BMS is the best accounting firm in Muscat, Oman. Accounting plays an important role. So, let's get to know the benefits of accounting services in Oman. Financial companies across the globe include services such as accounting, auditing, tax advisory, etc. to their clients. Accounting and Bookkeeping complement each other. Especially, Accounting plays an important role in Oman's business growth. So, let's get to know the benefits of accounting services in Oman.
What is Accounting in Oman?
Accounting is one of the basic functions that a company requires to perform efficiently to ensure long-term success. A business may intend to do accounting on its own, or hire a professional; they get the advantage by making themselves familiar with basic accounting.
Accounting is the system of recording and outlining business and financial transactions, thereby analyzing, verifying, and reporting the outcomes.
Accountants have a significant role in ensuring that clients are aware of their financial performances and legal responsibilities. These accountants enable companies to make effective financial plans and prepare strategic budgets. Why do you need accounting in a company? Let us look at the importance:
Need for Accounting and Bookkeeping:
- To keep a record of business transactions
- To enable decision-making for the management
- To communicate the results or outcomes
- To meet the legal requirements
Accounting is classified into various categories-
- Financial Accounting
- Managerial Accounting
- Financial planning and analysis
- HR and Payroll
- Forensic Accounting
- Management Accounting
- International Accounting
- Backlog Accounting
Financial accounting in Oman is concerned with the preparation of precise financial statements. The main objective is to measure the business performance for accuracy.
Managerial accounting in Oman helps you to analyze the information gathered from financial accounting. It is a process that enables your business to achieve optimum efficiency by reviewing information, deciding on the most effective steps to be followed, and sharing these steps to the internal business managers.
Advantages of Accounting Services
- Maintaining business records
- Preparing financial statements
- Comparing results
- Making decisions
- Verifying legal matters
- Providing information to concerned parties
- Assisting in taxation related issues
- Evaluating the business
Read More: Accounting and Bookkeeping Services in Oman
Accounting Firms in Oman
Oman has a few top accounting and audit firms. BMS is one of the best accounting firms in Oman. Established in 2011, BMS has earned a team of 2000 professionals to provide unbeatable accounting/bookkeeping services to its clients. This accounting firm does not compromise on its commitment to providing timely and accurate financial information to clients. BMS provides a wide range of accounting services such as:
- General Ledger & preparing financial statement
- Bookkeeping on a monthly/quarterly or annual basis
- Setting up an accounting system for new businesses
- Personal financial statements
BMS is one of the best accounting firms in Oman. We handle the functions of accounting professionally. Outsourced accounting is trending as an effective tool to eliminate the issues in managing the accounting functions, such as lack of expertise in accounting, employee turnover and operational inefficiencies.
The BMS team has highly qualified professionals, aiming to enhance the efficiency, quality and impact of the accounting functions of its client. BMS has been GCC’s most preferred team for over a couple of years. Having a partnership in Oman, BMS has come closer to its customers with a deeper understanding of the accounting laws and practices of Oman.
Details Of Business Accounting Services Covered
Did you know? BMS provides a versatile set of accounting services that is advantageous to its client companies. Here are a few of them:
- Journal entries
- Assets or equipment ledger
- Ledger on the expenses
- Account Receivables & Payables
- Preparing financial statements
- Trial Balance
- Profit & Loss or the Income statement
- Preparing Cash Flow Statement
- Quarterly & Yearly report preparation
Why Choose BMS for Accounting services in Oman?
Have you chosen BMS Auditing as your accounting service provider? Then, you are in safe hands. Here are the reasons:
- Cost-saving: Outsourcing is normally considered an unwanted expense in their business. However, it is just the other way. With BMS, clients can reduce their expenses by outsourcing accounting services without compromising quality.
- Elimination of time and cost of hiring: The hiring process is a tedious task, as it needs resources to manage- from creating an effective strategy for recruiting to selecting the applicants to be interviewed. BMS helps you save time in looking for an outside Accountant, as both time and cost are important.
- Time saving: With BMS, outsourcing administrative tasks such as accounting & bookkeeping enable you to focus on time, resources and energy in creating business strategies.
- Ease the scaling in Accounting: BMS is one of the accounting companies in Oman that enables the availability to scale the services without lagging. For instance, if the bookkeeping and accounting tasks go beyond the number of tasks of an employee, you can enforce a new team, without going through a long recruitment process.
- Technologies for Automation: Accounting firms like BMS enable using automation software to save time. BMS also enables you to track potential issues and resolve them at the earliest. Automation tools such as Quickbooks, Sage, Xero, Zoho books, Peachtree, MS Dynamics, SAP, etc. are time-saving and could replace conventional tools such as MS Excel.
- Accountant as an advisor: BMS is one of the leading accounting companies in Oman providing advice on making accounting more efficient. In BMS, an accountant works for more than one company, and exhibits proficiency with another, it may be on taxation, accounting software or offering effective financial advice.
Choose BMS Auditing Oman and do your business stress-free!