Fama Accounting Services, Office 2294, Building 574 Road 31 Block 611 Al Hamriya, Bahrain
Fama Accounting Services, Office 2294, Building 574 Road 31 Block 611 Al Hamriya, Bahrain
Running a business in Bahrain means more than managing daily operations—it means meeting legal requirements, staying tax compliant, and being ready for audits. That all starts with well-prepared financial statements. At Fama BH, we specialize in professional financial statement preparation for Bahrain companies—whether you’re a W.L.L., joint-stock company, SME, or startup. We prepare fully IFRS-compliant, audit-ready, and bank-acceptable financials that help you stay compliant, raise capital, and make better decisions.
Our team works closely with your records, systems, and documents to turn your trial balance into polished financial statements that include all the necessary disclosures, notes, and formats required under Bahrain law and international accounting standards. Whether it’s your first financial year or your tenth, we help you prepare statements that speak clearly—to stakeholders, investors, auditors, and regulators.
Every registered business in Bahrain—whether it’s a W.L.L. (With Limited Liability) or a joint-stock company—is required under the Commercial Companies Law to maintain proper financial records and prepare annual financial statements.
These statements are essential for:
Regulatory filings
External audits
NBR (National Bureau for Revenue) compliance (if VAT registered)
Failing to prepare and maintain financial statements can lead to:
Delays in audit certification
Rejection of government applications (licenses, visas)
Loss of business credibility
We ensure your statements are prepared in full alignment with Bahrain’s legal framework, avoiding penalties and ensuring smooth operations year after year.
Financial statements aren’t just for auditors—they’re for you, the business owner or manager. They show:
Where your money is going
How profitable your operations are
Whether your assets are growing or depleting
How much cash you have to pay bills or invest in growth
Without these insights, you’re making decisions in the dark.
We prepare your financials so they’re not just audit-ready—but decision-ready, providing you with the clarity needed to plan your next move confidently.
This statement shows what your company owns and owes at a specific point in time. It covers:
Assets: cash, receivables, inventory, fixed assets
Liabilities: loans, payables, accrued expenses
Equity: share capital, retained earnings
We ensure that your balance sheet accurately reflects your financial position—compliant with IFRS presentation standards and customized per your business model.
Your P&L statement shows:
Total income
Direct costs
Operating expenses
Net profit or loss for the period
We prepare multi-level income statements that show gross profit, EBITDA, and net profit—perfect for board reports, audits, and strategic planning.
This statement tracks the movement of cash in and out of your business across:
Operating activities (sales, purchases)
Investing activities (assets bought/sold)
Financing activities (loans, dividends)
It helps you answer vital questions like:
Can I cover payroll next month?
Do I need financing?
Where is my cash stuck?
We use the indirect method of cash flow reporting, as per IFRS guidelines, with breakdowns and reconciliations to match your books.
This often-overlooked statement shows how your equity changed during the year due to:
New capital injections
Profits/losses
Dividends
Adjustments from previous years
We prepare this with full transparency, helping shareholders see their value and changes clearly.
Bahrain requires companies to maintain financial statements as per International Financial Reporting Standards (IFRS). Our team prepares all four primary financial statements in strict compliance with:
IFRS standards
Ministry of Industry, Commerce, and Tourism (MOICT) expectations
Bahrain Commercial Companies Law
We also include:
Statement footnotes
Currency disclosures
Comparative figures
Management commentary (optional)
Your financial statements form the core of your external audit. Auditors rely on these to:
Perform tests of balances
Verify compliance
Issue clean audit reports
If your financials are poorly formatted, missing key disclosures, or have errors in classification, it delays the audit and may result in a qualified or adverse opinion.
We ensure your statements are pre-approved for audit submission—formatted correctly, reconciled to the trial balance, and supported by working papers.
Every industry has its own financial quirks. We tailor your financial notes to:
Highlight unique risks (e.g., revenue recognition in construction)
Include lease liabilities and right-of-use assets (IFRS 16)
Disclose significant events or contingent liabilities
This customization helps auditors and regulators understand your business in its true context.
Minimize risks and maximize growth with our comprehensive accounting solutions in Bahrain.
Below is an overview of our general pricing packages for our suite of services in Bahrain. Costs vary depending on factors such as the services we offer.
Read some reviews and success stories from our loyal customers who achieved their goals and how our expert solutions have made a lasting impact on their growth, compliance, and financial clarity. Your success is our greatest achievement!
Client
I am so happy to have chosen this company! Right from the start it was a very easy decision, I knew I am in the right hands. They contacted me with every update they had and always kept me up to date with all the information and steps that we will proceed next.
Client
Highly recommend for anyone looking to establish a company in Bahrain! Waqas Akram and his team made the entire process smooth and stress-free. They were incredibly knowledgeable, responsive, and handled every detail with professionalism.
Client
The team was highly professional, efficient, and knowledgeable. They ensured that all paperwork and procedures were handled smoothly, saving us both time and effort. I highly recommend their services to anyone looking out there.
