Accounting Services
Our accounting services include the computerized accounting of all business transactions to assure that the accounts are prepared in accordance with International Financial Reporting Standards. We do reconciliation of bank accounts & Management of different kinds of bank loans, account management and periodic reports and final restrictions pertaining to the accounts and the final end of the financial period in accordance with the Income Tax Law, Jordanian and international standards.
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Bookkeeping Services and Companies in Jordan
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Accounting Companies Services in Jordan
All services you may need for your business are offered by us, we are experienced in accounting for many years helping many businesses in Jordan to grow.
Origins and evolution of Accounting
Originated and evolved as a result of the accounting treatment of different economic and legal has given rise to the need for services of the accountant is to provide financial data to multiple communities.
It has emerged the need for accountability in the middle ages since the fourteenth century as a result of the emergence of commercial transactions and the use of money as a means of measuring the values of such transactions. The individual projects are the predominant legal form at that time. The accounting tool for entrepreneurs by recording numerous financial transactions in the books of the project needed a structured record all operations could not enumerate the memory which helps in measuring the responsibilities of persons involved in managing funds and in determining the relationship of the project to others who deal with him. Under these circumstances, the financial accounting appeared aimed at recording and financial processes tab in a notebook and then extract as a result of the movement of funds from profit or loss over a given period as well as the identification centers at the end of this period.
In the late 18th century appeared on the horizon marks a new twist in accounting as a result of economic and social factors, the advent of the industrial revolution led to the development of productive units and companies contributing to the huge capital investment required for the industry, and these projects were characterized by the separation of ownership from management and specific responsibility emerged the so-called productive process and increasing the use of factors of production and the following to the difficulty and complexity of administrative function, and with this development have changed the perception of the nature of the accounting function and was no longer a means to serve the importance of project owners only. But it has also become a means of administration service by providing detailed data that assist the Department in various policy aspects of the project activity and supervise their implementation.
Which resulted in the emergence of the importance of actual cost accounting, which aims to determine the cost of the product and cost controls and oversight reporting to various administrative departments for measuring efficiency in achieving the goals of the project.
Since the late 19th century and during the twentieth century with the increased size of the projects and the widespread phenomenon of mergers and increased State intervention in production and consumption, with great advances in technology and the proliferation of new inventions and with increased competition between different projects to provide goods or services to satisfy their endless desires and preservation of capital, growth, and research on the permanent new markets with increased external investor need accounting data to channel funds towards profitable investments, and with it all evolved Accounting And the greater the need for computer services accounting have become a means to measure the efficiency of management and is a means to serve the community in General, and the consequent emergence of several different branches of accounting in order to extend the Administration detailed data analysis for management service and measure proficiency.
A study of the historical development of accounting, we can identify some facts on the origins and evolution of accounting:-
1. the accounting result of economic, legal, social, and have evolved with the evolution of accounting data needed to service multiple communities.
2. accounting means, not a goal and have developed this method in several stages. They are a means of administration service to a community service and it should be noted here that each of these phases are not substitutes for each other and don’t resolve the other shop that precedes it, but appeared to complement each other and increase the responsibility of the accountant and how it I raised him to submit the data in time and the appropriate template for each community you need.
3. the evolution of accounting with the development of economic and social conditions led to the emergence of multiple branches from the financial accounting management accounting in different categories of social accounting and each of these branches serve groups that need accounting data.
The need for accounting services
After the founding of the company and registered with the Ministry of industry and trade company becomes ready to start with the objective for which it was established and is operational and here we come to the third step and here comes the role of accounting that has a record and convert all financial documents and processes, for the functioning of the facility and that support good governance and successful figures from the Department of Finance to make decisions that helpMoving forward the activity, for example, if a company wants to sell a particular item at the price of what you must first know the cost of this item, the Department must use the accounting to provide that information to determine the cost to develop the wish to profit margin established for it, also if the Administration learn the best season to sell their commodity must resort to the Finance Department to determine the best season by a sales slip, even marketing depending upon the Finance Department know what The ability of the facility to determine the allocation of marketing advertising and also how this section of the budget and how the budget commitment also to identify possible treaty obligations and other important information to do business efficiently and effectively, actually more than 95% of decisions the Administration considers the numbers produced by the effective financial section we put a line under effective financial section because it is the basis of the established if this basis is weak will be weak and its outputs will be weak and flawed management decisions And do not achieve their objectives.
You must initially learn how Genesis accounting and what does the Finance Department (accounting department) and what is required and what are the outputs:-
Definition and functions of accounting
The definition of accounting stems from defining the scope of work and the nature of the objectives to be pursued and where there are multiple concepts of accounting, so that multiple definitions have also emerged, but it can be summarized in three basic concepts:-
The first includes:
As a function of project management structure.
