Entries by admin

Flavors of Accounting

Just like ice cream, accounting comes in various flavors. There are so many to choose from, sometimes it is difficult to make up your mind. In reality though, most of these “flavors” are just plain old vanilla, strawberry, or chocolate. Some are a mix of more than one flavor. Others are more like frozen yoghurt […]

Bahrain VAT: Fines and Other Penalties

Failure to comply with the Laws and Regulations of VAT can result in significant fines and penalties. Moreover, in cases where Tax Evasion can be proven, a Taxable Person can find himself facing imprisonment for up to five years. This article aims to explain the fines and penalties that can be imposed on Taxable Persons […]

Bahrain VAT: Who Should Register?

It is common knowledge by now that the deadline for VAT registration is 20-Dec-2019 for Resident Taxable Persons who have Taxable Supplies of more than 37,500 BD. But what does that really mean? What are “Taxable Supplies”? And who are “Resident Taxable Persons”? What if your business does not generate revenue of more than 37,500 […]

Revenue vs. Profit

    Any business owner needs to know how to maximize their profit and to demonstrate to investors that the company is heading in the right path since revenue can indicate a firm’s potential. The most important difference between revenue and profit is that while any company can increase its revenue, it may well be […]

Inventory Valuation Methods Impact on VAT

  Would changing the inventory valuation method from First In First Out (FIFO) to Weighted Average (WA) or vice versa reduce my VAT payments? VAT is computed on the amount paid to purchase or sell an item. So, in case a retailer purchases stock for 1,000 BD from a distributor, the VAT amount would be […]

Advantages of using Accounting Software

Advantages of using Accounting Software Updated accounting data has many advantages for any establishment, and these advantages will be more valuable if you manage it through an accounting software. Through it you will know what happens in your business, reports will be generated automatically and without losing effort or time in them. Accounting software or […]

How Outsourced Accounting Works

  Companies have the option to prioritize their core business activities by outsourcing support functions such as accounting.   Accounting activities include bookkeeping, inventory costing and related internal controls, financial statements preparation, fixed asset controls, assessment of taxes and preparation of guides for payment of taxes, assistance in the processes of importing products, and bookkeeping of fiscal […]

5 Reasons to Outsource Accounting Services for Your Company

When you start your own business, it may seem that you have everything under control, as being a new or small company, both the registration, as the management of finance and accounting are easy to carry out. However, as time goes by and our company becomes bigger, the burden of managing your accounts also grows […]