Why Does a Business Need Accounting and Bookkeeping Services?
A business entity is formed to carry out business activities. Once incorporated, a business undergoes numerous transactions every day, resulting in either inflow or outflow of cash. The secret of maintaining a healthy financial climate for any business is to keep a well-maintained book of records. These books help the investors, the shareholders and other stakeholders to understand the utilization of the invested amount. Moreover, a well-maintained, transparent book of accounts helps to avoid any kind of financial breakdown.
Bookkeeping can be defined as a daily recording of transactions, whereas accounting involves a series of analyzing and interpreting these records. Both these services are interdependent and go hand-in-hand. Regardless of nature, size, place, every business that exists requires these services for ease and smooth functioning of business activities and enhance goodwill.
Qatar Financial Center (QFC)
Qatar Financial Center is a financial center that was established in the year 2005 and is located in Doha. The center provides financial platforms for the development of local and regional markets, to strengthen the ties between global financial markets. The center provides certain benefits:
- A legal and judicial framework based on English Common Law
- Independent court and tribunal
- 100% foreign ownership
- Double taxation agreement network
Qatar Financial Center Regulatory Authority (QFCRA)
This is one of the financial and business institutes that has been established by the Government of Qatar with an aim of attracting international financial services institution and MNCs to boost and enhance the financial sector of the economy. The business activities have been classified into two categories namely, Non-Regulated Activities and Regulated Activities.
Divisions and Main Functions
1. Financial Sector Development and Policy Division
Responsible for legislative and regulatory objectives.
2. Authorization and Regulatory Services Division
Responsible for assessing and approving applications from firms and individuals seeking permission to conduct activities in QFC.
3. The Supervision of Financial Institutions Division
Monitors authorized firms, acts as a mediator between Regulatory Authority and Authorized Firms.
4. The Legal and Regulatory Compliance Division
Responsible for functions of Regulatory Authority. This division has got investigating powers and also keeps an eye on the Regulator’s International Relations.
Regulatory Accounting System - Qatar
Regulatory Accounting System (RAS) is a framework that includes set, procedures, rules, that allows QTel to maintain a financial regime and a track of reports on revenues, costs, assets, and capital employed. The elements of RAS includes the following:
- Description of the Regulatory Accounting Standard Framework
- Cost Model
- Separated Financial Statements
- Audit and Statement of Compliance
Introduction of VAT in Qatar | 2019
Value Added Tax is a consumption tax for goods and services. The GCC countries were exempted from the tax. According to GCC VAT Framework Agreement, the six member states have signed the vat implementation agreement. From 1st Jan 2019, VAT implementation will take place in Qatar at a rate of 5%.
Sectors That Shall Be Impacted
- Consumer and industrial products
- Tech and media industries
- Financial services
- Real estate
Business Setup Worldwide Accounting Services
Being business consultants, we understand the complete scenario of what it takes to establish a business and how important the bookkeeping services. Some of the accounting services that we offer our clients include:
- Tax structure preparation
- Setting up a company financial framework
- Generation of monthly, quarterly, and annual financial reports
- Real-time online bookkeeping flow
- Budget Variance Analysis
- Working capital formation
Benefits of Availing Accounting and Bookkeeping Services
Till now we have seen how important role does accounting and bookkeeping services play for an organization. Now, let’s have a glance at the benefits that can be derived by availing these services.
- Clear, transparent financial records
- Helps in future decision making for expansion, purchases
- Increase and reduce budget effectively
- Company budget can be created, viewed at any given point
- The financial front of the business and its stability is known
- It’s easy for stakeholders to understand the utilization of funds
- Financial stability also helps an organization to out-stand from its competition
- Adoption of new technology and techniques becomes easier
Who We Are
Business Setup Worldwide is a global business consultant that helps different businesses globally in their establishment process beyond national boundaries. Regardless of size, shape, and nature of the business we encourage entrepreneurial spirit and build the business base by providing a multi-range of business establishment services ranging from accounting, taxation, legal, etc. Our main business is to help businesses to be the future of the business world.
Business Setup Worldwide provides a broad spectrum of company establishment services. Our business experts help you in settling the core business proceedings in a foreign land. Apart from dealing with accounting services, they also look into any legal matters that a company should be heeding to while setting up their business in the foreign land.