getting to these answers through our Liquidity Management Model in about a week’s time for a typical SME. Simply Financial Intelligence…..
Understanding the dynamics of your business, the complexity of your customers behavior, your commitments to suppliers, the fixed operating overheads including payroll costs and analyzing the impacts of operations shutdown on your business liquidity is the need of the hour. Contact us now for a free consultation!