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