To have a positive impact on the economy growth by helping small buisnesses grow and thrive and improve the presentation of financial reporting
Choosing someone to manage your accounts and tax compliance obligations can be difficult. It is important to find both an expert and also someone you can trust. We would like you to know that we can offer you both and more.
We are a professional accountancy firm based in Libya specialising in accountancy, auditing, taxation and business advise. We have experienced specialists and advisers dedicated to developing good relationships with audit firms, a broad range of companies and other global institutions within the finance industry. In addition, we are committed to implementing international and local accounting standards.
As part of our plan to help small and medium businesses grow and thrive we have designed three fixed fees plan to support you by a dedicated accountant managing your accounts and financial transactions. This will enable you to focus more on your main activities and core competences.
If you can’t find your answers here please contact us.
A statutory audit is an audit that is required by a government agency and does not pertain to all businesses. For example, statutory audits are required specifically by institutions, such as tax authority, pension scheme, mid companies and other government stakeholders.
It’s a statuary requirement by corporation law to ensure transparency in terms of their financial standing to tax authorities. For these reasons, accountancy and audit firms are employed to present and give a fair view of the business results to external stakeholders such as Tax authority, shareholders, and other stockholders.
An involuntary fee charged to corporations or individuals that is enforced by the government in order to finance government activities. Governments consider taxes as sovereign incomes.
Budgeting is a quantitative plan used as a tool for deciding which activities will be chosen for a future time period it’s also used to control the business activity by comparing the budget to actual. It’s very common tool in modern business, giant corporations and, government.
A Company Tax Return is a document which is filed for each accounting period by companies liable for Corporation Tax. A company has to file a return each year, even if it has not made any profit.
The accounts year end is the closing adjustment period of a company’s accounting year. At the year end, a company must go through the process of adjusting each entry to an account in order to properly state these entries for financial statement preparation purposes and hence enhance decision making.
A fiscal year is the twelve-month period that an organisation uses for budgeting, forecasting and reporting. The Libyan commercial law requires all entity to have a fiscal year starts and ends on (1st of January – 31st of December).
The financial reporting is set of reports translate the position of a company in terms of the profitability, solidity, and liquidity, these reports are Statement of financial Position, Income Statement, Statement of cash flows, and statement of Change in equity.
Cloud accounting software is similar to traditional, on-premises, or self-install accounting software, only the accounting software is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent into “the cloud,” where it is processed and returned to the user. All application functions are performed off-site, not on the user’s desktop.
Assets are statement of financial positions accounts, there are two group of assets:
Non-current asset is a resource with economic value that an individual, corporation or country owns to function. An example of non-current assets is property’s plant’s, machinery and, vehicles. There are also other intangible assets such as goodwill, franchises, patent and, researches.
Current assets are balance sheet accounts that represent the value of all assets that can reasonably expect to be converted into cash within one year. An example of current assets is cash and, inventory, prepaid expenses.
Accountancy is something I am passionate about. I have always enjoyed mathematics and problem solving. This is why I chose to work in the financial industry and focus on this in higher
education and professional qualifications.
As a family business working with international organisations and then worked for recognised intranational companies I have been able to broaden my experience and understanding of what a client needs from an accountant. This is why I established this firm.
It is not an easy route, but working as an accountant and in this sector gives me the opportunities to innovate and develop the very best of services to give client the tools they need to flourish.
Before cloud adoption became mainstream, firms were cautious and saw no reason to rush into it. Today they
The objective of the IFRS is to enhance the relevance, reliability and comparability of the information that a
The primary issue in accounting for revenue is determining when to recognise revenue. Revenue is recognised when it
Since 2011, Libya has been experiencing economic and political obstacles; however, our services have been expanding to target several sectors with a significant financial stake.