Bookkeeping Services in Dhaka and Chittagong, Bangladesh – Accounting

We offer Bookkeeping services in Bangladesh so that you no longer have to worry about your business’s daily accounting records. There are two types of accounting systems, the single entry system and the double entry system.

According to our bookkeeping services in Bangladesh, a single entry system records each transaction only once. This system is widely used for personal accounting. In the double entry system, every financial transaction has a debit amount equal to the credit amount. This system is commonly used by businesses and international organizations.

In the contemporary business world, it is required to maintain financial records using a double-entry system for the purposes of analyzing the financial performance of a business and ensuring compliance with local and international regulatory bodies. International accounting standards such as IAS, IFRS, and GAAP adhere to the double-entry bookkeeping method.

Bookkeeping services are the initial step in recording financial transactions in the accounting books. In the first stage of the double entry system, financial transactions are recorded on the journal daily with a description. In addition to journals, cash books, bank books, sales books, and purchase books are the principal books associated with journals.

Journals are the foundation of financial records and financial data. If any transactions are incorrectly recorded in the journal, the resulting financial statement results will be incorrect. The Journal entry phase must adhere to specific accounting standards, such as IAS, IFRS, and GAAP, which is essential for the fair and accurate presentation of the financial position and financial performance. Following the journal entry portion of the bookkeeping procedure, classify the journal and posted ledger.

The primary criterion for a correct balance on financial statements is accurate journal classification in the ledger book. Incorrect classification on ledger books will result in erroneous financial statements that provide inaccurate information to the company’s stakeholders. Balance sheet or financial position accounts including Property, plant, and equipment, accounts receivable, intangible assets, investments, cash and bank balance, capital, loans, etc.

The ledger balance should be carried forward from year to year on a going concern basis, and the ledger balance for financial performance accounts such as Revenue, purchase, salary wages, tax administrative, and selling expenses should be carried forward to a specific period end where the organization’s income year ends.

The trial balance must be prepared after the ledger balance has been completed, and it is the final step in the bookkeeping process. The trial balance contains two portions, one debit and the other credit. At the end of the period, a trial balance has been prepared by aggregating the ledger balances of the various account heads that will be displayed in the financial statements.

The two sides of an accurate trial balance for a given period must have equal amounts. If an error is discovered during the trial balance phase, an adjusting journal must be created to rectify the trial balance.

The benefits of selecting TRR’s  bookkeeping services:

The bookkeeping process enables a business to maintain financial control. A double-entry accounting system ensures compliance and provides data for business position analysis. It is the provision of accurate, relevant, and informative data in a timely manner, which enables business managers to make valuable decisions and take the proper initiative for a business organization.

Using the financial data provided by an accurate bookkeeping system, a manager can monitor cash and other investments related to the business.

Accurate financial information aids a business in internal cost management, such as material, advertising, and labor expenses. It allows the manager to compare business or product results to those of other relevant businesses and products. It also assists a business owner or manager in measuring, motivating, and keeping track of other business functions, such as Human resource requirements and benefits, production facilities, marketing media, and distribution channels.

The bookkeeping process enables businesses to compete in today’s challenging economy. A business requires up-to-date financial information, such as cash on hand, production costs, and distribution expenses, in order to compete with its rivals in terms of business value and market share. Indirectly or directly, a system of accurate and up-to-date bookkeeping conveys a trustworthy image to the business’s stakeholders.

Accounting Services Offered By TRR:

TRR is a highly reputable and experienced accounting and financial service consulting firm. TRR is able to design and implement a modern bookkeeping system in accordance with local and international accounting standards to remain current and compliant with respect to local and international regulatory bodies. TRR also offers bookkeeping services and will hire bookkeeping personnel on the client’s behalf as needed. TRR also provides accounting staff with guidance and training on modern bookkeeping practices, allowing businesses to stay current and maintain compliance.

Under normal circumstances, a partnership registration can be completed within one/two days.

Liquidation Services in Bangladesh:

Liquidation typically occurs when a company is insolvent, meaning it cannot pay its obligations and debts, and we at TRR ensure the same by providing our clients with Liquidation Services in both financial and legal matters.

