Accounting & Bookkeeping

Book-keeping is the core aspect in a business. It forms the basis for managerial decisions and provides essential financial information to stakeholders and the government while ensuring compliance with the UAE’s tax laws.

ACCBOOKS team of expert VAT Accountants and Auditors are here to provide you with an excellent book-keeping service.

They act as relationship managers, liaising and coordinating with you to make sure that all financial transactions are reflected in your accounts in a proper and timely manner.

But why is proper accounting and bookkeeping so crucial for SMEs?

  • Proper record of financial transactions

During the early stages of a business, it is easy to lose track of cash flow. While numerous expenses are being incurred, several minor transactions essentially go unrecorded. Eventually the business runs out of its cash reserves in its early, most crucial months, making its long-term survival impossible.

Proper record keeping of financial transactions empowers business-owners to make crucial decisions, whether it’s cutting down on unnecessary expenses or rechanneling cash.

● In-depth planning and budgeting for future projects

A clear picture of the company’s current financial state enables the managers to streamline cash flow as well as accurately budget for future projects. Furthermore, properly maintained financial records provide the stakeholders with the acuity that they need to make informed decisions, whilst safeguarding a business against any unpleasant eventualities.

  • Control over cash flow

Accurate bookkeeping leaves no room for the cash flow to spiral out of control. Businesses under the fold of ACCBOOKS can easily detect any discrepancies via internal auditing or forensic accounting which then could be treated according to the UAE law.

  • Ensuringstatutory compliance

The government regulates the business sector through a set of laws that companies must adhere to. Non-compliance could result in hefty penalties, confiscation of license, etc.

Properly maintained books and a comprehensive ledger account alone can make tax computation and tax filing simple, hassle-free and error-free. This can avoid a host of legal penalties and lawsuits that the company may be subjected to under the UAE’s penal code.

  • Evaluation of business performance

In this age of disruptive technologies, new technologies are being introduced at an exponential rate, some of which have the capacity to change the entire business scenario. In this situation, regular business evaluation is the key to survival, especially for small businesses competing in the UAE’s dynamic market.

Precise accounting reports allow managers to evaluate the actual business performance against the targets set for every quarter and then make decisions that will help the company to stay rooted in the market and flourish.

“Balancing your money is the key to having enough”

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