Accounting and Bookkeeping Services in Belize

Accounting and bookkeeping services are essential for Belize company formation. Maintaining transparency in the financial statement offers clarity regarding the business and helps achieve growth.  

The Need for Accounting Services in Belize

Running a business involves many financial transactions, which either result in the inflow or outflow of cash. Tracking all these transactions is necessary to ensure clarity in the company data.  

Belize uses International Financial Reporting Standards (IFRS) as an accounting framework. The International Business Company (IBC) in Belize has a physical presence in the country and is required to submit annual tax returns and accounting records. 

There are two types of accounting in Belize:

1. Financial Accounting

This form of accounting relates to the information made available to stockholders, customers, creditors, and regulatory bodies.

2. Managerial Accounting

This deals with confidential information that is not shared with the public, such as profits, salaries, costs of production, and many more.

Belize Bookkeeping Services

Bookkeeping is a term used for the process of recording a financial transaction. A company regardless of its size requires accounting and bookkeeping services to keep track of the finances of the business. It helps to understand the financial aspects in a better way and also helps business organizations to foresee the future and plan business activities accordingly.

Belize Accounting Services Provided by BSW

Business Setup Worldwide understands the importance of the role that accounting and bookkeeping play in a business. We offer a comprehensive portfolio of accounting and bookkeeping services in Belize that include:

  • Bookkeeping and financial accounting
  • Payroll and personnel administration
  • Audit reports, cash-flow forecasting, bank reconciliation
  • Corporate secretarial services
  • Company performance reviews
  • Compilation of financial statements
  • Preparation of international tax structure

Benefits of Availing Accounting and Bookkeeping Services in Belize

Given the importance of Accounting and bookkeeping services, it is paramount to know the benefits:

  • Provides an easy understanding of the inflow and outflow of cash
  • Up-to-date recordings help to minimize financial issues and crisis
  • Displays a transparent picture of business expenses
  • Helps in making decisions regarding company purchases and expansion becomes easy
  • Business malpractices can be easily tracked
  • The budget can be easily created and controlled

Accounting and bookkeeping services smooth the company's financial process and enhance daily business operations regarding financial transactions. They also increase productivity by keeping a record of accounting and finance for the company. For any further information, contact us now without any delay. 

FAQs

Which law governs the accounting requirements in Belize?

The Income and Business Tax Act and its amendment.

Are there any payroll requirements in Belize?

No, Belize doesn’t have any payroll requirements.

What are the documents that accounting records refer to?

The assets and liabilities records, sales and purchase records and all financial transactions.

Which is the Belize local organisation for accounting purposes?

The Institute of Chartart Accountants of Belize (ICAB).