Auditing and Accounting

The main purpose of the financial statements is to present fairly, in conformity with generally accepted accounting principles, the financial position of the company and the results of its operations of the audited company. This is achieved through the audit, whose role is to confirm identifications of deficiencies in the data entry or in the way of presenting them in deviation from the GAAP. A professional and accurate presentation, in accordance with the GAAP, enables correct tax payments on the one hand and improves the ability of the organization to evaluate its performance, on the other hand.

The audit department is the heart of the firm's system. Skilled and high-quality employees provide dedicated and professional service to companies from various fields of activity. The professional level of our office workers and partners is a cornerstone of the firm's ability to represent its clients in a variety of professional subjects alongside independent thinking and wide view, also for the benefit and welfare of the client.

In order to represent our clients in the best professional way, we need uncompromising professionalism while being able to present well-established positions, even if they are completely incompatible with the authorities' position on auditing and preparation of reports, as well as on taxation issues. Throughout its many years of operation, the firm has developed professional and specialist knowledge in various industries, particularly in real estate, nonprofits organizations, foreign trusts and industry. The knowledge gained over the years enables the widest range of professional services to be combined with the basic audit and accounting services, including consulting on accounting issues, representation on taxation and providing legal opinions.


Bookkeeping services are the basis of any accounting, tax or legal issue related to the business results and financial condition of the entity in question. Proper and accurate Bookkeeping is the prerequisite for the business, its owners, its customers, its suppliers, its potential investors and even the tax authorities to be able to estimate most accurately its business performance, its profit potential and the taxes it has to pay.

Another important point, which is another step in the professional and accurate Bookkeeping of each business, is to carry out bookkeeping in a timely manner and without gaps. Our firm, whose has been providing Bookkeeping services for over 35 years has been aware of the problems involved in Bookkeeping for many months of arrears as a result of handing over business documents to the bookkeeper in arrears or being delayed by the Bookkeeper`s questions and inquiries. Time lag in proper and accurate bookkeeping does not allow for timely detection of trend changes, business profitability or cash flow problems. Therefore, in order to ensure proper management of the business, it is necessary to have experienced professionals and to carry out the bookkeeping and inquiries involved in a timely manner. Any alleged small compromise on excellent and reliable professionals can do damage.

Another important point is the transfer of information obtained from Bookkeeping execution to business owners in a timely manner. Information that can be critical to business owners and managers who "get stuck" with an overly busy Bookkeeper can lead to missed opportunity or business failure. The employees of the Bookkeeping department at Engel Bakshi & Co. Certified Public Accountants are continuously briefed to provide quality and professional service, with continuous communication with the client and full availability of the firm's partners for their findings. Any material reporting is forwarded to the responsible accountant and dealt with immediately.

The main services provided by the department are:

  • Single / double entry bookkeeping for companies and self-employed.
  • Monthly / bi-monthly reporting to tax authorities (National Insurance, Income Tax and VAT).
  • Processing of pay slips according to current instructions from the client.
  • Periodic operational reports in various aspects according to client needs.
  • Ongoing consulting on business management and tax planning.

Small businesses and businesses in establishment phase


Businesses in establishment phase and small businesses are in business risk zones that require the provision of different and unique services that take these risks into account. Engel Bakshi & Co. adapts the type of services provided to small businesses to their unique needs, including:

  • Establishment of companies and registration in the Companies Register at a reduced rate.
  • Single / double entry bookkeeping as required.
  • Prepare and pay monthly or bi-monthly VAT reporting as required.
  • Prepare current salaries and reports to the Israeli tax authority and National Insurance and pay them.
  • Continuous communication with the tax authorities regarding current reports and payments.
  • Editing and auditing the annual report, submitting the various annual reports, and monitoring their acceptance.
  • Submitting declaration of capital and client's representation to the Israeli tax authority (Income tax), VAT department and National Insurance.

Our firm has many years of experience and clients in providing the above services and an understanding of the professional caution much needed to be taken care of. One mistake in calculating or presenting it to the tax authorities can cause to a small business, a great deal of damage that was not necessarily noticeable in an established and multi-active company. Our employees, who are take care of the small business office are fully aware of the unique aspects of small businesses and apply their extensive experience in providing the best care and advice to them, both in accounting and taxation.

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