Inventory Valuation and VAT[/caption] Would changing the inventory valuation method from First In First Out (FIFO) to Weighted Average (WA) or vice versa reduce my VAT payments? VAT is computed on the amount paid to purchase or sell an item. So, in case a retailer purchases stock for 1,000 BD from a distributor, the VAT … Read more
Advantages of using Accounting Software Updated accounting data has many advantages for any establishment, and these advantages will be more valuable if you manage it through an accounting software. Through it you will know what happens in your business, reports will be generated automatically and without losing effort or time in them. Accounting software or … Read more
Introduction Back in 2015, the International Organization for Standardization revised the ISO 9001:2008 standard and gave ISO certified companies up to September 2018 to transition. Therefore, ISO 9001:2008 certificates are not valid anymore. If your company has an ISO 9001:2008 certificate and has not transitioned yet, this article is for you. What are the changes … Read more
Traditionally, companies that want to implement ISO 9001 had only two methods for implementation, either on their own or bring in an expert consultant. A quick comparison between the two approaches reveals the pros and cons of each: On their own Hire a consultant Cost effective Costly Effort ad time consuming Save a lot of … Read more
Not only will the implementation of the Value Added Tax (VAT) in Bahrain change the structure of the small island’s economy, but it may very well have numerous ramifications on its social, political, and legal fronts. A value added tax would help Bahrain deal with the major economic issues plaguing its economy. The money raised … Read more
What benefits does the ISO 9001 standard represent for organizations? To answer this question, we need to understand first that the ISO 9001 standard is basically a Quality Management System that focuses on all elements of quality management with which an organization must have an effective system to improve the quality and control over its processes and … Read more
Exempt vs. Zero Rated (VAT) VAT is the value added tax that is levied on the sale of goods and services. The price of these goods and services includes the value of VAT. There are different types of VAT rates that apply to different types of goods and services. There are also certain goods and services in which … Read more
Moody’s lowered the Bahrain’s long-term issuer rating to B2 from B1 and maintained a negative outlook. It has also lowered Bahrain’s long-term foreign-currency bond ceiling to Ba3 from Ba2 and long-term foreign-currency deposit ceiling to B3 from B2. The short-term foreign-currency bond and deposits ceiling remain unchanged at Not Prime. Bahrain’s long-term local currency country … Read more
SSL stands for Secure Sockets Layer. It is the standard technology that uses encryption algorithms to scramble data in transit. This aims to keep internet connections secure and safeguards any sensitive data that is being sent between two computers which prevents hackers from modifying and reading any information transferred. SSL Certificate To implement … Read more
Pondering the idea of whether or not it’s time to ask for professional help for your business. Well, here are the top 5 reasons why you should hire a business consultant. Consultants are often the leading experts in the fields they work in, so they will provide you with the best teaching and implementing … Read more