When a business ceases operations, the remaining assets are used to pay creditors and shareholders in accordance with the priority of their claims.

In brief, liquidation is the process of dissolving a business and distributing its assets to creditors. The business ceases to exist once the liquidation process has been completed.

Additionally, liquidation can refer to the process of selling off remaining inventory, typically at steep discounts. Company liquidation can have both benefits and drawbacks.

A disadvantage may involve selling the property or anything else to pay off creditors. Additionally, the benefit of liquidation leads to the pursuit of business opportunities in other areas following the liquidation.

There are numerous types of liquidation, including Creditors’ Voluntary Liquidation – for businesses with debts Members’ Voluntary Liquidation – for companies with no debts, Compulsory Liquidation – court-issued winding-up order, Official Liquidation, and Provisional Liquidation.

The explanations are as follows:

Voluntary Liquidation
This particular liquidation is initiated by a resolution of the company’s Board of Directors, followed by a vote of the shareholders. The Voluntary Liquidation can take one of two forms, depending on the company’s solvency. Every viable business must require a Members Voluntary Liquidation (MVL).

Additionally, all insolvent businesses must undergo a Creditors Voluntary Liquidation (CVL).
Members Voluntary Liquidation
Members Voluntary Liquidation is another term for (MVL). This is the formal procedure for dissolving a solvent company. A Members Voluntary Liquidation always necessitates that the company be able to pay off all of its debts and that all tax returns be filed on time.

Voluntary Creditors Liquidation :

Creditors Voluntary Liquidation is another name for it (CVL). If a business is insolvent (unable to pay its debts when they are due), it must undergo a Creditors Voluntary Liquidation (CVL).
Official Liquidation
Court liquidation is another term for official liquidation. In this liquidation proceeding, the bank of the account holder organization petitions the court to force the account holder organization into liquidation. The entire process is expected to be lengthy and costly for the bank. This also includes the loan for serving a legal demand on the organization to pay an obligation consistent with the corporation act. If the organization fails to pay the money requested in the statutory demand, the loan manager then files a petition with the court to have the business dissolved.
Provisional Liquidation
It must be possible for an applicant to petition the court for the appointment of a provisional liquidator in order to safeguard the asset. When this occurs, the role of the provisional liquidator is to safeguard and protect the company’s assets while assessing the company’s overall position. And finally, present the recommendations to the court for a suitable outcome or alternative resolution.

Liquidation Procedure in Bangladesh in Nutshell:

During liquidation, a liquidator must perform the following tasks:
• Realizing the assets: A liquidator must work for an insolvent company while obtaining the highest possible price.
• Address outstanding claims against the limited company and satisfy the claims in accordance with the country’s laws and regulations.
• Distributing the returns: A liquidator must organize and work diligently to establish the order of priority while distributing the returns.
• Working for the creditors: They must act in their best interests (not the directors).
• Maximizing the return for creditors: Determine as soon as possible how to maximize the return for creditors.

 TRR ASSOCIATES | Bangladesh’s Most Preferred Liquidator:

In the liquidation process, the director is one of the most important individuals when it comes to making liquidation decisions. Before filing for bankruptcy or liquidation, the executive or director considers, from the investors’ vantage point, what might benefit them the most and yield the highest income and returns.

While the TRR Liquidator team worked persistently for the lessee to report the liquidation to the loan manager as soon as possible, the team remained diligent in its efforts. A retailer must always remember that once the liquidation procedure begins, the organization’s goals will change. Prior to this, the organization’s objective was to maximize its profits; now, it is to fulfill the vast majority of its obligations.

TRR Legal has a team of professionals who work responsibly for clients during the liquidation process.
In the interim, the director of the company or organization will be placed on administrative leave. And the overall authority will be transferred to the country’s legislator. The TRR liquidation team adheres to all rules and regulations while maintaining the overall liquidation procedure.

