General Accounting and Bookkeeping Services in the UAE

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ACCOUNTING OUTSOURCING

Accounting and bookkeeping are crucial aspects of any business. They form the foundation for financial decision-making, tax compliance, and overall business health.

Accounting outsourcing is the practice of hiring an external company to handle a business’s accounting tasks. This can include bookkeeping, financial reporting, payroll processing, and other accounting functions. Outsourcing accounting services can provide several benefits to businesses, such as cost savings, access to specialized expertise, and increased efficiency.

By outsourcing accounting tasks to us, your business can alleviate many pain points. Our professionals deliver accurate and timely financial data, ensure compliance, and, most significantly, free up valuable time for you— enabling your team to focus on core business activities. Our outsourced accounting teams will provide an all-in-one, finance team-in-a-box type of service that scales with the needs of your business.

Bookkeeping is the day-to-day recording of financial transactions.

Accounting, on the other hand, is a broader field that uses bookkeeping data to create financial statements and reports. These reports provide insights into a business’s financial performance, profitability, and financial position.

Day-to-day Accounting and Bookkeeping
Accounting & Financial Reporting
Accounting Outsourcing
Updating of Backlog Accounts
Fixed Asset Management
Standard Operating Procedures.
Provision of Accountant on weekly & monthly basis

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Chart of Accounts

Journal Entry Posting

Expense Allocations

Period End Closing

GENERAL ACCOUNTING AND BOOKKEEPING

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FIXED ASSET MANAGEMENT

Fixed asset management involves systematically controlling, tracking, and optimizing a business’s physical assets. These assets include machinery, real estate, vehicles, equipment, and more. The management process consists of a life cycle comprising acquisition of fixed assets for disposal, ensuring compliance with regulations, and optimizing their usage.

Key Components of Fixed Asset Management are

Asset Acquisition: This component involves the acquisition of new assets, either through purchase, construction, or leasing. Proper recording of the acquisition cost is vital for accurate financial reporting.
Depreciation Management: Depreciation is a core component of asset management. Different methods are used to calculate and record depreciation over an asset’s useful life. Accurate depreciation records impact financial statements and taxation.
Asset Tracking: Asset tracking is critical to monitor asset location, condition, and usage. Barcode systems, RFID technology, or asset management software are often used for efficient tracking.
Asset Valuation: Valuation determines the current worth of assets. Businesses must periodically evaluate asset values to account for changes in market conditions, wear and tear, or obsolescence.
Regulatory Compliance: Fixed asset management must align with regulatory standards and accounting principles like Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).
Asset Maintenance: Proper maintenance prolongs asset lifespan and ensures that assets function optimally. Regular inspections, repairs, and preventive maintenance are part of this component.
Fixed Asset Register: The fixed asset register is a centralized record containing details of each asset, including acquisition date, cost, and depreciation, location, and maintenance history.
Asset Disposal: This component covers the disposal of assets at the end of their useful life.

STANDARD OPERATING PROCEDURES (SOP)

Standard Operating Procedures (SOPs) are detailed, written instructions that outline the steps to be taken in a specific situation or process. They are used to ensure consistency, efficiency, and quality in the performance of a task or process. SOPs are often used in industries such as healthcare, manufacturing, and finance, where consistency and accuracy are critical.

The purpose of SOPs is to:

Ensure Consistency: SOPs ensure that tasks are performed consistently, reducing the risk of errors and variability.
Improve Efficiency: SOPs streamline processes, reducing the time and effort required to complete tasks.
Enhance Quality: SOPs ensure that tasks are performed to a high standard, improving the quality of output.
Reduce Risk: SOPs identify potential risks and provide procedures to mitigate them.
Train Employees: SOPs provide a training tool for new employees, ensuring that they understand the procedures and processes.

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