That accountancy services are essential for the growth and wellbeing of any business entity is indeed not in doubt. The only concern generally is finding that firm which is reliable enough to confer credible services of these kinds. This stems from the generally adverse consequences that do come along with neglect or inadequate service.
It is against this backdrop that substantive guidance to this end is absolutely necessary. We have stepped involuntarily to handle just that. Our primary concern is that kind of a business or person who may be in need of these services in Mauritius.
For a start, Mauritius is an isolated island nation that is deep in the Indian Ocean. Even though it falls in the continent of Africa, its demographics are far removed from the continent. Most of the people who call the continent home are in fact of Indian descent. The vast majority of the remaining are a mixed race whereas a tiny minority are of Chinese descent.
To help you in getting started well in matters accountancy, we are going to walk you through the basics of the profession. We are subsequently going to examine the top concepts of accountancy and the general environment of the profession in Mauritius. We shall close it off by highlighting and explaining why we, S & F Consulting, are your best bet.
The ABCs of Accountancy
Let’s start off with discussing a few top concepts of accountancy in the segment below:
Bookkeeping refers to the activity or practice of keeping records of all the financial transactions which are conducted by a business. These records include the receipts, sales, purchases, payments, and carriage inwards and outwards. This practice helps in trailing the flow of money into and out of the company.
It also helps in reconciling the various transaction documents which are essential for accountability and the combating of fraud. It is mainly carried out by a skilled, educated, and experienced bookkeeper. Such a person by all means also ought, to be honest, and trustworthy enough.
Profit and Loss Accounts
Also called an income statement, the profit and loss account is a record of the revenues and expenses that a company accrues or incurs over a particular trading period. It showcases the manner in which the revenues that flow into the company are subsequently translated into net income for the same organization.
The overall purpose of such a statement is to explain to the management and stakeholders of the business whether indeed the company is made or lost money within the timeframe covered. It is hence a reliable indicator of the financial health and wellbeing of the business entity.
Audited accounts are financial records of a business entity which have been officially examined and verified for accuracy. All public and most private limited liability companies are required by law to make their audited accounts records public annually.
Two main kinds of auditing do exist. These are the internal or in-house auditing and external auditing respectively. The former is carried out by the internal auditors whereas the latter is delegated to a competent external auditing firm. Both outcomes must reconcile for a company’s standing to be vouched.
Accounting system, act, law, process in Mauritius
Just like every nation, Mauritius to has its own set of laws, regulations, and rules that govern the field of accountancy. We are going to examine a couple of these fundamental issues in the proceeding segment of the conversation:
Overview of Statutory Framework for Accounting and Auditing
The accounting, financial, and auditing framework in Mauritius is governed by the Company Act of 2001. This act is further supplemented with the Financial Reporting Act 2004 (FRA 2004). Under these regulations, all audits have to be carried out by a competent member of the Mauritius Institute of Professional Accountants who have to be licensed by the Financial Reporting Council.
They also stipulate the preconditions that have to be satisfied to receive business licenses. These two pieces of legislation form the bedrock upon which all transactions are based and governed.
Regulation of Accountancy Profession
Another by-product of the Financial Reporting Act 2004 (FRA 2004) is the Mauritius Institute of Professional Accountants (MIPA). It aims to supervise and regulate the entire accountancy profession. All accountants are required to enroll in this professional body to be eligible to conduct any transactions or accountancy activities.
It punishes errant accountants, accredits them, and also promote the highest standards possible in the field of accountancy. The body, therefore, plays a crucial role in ensuring the safety and reliability of all accountancy activities in Mauritius.
Audit Oversight Arrangements
As stated, The Financial Reporting Council (FRC) does exist in Mauritius. It too was established under the Financial Reporting Act 2004 (FRA 2004). The council acts as the oversight body for all auditors in Mauritius.
Some of its common functions include the oversight of all ongoing accountancy and auditing tasks, compliance with international standards, and the approval of any changes before the same might take effect. In case you have a complaint regarding any auditing outcomes, this is the body to run to.
Professional Accountancy Organizations
The government of Mauritius does recognize a couple of professional accountancy organizations both within and without the nation. These include but not limited to Institute of Chartered Accountants in England and Wales, Institute of Chartered Accountants of India, Chartered Institute of Management Accountants, Institute of Chartered Accountants of Scotland, Association of Chartered Certified Accountants (ACCA), and of course, the Mauritius Institute of Professional Accountants (MIPA).
