The systematic recording of financial aspects of business transactions appropriate books of account is referred to as bookkeeping. It's the first step in financial accounting and reporting. Daily transactions are recorded in ledger books or accounting software during bookkeeping. This has a direct impact on the accounts in the general ledger and other financial statements. Because of the function of posting accounting transactions accurately and regularly, the role of a bookkeeper is extremely important in Dubai and the rest of the UAE.
BENEFITS
Financial Barometer
Maintaining your account books provides you with vital information for the smooth operation of your business. It's a good idea to keep track of your company's financial situation. It assists you in estimating data points for billing, income, and payroll.
Safeguard against Fraud
Fraudulent actions can be detected, cheques can be avoided from bouncing, and capital estimates for upcoming payments can be made if your financial books are checked regularly. This prevents your company from sinking into a financial quagmire.
Budget Monitoring
Comparing actual results to projections in the annual budget is easier with an accurate account of your company's spending and revenue. The financial information of the business remains up to date if bookkeeping is in place. This can be used to see if you're overspending and if you're underspending.
Tax Implications
Proper bookkeeping not only aids in corporate tax filing but can also assist you in spotting potential tax deductions.
SERVICES WE PROVIDE
Keeping track of business transactions using International Financial Reporting Standards (IFRS) (IFRS)
Posting of general ledger and other ledgers
Drafting sale invoices
Accounting reconciliation
Recording of accruals
Bank statements are reconciled, and any necessary adjustments are made.
Accounts payable and receivable tracking
Ledgers for sales and purchases are updated.
The fixed asset register must be maintained.
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