Accounting & Bookkeeping Services in UAE
Maintain Accurate Financial Records and Up-to-date Books of accounts!
Companies in the UAE must maintain their books of accounts and financial statements for at least 5 years, as prescribed by the UAE Commercial Company Law 2015 and VAT law of UAE. Additionally, various free zones in the country require companies to have their accounts audited by approved and listed audit firms in UAE, with global standards such as IFRS adding complexity to financial reporting. As a result, keeping up-to-date records is essential for businesses operating in the region to remain competitive and compliant with regulations.
What is Accounting
What is Bookkeeping
Why Accounting and Bookkeeping is important for business?
The Process Flow of Our Accounting And Bookkeeping Services
Posting to the general ledger
Preparing trial balance
Preparing financial statements
Closing the books
frequently asked questions
Accounting is the process of interpreting, classifying, and summarizing financial information for decision-making, while bookkeeping is the process of recording financial transactions in a systematic and organised manner.
The purpose of accounting and bookkeeping is to provide accurate and up-to-date financial information that can be used to make informed business decisions, comply with tax laws and regulations, assess the financial health of the company, manage cash flow, and facilitate effective business planning.
Outsourcing accounting and bookkeeping functions can save time, reduce costs, and improve the accuracy and reliability of financial information. It can also allow business owners to focus on their core competencies and leave the financial management to experts.
Common mistakes in accounting and bookkeeping include errors in recording transactions, incorrect classification of transactions, incorrect posting to the general ledger, and failure to reconcile accounts.
Best practices for accounting and bookkeeping include regular updates of financial information, thorough review of financial records, segregation of duties, and periodic internal and external audits.