Accounting & Bookkeeping

Accounting and Bookkeeping

Accounting & bookkeeping services are the backbone of any company’s financial function. An accounting function is so crucial that every business should have it, regardless of size or industry. As a result, keeping the books of accounts is considered necessary for a firm in the UAE. 

Importance of accounting function

Accounting & bookkeeping services are essential to running a business because it makes it easier to keep track of income and expenses, ensures legal compliance, and gives investors, management and the government access to quantitative financial data that can be used to make decisions.

Your records produce three important financial statements:

Statement of Profit or Loss & Other Comprehensive Income
(Also known as Income Statement)

which helps a company determine its financial performance (profitability) in terms of income’s & expenses during a period.

Statement Of Financial Position
(Also known as balance sheet)

The balance sheet provides the company with a clear view of its financial position as of a specific date. The items under balance sheet are categorized into 3 elements that are – Assets, Liabilities & Equity.

Statement of Cash Flows

The funds generated and spent over a certain period of time are reported on the cash flow statement, which serves as a link between the income statement and balance sheet.

Accounting & bookkeeping services are essential to running a business because it makes it easier to keep track of income and expenses, ensure legal compliance, and give investors, management and the government access to quantitative financial data that can be used to make decisions.

The 4 most important benefits of accounting for a company

A vibrant commercial district in the center of international trade with direct access to the busiest airport in the world, DAFZA provides the best entrance to the Middle East as well as an unmatched connection to Europe, the Indian Subcontinent, and the Far East. More than 1,600 registered firms and 15,000 professionals are currently based in DAFZA, which offers a business-focused regulatory and tax environment that allows for 100% ownership, complete earnings repatriation, and a variety of top-notch accounting and bookkeeping services.

Makes it easier for businesses to grow

When done correctly, accounting has the power to make clear the state of your company's financial health. Making informed decisions when expanding your business is made easier when you have a comprehensive understanding of your company's finances. It enables you to assess the viability of any business plan, including employment and expansion. It averts any unwise choices that can endanger or put off the expansion of your company by months or even years.

Statutory compliance with rules & regulations

An organization can better ensure compliance with all relevant legislative obligations by maintaining adequate books of account. These statutory requirements do, however, cover things like VAT and labour laws. Additionally, it aids in maintaining professional standards.

Makes a company versatile

Each year, there will probably be ups and downs for your business. You can anticipate these shifts in company pace if you have been constantly and accurately tracking your accounting data. Metrics tracking will assist your firm in planning for business peaks so that you can staff and supply adequately, as well as forecasting income drops so that you can manage resources effectively and avoid suffering financial difficulty during sluggish periods. If not, you're leaving the company open to difficulties that it won't be completely able to handle when they materialize.

Facilitation in acquiring financial credit facilities

Maintaining accurate accounting records enables the organization to get the required financial credit facilities. These facilities include loans, overdrafts, debentures, and others for business expansion.

Prevalent standards that need to be followed in the UAE to adhere to legal & statutory requirements

International Financial Reporting Standards & International Accounting Standards (IFRS & IAS)

The specifics of how businesses must keep their books up to date and disclose their expenses and income are outlined in IFRS’s & IAS’s. They were developed in order to establish a universally recognized accounting language for use by investors, auditors, government regulators, and other interested parties. The standards are meant to help investors and businesses make informed financial assessments and decisions by bringing consistency to accounting language, processes, and reporting. The International Financial Reporting Standards & International Accounting Standards were made by the International Accounting Standards Board (IASB).

Our Process

Step 01

Develop contact and build rapport.

Step 02

Planning meeting and comprehending client requirement

Step 03

Provision of proposal for services

Step 04

Commencement of work upon agreement.

How can we help our clients in establishing a proper accounting function?

Our accounting assignments include conducting all the following tasks on behalf of the company

  • Booking accounts receivable, payables with the respective purchase & sales.
  • Booking subsequent receipts & payments.
  • Performing bank reconciliations.
  • Booking petty cash expenses.
  • Recognizing fixed assets & intangible assets.
  • Booking any financial transactions such as loans acquired or loans provided.
  • Accounting for any deposits, prepaid expenses.
  • Recording provisions & accrued expenses.
  • Accounting for related party transactions.

All the above mentioned aspects of accounting are dealt with the respective International Financial Reporting Standards & International Accounting Standards.

As a business manager or owner, you'll frequently have a range of responsibilities that will consume a lot of your time. This frequently makes it difficult to maintain control over every element of the company. One of a company's most crucial departments, the business account ultimately determines whether it is making a profit or losing money.

You may put your trust in someone else to handle this important component of your company by employing an accounting firm, which will ultimately save you a lot of time and concern.


Bookkeeping is the regular recording of a business's financial transactions. Companies can monitor all information on their books to make crucial operational, investing, and financing decisions with proper bookkeeping.

Individuals that manage all financial data for businesses are known as bookkeepers. Without bookkeepers, businesses would be unaware of their current financial situation as well as internal transactions.

Accurate bookkeeping is also important for external users, such as investors, financial institutions, or the government - individuals or organizations who require trustworthy information to make better investment or lending decisions. Simply put, both internal and external users rely on precise and dependable bookkeeping.

Bookkeeping services are necessary for businesses because correct accounting records are critical to a company's sustainability over time. Accurate bookkeeping assists businesses in managing their cash flows, meeting their financial obligations, and planning their investments.

Yes, at Oxford Auditing and Accounts we assist businesses in setting up an efficient bookkeeping system by following the below steps:

  1. Setting up accounting software - To begin, the organization must establish a bookkeeping system. If the company wants to be stable in the long run, it must invest in long-term accounting capabilities, which can be accomplished by obtaining licensed accounting software.

  2. Managing finances - We help company manage its finances by assisting them in making day to day bookkeeping entries as well as giving them accurate information on accounts receivable, accounts payable, bank transactions & reconciliations and finally offering tax advisory.

  3. Financial reports & analysis - A report will allow shareholders and the CEO to assess all of the previous period's activities. Most businesses produce quarterly and annual reports in order to maintain a hands-on approach for as long as possible. A lot can change in a year, which is why some companies (especially new ones) choose to do reports every month or at least once a quarter. This aids in decision-making and cash flow optimization for maximum profit.

The most important reports that are generated by us are – Statement Of Financial Position, Statement of Profit or Loss & Other Comprehensive Income, Bank reconciliation statement, Ratio analysis report, Receivable ageing report & Stock/Inventory report.

Oxford auditing and accounts will conduct its accounting & bookkeeping operations on an accounting system which is accessible & convenient, hence this will allow the shareholders & the management to easily access the financial records prepared for their swift review & perusal.