Accounting and Bookkeeping Services in Qatar

Whenever you think of business, what comes to your mind? Profit-making? Higher returns on the investment made?

Well, every business entity gets incorporated with an annual goal of earning profit. However, there is no doubt that a business deals with numerous transactions every single day. The major challenge over here is to keep an accountability that would help to monitor the growth in the long -run. This gives the birth to the accounting and bookkeeping service.

Qatar is one of the core investments centres that grabs the attention of the business investors and provoke them to invest in the zone. The nation demands the business entities to keep a proper record of the business transactions.

Thus, if you are planning to start your business in Qatar, or have already established your business in the zone, then this guide is for you!

What is Bookkeeping and Accounting?

Any business deals with business closures, and it is the core responsibility of any business to monitor the transactions by recording them. Thus, this process of recording the transactions is called as bookkeeping.

Now, do you think a business can achieve its goal only if the numbers are recorded? Well, that’s just a part of the process. The main challenge is to analyze, segment and sort the data accordingly.

Thus, the process of analyzing the business numbers and categorizing them accordingly is known as accounting.

Regardless of the nature, size and place of the business entity, every firm requires these services for smooth functioning of the business activities and to enhance the goodwill in the long run.

The Regulatory Framework in Qatar (QFCRA)

To maintain a proper accountability of the business firms, the Regulatory Accounting System (RAS) is the governing framework that specifies the guidelines to be followed to maintain a core financial regime.

The elements of the regulatory framework in Qatar includes:

• The description of the Regulatory Accounting Standard Framework
• Cost Model
• Separated Financial Statements
• Audit and Statement of Compliance

Maintaining the financial transactions of the business entities in Qatar has been one of the prominent moves to upscale any business.

This has given an opportunity to the financial audit firms to step forward and open their branch office in Qatar.

Qatar Financial Centre (QFC) is one of the dedicated free zones that was established in the year 2005 and is located in Doha. The freezone is a dedicated financial hub that has been built to strengthen the ties between the global financial markets.

The Qatar Financial Centre Regulatory Authority (QFCRA) is one of the top financial and business institutes that has been established by the Government of Qatar to attract the international financial services and to boost MNCs.

The business activities that have been classified into two major categories, namely:

• Regulated Services
• Non-regulated Services

Core Divisions of Qatar Financial Centre Regulatory Authority

The QFCRA holds several segments that is meant to focus on dedicated services. The divisions are stated below:

• Financial Sector Development and Policy Division

This division is responsible for legislative and regulatory objectives.

• Authorization and Regulatory Services Division

This division is responsible for accessing and approving the applications from the business firms and individuals seeking permission to conduct activities in the QFC.

• The Supervision of Financial Institutions Division

This division monitors the authorized firms and acts as a mediator between the regulatory authority and the authorized firms.

• The Legal and Regulatory Compliance Division

This division is responsible for the functions of the regulatory authority and holds the investigating powers. It also keeps an eye on the Regulator’s International Relations.

What are the Benefits of Availing Accounting & Bookkeeping Services in Qatar?

By now, you might have got an overall idea about the accounting framework in Qatar. Well, a few of the business benefits that one can get by availing the same includes:

• The financial transactions get recorded from time to time
• The company’s growth can be easily monitored
• The data can be fetched in the real-time as an when required
• Proper analysis of the financial transactions helps a business entity to grow and expand
• Helps the business entity to prepare financial budgets
• Easy generation of the monthly, quarterly and annual reports
• It becomes easy to get assistances from the financial institutions
• Becomes easy for the stakeholders to understand the utilization of funds

How to Avail the Accounting and Bookkeeping Services in Qatar?

By now, you have got an idea about the importance of accounting and bookkeeping services and how it can boost your business.

However, there are certain steps to be followed when it comes to availing the service in Qatar. The steps include:

Join a consultant

Firstly, u need to get in touch with an audit firm in Qatar who is well-versed with the tax proceedings prevailing in the zone.

Getting in touch with an expert will help you to complete the task in a hassle-free and a speedy manner.

Explain your business needs

Make sure to clearly state about your business and its needs. For example, most of the small enterprises prefer heading for bookkeeping services, whereas the medium or large-scaled organizations prefer to proceed ahead with accounting and audit services.

Submit the relevant papers

Make sure to submit the relevant business papers to your business consultant.

Hire the services

Based on the feasibility of your business, make sure to hire the relevant services.

Thus, now you are well-versed with the process to be followed to avail the accounting service for your business.

Business Setup Worldwide is one of the top business consultants in the UAE who is dedicated to deliver hassle-free business setup services.

We have helped numerous business entities to incorporate their businesses globally and also to deal with the accounting and audit rules of different nations.

Apart from dealing with the accounting services, our experts also look into the legal matters. For more information on how to proceed ahead, feel free to have a word with our experts. Contact us today-we’d be glad to assist!