Around 755 Bahrain-based enterprises have benefited from Tamkeen's scheme to upgrade accounting systems.

The Mohasaba scheme helps firms upgrade their accounting systems to be on a par with international standards.

It is part of the labour fund's flagship enterprise development support programme, which provides accessible business support services to enable private sector enterprises to enhance their productivity and growth.

Under the scheme, Tamkeen supports the beneficiary enterprise for two years by paying up to BD4,000 ($ 10,610) out of BD4,500 for the entire accounting and auditing service package. It also pays up to BD1,250 out of BD1,500 for auditing services.

An additional grant of BD300 is provided for enterprises to purchase modern accounting software.

This support enables companies to implement an advanced accounting system, utilise proper internal auditing practices, issue regular financial reports, analyse financial data and publish auditing reports.

In total, the Mohasaba scheme targets 1,200 enterprises.

It was launched after a thorough study of market requirements, which identified a lack of proper accounting and auditing systems as a basic and critical gap that needed to be addressed.

It has been successful in highlighting the importance of proper accounting and auditing practices as a prerequisite to improving enterprise performance, particularly within small and medium enterprises, Tamkeen said.

"In developed economies, the adoption of modern accounting systems is among the key factors which are looked at to determine whether an enterprise is mature or not," said Tamkeen's private sector support senior manager Mohammed Bucheery.

"This level of sophistication is precisely the level that we want Bahraini enterprises to reach, regardless of the size or sector.

"When Mohasaba was launched, all accounting and auditing businesses in Bahrain were invited to be service suppliers," he added.

"Fourteen firms were involved in the scheme at that time.

"However, this system created some serious issues that negatively affected the quality of services offered to Mohasaba beneficiaries.

"To rectify this, the scheme was re-launched through a public tender containing certain conditions to avoid those problems.

"Only three firms, BDO, Ernst and Young and KPMG Fakhro presented bids, and they were appointed as authorised service providers for the programme," he added.