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Bookkeeping And Accounting

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Bookkeeping and Accounting firms in Dubai

bookkeeping and accounting firms in dubai
bookkeeping and accounting firms in dubai

What is Bookkeeping and Accounting?

Bookkeeping is recording of all the financial transactions. Bookkeeping is a part of accounts in business.

Financial transactions includes purchase, sales & payments made by the company.

All financial transactions recorded by bookkeepers. They record all the business transactions on a daily basis.

Typical financial transactions and tasks that bookkeeping include:

  • Billing for goods sold or services provided to clients
  • Recording receipts from customers
  • Verifying and recording invoices received from suppliers
  • Paying suppliers
  • Processing employees’ pay and the related governmental reports
  • Monitoring individual accounts receivable
  • Recording depreciation and other adjusting entries
  • Providing financial report

For bookkeeping, first of all we need knowledge of debits and credits. Also need to know basic understanding of financial accounting.

An Accountant makes the financial report on the basis of information. The bookkeeper maintains general ledger i.e trial balance for any business.

The accountant maintains the income statement and balance sheet. Accounting gives financial information of the company.

Accounting gives us information that how much you are earning. And how much you are spending and where you can improve to make even more money!

Bookkeeping Process:

Bookkeeping prepare source documents for all the financial transactions of the entity.

Steps of Bookkeeping Process

  • Identifying financial transactions & assign them to specific accounts.
  • Recording of financial transactions
  • Posting entries to ledger accounts.
  • Preparation of trial balance.

Bookkeeping process relied on two rules

  • Every debit must have equal credit.
  • All accounts must balance, follows from the first.
Accounting Process
Accounting process includes recording, classifying and summarizing financial transactions. Bookkeeping is a part of accounting.

Financial transactions are recorded in terms of money. Accounting helps to know the financial position of company.

 Steps of Accounting Process:
  • Analyze and classify data.
  • Posting entries to ledger accounts.
  • Preparation of trial balance.
  • Record adjusted entries.
  • Prepare the adjusted trial balance.
  • Prepare financial statement
  • Analyse financial statements

Bookkeeping and Auditing from VAT perspective

With the implementation of VAT, firms need to be considering all VAT rules and regulations while performing bookkeeping and records.

Accounting companies in Dubai, at present need to follow the VAT rules and regulations as well while auditing the books and records for the client’s account.

Points to be considered for bookkeeping and records under VAT :

  • There is specified timeline defined for the maintenance of bookkeeping records under VAT.
  • Companies doing outward supplies are required to maintain their records for supplies made outward.
  • Responsible companies genuinely need to wisely keep and properly maintain all invoices for the inward supplies.
  • Need to maintain the record for all the credit notes issued.
  • Properly maintain the historical record for the sufficient reasons of input supplies tax not recovered.
  • Historic records for all the VAT tax dues to be properly maintained.
  • Official record for all export services and goods and their applicable taxes.
  • Different time frame defined for diverse types of record.
  • All accounting and bookkeeping records required to be maintained for (5) years.
  • Records for equipment, machinery and any other capital assets are required to be maintained for (10) years.
  • Records for real estate assets needs to be maintained for (15) years.

Elevate, with its excellence in “bookkeeping and accounting services in Dubai”, is the one stop solution for all your VAT requirements.
Contact us for any VAT consultancy services in UAE.

Bookkeeping and Accounting Services 

Elevate Business Solutions is a topmost firm in the list of Bookkeeping and Accounting firms in Dubai. Our best services and endeavor to comprehend your business needs and long objectives.

Bookkeeping & Accounting services provided by the Elevate team always help you in benefiting your business. It helps in running a business smoothly by keeping your records accurate.

Our services improve the financial stability of your business.

We are one of the phenomenal Accounting firms and not restricted to following the legitimate prerequisites. In same way ,we incorporate the improvement of procedures who works to create the most astounding incentive for the businesses.

Our appropriate strategies helps in the development of your business. Our techniques will be helpful in accomplishing the majority of your business objectives.

We are the best Accounting and Bookkeeping companies in Dubai. We work to furnish with procedures that disentangle the bookkeeping method for you. And for your business to help in developing a successful corporation.

Known to be a standout among others. Elevate gives the most extraordinary bookkeeping services. Our administrations centered on giving administrations too little and fair sized organizations.

We work to help you in sparing a mess of time that you would spend on monotonous  work. This will help you in concentrating more on your business and increment your benefit.

The specialized aptitude makes us the best among other accounting firms in Dubai.

We developed a skilled & experienced team of accounting managers. We simplify account issues & deliver the best services.

Need of Bookkeeping and Accounting

Bookkeeping play a important  job in your business run smoothly.

Accounts will be accurate, if bookkeeping process is done in a proper manner.

It means accountant will get clear picture of company financial condition after bookkeeping. It helps in strategic business decisions.

Bookkeeping will help you to provide all the useful insights into the financial health of your business.

Elevate Business Solutions Accounting & Bookkeeping Services in Dubai:

  • Annual accounting contract
  • Quarterly/Annual Forecast
  • Financial reporting and consolidation
  • Backlog accounting jobs
  • Ongoing Bookkeeping
  • Training of new accountants
  • Shared accountants / Part-time accountants
  • Ratio analysis
  • Inventory maintenance
  • Payroll processing services
  • General ledger maintenance
  • Inter company reconciliation
  • Budgeting & cash flow management
  • Profit and loss and annual audits

 

Other Services