Accountancy Services

The basic purpose of bookkeeping in a business is to keep a record of the expenditures and receipts of its day by day transactions. Bookkeeping also provides a ground for the proprietors to evaluate and analyze the performance of the businesses. It assists the owners/shareholders of the company to decide what needs to be done in order to keep track with the plans they have made. Bookkeeping involves:

• Preparation of Financial Statements according to Applicable Financial Reporting Framework and International Accounting Standards.
• Maintenance of books of accounts (manual or computerized)
• Preparation of interim and annual financial statements
• Maintain general ledger
• Complete monthly and year-end closings
• Preparation of register for fixes assets and depreciation schedules
• Preparing and reviewing cash flow statements

Accountancy is the process of maintaining a record of the day to day activities of the company and communicating the financial position of the business entity to its users such as shareholders and the directors. The financial information is communicated through the financial statements made and presented in the annual general meeting of the company. BusinessServices Dubai

Keeping and maintaining the financial statements is compulsory by law for all the companies listed at the stock exchanges. Most of the companies have their own in-house accountants to perform all the duties to create and maintain an effective accounting system. However, they still end up paying more and not meeting all the requirements of the applicable financial reporting framework.Auditors in Dubai they use different accounting techniques to keep record of their transactions such as single entry, double entry etc. but are not sure if they are doing it the right way.

This problem can be solved by hiring a professional accounting team. Many firms are also offering their Accountancy Services these days as not everyone is aware of the rules that need to be followed while preparing these financial statements.