With the evolution of company structures, the need for accounts maintenance has got a high demand. Business entities in Dubai are expected to follow the international accounting standards to maintain uniformity. Ranging from small to large-sized organizations, the concept of accounting is widely accepted. You must have come across instances where accounting is referred to as the lifeline of a business. However, it is to be noted that two great domains accelerate the accounting cycle in an organization. Bookkeeping serves to be the base of accounting, while auditing turns out to be the platform that inspects the accounting records and helps in rectifying the errors. The process of company formation has been continuously increasing in Dubai, and the Government of UAE expects every organization to deal with these three necessities. By the end of this article, you will have a clear as to why you should include these parameters in your business.
Phase 1: Bookkeeping Services in Dubai
Be it a new business or an old established one; every business starts recording their business records from the initial stage. This recording of business transaction is conceptualized as bookkeeping. In a day, you might end up dealing with numerous transactions with different stakeholders. In another instance, you might end up occurring small or large expenses. However, neglecting any of the expense might turn out to be lost in the long run, which becomes crucial for the business to recover. Now, to maintain the records, it becomes essential that an experienced bookkeeper should handle the book of records as they are well-experienced in retaining the records and also helps in business planning. Apart from that, they follow certain bookkeeping practices that are essential from the legal perspective.
Advantages of Availing Bookkeeping Services
Bookkeeping services in Dubai becomes a mandate for all business structures. By implementing the bookkeeping services in your business, you will be able to gain the following advantages:
- A bookkeeper will keep a record of every expense made
- Bookkeeping helps you to understand the frequency of cost made
- Serves as a base for conducting accounting process
- Helps in budget monitoring
- Assists in maintaining accuracy in payroll
We can say that bookkeeping turns out to be an essential part of an organization that needs to be followed accordingly. Recording business transactions serves to be a primary key that helps the business to plan its future. Outsourcing the bookkeeping services turns out to be more beneficial for a company. Now, let’s move on to the second step.
Phase 2: Accounting Services in Dubai
The next move after bookkeeping is accounting that involves analyzing, summarizing, interpreting the records captured during the bookkeeping phase. The accounting services in Dubai deals with in-depth analysis that helps a business to grow in the future. Moreover, it helps to understand the financial stability of the company. Be it a hospitality business or even manufacturing, or a business dealing with any domain, having a clear book of accounts helps to ease the audit process and enhances goodwill. The analysis of the business recordings turns up to be a tedious and time-consuming process. Having an accounting expert by your side can help you deal with the accounting process in an easy way. By availing so, you can protect your company from getting into accounting fraud. To know more why accounting is required in your business. Now, let’s move on to the benefits of availing the accounting services.
Advantages of Availing Accounting Services
- Implementation of expert’s advice will benefit business growth
- Accurate preparation of business reports
- Modern techniques like Forensic Accounting are widely used
- Usage of the latest accounting software while report generation
- The market scenario and information can be easily known from the experts
- Effective measures can be built for budget controls
- Major purchase decisions can be made effectively
- Proper monitoring of the financial health
- Updating backlog accounts gets sorted
- Eases out the way for auditing
By this, we can understand that the accounting services turn out to be vital for business organizations. Developing error-free accounting reports will help your stakeholders to understand the utilization of the capital in a better way. Also, it makes them clear about business growth and ultimately builds trust. Now, let’s focus on the next scenario.
Phase 3: Auditing Services in Dubai
The audit phase turns out to be scary for business organizations as it relates to inspection of company records. In simple terms, the audit can be called as an inspection that is being carried out to measure the effectiveness of a business organization. There are scenarios where the top-management ends up building the best strategies, but the result is not satisfactory. This might happen because they are unaware of the internal politics or fraudulent activities that are taking place inside the organization, which is hampering the overall image of the company. This turns out to be an alarming call that demands audit inside the premise. Business owners highly prefer auditing services in Dubai, be it an internal audit, or an external audit. The business entities need it at some or the other point of the business cycle. By implementing the same, you will be able to avail the following benefits:
Advantages of Availing Auditing Services
- Audit scrutinizes every business information in detail
- Improves the efficiency in operations
- Streamline the work-process
- Different types of audit reports get prepared based on priority levels
- Increases financial stability
- Figures out the gaps that require immediate attention
Thus, we can see that all three pillars are vital when it comes to the management and growth of a business entity. Neglecting them, or non-maintenance of the records will result in the liquidation of a business at an early stage. I
If you are a business owner possessing an established business, or is a newbie in the business world and has a start-up, you need to make sure that your company keep track of the expenses made and income earned in a professional structured way which will ease the audit process in the later part.
JAXA Chartered Accounts are here to help you in dealing with the processes. We stand as one of the best accounting and audit consultants in the UAE by delivering the best service to our clients. Our accounts and audit experts take care of your reports so that you can concentrate on the core business activities. To know more, do contact us- we’d be glad to assist.