Accounting services in Dubai
Accounting is a methodical procedure of recognizing, documenting, assessing, categorizing, authenticating, abridging, construing and conversing pecuniary information. Accounting divulges profit or loss for a given period, and also the value and nature of a firm's assets, liabilities and owners' stake. It includes custom and body of knowledge related to methods for recording transactions, keeping financial records, performing internal audits, reporting and analyzing monetary information to the management, and counseling on taxation matters. Accounting provides information on the assets available to a business, the means employed to finance those assets, and the consequences attained through the use of these assets.
Accounting method is a practice used by an industry to account income and expenses. Officially there are two Accounting methods - Accrual Accounting and Cash Accounting.
Accrual Accounting – It’s that form of accounting that accounts revenues and expenses when they are incurred, notwithstanding when cash is exchanged. Here, businesses are obligatory to make sensible estimates against a bad debt expense.
Cash Accounting – It’s a straightforward method of accounting that accounts all revenues and expenditures at the time when expenses are actually received or sent. This method of accounting is apt for small or new businesses that conduct business on a cash basis or that don't carry catalogs.
Main Branches or Areas of Accounting Where You Need the Help
1. Forensic Accounting
Forensic accounting handles court and litigation cases, fraud investigation, claims and dispute resolution, and other legal matters.
External auditing is the examination of financial records by an independent party. Internal auditing refers to the examination of issues regarding business practices and risks.
3. Financial Accounting
Financial accounting includes footage and classification of business transactions, and preparation and presentation of financial statements to be used by internal and external clients.
4. Cost Accounting
Cost Accounting refers to the footage, presentation, and analysis of manufacturing costs. Cost accountants examine definite and standard costs to help directors conclude future courses of action concerning the business’ operations.
5. Fiduciary Accounting
Fiduciary Accounting means the handling of accounts administered by a person empowered with the supervision and management of property of or for the benefit of another person. Trust accounting, receivership, and estate accounting are some examples.
6. Accounting Information Systems
Accounting information systems or AIS occupy the expansion, fitting, execution, and supervision of accounting procedures and systems used in the accounting process.
7. Tax Accounting
Tax accounting involves planning of tax and preparation of tax returns, ascertainment of income tax and other taxes, tax advisory services such as ways to reduce taxes lawfully, assessment of the consequences of tax decisions, and other tax-related issues.
8. Management Accounting
Management Accounting focuses on the needs of the management. It includes financial analysis, budgeting and forecasting, cost analysis, evaluation of business decisions, and other similar areas.
What is Bookkeeping?
Bookkeeping is the methodical recording of financial facets of business transactions in apposite books of account. Bookkeeping helps to uphold precise financial records of a business by keeping a proper record of the purchases, sales, and receipts.
Services Provided by Bookkeepers
- Settle bank accounts.
- Account economic dealings.
- Administer bank feeds.
- Organize financial accounts.
- Control accounts receivable payable.
- Undertake some payroll and human resource functions.
- Work with the tax preparer and help out with tax compliance.
- Preparation of Chart of Accounts
- Billing for services or goods sold
- Keeping the records of receipts from customers
- Allocate the account entries
- Value-added bookkeeping and month-end or year-end closing
Daily Bookkeeping will enable you to identify any problems early and solve them before they become worse. You can identify any deceitful activity and correct it before it causes irreparable damage to your business
Relevance of Accounting Service Firms
An Accounting Service Firm can help a business to boon through the subsequent approaches:
Bookkeeping Advice: An accounting firm can offer timely recommendations to an organization to maintain the details in time and to avoid any future issues or delay.
Business Advice: An accounting firm can make strategic plans for the growth of a business. They team up with the clients to help them solve their multifaceted industry issues and make the most of the opportunities to grow, optimize and protect their business.
Cash-Flow Advice: An accounting firm can give solutions to improve overall cash flow management and prepare you to solve cash flow problems before they happen in the future.
Cost Control: An accounting firm can predict future costs and revenues, and check for compliance with financial regulations. It can help a business to avoid the risk and costs of hiring more employees.
Tax Advice: An accounting firm can help an organization to avoid tax penalties. Any mistake while preparing or filing taxes is costly and attract penalty. These issues can logically be handled by expert accounting firms who stay updated and acclimatize to all changes and guarantee complete precision and compliance with the presently applicable policies.
- When do You Need Advice?
- When you frame the legal structure of the company
- When you need the help regarding finance
- When you write your company plan
- When you want to delegate
- When you are audited
- When you deal with the government
- When your business is mounting
- When you want to apply for a business mortgage or overdraft
- When you buy or sell your business
- When you undertake a franchise
It may be difficult for a business to manage the Accounting Activities within when compete with others and to comply with the legal requirements in the fast-growing economy of the region. CDA can save your time and assist you in your business in reducing the company’s operating costs, increasing profits and establishing yardsticks for superior ascendancy and consistency to regulations.
CDA Accounting and BookKeeping Services LLC is a committed squad and an effective Accounting Machine. We lead Outsourced Accounting and Bookkeeping services and transform your finance function. We not only maintain your accounting, but also provide a podium to drive profits, improve cash flow, and grow your business. Our clients stay in peace of mind as we assure efficiency and actionable financial astuteness they need to succeed. We also offer Financial Advisory Services, Tax Consulting Services, Management Consulting Services, Company Registration for VAT, Internal Audit For Company, Business Advisory Services, etc., in UAE.
Get in touch with us to start a discussion and our experts will offer you one-hour free consultation.