Accounting Services in Kuwait - Intuit Management Consultancy (IMC) Group
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Accounting Services in Kuwait

ACCOUNTING SERVICES – AN INTRODUCTION

IMC can handle the Accounting functions of the company in a professional manner. IMC is a certified Member of CPAAI, a Global Professional Accounting Body. Outsourced accounting has become an effective tool in eliminating problems in managing the accounts functions such as lack of accounting expertise, employee turnover and inefficiencies in operations. Our team is composed of qualified professionals, who aim to improve the efficiency, quality, and effectiveness of our client’s accounting function. IMC offers individuals and businesses, a variety of accounting services tailored to their special needs. IMC has been operating in GCC for over 10 years.

ACCOUNTING REQUIREMENTS IN KUWAIT

All business enterprises are required to maintain adequate financial records which need not be maintained in Arabic.Companies are required to adopt an accrual basis of accounting for financial accounting purposes and following the International Financial Reporting Standards (‘IFRS’).Ministerial Order No. 206 of 1985 specifies the following books and records required to be maintained by the foreign companies and partnerships:

  • General journal
  • Inventory sheets
  • General Ledger
  • Expenses analysis journal
  • Stock record

BUSINESS ACCOUNTING SERVICES OFFERED BY IMC IN KUWAIT

  • Book-Keeping Services
    • Journal entry
    • General Ledger
    • Assets/Equipment Ledgers
    • Expenses Ledger
    • Accounts Receivables
    • Accounts Payables and Ageing Report
    • Bank Reconciliation
    • Financial Statements preparation
    • Trial Balance
    • Income Statement (Profit and Loss Account)
    • Balance Sheet
    • Cash Flow Statement
  • Quarterly and Yearly Reporting
  • Management Reporting
  • Advising on the Accounting Systems