Client
Abdullah and the team have been great in assisting me with related tasks. In challenging timeframes they've supported me to ensure our company operations can start in Bahrain without any issues. Thank you. I will recommed their services.
Client
I was extremely impressed with their services. Their expertise made everything smooth and hassle-free. I highly recommend Setup in Bahrain for anyone looking for their business here. Their professionalism and commitment to customer satisfaction are top-notch.
With years of experience and a highly qualified team, we bring unmatched expertise and in-depth knowledge of Bahrain’s financial landscape to every service we provide.
All With Limited Liability (W.L.L.) and Bahraini Joint Stock Companies (B.S.C.) are required by law to prepare annual financial statements. These are not just for internal tracking—they are essential for:
Annual General Meetings (AGMs)
Regulatory compliance
External audits
Renewing commercial registrations
At Fama, we prepare shareholder-ready financial statements with all mandatory disclosures to ensure legal compliance and smooth annual proceedings.
If you’re approaching banks, investors, or accelerators, expect to be asked for your latest financial statements—often for the past two to three years.
Professionally prepared statements:
Boost your credibility
Help validate your business model
Increase your chances of securing funding
We work with many Bahrain-based startups to prepare statements that align with VC or angel investor expectations, including IFRS-compliant formatting and KPI insights.
If your company is VAT-registered, the National Bureau for Revenue (NBR) may audit your business. Financial statements provide supporting data for:
Revenue recognition
VAT collected and claimed
Expense classifications
We make sure your statements align with your VAT submissions, reducing the risk of NBR disputes or penalties.
Additionally, certain regulated entities like law firms, schools, and logistics providers may be subject to periodic financial reviews or license renewals that require updated financials.
Accurate financials give you a real-time snapshot of your company’s performance. You’ll know:
Which departments or products are profitable
Where expenses are out of control
What your cash runway looks like
We not only prepare your reports but also analyze the data, delivering insights that go beyond the numbers.
Banks won’t accept “rough numbers” or Excel exports when evaluating loans or credit lines. They want:
Professionally prepared, signed-off statements
IFRS compliance
Supporting working papers and notes
With our financial statement services, you can approach:
Commercial banks for business loans
Government agencies for grants
Private investors for funding rounds
And do so with complete financial transparency.
The Bahrain tax system includes VAT, and businesses must maintain audit-ready documentation. When your financial statements are clean, reconciled, and structured:
VAT returns are easy to prepare
Audits become painless
NBR inspections can be handled confidently
We align your statements with tax laws and accounting best practices to help you stay ahead of compliance requirements.
Many companies hand us messy records, Excel-based systems, or outdated ledgers. We don’t just accept them—we transform them.
Our team will:
Review your trial balance
Identify misclassifications and errors
Recode transactions where needed
Reconcile accounts and fix discrepancies
You’ll start with a clean slate, making the final statements accurate and dependable.
Once your books are in order, we:
Generate the full trial balance
Prepare IFRS-compliant financial statements
Add explanatory notes and supporting schedules
All statements are reviewed internally before being shared—ensuring quality, consistency, and compliance.
Whether you’re preparing for an audit, license renewal, or investor pitch, your financials will be complete, compliant, and presentation-ready.
Want more than just standard statements? We offer enhanced reports that include:
Budget vs actual comparisons
Trend and ratio analysis
Forecasting tools
These insights help you turn data into action—especially useful for quarterly board meetings or strategic planning sessions.
We prepare or update a fixed asset register, detailing:
Purchase dates
Depreciation methods
Net book value
Additions and disposals
This is critical for accurate balance sheets and audit confirmations.
We provide full breakdowns of:
Outstanding customer balances (AR)
Due vendor payments (AP)
Accrued expenses and income
These schedules support your financial statements and are often requested by auditors and financial institutions.
If your business holds stock, we prepare:
FIFO/LIFO/Weighted Average valuations
Obsolescence reports
Inventory aging schedules
We align with Bahrain’s inventory valuation standards and ensure transparency in your current assets.
Our financial statement services are designed to make your external audit stress-free. We:
Coordinate with your audit firm
Provide pre-audit adjustments
Reconcile ledgers and sub-ledgers
You’ll walk into your audit with confidence—and walk out with a clean report.
We serve as your point of contact for audit queries, document requests, and follow-ups. This means less disruption to your team and faster resolution of any issues raised during the audit process.
Auditors love working with us because:
Our statements are consistent and well-formatted
Supporting schedules are complete and organized
We speak their language (IFRS, trial balances, working papers)
With properly prepared financials, you can reduce:
Audit delays
Miscommunication
Rejection of reports
Our streamlined preparation minimizes auditor queries, ensuring faster sign-offs and lower audit costs.
Each industry has its own accounting standards, cost structures, and regulatory disclosures. At Fama, we tailor your financial statements to reflect the unique elements of your business.
