Bahrain presents best practice in financial management | KPMG | BH

KPMG in Bahrain presents best practice in financial management to the local business community

Bahrain presents best practice in financial management

More than 100 representatives from small and medium enterprises (SMEs) recently attended KPMG in Bahrain’s Entrepreneurship Forum event to learn about the importance of sound financial management to enable business growth. The half-day event also shed light on KPMG in Bahrain’s new technology - the Enterprise Accounting Solution (EAS), designed to make financial management processes simpler and more effective.

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More than 100 representatives from small and medium enterprises (SMEs) recently attended KPMG in Bahrain’s Entrepreneurship Forum event to learn about the importance of sound financial management to enable business growth. The half-day event also shed light on KPMG in Bahrain’s new technology - the Enterprise Accounting Solution (EAS), designed to make financial management processes simpler and more effective.

“The Entrepreneurship Forum was established in Bahrain around 3 years ago to support the development of enterprises through regular sessions, focused on topics of interest to SMEs and startups. Today’s seminar is of great value, as sound accounting and finance systems are the backbone of any successful business.” KPMG in Bahrain’s Managing Partner, Jamal Fakhro commented in his opening remark. 

Partner and Head of Enterprise at KPMG in Bahrain, Harish Gopinath, added in his keynote speech “When establishing a new business, entrepreneurs often focus on running operations and put less emphasis on maintaining accounting records, which could put their company in a difficult financial situation. Having well managed financial systems not only empowers decision-making, but also protects against fraud and misappropriation.”

The seminar featured case studies and testimonials from local businesses, highlighting how having instant access to accurate financial information has helped them to take the best decision at the best time, enabling their business’ success.

Attendees also had the opportunity to hear views on the importance of accounting and challenges faced by enterprises during the panel discussion between: Mohammed Adel Fakhro - Board Member and Chairman of Entrepreneurs Committee at Bahrain’s Chamber of Commerce and Industry, Areije Al Shakar- Vice President of Development Services at Bahrain Development Bank and Qusay Al Arayedh -Executive Director of Operations at Tamkeen.

Gopinath elaborated on the challenges faced and said, “When setting up a financial system, business owners can find it difficult to identify and maintain suitable accounting software, which enables them to comply with the local law. Businesses also face other challenges including a lack of technical knowledge to interpret financial reports for the benefit of the business, difficulty recruiting qualified accountants and bearing the associated costs. This is why we have developed the EAS to make financial management processes simple and available at a competitive price.”

EAS provides an innovative technology that puts business owners in control. EAS users will no longer need to spend time or resources managing receipts and invoices; they can simply take pictures of expenses with a smartphone and send them to KPMG in Bahrain’s dedicated accountants via an online tool. This gives entrepreneurs up-to-date information about their performance, which is accessible via smartphones and portable devices at any time.

The seminar was held at the Gulf Hotel and included a live demonstration session on the EAS. 

© 2017 KPMG Fakhro, a Bahrain partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss entity. All rights reserved.

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