Starting an Accounting Business in Bangladesh

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    Guide to Setup Bangladesh Business


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     


     

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    Get Our Expert Assistance While Starting an Accounting Business

    Are you seeking a trustworthy firm who help your overall process of starting an accounting business in Bangladesh? NetworkBD provides reliable and precise company setup services in Bangladesh. We have a skilled and competent staff that can assist you with legally starting an accounting business in Bangladesh. Individuals and corporations in a variety of industries can benefit from NetworkBD’s services. In an ever-changing financial and regulatory climate, we try to fulfill each client’s unique needs in planning for the future and attaining their objectives.

     

    Accounting firms are used by people for a variety of reasons, including ensuring that their businesses stay on track financially and receiving expert advice from accountants. Apart from that, businesses hire accounting firms to help them plan for the future. In Singapore, starting an accounting firm can be a great way to put your accounting credentials to good use. Continue reading if you believe in your abilities and are ready to take them to the next level.

     

    Aside from the benefits you can provide others, owning an accounting firm as an entrepreneur has its own set of advantages. Many accounting firms in Bangladesh have gone on to become partners with local firms. Aside from that, Bangladesh’s accounting market is rapidly expanding and adopting new business advisory methods and cutting-edge technology. This provides an advantage for Bangladeshi accounting firms to become more comprehensive and competitive.

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    Starting An Successful & Profitable Accounting Business With NetworkBD

    The Following is a list of 4 core accounting services in Bangladesh that we offer through our team of qualified and experienced accountants:

    1. Bookkeeping:

    Bookkeepers are people who keep track of an organization’s general ledgers. Purchases, sales, receipts, and payments by an individual or an organization/corporation are all examples of transactions. In most cases, bookkeeping does not necessitate any special abilities. A bookkeeper is in charge of determining which accounts should be used to record transactions. If you’re hiring employees and expect a lot of growth, you might want to hire a controller to handle your financial management and accounting.

    2. Manual of Accounting

    Accounting manuals are internally developed documents that contain policies and procedures that are typically maintained within a company. They are primarily used to train new employees and keep the organization’s norms up to date. The ISO 9001 approach can be used to create an accounting manual. While ISO 9001 is frequently associated with manufacturing and production, it is actually a method for developing universally applicable management systems. The accounting manual would include information on organizational structure (your org chart), designated responsibilities of management and staff members, as well as identifying core accounting processes and their interactions, using an ISO process approach.

    3. Operation Manual

    An Operations Manual is what contains procedures, instructions and guidance for use by operational personnel in the execution of their duties. It usually documents how a business operates, from opening the door in the morning, to closing the door at night. In other words, documenting a turnkey operation. The company procedure manual is a valuable asset for a company seeking to grow without the headaches that usually come with business growth. An operations manual is much needed to relieve the top management with problems that usually come with business growth.

    4. Liquidation

    Liquidation is the process of a company dissolving or ceasing operations. According to Bangladeshi law, there are two types of liquidation: voluntary and involuntary liquidation. In either case, the entity undergoing liquidation will require accounting and auditing services to create a final report, consolidate and report missing audit reports, weigh financial liabilities, and so on.

     

    You are not required to follow the procedures of other accounting firms. Recognize and capitalize on your areas of expertise. You may also need to conduct additional research into the Bangladeshi accounting market. This allows you to determine what people require and assist them in resolving their accounting issues. Incorporating a business does not have to be difficult.

    Start Your Accounting Business Without Any Hassel

    Why should I start my business in Bangladesh, when there are so many other places to start a business? We’ll explain that , Bangladesh as Asia’s most important international destination, offers a plethora of advantages for starting an accounting firm. You will not only be able to take advantage of the many incentives and tax breaks offered by the Bangladeshi government, but you will also be able to conduct business in the world’s leading accounting hub and business center. Aside from that, as an entrepreneur, you’ll be collaborating with some of the best minds in the industry.

     

    Bangladesh’s Generally Accepted Accounting Principles (GAAP) are based on ICAB standards, which have stated their intent to adopt International Financial Reporting Standards. Except for IAS 39, IAS 29, and IFRS 9 [1], ICAB has adopted the IFRS as issued by the IASB since 2013. All foreign and domestic companies listed on the Dhaka Stock Exchange (DSE) and/or the Chittagong Stock Exchange (CSE) are required to use IFRS. 

    How Do You Register Or Incorporate A Business In Bangladesh ?

    An entrepreneur must follow specific procedures and legal requirements in order to starting an accounting business in Bangladesh. The entrepreneur must first obtain a Name Clearance Certificate from the Registrar of Joint Stock Companies and Firms (RJSC). The next step is to pay stamp duty at a Designated Bank and reapply for registration with RJSC after receiving the certificate. Following that, the company will create a seal, open a bank account, and file an application for a trade license with the appropriate City Corporation or Municipal Corporation. The entrepreneur must apply to the National Board of Revenue after completing all procedures (NBR). After completing all procedures, the entrepreneur must apply for a TIN Certificate from the National Board of Revenue (NBR) and register with the Customs, Excise, and VAT Commissionerate. Last but not least, the investor must register with the Bangladesh Investment Development Authority (BIDA).

    NetworkBD Experts Setting An Accounting Business Affordably

    We know how things are done firsthand because we are an accounting firm. We recognize that starting an accounting business is a huge undertaking, especially if you are new to the field. If you’d rather focus on your business, you can always hire a professional to take care of it for you and cover all the bases. That’s where we come in handy.

    We’re NetworkBD, and we’re here to help you starting an accounting business in Bangladesh. You may have heard of us in Bangladesh, but we have offices all over the world! Over the last decade, our multidisciplinary experts have provided one-stop business solutions for all of our clients’ needs. We at NetworkBD help our clients before, during, and after company formation – we’ll be there for you every step of the way. Contact Network BD today if you’d like to learn more about our services and what we can do for you!

    FAQ For Starting An Accounting Business

    What are the requirements to open an accounting firm? What do I need?

    You’ll need to do the following:

    1. Obtain an Employer Identification Number (EIN) as well as a Tax Identification Number (TIN).
    2. Examine the laws governing employment.
    3. Calculate your beginning costs.
    4. Create a service price structure.
    5. Make a decision about your company’s legal structure (S-Corp, L-Corp, LLC, Partnership, LLP )
    6. Take a look at commercial insurance.
    7. Make a bank account for your business.
    8. Create internal policies and procedures.
    9. Employ people.

    You’ll also have to consider the day-to-day requirements of running a business, such as risk management, basic administrative responsibilities, and general considerations regarding how and where you’ll meet clients.

    Will I need to get a new EIN from the federal government?

    In most circumstances, an Employer Identification Number is required to own and operate an accounting firm (EIN). The IRS website, on the other hand, goes into great detail on who needs an EIN and when. A reasonable rule of thumb is that if you intend to hire employees now or in the future, you’ll almost certainly require an EIN. Even if you don’t think you need one – or the website claims it’s not necessary – most firms are definitely better off getting one.

    Can accountants work from home?

    The ability to be flexible is one of the advantages of beginning an accounting practice. So, to answer the question simply, yes, many accountants can and do operate from home offices. Virtual or home offices are subject to the same requirements as real offices. So an accounting business that does not have a physical office is not at a disadvantage.

    How much does it cost to start an accounting firm?

    The cost of starting an accounting business can range from $2,500 to $25,000. Your location and aims will influence pricing in a variety of ways, including whether you want to start a typical brick and mortar business or want to set up a virtual office.

    Ensure To Setting Your Business Legally & Successfully