Here’s how we adapt to different sectors:
Retail: Inventory-heavy reporting, daily cash tracking, multi-location analysis
Hospitality: Room revenue vs F&B segregation, deferred revenue for bookings
Logistics: Fuel cost allocations, vehicle depreciation, delivery revenue models
Construction: Percentage-of-completion revenue, project-based accounting, work-in-progress tracking
Tech/Startups: R&D capitalization, investor-ready formats, deferred revenue from subscriptions
This ensures your statements are not only compliant but also relevant to your business model and decision-making needs.
We format your statements for specific users:
Internal management
Board presentations
External auditors
Banks or financial institutions
Our templates are aligned with international and local expectations, helping you make the right impression and communicate financial performance with clarity.
Some sectors require additional disclosures, such as:
Related party transactions
Government subsidies
Grants and donations
Currency risk and exchange rate impacts
We identify and include these disclosures to ensure transparency and reduce audit risk.
We work with Bahrain’s most popular accounting platforms, ensuring seamless transition from bookkeeping to statement preparation. Whether you use:
Zoho Books – ideal for VAT tracking and local compliance
QuickBooks Online – flexible, startup-friendly
Xero – great for global reporting and dashboards
Tally ERP – widely used in trading and manufacturing
Our team can clean, verify, and convert your ledger data into complete IFRS-compliant financial statements, regardless of the system.
Need a quick financial snapshot? Our systems allow us to:
Pull real-time income statements
Generate updated balance sheets
Prepare draft reports instantly during audit or investor calls
It’s speed with precision, and it makes financial management much more responsive.
Your completed financial statements are delivered securely through:
Encrypted email links
Cloud-based dashboards
Shared folders with version control
You can access, review, and forward them from anywhere—without printing or scheduling in-person meetings.
We’ve worked with over 100 Bahrain-based businesses across industries. We know the requirements of:
MOICT (Ministry of Industry, Commerce & Tourism)
NBR (National Bureau for Revenue)
LMRA and other regulatory bodies
Our statements are tailored to local standards with global structure—ensuring your business is audit-ready, VAT-compliant, and funding-friendly.
We prepare statements in English, Arabic, or both—depending on your stakeholders. This bilingual expertise helps when dealing with:
Government agencies
Local investors and boards
Cross-border transactions with Arabic-speaking partners
From small startups to group holding companies, clients choose Fama for:
Speed and accuracy
Confidentiality and discretion
Clear communication and proactive support
We don’t just crunch numbers—we help you understand them and use them strategically.
We begin by:
Reviewing your trial balance
Checking for gaps or errors
Gathering supporting documents
We provide a custom checklist to make this step quick and easy for your team.
We organize:
Schedules for assets, liabilities, income, and expenses
Reconciliations for all accounts
Adjustments for accruals, provisions, and tax items
This forms the foundation of your financial statements and simplifies auditor engagement.
Finally, we:
Prepare complete IFRS-compliant financial statements
Add footnotes, disclosures, and comparisons
Share with your team for review and feedback
Make edits and finalize
We also brief your leadership on key highlights, ensuring they’re ready for any audit, board meeting, or investor pitch.
You can choose between:
A one-time flat fee for annual statement prep
A monthly subscription that includes bookkeeping, reporting, and annual financials
We recommend monthly plans for businesses that want ongoing support and real-time financial visibility.
Pricing depends on:
Annual revenue
Number of transactions
Number of bank accounts
Industry complexity (e.g., project accounting, group consolidation)
Most of our financial statement services start at:
BHD 150–250 for startups and small businesses
BHD 300–500 for mid-sized firms
Custom pricing for multi-entity groups and audit-prep cases
If you’ve fallen behind and need multiple years of financials cleaned up, we’ve got you covered. We provide bulk discounts and custom quotes for:
Multi-year statement preparation
Full ledger cleanup and migration
Group or subsidiary-level financials
Not sure if your financials are compliant or investor-ready? Let’s find out.
Schedule your free consultation, and we’ll:
Review your current books and systems
Highlight risks, errors, or gaps
Recommend a plan to clean up and prepare full financials
This is 100% confidential and no obligation.
Your financial statements are more than just reports—they’re your business story in numbers. With Fama Accounting, you get clear, compliant, and customized financial statements that help you succeed in Bahrain’s competitive and regulated environment.
Whether you’re preparing for an audit, pitching investors, or just trying to understand your financial performance—we’ve got your back. Fast, accurate, and stress-free.
Yes. VAT filings are summary-based, but financial statements provide a full picture of your business. They are also required for audits, investor reviews, and license renewals.
Absolutely. We collaborate with in-house or external accountants to ensure accurate and efficient statement preparation.
No problem. We specialize in catching up old records, cleaning ledgers, and preparing financials from partial data.
It usually takes 3–7 business days, depending on the volume and quality of your records. Complex businesses may require up to 2 weeks.
Yes. We follow IFRS and Bahrain Commercial Law standards. Our clients use our statements successfully for audits, bank loans, and funding rounds.
Minimize risks and maximize growth with our comprehensive accounting solutions in Bahrain.
With a reputation for precision, and excellence, we are here to support your business growth while ensuring compliance with Bahrain’s financial and regulatory standards.
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Accounting, VAT, & Audit Services by famabh