As your company grows as a startup or a branch establishment in Bahrain, the business is required by the Bahraini law at the year-end to produce financial statements pertaining to the business operations. To compile financial statements and bookkeeping your accounting activities might take more of your time than expected consequently distracting your focus from business activities.
If you are planning to set up a business in Bahrain the best you can do is to hire accounting and bookkeeping services which handle all your financial statements, bookkeeping, and accounting. While you can sternly focus on expanding your business and enhancing your services to customers.
Why a Business in Bahrain Needs Accounting and Bookkeeping Service?
Most people think that Accounting and Bookkeeping are financial processes that are needed to be catered once in a while at the end of the financial year. The law requires the business entity in Bahrain to submit the financial reports which are conforming to the International Financial Reporting Standards (IFRS) to the competent authorities with regular and timely updates based on your business operation.
In accordance with the Article 286 of the Bahrain Commercial law of 2001 all the businesses and companies incorporated in Bahrain are required to maintain proper books of accounts and prepare their financial statements annually according to the Bahraini government’s rules which are set by the Ministry of Industry and Commerce of the Kingdom of Bahrain (MOIC) and regulated by the Company Affairs Directorate of Kingdom of Bahrain. Which requires the company’s balance sheet, profit and loss account, and a report on the company’s activities and financial position, together with their recommendations as regards profit distribution. The report, the balance sheet, the profit and loss account, and the other reports shall reflect the company’s true financial position.
Furthermore, all the branches of foreign companies, limited liability companies, and corporations must submit annual audited financial statements by the Directorate of Commerce and Company Affairs of the Ministry of Commerce, as well as articles and/or articles of association. Depending on the company's business, financial statements may be subject to other regulatory agencies such as the Bahrain Monetary Agency (BMA) and the Bahrain Stock Exchange (banks and listed companies).
Accounting Standards in Bahrain
In commitment to support the moving towards a single set of high quality global accounting standards the Bahraini government has passed Article 219 of the Commercial Companies Law of the Kingdom of Bahrain (Decree-Law No 21 of 2001) requires that the auditor’s report to the state “Whether the balance sheet and the profit and loss account are conforming to the facts, and are prepared according to the international accounting standards or to the standards approved by the competent authority; and whether they include all that is provided for in the law and in the company’s articles of association and honestly and clearly reflect the actual financial position of the company.”
The Kingdom of Bahrain follows International Financial Reporting Standards (IFS) which is a high-quality global accounting standard followed by major countries in the world. While conforming to the standards the business is required to follow compliances and regulations based upon their business operations in Bahrain.
What do we Offer?
Bookkeeping Services in Bahrain
- Daily transactions bookkeeping and data archiving
- Fixed Assets ledger maintenance
- Stock management, aging, and movements
- Monthly closing of accounts and generating trial balance
- Verification of daily transaction
- Payment plan and payment run
- Monitoring of long/ short terms loans
- Costing system
Accounting Services in Bahrain
- Chart of account setup
- Accounts receivable / account receivable reports / aging report
- Accounts payable including preparation of all type of payments/account payable reports
- Reconciliations: sales reconciliation /bank account / credit cards/ account receivables/ account payables
- Finalization of accounts
- Financial reports presentation and discussion /income, financial position & cash flow statement
- Generate profitability reports
- Cash position reports
Why Choose Commitbiz?
As a business grows, maintaining finances can get complicated in a foreign country. At Commitbiz, we ensure that you focus on your business idea, while we take care of support functions.
We have expert accounting and bookkeeping professionals in our team who have local knowledge in Bahraini rules, regulations, and customs so that you don’t have to bother with it. Our experts are up to the task when it comes to handling company finances and requisite documentation according to the regulations with full responsibility. Our registered auditors have comprehensive knowledge of the functionality of the financial services industry and observe International Standards of Assurance, Auditing, Review, Quality control, and other related services. We suggest you contact us if you need to know exactly what kind of accounting & bookkeeping services that your business need in Bahrain.