Accounting Services

Accounting is a process of recording and maintaining financial transactions of a business.

Accounting Services

Accounting is a process of recording and maintaining financial transactions of a business. This includes keeping track of all financial transactions such as sales, purchases, receipts, and payments made by a business. The purpose of bookkeeping is to ensure that all financial transactions are properly recorded and organized, so that accurate financial statements can be produced at the end of each accounting period.

Bookkeeping services may include tasks such as recording transactions in accounting software or manual ledgers, reconciling bank statements, tracking accounts receivable and accounts payable, managing payroll and employee records, and preparing financial reports.

Golden Counter takes care of your distinct financial needs and also ensure that your businesses strategize better and scale new heights. Our chartered accountants in Sultanate of Oman are proficient in manifold aspects of accounting and finance and thus our clients’ company accounts are safe in our hands. You can rely on our team for accurate accounting services and use your valuable time on other significant areas of your business.

Accounting Service

Online / Cloud based Accounting:

This is most popular method of accounting in modern era . We use popular cloud base accounting software for this purpose which provide financial Information can be accessed from anywhere at any time with internet access.

Onsite Accounting Services:

Mostly preferred for mid-size business where transaction is more and using cloud based system is hectic. This system is preferable where client interaction is necessary.

System Setup and training:

We help our client to set up a professional accounting system and also provide training for better outcome. We help our client to set up the accounting system from scratch by providing tailor made accounting procedure. We can assist you with account system setup, support, and needs. Among the services we provide are:

  • For first time users, we walk them through the setup process, explaining the features, tools, and other details. Existing users of the system will have their present system upgraded and revamped.
  • Providing one-on-one training for your company’s personnel.
  • Our specialists are always available to assist you with your accounting system requirements.
  • Managing inventory capabilities through software platforms helps companies to maintain the right inventory levels to optimize profits and avoid overspending.
  • Examining a company’s everyday obligations, as well as how to gather, organize, and study their most sensitive data and make good use of their money.
  • Most accounting systems are designed to facilitate successful billing and invoicing while also preventing suspensions and miscommunications. By personalizing corporate performances on behalf of the firm, they make them appear more specialized and trustworthy.
  • It provides better overall visibility. It is critical to have insight into all accounting transactions and other financial data in order to manage a profitable and efficient firm.

Accounting secondment service:

Accounting secondment service refers to the temporary placement of an accounting professional, typically an accountant or auditor, within a client's organization to provide additional accounting support and expertise. We provide companies who need to fill a short-term staffing gap, such as during a busy season or while a regular employee is on leave or who need experts in accounting field.

Receivables Management:

We suggest modern technology software where on time reports can be generated timely reports for receivable management and reconciliation of receivables. Receivables management typically involves several key tasks, including:

  • Credit policies: Establishing clear credit policies for customer payments and monitoring credit limits to minimize the risk of non-payment.
  • Invoicing and billing: Ensuring that invoices are accurate, complete, and sent to customers in a timely manner, and that payments are received on schedule.
  • Collections: Managing and following up on overdue payments and maintaining good relationships with customers to encourage timely payments.
  • Cash forecasting: Monitoring cash inflows and forecasting future cash flows to ensure that the company has sufficient funds to meet its obligations.

Effective receivables management can have several benefits for a company, including improved cash flow, reduced risk of bad debt, and enhanced customer relationships. Outsource receivables management to a professional accounting or consulting firm to ensure that it is managed effectively and efficiently.

Reconciliation Assignments:

Cash reconciliation

Bank reconciliation

Stock reconciliation

Management Reporting:

A good company with right management team will help the community to grow and with a group of companies with same mentality will help to grow a nation as a whole. Golden Counter has a team of specialists with high expertise that will detect and assess the firm, with strong and/or weak aspects, using key performance indicators and detailed attention to custom-made tailored management reports as per the rules and regulations stipulated by IFRS (International Financial Reporting Standard).

A management report is a document that presents key information and data to help managers make informed decisions about a company's operations, finances, and strategy. Management reports are typically generated on a regular basis, such as monthly, quarterly, or annually, and are designed to provide a comprehensive overview of a company's performance. A good system of management reporting in Sultanate of Oman is required to generate timely and accurate data that can be used to make correct business choices regarding the company’s future .

The content and format of a management report can vary widely depending on the needs of the organization, but may include information such as:

  • Financial performance: A summary of the company's financial statements, including revenue, expenses, profits, and cash flow.
  • Sales and marketing performance: An analysis of sales trends, customer behavior, and marketing effectiveness.
  • Operational performance: An overview of key operational metrics, such as production efficiency, quality control, and inventory management.
  • Human resources: Information about employee performance, staffing levels, and training programs.
  • Risk management: An assessment of key risks facing the company, including market, financial, and operational risks.

Management reports are an important tool for managers to stay informed about their company's performance and make data-driven decisions. They are often used to communicate with stakeholders such as investors, board members, and employees, and can provide a basis for strategic planning and forecasting.

  • Physical Verification & Tagging of Inventories/Fixed Assets Physical Stock taking Supervision of Stock Counting Asset physical verification Reconciliation with System Stock/Asset

Virtual CFO Services

The Services include:

  • Interpretation of Financial Information
  • Suggest measures to boost revenue and control expenditure
  • Special Reports tailored to Client requirements to aid decision-making like Budgeting, KPIs and other Business Efficiency Reports