Book keeping for businesses requires attention from a financial expert to help in recording or storing financial transactions as per legal requirements and global accounting standards. Bookkeeping is a delicate yet mandatory company duty that requires expertise and the right financial accounting skills. Bookkeeping services in Dubai are very much helpful for onshore companies who are required to file and present annual accounts, to business startups in UAE as well as big corporations with branches in the region.
Following are some tips that would be helpful for business startups seeking bookkeeping and accounting services in Dubai.
- Have a bank account which is separate from a personal account. This would be easier to keep track of business transactions and prevent mixing ups.
- Bookkeeping can be done through software. Bookkeeping service providers in Dubai will offer accounting software that is updated and popular. Also, they ensure that you get an accounting system that works for your organization. This system will assist in recording financial transactions. Ensure, all business-related obligations are fulfilled while at the same time keeping track of gross margins and net profits.
- Opt for cloud supported bookkeeping software. This is very useful for backing up information of your business such as bank statements, credit card statements and receipts and retrieving when needed. This minimizes actual physical theft and hard drive failures.
- Lastly, one should keep track of their expenses. It would be useful to stop using cash for paying expenses because it would be hard to remember the places where money was spent. Keep receipts and scan them.
What are the benefits of accounting software?
Accounting software for bookkeeping records minimal to no mistakes since most of the work is done by the software. It results in time optimization as compared to manual bookkeeping. Tasks are done at the same time and completed. Another advantage would be that software is continuously being updated and at a low cost. This would be useful for your company as it continuously grows as well. In manual bookkeeping, there are high chances that accounts are misplaced especially when they are not stored properly but in accounting software, all the information is stored in one place. It is very fast, easy and convenient.
Further, accounting software can help in the extraction of MIS reports as well as other customized reports at any point of time during the year. This can lead to effective and timely management decision which otherwise cannot be taken due to inefficiencies in manual bookkeeping. With the advent of value-added tax from January 01, 2018, it has become imperative for all business whatever small medium or larger to maintain a book of accounts. Majority of the accounting software helps in better meeting the tax compliance which is important to avoid any hefty fines or penalties to a company.
According to Flyingcolour, despite the fact that using accounting software for bookkeeping is highly encouraged, it is important the businesses hire bookkeeping services in Dubai. This way, companies are guaranteed expert guidance on the ideal financial accounting software to invest in; this would be a software that supports businesses’