Imagine you
have successfully established your dream business during a national or
international market. Currently your business can enter into multiple
transactions each single day. It’s impossible to remember of these
transactions, but there's a mandate to manage them, and that’s where
bookkeeping comes into the picture. Bookkeeping is the method of recording
daily transactions that ensue in a business entity once its incorporation. It’s
often misunderstood with the term ‘accounting’ or even touted to be same. Accountancy
is an accounting tool that builds the muse of accounting by building and
maintaining business records whereas accounting, on the opposite hand, may be an
abundant broader construct and it analyzes these records.
Method and need of bookkeeping
Services for Business Entities
The most
preferred technique of accountancy is the double-entry technique, wherever
every dealing is recorded doubly within the 2 corresponding accounts at the
same time. The entire debit should be equal to the entire of credit to maintain
the monetary balance of the firm.
As we've
seen, bookkeeping refers to the maintenance of daily business records. Let’s
see why this is often essential for any business.
• Bookkeeping eases the process of
company audit
• It is crucial for future forecasting
and decision-making
• It helps in preparing monetary
statements
• It helps to reduce any malpractices
• It provides an easy understanding of
flow and outflow mediums of money
What is the difference
between bookkeeping and accounting?
Bookkeeping
refers to the recording of monetary transactions whereas accounting is the
periodic process of those records for varied business purposes like reporting,
budgeting, strategy and planning. In a way, bookkeeping is a prerequisite to
accounting
Accounting Services in
Dubai
As already
mentioned, the scope of accounting has reached to the next level in today’s globally
competitive market. Any country in this world possesses their own challenges
within the field of accounting. In UAE, Accounting isn't triggered by tax for
people but possesses to try to to with corporates. The accounting corporations
in Dubai has significantly increased that gave a push to an outsized variety of
a comptroller in Dubai. Let’s have a
glance at the accounting services in Dubai that an organization needs to avail.
Bookkeeping and reporting Services out there
with GAAP and IFRS native demand
· Monthly
bookkeeping to trace on every transaction
· Money
reports that embody the preparation of record, earnings report, balance
· Accounts
collectible Service to review the invoice and payment documentation
· Accounting
Reconciliations
· Business
Valuation to work out plus valuation, compliances regarding mergers and
acquisition dealing, forecast the chances
What are the benefits
of using proper accounting software?
A proper accounting software:
· Reduces
the time spent on manual processes
· Provides
bigger accuracy, with minimal errors
· Generates
real-time money info
· Will
produce automated invoices, credit notes and receipts
· Employs
innovative money technology
· Saves
cash on resources
· Leads
to quicker record-keeping, that generates more business
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