Accurate bookkeeping is crucial for a sustained and successful business. Here at Ideal Accountants Provides Bookkeeping services in Dubai we know the importance of flawless bookkeeping. Our clients put all the bookkeeping burden on our shoulders and focus on their core business activities. Ideal accountants can provide bookkeeping services in Dubai at your premises or off-site which gives you spare time to get on with your daily to daily business routine.
Ideal accountants can provide you with state of the art accounting software which can full fill all your day to day accounting need, we can give you online access to your data so can have control on your books at all times. Accountants in Dubai of Ideal accountants can even provide you with a free 15 days trial period for your software and the good thing is if you are not satisfied after 15 days you get a full refund of your software.
Bookkeeping (Recording of business transactions) is critical for any organization. If you wish to build your business, thus doubtless you need bookkeeping services to preserve your financial reporting and statements.
It supports you to develop the general cash flow of your business, reduce tax liabilities, save your money, time, and much more.
You can’t carry all those tasks on your own because it would be time-consuming and therefore you can’t concentrate on your business’s growth strategies and goals. So,
Outsourcing financial auditing and accounting work of your firm to An Accounting Services agency is an intelligent step to any business growth.
How a professional Bookkeeper helps your Business:
- It minimizes your accounting cost
- It focuses on your business strategies
- It helps to reduce tax liabilities
- It improves audit transaction
- It saves your time and energy
- It improves your decision-making skills.
- It reduces complication to record business transactions
Outsourcing accounting services is the latest trend in successful businesses, the Accounting function is mostly considered as a cost center and it is always favorable to lower the cost while keeping the quality up to the mark. By outsourcing accounting function businesses can avail of the experience of 25 years of professional experts which ensures quality while enjoying low cost.
How Bookkeeping Works:
It is the duty of a Bookkeeper to maintain and record day-to-day financial transactions including sales, purchases, petty cash, payment receipts, bank statements, profits and loss statements, etc of the business.
Single entry and double entry systems are also bookkeeping.
Bookkeepers write daybooks that contain financial transactions statements and records. But in the current time, bookkeepers use Database software for bookkeeping.
Now we are reviewing some bookkeeping work types for small businesses.
- Payroll and employment taxes.
- Cash flow analysis.
- Preparing source documents for monetary and transactional activities of the company.
- Tax Advisory.
- Preparing Trial Balance and Ledgers.
- Maintaining a statement of change in equity.
- Preparing earnings report off before and after-tax.
- Creating a balance sheet.
- Telling you where you are out of funds.
- Single entry system.
- Double-entry system.
- Computerized Bookkeeping (Database software system)
Payroll and Employment taxes:
Payroll tax is employers tax, which is counted by the percentage of the salaries of employees furthermore payroll taxes are divided into two types:
Deduction from the employee’s wages (Also known as withholding tax).
Depends on the liabilities of the management on the laborer’s wages.
Cash Flow Analysis:
The number of funds which is in and out of the firm or company is known as cash flow.
There are two types, Inflow and outflow. Inflow is the amount of money that is coming into the firm and outflow is the going money.
In very simple words, Cash is the King. Cash flow means inflow and outflow of cash into the business. It works as a bridge between two things, income statement and balance sheet that describe how money moved inside and outside of the business. You can make this statement on a monthly, quarterly, or yearly basis.
There are three main sections of this cash flow.
Such activities include current assets and current liabilities from any cash flow or you can say revenue-generating activities.
It means any cash flows from long-term assets and long-term liabilities. Or you can say that any cash transaction related to investment into the business. Cash flow deals with the buying and selling of plants, property, and equipment.
It means any cash flow that can change in the size of the equity capital or borrowing of the equity-like stock, bond, dividend, and repaying the bank loan.
Tax advisors recommend different tax strategies for a successful business. There are some responsibilities that they do like.
- Offer tax advice to internal business segments
- Assess and research tax problems and identify solutions
- Provide complete knowledge about market trends, laws, and regulation
- Solve any legal dispute or problem
- Provide strong support and guidance at the time of audit or much more
It is an account related to all monetary transactions maintained in a specific form. It is known as the principal book of accounts, and acts as a base to create a trial balance and summarized form of journal entries. Examples of some ledgers are Creditor’s ledger, Debtor’s ledger,` General ledger, etc.
It is a debit and credit balance statement and acts as a foundation to develop financial statements. It is a short and summarized form of ledgers.