The accounting framework in Nepal is primarily governed by the Generally Accepted Accounting Principles (GAAP) and standards issued by the Institute of Chartered Accountants of Nepal (ICAN). Nepal has also adopted Nepal Financial Reporting Standards (NFRS), which are aligned with International Financial Reporting Standards (IFRS).
The Accounting Standards Board (ASB) of Nepal develops these standards. Key components include Nepal Financial Reporting Standards, Nepal Accounting Standards, IFRIC Interpretations, and Application Guidance. The framework also incorporates the Income Tax Act, 2058 and other relevant laws and regulations.
Our Services
Book Keeping
We provide bookkeeping services for Nepalese businesses. We follow the double-entry bookkeeping system, according to Nepal’s GAAP and NFRS guidelines. We record all financial transactions, including sales, purchases, receipts, and payments. Our team uses modern accounting software. We categorize transactions, maintain ledgers, and prepare trial balances. GFCS offers both on-site and remote bookkeeping services.
Bank Reconciliation
GFCS specializes in bank reconciliation services. We follow a structured framework aligned with NFRS and ICAN guidelines. We are regularly versed in comparing the company’s bank statements with internal financial records. We check for outstanding checks, deposits in transit, bank fees, and errors. We use specialized software for the reconciliation process.
Inventory Management
GFCS offers robust inventory management services for Nepalese businesses across various sectors. Our comply NFRS and local regulatory requirements. We implement systems to track inventory levels, purchases, sales, and write-offs. Our services include setting up inventory valuation methods (FIFO, LIFO, or weighted average) as appropriate for each business. We assist in physical inventory counts, reconcile discrepancies, and help optimize stock levels. We help businesses minimize carrying costs, prevent stockouts, and make better decisions.
Payroll Management
GFCS provides payroll management services in accordance to Nepal’s labor laws and tax regulations. We handle all aspects of payroll, including salary calculations, tax deductions, provident fund contributions, and other statutory requirements. We use secure, efficient payroll software to process payments, generate pay slips, and produce necessary reports. Our service also includes year-end reconciliations and preparation of tax forms.
Financial Reporting
GFCS specializes in creating business loan proposals for Nepalese companies after a strategic analysis of the business’s financial health, market position, and growth prospects. We prepare detailed financial projections, including cash flow forecasts, aligned with NFRS standards. We conduct business plans, risk assessments, and collateral evaluations. Our documentation meets the requirements of Nepalese banks and financial institutions.
Business Loan Proposal
GFCS conducts specialized audits for various industries, including manufacturing, tourism, telecommunications, healthcare, and education. Our audits comply with sector-specific guidelines issued by relevant regulatory bodies in Nepal. We incorporate international standards and best practices applicable to each industry. For example, in telecommunications audits, we consider guidelines from the Nepal Telecommunications Authority (NTA). In healthcare audits, we adhere to standards set by the Ministry of Health and Population. Our industry-specific approach has a comprehensive evaluation of financial and operational aspects unique to each sector.
Projection Report
GFCS offers expert financial projection services for business planning and decision-making in Nepal. We develop projection reports using historical data, market trends, and economic indicators. Our projections include detailed income statements, balance sheets, and cash flow forecasts, usually covering 3-5 years. We follow NFRS guidelines and best practices in financial modeling. We assist with internal planning, investor presentations, and loan applications.
Related Professionals
Nabaraj Regmi
Chief Executive Officer
Ramhari Khanal
Head of Finance
Sangam Bhatta
Account Officer
Susmita Neupane
Account Officer