ACCOUNTING Why would a company utilize outsourced accounting services? Outsourcing of Accounting is one of the mainstream practice in the business world. Many companies use outsource accounting services to handle either all aspects of their financial department or they utilize it for part-time help or to help on any particular project the company is working. Top reasons why a company would outsource their accounting needs are: Cost: Companies save money by outsourcing their accounting by not having to pay for employee’s benefits, LMRA, GOSI, Annual Ticket, Indemnity etc. Scalability and customizable approach: You are requested to pay for the service and level of service which you require. For example, If your company has a CFO but could use a cost accountant once a week for the purpose of costing of products which you are producing. Industry-specific accounting experts and software specialists: It’s important that your accounting team have expertise of the industry in which you operate. We ensure that the outsourced accountant to your company has experience in industry which you operate. h5> We follow a systematic approach in delivering our work. The approach used by us is as follows Does AM Accounting Service specialize in certain industries? We provide our solution to various industries and our team has multi industry experience. What accounting software do you work with? We work on various Cloud based software and desktop software’s. Some of the software’s which we work on are XERO, Peachtree, SAGE, Micro Soft Dynamics, Zoho, Tally, SAP, Oracle, Quick Books, Net Suite, Marg ERP, myBooks, Vyapar, Busy, Wave, Fresh Books etc. How much does outsource accounting services cost? The cost varies on the amount of accounting work needed and the level of services provided. There are various hourly rates depending on the need for the different tasks performed. For example, AM Accounting Service would create an accounting team, made up of a Bookkeeper, Staff Accountant, Accounting Manager and or Controller/CFO to work on the tasks associated with those objectives. For most competitive pricing please contact us. Does AM Accounting Service work remotely or on-site? We work both on site and off site anywhere in Bahrain. Do you provide your services in Arabic? Our team has members who are bilingual and we can provide our services both in English and Arabic depending on your requirements. How do I know that my information is secure? AM Accounting Services take are required measures to ensure that the information provided confidential information. There is a two-factor authentication to login to the portal to safeguard accounts and information at all times. Employees must pass a background check to be hired at AM Accounting Service Do you provide Auditing No, AM Accounting Service provides only accounting related services however we have close affiliation with approved auditors in Bahrain and can assist in getting your accounts audited at most competitive pricing. VAT What is VAT VAT (Value Added Tax) is an indirect tax which was introduced across Kingdom of Bahrain with effect from 1st January 2019 with the standard rate currently 5% Is AM Accounting Service VAT Registered Agent Yes, we are VAT registered agent with National Bureau of Revenue. What is VAT Return Filing? Companies are required to file returns periodically depending on the company Turnover. The companies registered for VAT and having turnover of more than BHD 37,500 in one year are required to be registered with National Bureau of Revenue How do I pay my VAT There are various modes of VAT Payment Online Fawateer Credit Card etc. Do you offer a package for both accounting outsourcing and VAT Yes we have a package wherein we provided consolidated services for Accounting and VAT. What is role of AM Accounting Service for VAT We provide various services which are as follows VAT Registration Assisting in VAT Implementation Ensuring Correct Treatment of Items purchased / Sold Preparing VAT Returns Filing of VAT Returns with NBR Ensuring the VAT liability is settled on timely manner. Assist in any VAT Audit Assist in any queries raised by NBR or raised with NBR for Clarificaiton. How VAT Calculated VAT Calculation is done based on the situation If Item is imported : At time of clearance, its paid along with custom Duty If item is purchased locally: At the time of purchase What is output Tax and Input Tax Output Tax is applied on the items purchased or imported. Input Tax is tax applied on the item sold. SERVICES What are the services you provide in HR Outsourcing? One of the major service provided by us in HR outsourcing is hadling the salary payments in Kingdom of Bahrain How can HR outsourcing benefit my business? Outsourcing HR can help save you time and money and can take the worry out of certain areas of compliance. You can choose to outsource some or all day-to-day administrative duties across HR, talent management, payroll, benefits, and more. Take administrative HR tasks off your plate and free up time to focus on strategic business goals, like employee retention and development, or corporate culture. Reduce time spent answering employee questions and dealing with issues. Save money on hiring additional HR personnel. Reduce onboarding and training costs. What is Internal Audit The role of internal audit is to provide independent assurance that an organization’s risk management, governance and internal control processes are operating effectively. Why AM Accounting Service for internal auditors? We have a professional team to provide an unbiased and objective view. We independently evaluate and report to the highest MANAGEMENT in the organization. We have required qualified , skilled and experienced staff.
