Why Does a Business Need Accounting and Bookkeeping Services?
Accounting and Bookkeeping are the integral and most important components of a business. Having these services will ensure that reliable and accurate books are kept for the company, enabling you to make informed decisions promptly to minimize risks and maximize profits. An effective accounting system can have a significant impact on a company’s productivity as well as its profitability. Effective bookkeeping and accounting are essential to the success of forward-thinking organizations. Professional bookkeeping and accounting constitutes an important requirement of effective financial management for every business. When done effectively, it ensures business growth and mitigates risk.
Yemeni Association of Certified Public Accountants (YACPA)
The Yemeni Association of Certified Public Accountants is the recognized association representing the accounting profession in Yemen. Their main aim is to make educational institutions and businesses adopt the IFRS in Yemen with the help of government. To ensure the effective implementation of IFRS, the YACPA works with the universities to include international standards in their curriculum and ensures their engagement in Education Committee. YACPA also plays an important role through the development and delivery of the CPA exam and sees this as a vehicle for IFRS implementation amongst newer members. YACPA works to ensure that not only new members of the profession, but current members of the profession are aware of the standards and of the need for their application through comprehensive IFRS CPD Offerings (IFRS and IFRS for SMEs) for all members.
International Financial Reporting Standards (IFRS) in Yemen
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent organization called the International Accounting Standards Board (IASB). Yemen does not have a stock exchange nor does it use any domestic standards or accounting regulations. The YACPA is working with the relevant government institutions and private sector entities to formally adopt the IFRS in Yemen. Despite the lack of a stock exchange, the Commercial Companies Law permits companies to sell shares to the public. Those public companies are required to prepare financial statements using generally accepted accounting principles and most public companies use IFRS for this purpose.
Our Accounting and Bookkeeping Services in Yemen
Business Setup Worldwide provides the following accounting and bookkeeping services for businesses, in accordance with the Yemen tax law:
- Invoice issuing and credit collection
- Accounting record review for past reporting periods
- Financial administration and analysis
- General ledger and financial preparation
- Bookkeeping (monthly/quarterly/annually)
- Audit reports, cash-flow forecasting and bank reconciliation
- Payroll and personnel administration
Benefits of Availing Accounting and Bookkeeping Services in Yemen
The benefits that you will derive after opting for Business Setup Worldwide small business accounting and bookkeeping services in Yemen are:
1. Increase in Profitability
If you take the help of accounting and bookkeeping services offered by a consulting firm, it allows you to concentrate on your core business. You will be able to spend more time with your clients so that your organization can offer a higher level of service.
A major advantage associated with availing bookkeeping and accounting services is the cost-effectiveness of the services. A huge amount can be saved up on operational costs and channelized towards the funding of core business processes.
3. Updated Accounting Information
All possible accounting and bookkeeping related information can be obtained regularly once a company avails these services. Advanced software can help companies look at personalized reports that can save a lot of time while making important financial decisions.
Many a time, one can get frustrated with the errors, the delays and review needs of their in-house staff, which is money down the drain. But you can manage an accounting and bookkeeping service provider far more stringently to not only ensures that the work quality improves but also to ensure that you always pay only for reasonable productivity.
Who We Are
Business Setup Worldwide is a platform to help you start your company. We help in setting up your business, registration, company secretarial services, intellectual property protection and accounting and bookkeeping services. We help businesses and individuals in providing accounting and bookkeeping services in Yemen. Our set of professionals will ensure that you are able to completely concentrate on business without worrying about the financial know-how of the business.
At Business Setup Worldwide, we provide accounting advisory services that free you to focus on the operational side of the business. We bring our knowledge and experience to the financial part of the business while you focus your energies on your core activities. Whether you need support in preparing your financial accounting or are looking for us to handle the entire process on your behalf, we have the skills and experience to deliver. Apart from this, we also help in sorting out the legal proceedings mandatory in incorporating a business.