Hamed Fakhro, owner of Seef Business Centre, and a very active entrepreneur and member of the StartUp Bahrain community, recently launched MMFakhro Accounting – an accounting firm built specifically to target startups and SMEs.
But what exactly is MMFakhro, and what services does it provide to startups and SMEs in Bahrain? We had an interesting chat with Hamed Fakhro where he told us all about how it started. Read along for some captivating insights:
First things first, Hamed Fakhro gives us a brief about himself:
After coming out of university, I immediately decided to start my own company. So far, I started about 12 or 13 companies. Some failed, others succeeded. As an original member of the Startup MGZN team and having a wide portfolio of experience in different sectors, my natural path of mentorship, speaking, and writing took me to starting my own incubator – The Startup Factory. My focus was always on my clients’ cash flow management, and how critical it is to their business. This is when I realized that a solid accounting support structure is vital to small and medium businesses.
Why did you start MMFakhro?
I learned the hard way that managing cash flow is one of the most critical aspects of any company. Yes, of course, the market, concept, team, and hard work are all important. But I think cash flow and luck are what make or break any company, even if you are funded well. Furthermore, having financial projections and a fundamental understanding of the market are also important. This data is your eyesight. It helps you maneuver when hiring, buying equipment, marketing, expanding, or downsizing. Without numbers, you may as well be navigating blindly. I started MMFakhro to cater to startups and SME’s that need quality service at a reasonable price.
What else? Well, VAT (Value added tax) is another factor. All the large companies already pay their value-added tax to the government. June is the deadline for Medium companies. December is the deadline for all SME’s. If you don’t have an accountant to get your books in order, there are strict penalties (up to 3 times your VAT fee and/or up to 3 years in jail). It’s no joke, so I suggest everyone starts getting their numbers in order and are ready when December comes.
What makes MMFakhro special?
I understand that the market is difficult these days, and everyone is trying to cut costs. That is why I partnered with a 3rd generation Indian firm so that we can offer inexpensive services. We have accountants and project managers on the ground, but using our internal CRM system, we can utilize my partner’s resources in India when possible and pass the savings on to our clients. It also makes us much more competitive.
What threats do you face?
Some people like to use part-time freelance accountants. These accountants have broken the market with their low prices. My business model competes with them directly while providing a seal of quality from a local Bahraini firm. Our mission is to provide personal service, high quality reports, at an affordable price.
How can people contact you?
The best way is to email or call us. That information is on our website www.mmfakhro.net. We also have an Instagram account @mmfakhro. Our offices are in Seef, and anyone is welcome to drop by anytime.