Outsourcing services in the realm of accounting and compliance offer valuable support to businesses, enabling them to focus on core operations while ensuring adherence to regulations and optimizing financial processes. Here’s a breakdown of the services typically provided:
- Compliance with General Organization for Social Insurance (GOSI): This service ensures that businesses comply with regulations set forth by the General Organization for Social Insurance, which typically includes managing employee contributions, reporting requirements, and ensuring compliance with GOSI rules and regulations.
- Quwain Service (XBRL Reporting): Quwain service involves managing financial statement depositary systems with the Ministry of Commerce using XBRL (extensible Business Reporting Language). XBRL is a standardized language for the electronic communication of business and financial data. Outsourcing this service ensures accurate and timely reporting to regulatory authorities.
- Payroll Services: Outsourcing payroll services involves managing employee payroll processes, including calculating wages, deductions, and taxes, ensuring compliance with labor laws and regulations, and processing payments to employees accurately and on time.
- Accounting and Bookkeeping Services: This includes recording financial transactions, maintaining accurate ledgers, reconciling accounts, and generating financial reports. Outsourcing accounting and bookkeeping services ensures that businesses have accurate and up-to-date financial records for decision-making and compliance purposes.
- inancial Statements Compilation Services: Outsourcing financial statement compilation involves preparing financial statements in accordance with accounting standards and regulations. This service ensures that businesses have reliable financial information for internal management, stakeholders, and regulatory reporting requirements.