Around 80 representatives from small and medium enterprises (SMEs) attended today an informative session on financial management and business growth, delivered by KPMG in Bahrain at the Bahrain Chamber of Industry and Commerce headquarter. The presentation focused on how KPMG in Bahrain’s new technology – the Enterprise Accounting Solution (EAS), can help enterprises manage their financial processes effectively.
EAS is an innovative technology that puts business owners in control of their finances. EAS users will no longer need to spend time or resources managing receipts and invoices; they can simply take pictures of expenses with a smartphone and send them to KPMG in Bahrain’s dedicated accountants via an online tool. This gives entrepreneurs up-to-date information about their performance, which is accessible via smartphones and portable devices at any time.
Partner and Head of Enterprise at KPMG in Bahrain, Harish Gopinath, commented in his presentation, “Business owners can find it difficult to adapt a suitable accounting software that enables them to meet the local compliance requirements. Lack of technical knowledge to interpret financial reports and difficulty recruiting qualified accountants represent additional challenges for businesses. This is why we have developed the EAS to make financial management processes simple and available at a competitive price.”
Attendees also had the opportunity to hear views on other key challenges facing enterprises today, including the imminent introduction of Value-added Tax (VAT). Following the release of the unified agreement for VAT for the Gulf Cooperation Council (GCC) countries, VAT will be levied on the supply of goods and services at a standard rate of 5% by mid-2018. This leaves businesses with months only to prepare for the implementation of the new tax system scheduled to go live soon and comply with the new obligations including charging, collecting and paying VAT to the Tax Authorities in a timely manner.
On the sidelines of this event, KPMG team also presented the firm’s new corporate training portal, KPMG Learning Hub, which offers online training modules to organizations across all sectors.
KPMG in Bahrain is a member firm of KPMG international. The firm was established in 1968 as the first national accounting and auditing firm, and it has grown to be one of the largest professional services firms in the country. The firm provides Audit, Tax and Advisory services to a wide array of clients operating in different sectors, utilizing the in-depth technical and industry experience of its’ professional staff.