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Accounting

Our firm, Nevet Simon & Co. is ready to provide you with all the accounting services you need to have peace of mind to focus on running your business. Our firm has over 30 years of experience in providing bookkeeping and payroll services, as part of the services our clients receive from us, we perform these bookkeeping services and ongoing payroll services for hundreds of clients.

What is bookkeeping?

Bookkeeping is a control and auditing tool that is very important for any organization. As part of their collaborative work, bookkeepers record and update the business's revenue and expense processes, in order to verify its financial turnover. It is important to manage accounts effectively to ensure growth and success for the organization, and to be prepared for the future. 

It is necessary to distinguish between one-sided bookkeeping and two-sided bookkeeping:

One-sided bookkeeping is simpler than double-sided bookkeeping, in one-sided bookkeeping you write the income and expenses of the business, in order to arrive at a profit and loss statement (income and expenses). In one-sided bookkeeping, you write on the income side what income was received and from whom. On the other side of the expenses write the amount of expenditure and what was spent for. In other words, one-sided bookkeeping records only transactions of income and expenditure. There is no balance sheet statement in which assets, liabilities and capital are recorded.

Dual bookkeeping (double-sided bookkeeping) is a method of bookkeeping in which each transaction is recorded in two places (or tabs) – by duty and by right. If we sum the total of the tabs, the amount owed against the amount of the right will be balanced. As a result of the recorded journal orders and the balances on the cards, it will be possible to prepare two reports: an income statement and a balance sheet.

How do I know which type of bookkeeping is right for my business?

In order to decide which type of bookkeeping is right for a particular business, it is necessary to take into account the size of the business, the type of business, and the weight of financial information in the decision-making processes of the business. Dual bookkeeping is suitable for large and complex businesses that require a comprehensive and detailed accounting system. One-sided bookkeeping, suitable for smaller businesses. The precise provisions are found in the Income Tax Regulations (Management of Account Books) Law, 5733-1973, where there is a specification of which types of businesses need dual bookkeeping. Of course, someone who does not 'fall' into the definition of someone who needs dual bookkeeping can manage his business according to one-sided bookkeeping. Ultimately, it is necessary to consult with an accounting expert to determine which type of bookkeeping is best suited to the needs of the business.

The following are examples of businesses that require dual bookkeeping (as of 2022):

  • Manufacturers – whose annual turnover exceeds NIS 3.8 million or 18 employees or more.
  • Wholesalers – the annual turnover exceeds NIS 3.8 million or 4 employees or more.
  • Retail – annual turnover exceeds NIS 3.8 million or 7 employees or more.
  • Contractors – the cost of construction or business turnover exceeds NIS 3.8 million.
  • Driving school – income from operating at least 5 vehicles for learning to drive.
  • School – the average number of students exceeds 150.
  • Real estate dealers – business turnover plus the cost of inventory exceeded NIS 11.4 million.
  • Real estate agents – the annual commission exceeds NIS 620,000.
  • Car dealers – business turnover exceeds NIS 11.4 million.
  • Car brokers – the annual commission exceeds NIS 460,000.
  • Service providers and others (excluding liberal professions) – annual turnover exceeds NIS 2.15 million.
  • Garages – annual turnover exceeds NIS 2.95 million.
  • Farmers – turnover in agriculture exceeds NIS 5.1 million. Total area of plantings exceeding 375 hectares.
  • Gas stations – a gas station owner who sells fuel only, or also provides lubrication or washing services.
  • Insurance agencies – an agent of an insurance company authorized to print policies.
  • Diamantaires – with the exception of diamond dealers whose main business is the processing of diamonds from the raw material of others or an intermediary.
  • Public institution / non-profit / professional organization – a public institution according to section 9(2) of the Ordinance, a non-profit organization and a professional organization according to section 9(2A) of the Ordinance, whose turnover exceeds half a million NIS or employs more than 10 employees. In a public institution, contributions and grants are added to the calculation of turnover.

Our firm has over 30 years of experience in bookkeeping, we specialize in bookkeeping for diverse companies from various sectors: start-ups, technology companies, high-tech, industrial companies, importers and exporters, international companies and more.

The following are the bookkeeping services we provide:

  • Ongoing bookkeeping: registration of supplier and customer invoices, bank adjustments, supplier adjustments, handling inventory and securities, travel reports abroad and management of fixed asset books.
  • Reports and payments to the tax authorities. 
  • Submitting a balance sheet for CPA auditing.
  • Professional work in innovative software and in a multi-currency (Forex) environment. 
  • Preparation of payments to suppliers in Israel and abroad (MASAV).
  • Handling missing invoices regularly, to ensure proper operation of the company.
  • Implementation of accounting systems from scratch Production of debt collection reports and management reports such as: test balance sheet, profit and loss report and ticketing at any given moment 
 
How do we work?

Fortunately, we have been fortunate to have excellent employees, some of whom have been with us for decades, bookkeepers with a high level of English when needed. Our excellent employees have experienced and seen many types of companies and managed accounts of all types of companies and businesses available in the market. In addition, our bookkeepers have extensive experience in large companies with ERP systems, CRM and many interfaces Working with all the accounting software available in the market, including SAP and Priority Advanced work methods that save time and money Constant contact between the bookkeepers in our office and the relevant professionals in your business, to ensure that the work is done in the best possible way.

Interested in hearing more?

Contact us below.