The second includes:
It is a system of systems involved in the project
The third includes:
It’s the science of knowledge Sciences
Nature of the accounting activities
Previous accounting definition reflects several dimensions, on the basis of the interpretation of the nature of the accounting activities, which can be displayed as follows:
- .As a service activity: Accounting as a service activity
- .As an Information System: Accounting information system
- .Financial Reporting: Financial reports as the output of the accounting system
- .As a Profession: Accounting as a profession
- .As a Social Science: Accounting as a branch of social sciences
- .As a Social Force: Accounting as an influential force in society
Accounting activity requires the following:
1. Create the books and accounting documents.
2. Select assignments and accepted accounting principles.
3. Identify and classify financial transactions to finance operations and the lessor’s home and capitalism.
4. Measure of financial processes through data collection, recording, classifying and creating coherence in them.
5. Report on the financial operations of the statement and the results of analysis, interpretation and delivery to users.
On this basis, it can determine the accounting functions as follows:
1. Prepare the books, records and documents to the project
2. To establish, under the financial operations in the books of income and expenditure and indebtedness in favor of the project, assets, obligations and property rights
3. Trading assets of cash or equivalent control
4. Report on the results of the work of the profit or loss accruing during the financial period and to determine the financial status of the project.
5. Provide financial information about the activity and economic resources for the purpose of deciding whether the administrative process or to investors.
The importance of accounting in business
Accounting in any project whatever form unincorporated or a company or a public company or a public institution providing a service to multiple categories including:-
1. Property owners:-interest accounting as a result of the project activity measurement of profit or loss and financial position and project owners need to know the progress of the facility and see the degree of effectiveness of the project resources.
2. Management: provide accounting information and management of adequate reports to manage the day-to-day operations of the facility properly for example in projects sections can be identified as a result of the work of each individual section and see the loss of sections and then decide to cancel this section if necessary.
3. Creditors and bondholders: pay creditors in the financial status of the project to determine its ability to pay, and the banks before granting credit facilities to its customers asking them to complete information on the budget of the project in the last year of study. Creditors give particular importance to the liquidity and profit trends and their impact on liquidity.
4. Income tax department:-income tax interest determine profits accurately so that the tax due is calculated but this is only if established proper books and accounts of fundamentalist after auditing established by the checker.
5. Financial analysts:-the financial analysts to analyze financial information and to provide advice and guidance to organizations that request it like investors.
Accounting fields
Accounting multiple fields are:
1. Government accounting: the accounting is concerned with all Exchange operations and collection of government resources and provides periodic reports on the operations and results of the various parties represented in the legislature and administrative officials, businessmen, investors, scientists and members of the public.
2. Tax accounting:-accounting to determine the taxable profit for the appropriate tax on this income depends mainly on tax laws and that should make them a good knowledge of accounting.
3. cost accounting: – cost accounting to determine the cost of producing unity and aims to achieve control over the cost and logistics management data needed to assist them in making good reads as well as determine the unit cost.
4. managerial accounting:-what is meant by management accounting is accounts and accounting and statistical data, which are for all levels of management to enable it to control the operations of the enterprise and the cost in time, making these instrumental control in consideration of any deviation from the subject in advance and planning address such deviations in the course. The function of management accounting including preparation and show data and accounting information that assist the Department in developing policies and monitoring their implementation.
5. Audit (audit) and intended to examine accounts and books and documents carefully so the references from the conviction that honest and clear signal to the financial status of the enterprise and the profit and loss account gives a similar picture as a result of the financial period. Based on data and explanations of the references according to the books.
6. financial accounting: the accounting is concerned with recording project operations and extract as a result and the preparation of financial statements and control the property of the project.
7. design of accounting systems:-it is known that each project has its own accounting system, has its own industrial companies and banks also have their own system and its own system of Government, hence the need for a special branch of accounting appears interested in the development and design of the appropriate accounting system for each project. The economic projects, included much of modern accounting machines have emerged and been using computer eBook in many enterprises, particularly banks.
