5 minutes
What is Accounting?
Accounting is the process of recording the financial transactions of a business. The accounting process includes analysis, reporting & summarizing the transactions of a business. Accounting is one of the key functions for almost any business and is essential irrespective of business size - small or big. An accountant manages it within the company or accounting firms.
The reports generated by an accountant for a business, such as financial accounting, cost accounting, tax accounting, cost accounting and managerial accounting, are crucial in helping business management make informed business decisions.
Related Articles
- All about Accounting in UAE
- What are the Golden Rules of Accounting?
- What can Accounting do for a Consultancy Business
- What Are the Top Certifications in Accounting?
- Why is Accounting an Important Function - Especially for Small Businesses
- All You Need to Know About Accounting for IT Business
Benefits of Accounting?
For an accountant, the accounting process is a back-office role where they do not interact directly with customers, product developers, or manufacturers. However, accounting plays a key role in a company's strategic planning, growth, and compliance requirements. A few of the benefits are here:
- It helps in measuring the performance of your business
- It ensures Statutory Compliance
- It helps in Preparing Budget and Future Projections
- It helps in Filing Financial Statements
- It helps in Preventing Financial Crises
Related Articles
- Why Accounting is Important for A Business?
- Why is Accounting important for an E-Commerce Business?
- Importance of Accounting in DMCC Free Zone
- Importance of Accounting in JAFZA
- How Accounting Can Help in Agriculture?
- How can Accounting Help the Hospitality Sector in UAE?
- How Accounting Can Help Manufacturing Businesses in UAE?
- How Can Accounting Help Food and Beverage Business in Dubai?
- How Accounting Services can help The UAE Transportation Industry
- How can Accounting Help a Retail Business in the UAE?
- How Can Accounting Help the Logistics & Cargo Service Business in the UAE?
- How can Accounting Services help in Business Expansion?
- How Moving to Cloud Accounting Will Help a Business
- How Accounting Software Helps a Business to Grow?
- How Accounting can help a Company in DSO FZ
- How does Accounting Software help to Improve Productivity?
What is Bookkeeping?
Bookkeeping is a process of keeping a record of a company's financial transactions into organized accounts daily. This transaction includes customer receipts, payments to suppliers, disbursement of salaries to employees and much more.
Bookkeepers are a company's responsible resource for bookkeeping, who help maintain an accurate book of account and manage tax preparation and all the accounting needs.
Bookkeeping services are not only about recording your accounts payable and receivable but also ensuring the success and security of your business through accurate accounts management.
Related Articles
- How can Accounting and Bookkeeping Services bring your business up to speed?
- What are the Differences Between Accounting and Bookkeeping?
- Top 8 Essential Bookkeeping Practices for your Business
- How can Bookkeeping Assist your Business?
- How to Select the Best Bookkeeping Firms in Dubai?
- 17 Tips to Manage Bookkeeping Effectively
Outsourcing Accounting & Bookkeeping
Hiring a third-party firm or individual for a company’s or business’s accounting and bookkeeping instead of hiring employees within the company is known as outsourcing accounting & bookkeeping. Some of the benefits of outsourcing these services are:
- Cost-effective
- Scalability
- Saves time
- Enhanced data protection
- Reduced errors
- You will get expert accountants & bookkeepers
Related Articles
- What are Accounting Outsourcing Services?
- What are the benefits of Outsourcing Accounting services?
- When Should You Outsource the Bookkeeping and Accounting Functions of a Business?
- Top 7 Reasons to Outsource Part-Time Accounting Services
- Top 10 Benefits of Outsourcing Accounting and Payroll Services
- 5 Reasons for Why Outsourcing Accounting Services Can Boost Your Restaurant Profits?
- 6 Things to Know Before Outsourcing Your Bookkeeping in Dubai
- How to Select the Best Bookkeeping Firms in Dubai?
What is Forensic Accounting?
Forensic accounting is the investigation of fraud or financial manipulation, detailed investigations and analysis of financial information. Forensic accountants are hired to prepare for litigation related to accounting fraud, skimming and any type of financial theft.
Forensic accountants are trained to look beyond the numbers and deal with the reality of a business situation. Forensic accounting is frequently used in fraud and theft cases to explain the nature of a financial crime in court.
Related Articles
- Forensic Accounting Services in Dubai
- 7 Forensic Accounting Techniques
- How is Forensic Accounting beneficial to a Business?
- Why should you implement Forensic Accounting in Business?
- Forensic Accounting and Certified Fraud Examiner
- Corporate Governance and Forensic Accounting in Fraud Examination
- Why Outsource Forensic Accounting?
- How to Protect Your Company from Accounting Fraud
What is Accounting Diversity?
Accounting Diversity refers to differences in the recording and using of financial information between countries. While many businesses deal with the volatility without curtailing business operations, the problems affect core business transactions, including valuing the company's net worth and managing the business under Generally Accepted Accounting Principles and Standards.
Related Articles
What are Accounting Standards?
An accounting standard is a guiding set of rules that determines the policies and practices of financial accounting. Accounting standards facilitate financial accountability while improving the transparency of financial reporting.
In the United States, the Generally Accepted Accounting Principles (GAAP) form the set of accounting standards widely accepted for preparing financial statements, improving the transparency of financial reporting in all countries.
Non-US GAAP Companies follow the International Financial Reporting Standards (IFRS). These guidelines are set by the International Accounting Standards Board and serve as the guideline for companies reporting financial statements.
Related Articles
Accounting & Bookkeeping Services
In any organization, accounting and bookkeeping duties are one of the main responsibilities. While bookkeeping ensures that financial transactions are accurately recorded, accounting classifies, analyzes, and interprets the data. These activities help maintain the financial health of an organization, which is why experienced professionals are needed to perform these tasks.
Related Articles
- Accounting Services in Dubai
- Bookkeeping Services in Dubai
- Top Reasons to Avail Accounting Services in Dubai
- Why You Should Avail Accounting Services in Dubai?
- Accounting Services in Dubai South Free Zone
- Accounting Services in DMCC
- Accounting Services in Dubai Media City
- Accounting Services in Dubai Healthcare City (DHC)
- How to Select an Accounting Firm in the UAE?
- Things to Evaluate Before Choosing an Accounting Firm in Dubai
More Accounting Terms