Software for Accounting in Bangladesh:

Accounting software is a program that accounting firms use to perform a variety of accounting and bookkeeping tasks. These applications store a company’s financial information and facilitate business transactions. Accounting software is used as a counting information system and is essential for the effective management of a business. Accounting Firms use a variety of accounting software to assist businesses in efficiently utilizing their resources and performing various accounting tasks, such as invoicing, bill payment, monitoring reports, payrolls, etc. This software is utilized by accountants to record the flow of funds for internal and external auditing and review. Depending on the type, accounting software performs a variety of functions. Data Base, Installed, and Cloud Accounting Software are the three major types of accounting software utilized by accounting firms.

Software Accounting Database in Bangladesh:

Large corporations primarily utilize the database system. This type of software can perform business operations, complex activities, a vast network, and challenging accounting tasks more efficiently.

Accounting Software Setup :

Accounting software can be installed on laptops or desktops using a CD or another installation method. This software is predominantly utilized by small to medium-sized businesses for accounting purposes.

Cloud Accounting Application:

This Software is accessible via the cloud or internet and is accessible online. As data is accessible online and can be used anywhere, these applications are relatively less expensive and more convenient to use. Cloud software examples include ERP, Sage, QuickBooks, and Tally. The following cloud accounting software’s are discussed:

Accounting Software ERP:

ERP, or Enterprise resource planning, is a type of accounting software used to manage daily business activities such as project management, compliance, accounting, and supply chain operations, among others. ERP systems are based on a single, standardized data structure, which helps to ensure that the enterprise’s content is consistent and based on common concepts and user experience. ERP software includes enterprise performance management, which aids in the planning, budgeting, forecasting, and reporting of a company or organization’s financial results. ERP is extremely valuable to accounting firms due to its numerous benefits, such as lower operational costs, efficiency, enhanced business insight, enhanced operational costs, and risk reduction.
There are three major accounting software programs.
Advantages of ERP Accounting Software:

• An ERP accounting system increases productivity by reducing manual data entry.
• Provides accurate forecasts by equipping users with the necessary tools and resources.
• Contributes to the enhancement of business insights generated by reports.
• ERP Software saves time by increasing efficiency.
• Collaboration is an additional advantage of ERP software. • ERP software reduces operational costs.

Sage Accounting Software Sage accounting software simplifies and streamlines a vast array of accounting tasks, allowing accountants to work more quickly and accurately. It is a computer program that facilitates the processing of financial data. It can be used for the simplest tasks to the most complex financial services administration. Sage Accounting Software aids in the management of business accounting operations, such as payroll processing, tax evaluation, and transaction control. Sage Accounting Software variants include Sage Business Cloud Accounting, Sage 30cloud Accounting, Sage 200, Fix Asset, and Sage Payroll, among others.
• Sage accounting systems are fast and dependable, making them more cost-effective than paper-based accounting. • It simplifies the transaction process compared to manual accountancy. • The Sage accounting system increases efficiency and productivity.
• The data entry procedure is quick, which reduces the amount of time required.
QuickBooks Accounting Software: QuickBooks is a well-known accounting software for small businesses that accounting firms use to manage an organization’s income and expenses. QuickBooks is advantageous for managing invoices, paying bills, monitoring cash flow, etc. Moreover, accountants utilize QuickBooks software for billing and invoicing, expense management, and financial reporting.

Services Offered by Accounting Firms associated with TRR:

Generally, CPA firms offer two types of services: Attestation Services and Non-Attestation Services.
Included in attestation services are Audits, Reviews, and Compilations. Other Services include Internal Audit, Internal Control Design, Tax Services, Management, and Business Consulting.
CPA firms can assist their clients with various types of auditing. The purpose of the audit is to ensure that the financial reports of the companies are accurate. The evaluation is conducted through observation, clarification, and discussion with management.

An annual audit is required for all businesses, and a CPA can assist with its efficient completion.
A CPA can examine the company’s books and records using the results of analytical evaluations, specific analytical procedures, and thaae measurement of specific financial metrics and ratios. The review is a subset of Auditing intended to provide the client with reasonable assurance, as opposed to the Audit’s comprehensive verification and reporting standards.

In addition, reviews contain a statement of changes in financial position and extensive footnotes.
A compilation is a type of attestation service provided by a certified public accountant. The compilation is when the CPA simply compiles the company’s books and documents without formal processes, independent review, or clarification of the business’s financial standing. The compilation requires no verification of account balances or profit/loss statements because it is merely a representation of the company’s management.

