Business Advisory
Management Information Reporting
In order to make better informed decisions, Management Reports come in handy for business managers to get insights as well as a bird’s eye view of multiple aspects of the business
Unlike statutory Financial Statements, Management Reports combine financial and operational data of the business and present them in most effective ways using multiple tools
These reports mainly make use of Key Performance Indicators (KPIs) from various departments of the business
How we can help:-
- Analysis of different “Information Points” spread out within the organization.
- Assistance in the development of a methodology to extract data from these points.
- Consolidation of the raw data and determining contents of the Management Report relevant to the Company.
- Establishing the Key Performance Indicators (KPIs) in coordination with the management.
- Periodic issuance of an illustrative and indicative Management Report (for e.g monthly, half-yearly, yearly etc.).
Economic Substance Requirements (ESR)
As per the Ministerial order No. (106) of 2019 issued by the MOICT, all companies in Bahrain conducting activities relevant to the ministerial order
have to file the Economic Substance Report (ESR) within 3 months of their financial year end.
The regulation applies to entities carrying out one or more of the following activities:-
- Distributions and service centers
- Headquarters
- Holding
- Leasing
- Shipping
- Intellectual property
- Banks
- Financing companies
- Insurance
- Investment business firms
- Fund administrators
How we can help:-
SRR Consultants can provide consultancy to your entity for meeting the economic substance requirements.
Entities generally need to satisfy the following tests:
- The company’s core income-generating activities (CIGA) should be carried out in Bahrain.
- The company’s related activities such as meetings of the board of directors, partners, managers, should be physically held in Bahrain and key strategic decisions should be set out during such meetings.
- The company should have an adequate number of qualified full-time employees’ resident in Bahrain.
- The company should have an adequate level of annual operating expenditures incurred in Bahrain.
- Where core income-generating activities (CIGA) are outsourced to a third party, expenditures paid to such service providers should be proportionate to that service.
- Adequate level of internal policies and controls, such as corporate governance and risk management, should be regularly reviewed including books of accounts being maintained using acceptable accounting standards.
Strategic Planning
Strategic planning is the process of documenting and establishing a direction of your business—by assessing both where you are and where you’re going.
The strategic plan gives you a place to record your mission, vision, and values, as well as your long-term goals and the action plans you’ll use to reach them.
How we can help:-
- Assist your organization to define and develop future business strategies to meet your long-term goals
- Research market trends and future developments that might affect this strategy
- Analysis of the operating environment
- Studying major company competitors
- Developing potential future scenarios
- Creating detailed reports
Efficiency Planning
More the efficiency = less the waste = increase in profits!
Efficiency is highly crucial to all businesses since it directly affects the productivity of the organization as well as the management of the resources available to it. It is vital that efficiency is assessed in all business divisions and processes to ensure a multiplacative product of all working hands of the organizations
How we can help:-
- Conduct a comprehensive analysis of your entire company or a specific division
- Assist your business in cutting costs in order to increase value & profitability
- Develop targeted strategies to optimize your business processes
- Advisory for time management & resource allocation
Control Planning
Control planning in an organization aids in identification of errors and variance from established standards in order for a corrective action to be executed in line with organization goals
How we can help:-
- Conduct risk assessment of specific division or functional area
- Review the suitability of internal control design
- Verbally communicate findings to senior management and draft comprehensive and complete reports
- Perform assessments of compliance programs, policies and procedures based on regulatory expectations