For you to be eligible to practice accountancy in Mauritius, you have to belong to any of these professional accountancy organizations. Proof of membership is by all means called for before the authorization to do so.
Why S & F Consulting Firm is top accounting firm in Mauritius
Needless to say, there are numerous accountancy firms in Mauritius. Our firm, S & F Consulting is, by all means, the most outstanding one. The following are the reasons that inform this claim or position:
Our company enjoys a reputation of unparalleled integrity. We do not gamble at all with the wellbeing of our clients. With regards to this, we only employ those accountants who have impeccable track records.
To be sure of this, we examine the past of our clients to ascertain whether they have ever been involved in any white collar crime, professional malpractice, or scandals. You should, therefore, be sure to accrue nothing but the highest quality of services from us.
Excellent Customer Care
We do not take matters of customer care lightly. We acknowledge that customer is king and that we are not without them. This is why we have put in place a robust and reliable customer care regime in place. The team of courteous and professional executives is always on standby to receive and handle your inquiries promptly.
They will take their time to listen to your needs and thereafter formulate a strategy to satisfy it. This is a guarantee that no matter of how complex your problem is, you will certainly find a way out.
In our company, we treat each client as though he were the only one. We take our precious time to listen to the needs and concern of each customer at the individual level. Thereafter, we formulate a solution that is unique that specific customer.
This arrangement wards off the likelihood of duplicity and unnecessary wastage of time. On the contrary, it guarantees that the solution that you obtain is as satisfactory and relevant to your company’s needs as possible. This is not to mention that you also stand to enjoy awesome feedback at all times.
Wealth of Experience
By virtue of having been operational for a prolonged duration of time, we have indeed accumulated plenty of work experience. This wealth of experience enables us to accomplish feats which are ordinarily unachievable.
It also means that we take less time on average to solve whichever problem that comes our way. We, by reason also of this experience, are able to avoid the common mistakes which most others make. The benefit of greater satisfaction and higher outputs is, therefore, yours to leverage.
Robust Quality Assurance
Our affiliation to numerous accreditation agencies assures you of nothing but the highest quality outcomes at all times. This is because our services are vouched to conform to the prevailing international standards that govern the field of accountancy.
With regards to this, you may count on our services to be devoid of any issues or errors that are common in other kinds of services. You should also be sure that the outcome you receive will be great first before paying for it.
Benefits of accounting services Mauritius
The nation of Mauritius stands apart from the others as pertains matters accountancy and ease of doing business on the whole. The following are but some of the few ways and means through which these differences play out:
Lower Taxation Rates
Mauritius, unlike most countries in the Sub-Saharan region, imposes no taxes on corporate entities like accountancy firms. With zero taxation, comes reduced costs of doing business. This is subsequently transferred to the client in the form of cheaper rates. Reduced taxation also means fewer restrictions and regulations on the part of the government.
Even though the companies’ books are required to be audited by law, the same does not apply to their accountancy services. This is great news in the sense that your company is shielded from unnecessary scrutiny and regulations that may hamper its efficiency. Such a lack of auditing gives you some freedom and space to do your business with limited hindrances or impacts.
Greater Ease of Doing Business
The nation of Mauritius has consistently ranked as the best of Africa with regards to the ease of doing business. This means that the economy is devoid of unnecessary bottlenecks and regulations which interfere with the smooth flow of transactions. You may thus be sure that you will be unaffected at all by these negative externalities while outsourcing your accountancy services in Mauritius.
Higher Economic Freedom
Lastly, the nation also experiences a relatively high level of economic freedom. Such freedom is brought about by the fewer number of regulatory frameworks that govern the various aspects of business and accountancy. The end result is smooth services which are unaffected by any unnecessary negative factors.
Now that you know all that you may possibly want to with regards to accounting services Mauritius, isn’t it wise to now proceed to outsource such services? Look to no other country than ours as we are the best due to the reasons stated.
Simply access our page www.sfconsultingbd.com to get started. A member of our customer care executive is always on standby and ready to handle your requests. We look forward to receiving your inquiries and acting on them soonest possible!