There is a fine line between accounting and bookkeeping. They both are having certain differences between them. In the case of accounting, you have to deal with the company’s financial status.
Accounting has a huge role in the business of a person and if this function is not being carried out in a proper manner, so many problems can arise. So, it is better for a person to give proper attention to the accounting of your company. If the accounting of your company is not being carried out in an orderly manner, it means that there are problems in the efficacy of your business.
Bookkeeping, on the other hand, is related to the recording of the economic activities of the company the entries and the business transactions are summarized in an orderly manner.
You must be wondering why do we call it bookkeeping. Well, before computers, people had to store their business data in proper books they had made. Now as the time has changed, people have changed the ways of keeping their records as well. Now they keep the records in different software designed for record keeping.
You May Also Like: Accounts and Bookkeeping Records to be maintained under VAT in UAE
Outsourcing of Accounting Firms in Dubai
It has been made mandatory for the companies in Dubai to keep the proper records of accounts for at least five years. All the account books should be maintained properly as it has been made necessary for all the businesses.
The data in itself is a greater responsibility to manage and to maintain privacy. The outsourcing firms specialized in accounting services in UAE knows the importance and are experienced to manage all this for your clients on your behalf and can produce under the regulated time period if requested by the authorities for audit purpose.
You May Also interested in reading: The Pros and Cons of Outsourced Accounting Services
Complying with the Legal Requirements
Complying with the legal requirements is not always easy. This is because there are a lot of things that are to be managed by a company. They sometimes may not even get time to arrange and summarize their accounts properly. When companies feel like they are not good enough to manage their accounts properly, they take the help of accounting firms in the UAE. In this way, they get to manage their accounts properly without ignoring their core business activities at all.
As a result of outsourcing the accounting and Dubai bookkeeping functions, small or medium size business and offshore companies can enjoy the benefit of getting Tax and Audit ready statements. The outsourced accounting and bookkeeping experts are well versed with the standards and know how to comply with the requirements of the regulatory authorities.
Accounting and Bookkeeping Firms in Dubai
There are a lot of accounting and bookkeeping firms that are providing the best accounting bookkeeping services to the people. They have the proper software for summarizing the data of the companies. The best part about this is security. The data is really secured with these firms so you do not have to worry about it at all.
To get the best accounting and bookkeeping services you should really go for Farahat and Co. In this way, you will not only be able to get state-of-the-art services but also, the cost will get reduced as well. You will be able to give all of your attention to your core activities without diverting it. The wide range of services they provide you will stun you as it is the right place to come to for the outsourcing of accounting and bookkeeping.
Also need to Know: Reasons Why You Should Outsource Bookkeeping Services
The people working in this company are the best professionals having all the knowledge regarding accounting and bookkeeping. You better take their services to get rid of the stress related to accounting and bookkeeping functions of your business.