Internal audits are the initial step in identifying and correcting any errors. By implementing a systematic, disciplined approach to assessing and improving the effectiveness of risk management and governance processes, a CPA can assist an organization in achieving its goals.
Internal controls: CPA firms also provide Internal Control Design services. Internal control (IC) is essentially a strategy adopted by an organization to screen through and potentially reduce the risk of misrepresentation caused by the inclusion or omission of any policies/procedures/actions.

Tax Services by TRR in Bangladesh:

Filing tax returns and advising clients on their tax strategies is a key aspect of the CPA’s tax services. A CPA may offer to assist clients with tax planning, the development of strategies to minimize tax liabilities, the preparation of tax returns, and compliance with tax laws and regulations. Accounting firms assist businesses and individuals in minimizing their tax liabilities.

Consulting Services CPA also provides the client with consultation services on a variety of financial matters and consultancy activities. This includes advising on the adequacy of the control system, outlining possible strategic alternatives, developing cash flow models, securing financing, advising on mergers, acquisitions, and divestitures, and providing business valuations, among other services.

In addition to assisting with bankruptcy and insolvency reorganizations and professional liability claims, CPA firms also assist with resolving other financial matters.
Finance & Accounting Services
Accounting is a complex, intricate maze of information. In this knowledge labyrinth, there are numerous contradictory opinions and disputes. The exit from this labyrinth is a simple balance, low taxes, no additional taxes, no fines, and no state extortionists. This lengthy and treacherous path to the exit of this labyrinth can be navigated independently. We provide accounting services.

The peculiarity of conducting business is that employees may be required to organize the production process without compensation. A staff chief accountant, for instance, incurs only the costs necessary for its maintenance, and its activities generate no actual profit. Nonetheless, it must be kept in mind that without proper accounting, the company cannot function.

At the same time, it turns out that there is a very real alternative that not only allows a business to save money, but also to increase its free time resources. Accounting outsourcing, or outsourcing accounting services, is an alternative. If you consult an economic dictionary, you will discover that the modern definition of the term “Outsourcing” sounds like the transfer of traditional enterprise functions to external executors, such as specialized companies that perform accounting services professionally. The primary objective of hiring professional, specialized subcontractors is to increase the indicator of dependability and operational efficiency.

Due to the fact that outsourcing companies employ professionals of the highest caliber, it is possible to eliminate all accounting errors, reduce taxation-related risks, and thereby increase the dependability of accounting as a whole. Accounting services of the highest caliber are a prerequisite for the enterprise’s success.

In the list of services that can be transferred to external organizations by professional accounting services, accounting is not the only one. A client business may, for instance, commission an outsourcing contractor to analyze the conduct of financial and economic activities and then optimize the tax burden, or request a switch to another tax system, etc.

All possible errors in the rendered services are the sole responsibility of the employees of the outsourced specialized organization. Even if the liability is limited by the duration of the contract, it does not end when the contract expires. Even after the contract has expired, the outsourcing organization is responsible for all accounting and tax reporting and actions taken during the contract period. To ensure the organization or restoration of accounting has proceeded without incident, the process must involve professionals.

The enterprise-customer (or entrepreneur) is fully insured against the possibility of accounting and tax accounting-related misunderstandings. Extremely rare are errors in the work of an outsourced specialized organization.

Our accounting outsourcing is notably superior to that of the vast majority of other businesses:
Online Accounting – Increase the mobility of your business’s employees and reduce your expenses

Online Services by TRR in Bangladesh –

Real-time operational accounting, tax accounting, and personnel accounting
Remote server – A unified information environment for management and other data with the ability to manage customer relations and trade via 1C, protect your data from loss, and perform daily backups.
Confidentiality – A personal approach to the client, distributed access to the various sections of the accounting records, and restricted access.
Obviously, we have the best specialists; for them, work is not a burden, but rather an opportunity to apply their knowledge. Our team of experts is the Internet community, the minimum time lost in the chain task-Internet readiness, and the best organization of free work performed by the top accounting experts.

