Bookkeeping refers to the systematic recording of financial facets of business transactions in appropriate books of account. It is the first step in accounting and financial reporting. Bookkeeping involves posting daily transactions in ledger books or accounting software. This has a direct impact on general ledger accounts and other financial statements. In Dubai and the rest of the UAE, the role of a bookkeeper assumes prime importance because of the function of posting accounting transactions accurately and in a timely fashion.
What Are the Benefits of Bookkeeping Services?
Maintaining your account books provides you with information that is crucial for the efficient running of your company. Keeping track of the financial status of your business is a handy practice. It helps you estimate data points for billing, income and payroll management.
Safeguard against Fraud
If your financial books are checked regularly, fraudulent actions can be apprehended, cheques can be prevented from bouncing, and capital estimation for forthcoming payments can be made. This keeps your business from getting into a financial soup.
An accurate account of your company’s spending and revenue helps compare actual results with projections in the annual budget. If the bookkeeping is in place, the financial information of the business remains up to date. This can be used to check to overspend and identify instances of underspending.
Not only does proper bookkeeping aid in corporate tax filing for a company, but it can also help you spot possible tax deductions.
What Bookkeeping Services Do We Provide?
Commitbiz can help you with the following bookkeeping services in the UAE?
- Recording business transactions as per International Financial Reporting Standards (IFRS)
- Posting of general ledger and other ledgers
- Drafting sale invoices
- Accounting reconciliation
- Reconciliation of bank statements, performing any necessary adjustments
- Recording of accruals
- Tracking of accounts payable and receivable
- Maintenance of sales and purchase ledgers
- Maintenance of fixed asset register
Outsourcing Bookkeeping Services
Since bookkeeping involves many activities that are procedural in nature and not specifically specialized for any industry, it is a fairly common practice to outsource bookkeeping and accounting services in Dubai.
Why Outsource Bookkeeping Services in Dubai, UAE?
Businesses largely consider outsourcing their bookkeeping function. The benefits of outsourcing your bookkeeping services in Dubai and the rest of the UAE are:
- Delegating the work of bookkeeping to a qualified professional allows a businessperson to save their time, which can then be spent on the core functions of business development and research. This becomes even more critical when the business is managed by a small team.
- Scalability of an outsourced function is flexible and responsive. When one’s bookkeeping is outsourced and not handled in-house, it can be adjusted to fit one’s customized requirements in periods of extra workload or business troughs.
- It is cost-effective as you obviate the need to employ highly qualified and expensive accountants to handle your company’s bookkeeping
- Dedicated bookkeeping firms employ experienced professionals to carry out outsourced bookkeeping services. These consultants can provide professional advice to handle your financial matters as the company grows and develops.
Our bookkeeping services aim at accurate financial reporting and maintenance so as to do away with your administrative burden and keep your financial costs in check. This helps you streamline your business growth and improve your company’s performance by concentrating on core risk areas in business with increased flexibility to respond to requirements.
We at Commitbiz Business Setup Consultants have our team of experts to help entrepreneurs set up their bookkeeping function in Dubai and the rest of the UAE. Should you decide to open a business in Dubai, do contact us, even if it’s just for a friendly advice.
What is meant by bookkeeping services? Why are they required for a business?
Bookkeeping refers to maintaining records of the financial affairs of a business. It serves as a prerequisite to accounting, which is essential if a company is to survive in the long term.
Is it advisable for a company to outsource one’s bookkeeping to third-party firms in Dubai?
That depends on the type and size of business activity your company undertakes. However, if you are new to the corporate law in Dubai, it is recommended that you outsource your company’s bookkeeping service.