What Are Accounting And Bookkeeping Services?

Accounting services and Bookkeeping services may be a step-by-step recording of monetary transactions. These include the recording of purchases, sales, income, expenses, receipts, and payments by an organization. Bookkeeping is typically maintained by a bookkeeper. Bookkeeping services in UAE include:

• Recording of Purchases, Sales, Expenses, Income, Receipts & Payments
• General Ledger & Financial Statements Preparation
• Inventory Accounting
• Accounts Payable
• Accounts Receivable

Preparation and Finalisation of Accounts from incomplete records

A bookkeeper also referred to as an accounting clerk may be one that keeps the records of day-to-day transactions of a business. These contain maintaining records of purchases, sales, receipts, and payments. The bookkeeper is responsible for recording all the transactions correctly within the daybook, customer ledger, supplier ledger, and ledger. The bookkeeper must bring the books to the balance stage. the subsequent stage is the preparation of ultimate accounts. This includes preparing Profit & Loss Statements and records. this is often prepared by a professional accountant using the balance and ledgers prepared by the bookkeeper. This requires little more expertise and knowledge. Preparing Final Accounts services includes:

• Reviewing all ledger accounts & transactions and rectifying posting errors
• Processing all necessary final journals for prepayments and accruals
• Processing stock movement and adjustment journals
• Processing payroll journals
• Computation of Depreciation and preparation of Fixed Asset Schedule
• Preparation of Bank Reconciliation Statements
• Processing lease and hire purchase loan and dividend journals
• Preparation of year-end accounting file to minimize audit costs
• Preparation of periodic and yearend Financial Statements

The bookkeeping and accounting process is one of the simplest business processes for a corporation to outsource. Many businesses and accounting firms have already outsourced their Accounting And Bookkeeping Services work and now the efficiency of technology makes outsourcing your Accounting And Bookkeeping Services a less expensive business strategy. If you’re trying to find ways to scale back overhead and specialize in your core business, now’s the right time to form the switch to outsourced Accounting And Bookkeeping Services.

Remote bookkeeping or online bookkeeping allows an individual to store source documents and data to reside in web-based applications. this enables remote access for the bookkeepers and therefore the accountants. All the entries made into the web software are precisely recorded and stored during a remote location. the web system is often accessed from anywhere around the world and allows the bookkeeper to figure from any location with a suitable data communications link. Thus, choosing Accounting Services in Dubai is that the best choice available for businesses and accounting firms.