Accounting and bookkeeping are two different things.
Accounting deals with the recording of a company’s financial transactions of businesses and individuals. Accounting is one of the most important factors that make a business run, and it is essential for you to know why accounting is the lifeblood of any business. If this part of a company is not orderly, it should be expected that the business is not running as efficiently as it should.
Bookkeeping, on the other hand, is all about recording a company’s economic activities. The entries are summarized periodically. It was called “bookkeeping” because before the computers were born, these were recorded in actual books. But now, transactions are recorded electronically.
It’s been mandated in the UAE Commercial Company of 2015 that maintaining proper books of account for at least five years is now a legal requirement. VAT in UAE has already been implemented now it is time for tax returns filling, and books of account should be maintained for five years as well.
There are a lot of things to be done in an organization, and it is always not easy to comply with the legal requirements and keep track of business strategies to be consistently in the race with businesses. With this, the accounting side of a firm is quite difficult to manage that’s why accounting services in Dubai are being offered by various firms as outsourcing is a major option for companies.
Outsourcing accounting services in Dubai is an advisable move since it can help organizations greatly, especially when you are outsourcing from an accounting services company that uses the most up-to-date accounting software in Dubai like FAR – Farahat & Co.
As mentioned above, accounting and bookkeeping have important roles in a company. Regardless of what kind of industry you belong in, it is always essential to have clear and straight business accounts. With outsourcing, you will be able to stay on your business, reduce cost, access information (through the outsourced accountants and bookkeepers), get experts and professionals, and avail a wide range of services. This is where FAR – Farhat Office & Co. enters the scenario. If you’ve been asking how to find an accountant who can provide excellent accounting and bookkeeping services in Dubai, you’ve come to the right place.
With more than 30 years of experience in our hands, we are capable of providing outstanding accounting and bookkeeping services for small- and medium-sized enterprises. We have been dealing with a lot of companies in different industries providing various services because we are also one of the top audit firm in Dubai having CPAs in Dubai who handle our payroll and HR solutions service. We work with organizations about the deregistration of the company and even with forensic accounting in Dubai.
Also, before all of that, we process everything they need with trademark registration in Dubai as well. As one of the prime accounting firms in Dubai, we have a number of the top CPAs in Dubai who can oversee the bookkeeping services and accounting services with quality. These CPAs also help in project developers' audits and work closely with our auditors for the Owners Association in Dubai.
We offer our accounting and bookkeeping services in Dubai with the best accounting software in Dubai. Below are simply a few of the services that we offer:
Aside from the ones mentioned above, the following list below contains the services that we are offering. These are the accounting entries and reports that we are capable of doing with merit, ensuring everything is orderly with your financial side:
The most common types of adjusting entries are:
Purchases may be recorded as capital instead of expenditure if they provide utility to the company for more than a single reporting period. Capital expenditures include:
The role of a bookkeeper in a small or medium-sized enterprise will depend on a business nature. For small businesses, the duties of a bookkeeper are extensive and the professional is responsible for all paperwork processing for transactions of the company and getting information recorded in general ledger accounts. Bookkeepers may also do the following: