BOOKKEEPING & ACCOUNTING SERVICES

Can you differentiate Bookkeeping from Accounting!

Bookkeeping and Accounting both are integral business components, however there is an important distinction:

BOOKKEEPING is a function of recording financial transactions in chronological order on daily basis. In the early ages these data were actually recorded in books. However, subsequent to the technological transformation now financial transactions are recorded electronically.

ACCOUNTING analyze financial transactions in financial statements and business reports following accounting principles, standards and requirements. It is responsible for classifying, analyzing and interpreting financial data to report the financial condition and performance of the business to company leaders to help them make informed business decisions.

WHY OUTSOURCE?

In the last decade, we have witnessed massive expansion in new businesses in the UAE along with the regulatory requirements of maintaining proper books of account across the region. As per the UAE Commercial Company Law 2015 and prevailing UAE VAT Law it is mandatory to maintain proper books of account for at least five years.
Be focused on your strengths!

POTENTIAL BENEFITS OF OUTSOURCING:

Outsourcing allows you to concentrate limited resources on your core business so you can be more profitable. You will be able to spend more time with your customers so your organization can offer them a higher level of service in today’s hyper competitive environment.
You will not need to spend time and money trying to keep up with an avalanche of new laws, policies, procedures and technologies.
Outsourcing of non-core activities will spare plenty of your time to let you think to improve efficiency, streamlining and productivity of the company’s core activities.
It can be cost effective to outsource non-core activities like accounting activity.
Business can have access towards latest technologies with comparatively very little premium.
Direct and indirect cost associated with setting up a fully functional finance department can be avoided.
Confidentiality can be maintained once accounting services are outsourced.
Working with accounting professionals will yield more reliable information to make improved business decisions in less time.
The cost, time and efforts of training the new accountants and the transition process from the outgoing accountant to an incoming accountant during replacement can be eliminated.