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ACCOUNTING SERVICES

Implementation of accounting system

A system is essential for the smooth running of the organization and the character formation of the business. We help to develop a system which compliance with the rules of government, accounting principle and procedures required to achieve the objectives of our clients. It is an important factor preparing a blue print by learning about the practicalities of any system before implementation. The process going thru various stages as below

  1. Design System
  2. An accounting method is envisioned according to the nature and needs of the business entity.

  3. Setup Standards & Procedures
  4. As part of bringing uniformity to the documents and fostering professionalism among the staff, specific criteria for adoption and documentation are set and procedures are prepared in such a way that they can be easily understood and followed by all.

  5. Update Records
  6. Update daily business transaction documents as per the norms and record them in the software.

  7. Monitor & Review
  8. The accuracy of recorded transactions is verified and monitored frequently.

  9. Generate Reports
  10. Generate the required reports to know the growth rate of the business.

In house reporting

Reports are essential to know is our efforts are converted to positive results. Understand from the experience, work for the present and plan for the future, we need reports on various levels. The revenue and expenditure figures of the organization are prepared every month and informed to the management in a timely manner. Reports such as Income statement, Balance sheet, Sales Report, Inventory details, VAT Return Reports etc.

Payroll Accounting

Flawless pay distribution is essential to gain the credibility of the workers. We are here to provide you a better payroll system, we prepare your employees salary and allowances based on your work contracts. Also the WPS file preparation and uploading available for on special request.

Inventory Management

Inventory is an important area of a business unit and it has to be managed in a proper way. If we don’t have idea of an item available or not, we cannot sell it. We ensures accurate recording of goods all the way from the time of arrival at the establishment until the completion of the sale. Special attention is paid to the pricing of goods and the design of the base unit so as to avoid stock variations. The stock value is checked and confirmed through physical inventory over the years.

Bookkeeping Services

We keep records of financial transactions and preparing financial statements such as Income statements and balance sheets for our clients.

  1. General Ledger Accounting
  2. Right transactions in right account, we prepare the chart of accounts for our clients based on their nature of business. All the transactions of the firm are recorded and kept according to the accounting principle.

  3. Account Receivable & Payable Management
  4. Cash liquidity is very important for each business; we are providing a healthy cash flow by tracking account receivables and account payables frequently.

  5. Fixed Asset management
  6. A systematic way of accounting facilitates easy tracking of assets such as location, preventive maintenance, and theft deterrence. We here to manage your assets in a professional way which compliance with zakat rules.

  7. Account Reconciliations
  8. Accounts to be reconciled frequently to avoid discrepancies especially with banks, customers & suppliers. Balance confirmations also maintained for the purpose of zakat submission.

VAT & Zakat Services

VAT Registration

According to GAZT a business enterprise resident or non-resident performing taxable supplies exceeding threshold SAR 375,000 must register with tax authorities. We will help you to register under VAT with expert advice, no matter of your business activities.

VAT Implementation

We conduct seminars to educate staff and provide training to know how the VAT workings in business. It will help your team to acquire necessary information to calculate and filing the VAT return.

VAT & Zakat Return Filing

Preparation of VAT returns requires more attention and care, that is why most of them looking for a tax agent. Our experienced tax professionals work for you and bring maximum benefits from the tax liability. We will prepare VAT return for small and large establishments by collecting the data and verified with VAT regulation standards before finalizing the return. VAT submission by online also available on special request from the clients.

WHT

A resident who makes payment someone resident outside Saudi Arabia a tax to be paid according to the applicable rates called withholding tax. Our TAX consultants will you for the registration and return filing in order to be away from the penalties.

Zakat

Every organization has to pay zakat annually a flat rate of 2.5% of the assessable amount. Before going to assessment we should ready with our financial statement. Our expert accountants will work for you to prepare the financial statement and calculate the zakat, no matter what complex situation you have.

Software Solutions

ERP Solutions

An idea of maximum utilization of resources will end in ERP solutions. We will help to convert the business operation process to a single window controls by developing suitable ERP System for the organizations. This system will help to increase efficiency and productivity and save time for re-entering data.

Cloud accounting

Everyone is looking for anytime access of their business data, cloud storage brings your data any time anywhere, the internet available. The data is send to the cloud, where it is processed and returned to the user. We are providing cloud accounting services to our clients associate with third party.

Desktop accounting

Traditional accounting software’s are widely using for operating their business. Software’s directly installed onto your computer. We provide advice to get most efficient, cost effective, reliable software to our client.

Management Accounting

Financial statements

Financial statements include Income statement and balance sheet. We prepare the organizations Income statement based on their revenue and expenditures. And also prepared balance sheet to show the assets and liabilities of the organization. It will help the clients to know the position of their business, and necessary to take any decision to improve the performance.

Cash flow Statement

The statement of cash flow is one of the key elements in decision making. It shows how much was having in the beginning, how much earned and how much we spend during this period. It works as a link between income statement and balance sheet. Cash flow is the blood in the business; a positive cash flow will boost the business to achieve the targets.

Budgeting and forecasting

We prepare long term and short term budget and forecast for our clients based on the target and estimates by studying the market or previous year’s performance. We also provide the facility for analyzing the forecasting and fix the gap between the budget and actual performance.

Costing

We will help the client to fix the price which covers the total cost incurred for the product to be ready for the sales. Strictly monitoring the sales of each product to get product wise profits.

Outsourcing Services

We provide dedicated accountants service for the individual or group firms, which will help you to concentrate on core business.

Who We Are

NAS Asset Management & Consultancy Services is a licensed accounting firm in Saudi Arabia. We offer a wide range of professional services mainly in the area of Accounting, Auditing, VAT & Zakat compliances, Budgeting & Software solutions for small and medium scale businesses.

every business is unique, requires more attention. By working closely with clients we understand their needs and customize the services based on the client business atmosphere. We consider clients business is our own business. We liaise with experts to provide our clients with a professional service.