The accounting services that are provided by TRR:

Today, nearly everyone can afford to start their own business, which is a positive development. This was made possible by the economic processes that take place in our country. Now, any individual, be he a lawyer specializing in property division or an auto mechanic with specialized skills, can start his own business and develop it according to his perception of this procedure.
Obviously, not everyone can envision the entire path of an enterprise’s development, from the registration of a legal entity to its dissolution due to problems. Not all novice businessmen can anticipate the required number of employees. Moreover, this is quite apparent if such an expert refers to technical personnel.

Because of this ignorance, a significant number of businesses fail. In fact, if there is a competent accountant in the organization, it is not prudent to fear various audits. This is only applicable if there is no accountant and his duties are performed by a secretary, manager, or another employee.

Fortunately, it is now possible for an accountant to organize the maintenance of your business without your physical presence in the office. This may come as a surprise, but the evolution of cloud technologies has made it possible to prepare all accounting documents online. This method is very convenient because you can hire a remote-working specialist.

Do not doubt that all of these documents will be composed perfectly, as the service used implies the existence of a large number of standard templates. As a result of these simplifications, conducting business is becoming increasingly easier, which contributes to the emergence of new businesses.

As is well known, the growth of a large number of small businesses propels our economy forward and allows us to increase the size of the gross domestic product, which is entirely dependent on the number of products produced by all economic entities.

It’s no surprise that our nation’s leaders come up with such unique innovations that facilitate the entire business process. Do not forget that it is not necessary to hire a staff accountant; our company can prepare all accounting documents quickly and at a lower cost than a single accountant.

Accounting services by TRR are less expensive than a single accountant:

accounting support and accounting services online operational accounting services that include accounting, tax accounting, inventory management, and personnel accounting;
Operational document preparation and printing on a printer in your office or anywhere in the world;
Online payment through an Internet bank and mobile phone cost management;
Rapid entry of vast quantities of primary documents;
Electronic transmission of operational tax and accounting reports to the Tax inspectorate, FIU, and FSS.
Operational control of the submitted tax and accounting statements, personal accounts on tax budget settlements;
Assist your accountant with the accounting of any sections of the working chart of accounts and the preparation of financial statements as soon as possible.
Our accounting support and services include:
Keeping (restoring) the books:

• Accounting of authorized capital; -The account of bank operations; -Accounting for cash transactions; -Accounting for settlements with suppliers; -Accounting for settlements with customers; -Accounting of fixed assets; -Accounting for goods and materials; -Accounting for production costs and output of finished goods; -Accounting for depreciation of fixed assets; -Accounting for the use of material resources; -Accounting for labor costs; -Accounting for f
  -Preparation of accounting books:
  -Book of purchases; -Book of sales; -The invoices issued register;
  -A record of invoices received;
  -Bankbook;
  -The Cashier report;
  -Payroll and payment;
  -Account of income and expenditures;
  -Cards on income accounting and personal income tax; -Account cards for insurance premiums
  -Preparation of financial and tax filings:
  -Accounting reporting (balance sheet, income statement, etc.); -Tax reporting
  -Accounts to funds;
  -IFNS submission of accounting and tax reporting:
  -Delivery of accounting reports via the Internet-accounts department; -Submission of tax reports; -Delivery of income certificates PL;
  -Filing in FUNDS:
  individualized accounting;
  -Report submission to the Authority;
  -Protection throughout examinations:
  -A desk audit of the IFNS; -A desk audit of the fund; -A field inspection of the business
  Consultations: -Changes to the law; -Definition of the taxable base; -Tax minimisation

The legal team of TRR, The Law Firm in Bangladesh. The Law Firm in Bangladesh are highly experienced in providing all kinds of services related to forming and registering a Private Limited Company in Bangladesh . For queries or legal assistance, please reach us at:

E-mail: info@trrbd.com
Phone: +8801581473494

Address: House 410, Road 29, Mohakhali DOHS

In addition:These are the Types of Companies in Bangladesh

There are six ways of doing business in Bangladesh:

• Public Limited Company
• Private Limited company
• Branch office
• Liaison Office
• Proprietorship
• Partnership Business in Bangladesh