BANGLADESH ACCOUNTING AND AUDIT
Bangladesh accounting and audit is a mandatory requirement of a Bangladesh private limited company. The outsourcing processes critically influence your Bangladesh company’s growth and success. Partnering with a reliable accounting firm that understands the local accounting laws and regulations while maintaining a global presence can be beneficial.
Relin Consultants provides Bangladesh accounting and audit services. Do reach out to us if you require further clarification or information on Bangladesh company registration, accounting, and incorporation services.
WHY DO YOU NEED BANGLADESH ACCOUNTING AND BOOKKEEPING SERVICES
Fulfill statutory requirements
All Bangladesh private limited companies must keep set accounting records. The local government can fine companies that fail to keep proper accounting records.
Accurate financial information
With reliable accounting and bookkeeping services, you can ensure that your company’s financial information is up to date. Better business decisions can be made with the support of accurate financial information.
Accurate Tax Return
Companies can end up paying excess taxes or being fined for underpaying taxes without proper accounting and bookkeeping. It is advisable to get it right the first time to avoid long-term complications.
WHAT ACCOUNTING AND BOOKKEEPING SERVICES ARE INVOLVED IN BANGLADESH
Outsourced Bookkeeping services generally provide the following services: Balancing ledgers, order to cash management, invoice processing, payments, and employee expense processing.
Bookkeeping services allow the business to get thorough reports that improve financial data visibility and help decision-making.
Drafting Financial Statements
Accounting firms can integrate the business’s costs and profits and prepare a set of financial statements that can fulfill internal and external use. This can assist in monitoring the cash flow.
Financial data are recorded and updated in the accounting books. Accountants can also produce financial reports of the business if the proprietor wants to share the performance of the business with the board or stakeholders.
Financial Planning and Analysis
An outsourced accounting firm can manage financial planning and business analysis. These services include a thorough assessment of your company’s financial situation and the use of appropriate techniques to ensure maximum growth and the best performance.
Tax Reporting and Filing
An outsourced service provider can help you stay compliant with local tax laws. They can assist you in reducing your exposure to several accounting and financial computation errors that could have an impact on business operations.
Annual Compliance Requirements For A Bangladesh Private Limited Company
Annual return Filing
Every calendar year, the business must submit its audited annual report to RJSC and hold an Annual General Meeting. The Annual General Meeting must be conducted within 18 months of the company’s date of incorporation, after which no more than 15 months can pass between one Annual General Meeting and the next.
Income Tax Filing
As per the Bangladesh income tax ordinance, all companies must file the annual tax return by the 15th day of the seventh month from the end of the financial year end. The usual financial year end in Bangladesh is 30 June annually unless a company applies for a specific financial year-end.
Value Added Tax (VAT)
The standard rate of VAT is 15%. VAT registration is mandatory for companies generating more than BDT of 8milion annually.
If a company is a VAT registered, it must submit the VAT filing monthly. Payments of VAT must be made within 15 days of filing.
THINGS TO CONSIDER BEFORE HIRING BOOKKEEPING SERVICES IN BANGLADESH
Requirements and scope
The company must assess its needs and the scope of the services required before outsourcing services.
Every outsourcing firm has a different payment structure. Businesses must choose services that meet their demands and budget.
Use of Technology
Determining the suitability of the what kind of accounting and bookkeeping software the business requires and whether the accounting firm can support the industry the company is in.
Safety of business data
While hiring outsourced accounting services, businesses should ensure that the business data they provide is secure with the outsourcing firm.
ADVANTAGES OF HIRING OUTSOURCED ACCOUNTING SERVICES IN BANGLADESH
- With the help of outsourced bookkeeping services, small businesses and start-ups in Bangladesh can efficiently complete the company’s accounting. Business owners can get a full accounting department functioning without having to make a significant financial investment.
- By using outsourced accounting services, overhead expenditure of the in-house staff, such as training, social security payments, etc., can be eliminated.
- Access to modern accounting solutions will be available with the help of outsourced accounting services. These services are cost-effective, can help predict potential cash flow problems, and offer a variety of cost-cutting ideas.
WHY CHOOSE RELIN CONSULTANTS AS YOUR ACCOUNTING OUTSOURCING PROVIDER IN BANGLADESH?
At Relin Consultants, we have a team of professionals who not only help you to complete all the accounting tasks but will also generate Financial Statements in accordance with Bangladesh reporting standard and international financial reporting standards.
We provide you with in-depth market knowledge and insights as per your business structure, needs, and goals.
Our team is acquainted with the latest technology and software, and we are a member firm of ASEAN CPA.
Who gives the best accounting service in Bangladesh?
There are multiple accounting service providers in Bangladesh. The best accounting service provider will vary depending on your company’s business needs.
How much accountants in Bangladesh will charge?
The accounting service fee in Bangladesh varies depending on the scope of the services involved. The fees can range from US$150 to US$500 monthly, depending on the requirements. It is advisable to reach out to Relin Consultants for further information.
What is the Accounting Standard for Bangladesh?
Bangladesh Financial Reporting Standards (BFRS) is the accounting standard in Bangladesh.
Does Bangladesh use IFRS?
Yes, Bangladesh has adopted IFRS standards.
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