Accounting and Bookkeeping Services
With an ever-growing economy and an ideal opportunity for emerging businesses, UAE is surely winning in becoming the global economic hub. But with great opportunity comes competition. In order for SMEs to survive this battle of stance in the market, the most important aspect is a company’s finance. A company’s account should therefore be in safe hands of certified accountants and bookkeepers to avoid any negligence or non-compliance to the accounting and bookkeeping rules and regulations of the UAE.
Here’s why proper accounting and bookkeeping is crucial for SMEs:
Proper record of financial transactions
It’s easy to lose track of money during the initial months. The cash seems to be slipping from hands if a complete record isn’t maintained, and the financial transactions, no matter how insignificant the expense may seem, goes unrecorded. This can dry out the businesses in the early months making it impossible for the business to survive in the UAE’s market. Proper record of financial transactions can aid in understanding where the unnecessary expenses can be cut to rechannel the cash to necessary investments.
In-depth planning and budgeting for future projects
Once a small business has a clear picture of its current financial state, it can easily prepare a budget for imperative projects to be carried out in the future which could give the business an edge in the market. An in-depth plan regarding the allocation of the business’s limited resources such as cash and labor for these projects can be made, preparing the business in advance for the challenges that may occur due to such limitations.
Control over cash flow
Accurate bookkeeping leaves no ground for the cash flow to go out-of-control. If such a situation appears, businesses can easily detect via internal auditing or forensic accounting whether it is a simple glitch of the system, a human error or a result of some illegal activity such as theft or fraud that could then be treated according to UAE law.
Ensuring statutory compliance
Statutory compliance is the legal structure or framework which a company must adhere to. Non-compliance could result in hefty penalties, confiscation of license etc. Hence, maintaining proper books and preparing an in-depth ledger account can save so much hassle for the businesses during tax computation, making the process of tax filing error-free. This can rescue the businesses from legal penalties and lawsuits that are in accordance with the UAE’s penal code.
Evaluation of business performance
For small businesses especially in the competitive market of UAE, where technology is rapidly bringing forth a revolution, regular self-evaluation is paramount. Precise accounting reports gained by proper bookkeeping of financial statements such as trial balance etc helps a business evaluate and manage its performance in accordance with the targets set and achieved in every quarter. This can also determine the changes that need to be made to the organizational structure of the business to perform better or what best practices should be incorporated further to accomplish results and stay rooted in the market.
Why should you choose ACCBOOKS for your accounting and bookkeeping needs?
Based in the UAE, ACCBOOKS is not only well-aware of the UAE law but is also an expert in bookkeeping and ledger accounts, making it so impeccable that non-compliance is out of the question.
With an exceptional team of certified management and audit accountants and consultants, ACCBOOKS ensures to bring solutions for your business keeping in mind its history and vision. Some of the financial services that ACCBOOKS offers include internal auditing, preparation and upgradation of necessary financial documents and books (cash flow statement, ledger account etcetera), preparation of statutory/management accounts, and procurement within GCC and outside GCC states.
With continuous training to stay updated regarding advancements about the ever-changing dynamics of the marketplace, ACCBOOKS delivers you the solutions especially cut-out for your firm’s needs to serve you with the best that they have.