ClearSolutions Offers Best Accounting Services in Jordan
As the accounting function of project for completion of the activity is defined as “task under the project assets and financial activities carried out during the financial period and report them to the project owners to demonstrate business results achieved and causes of those results” if we look at the accounting as a system of systems, known as “system that collects financial data and perform operations on them to measure, record and analyse and summarize and report for the purpose of providing information to users within and outside the project”
If we look at the accounting as a science is therefore defined as “group of hypotheses and principles universally recognized and accepted that govern the registration and compilation and analysis of the financial operations relating to accounting unit with a view to determining the outcome of the activity of the profit or loss accrued thereon as well as the financial position as at the end of the financial period”
And comprehensive definition as defined by the American Accounting Association AAA and shortened it includes three definitions mentioned “the process of identifying and measuring and communicating economic information can be used in the evaluation process and decisions by users of information”
Learn about American Society of accounting (AAA)
Accounting is a process generally consists of four consecutive activities concerned:-
- .Identifying
- .Measuring
- .Recording
- .Communicating
Economic and financial, expressed in unit connection data and information Currency (the dinar) and related economic units (business and non-business) for the users interested in such data and information to assist them in economic decision-making and management.
A similar definition that accounting services AICPA activity addressed and the American Institute of certified public accountants
Function provide quantitative information, mainly of a financial nature – for a particular facility, and intended to be useful to stakeholders in rational economic decision-making”
From here it is clear that accounting is basically the task of the production and delivery of the data and information necessary for accounting of economic units with a view to rationalizing the distribution of scarce economic resources to achieve the goals of these units to effectively and efficiently high productivity.
Three activities for process accounting:
Activity:
Determining economical factors and events affecting business, accounting is recognized. These events are called financial operations. Specific activity is, therefore, the liquidation process for the selection of financial operations which affect the financial statements of the facility in question and exclude other operations not affecting
Measurement and registration activity:
Measuring the economic events of the national monetary unit, recording economic events recognized categorized and summarized. This measure follows the cash register accounting books to provide historical documentation of financial events that have been defined for a particular facility. Registration as being a progressive sequence, containing financial measured events
Delivery activity
Preparation and financial reporting – analysis and interpretation for users to assist them in making their decisions. Selection and activity is an activity measurement and recording two small important data is not connected and the resulting accounting information to users or parties with interests and interested in business to help them make decisions and achieve their goals. The resulting information is delivered through the preparation and distribution of accounting reports and called the bulk of these reports in the name of the final financial statements
Financial statements to be meaningful and useful to users, accountants to describe and report data and accounting information in a “standard” (specific format and tab delimited to these financial statements in accordance with the requirements laid down by the accounting profession), which led to the development of generally accepted rules in the accounting profession called generally accepted accounting principles (gap), the establishment and the development and application of international accounting standards. Thus, the accounting information from many financial transactions and various facility activities for understanding and comparison by users and meaningful.
There is an important component in the delivery of data and information to users, is the responsibility and the ability of the accountant to analyze the information that is reported, the analysis includes the use of financial ratios and shapes and diagrams to illustrate important financial trends established.
The significance of accounting already mentioned in the measurement of financial operations, in order to be able to rely on accounting information in the project activities and outcomes.
Services offered by Clear Solution accounting in the field of accounting
- Establish and monitor accounts in Arabic or English according to the client.
- Daily setting restrictions on the work of your company through the accounting business accounting specialist (such as Quick Books, Galaxy, Accpac, Wings, …Etc).
- Prepare monthly bank reconciliations to match what is relay records company with bank statement monthly period and proof of bank commissions and transfers between accounts for all the bank accounts.
- Follow-up loans and bank facilities and accounts of overdraft accounts and make sure calculation of amount of interest due on those accounts with the Bank and the timetable for payment.
- Maintenance of warehouses (goods) using the method of continuous inventory and calculating the cost per weighted average method or contained a first in, first out (FIFO) to determine the cost of goods sold and the quantity of the goods in the warehouse by NYSE and classified.
- Weekly/monthly statements of accounts receivable and payable and receivable and payable in advance in order to collect on the maturity date or the payment of the agreed time.
- Calculate the commissions system found by company policy.
- Tracking bank overdraft transactions with banks and calculated and proven records of the company.
- Make sure the sales through billing calculation and determine the cost of the invoice and a sales tax deduction.
- Company registration with social security and authorization of the company represent us liaison officer.
- Preparing monthly payroll is structured according to the income tax Act and social security.
- Salary slips issued to employees of both the employee and send it via e-mail.
- Preparation and submission of forms relating to the Department of social security and income tax monthly and which form (r/3) and a form (r/2) of the income tax withheld from the employees during the month.
- Assistance in decision-making in order to reach good results through the company to profit by analysis of expenses and revenues.
- Preparation of final entries by the end of the financial year and of depreciation of fixed assets according to the form (k) prepared by the Jordanian income tax law and prepare trial balance by the due procedure to show proper financial statements and realistic and more accurate.