In bookkeeping, financial transactions are recorded, but accounting includes categorizing and summarizing those transactions. The foundation of accounting is bookkeeping. Financial statements and reports are prepared using the information provided by bookkeeping. The bookkeeping function is one of the different components of accounting. Accounting spans the entire bookkeeping process and encompasses a much broader scope than bookkeeping. A typical accounting cycle involves the following steps: (1) determining transactions, (2) entering transactions in journals, (3) posting journal entries to ledgers, and (4) computing trial balances. General ledgers are displayed graphically as T-shapes with account titles at the top and debit and credit columns on the left and right sides respectively.
Classifying your assets, liabilities, equity, revenue and expenses define how your company’s money is spent or received. A corporate accountant prepares cash flow statements, financial records, and balance sheets, among others. Using it can handle specific corporate business processes such as absorbing, combining, and generating consolidated documents. With the right bookkeeping Dubai experts, accuracy can be very high. The financial data generated will therefore help you to make better business decisions.
With the implementation of International Financial Reporting Standards, accounting and bookkeeping services Dubai have become more technical and complex. We provide comprehensive accounting and bookkeeping services Dubai, UAE, and strive to understand your business needs in order to tailor an accounting package that will meet your needs in the long run.
We are one of the best VAT Consultants in Dubai committed to providing competent, professional Tax Agents in Dubai, UAE. The variety of services we provide spans VAT consultancy, bookkeeping, internal auditing, outsourced accounting, OCFO Services in Dubai, Set up of Business, Business Plans, conducting a due investigation, and establishing tax strategies to reduce your tax bill and increase your revenue.
Having several clients, we as an outsourced bookkeeping firm can dedicate more resources to your bookkeeping at a lower cost than hiring someone on your own. Some of the services we offer under bookkeeping but not limited to are as follows
Our role as virtual bookkeepers is to keep you financially organized. Bookkeeping software is used for communication and archival of all financial documents.