Bookkeeping Practice of Goama (A Singapore based Gamification Company in Bangladesh)

Abstract

The report is prepared as part of the Bachelor of Business Administration in Accounting Information System degree completion requirement of United International University and pertaining to the internship period of three months at Go-Games Bangladesh Limited (GBL), a sister concern of Goama. as an Accounts and Finance Intern. The primary purpose of the internship was to gain proficiency in a cloud-based accounting software (QuickBooks Online - QBO) to assist the department of Accounts & Finance of Goama in fixing their books and reconcile all their banks. The core duties were to assist the finance manager with bank reconciliation, which required invoicing and billing to related parties, and correcting prior errors. A significant amount of time was invested in understanding and correcting previous entries as these entries did not contain enough information in their descriptions to understand the purpose of these entries and how to correct them with proper information. The mismatch between QBO entry date and bank statement date also further complicated the process of resolution. Minimising these inaccuracies and inconsistencies were the primary goal in mind as resolving these issues would create transparency and make them easily interpretable by the auditors and employees in the future. Goama is a B2B “Gamification” service provider and has few revenue models. The company being headquartered in Singapore, strives to align their books in accordance with IAS and IFRS as the company makes all its tax returns in Singapore. The company has four (SGD, USD, BDT, and MMK) used by the parent and all its subsidiaries respectively and uses USD as its presentation currency. The lack of the payroll add-on leads to heavy reliance on manual journaling for employee salaries, which prevents these payables to show up in the aging summary, thus creates operational inefficiency. The company also uses manual journaling for VAT and Tax compliance, which is offered by other software companies operating in this industry, therefore is a challenge for its users to quantify the benefits gained and lost using QBO. The company also does not have any allowance for bad debts. Based on the findings and recommendations, the company should invest in the QBO payroll add-on, integrate with a NBR approved local company to automate the local VAT and Tax compliance, to fully utilise the benefits offered by could base accounting software. Although not mandatory but keeping an allowance for bad debt was advised as a precautionary measure to mitigate any future loss. The internship provided both parties (the intern and the company itself) the opportunity to grow, as the company provided professional development and the internship duties provided the company a strong compliance of bookkeeping process.