Accounting is an important integral part of any business. They cannot function without dealing with accounting, especially after implementing new regulations and laws related to the UAE economy. The VAT came into the act at the beginning of 2018 which has also increased the importance of business accounting services in Dubai.
The companies operating in Dubai require accounting services for multiple reasons. They face trouble dealing with bookkeeping and accounting. They need to file their taxes including VAT properly without errors. They also need to ensure that their accounting practices match the accounting standards of the Emirates. Also, their business financial statements and records should be perfect. To make their lives easy, they tend to outsource these services to a top-notch business accounting and bookkeeping service provider like OJO Corporate Services.

Accounting is a crucial aspect for all organizations, regardless of their location, including the United Arab Emirates. It encompasses the processes of capturing, classifying, recording, and verifying financial information. Accounting also empowers companies to monitor the flow of funds, ascertain the nature of their liabilities, and understand their overall financial value. Therefore, every business operating in the UAE is expected to adopt the IFS methodology for their financial reporting and compliance.

BENEFITS OF ACCOUNTING

• Accounting checks misappropriation of funds
• Comparing profit and loss incurred
• Compliance with rule of the land
• Enhances financial decisiveness
• Legal relevance
• Maintain transaction records
• Outsourcing of accounting-related tasks
• Understand the sales-related aspects

OJO ACCOUNTING SERVICES

We offer a wide range of accounting services in Dubai to help businesses with financial tasks. Following are the accounting services that is listed below,

• Accounting software related installation and maintenance
• Conducting financial projection
• Daily account management
• Forecasting in connection with planning
• Formulation of Financial statement
• Gathering, maintenance and evaluation of fixed assets
• Inventory valuation and authentication
• Maintaining supplier invoice
• Preparing consolidated financial statement
• Setting up Accrual plan

Bookkeeping involves the systematic recording of an organization’s financial transactions in appropriate account books. Many websites provide definitions of Bookkeeping and Accounting that often seem interchangeable. While these two processes may seem similar, they possess distinct differences. In essence, Bookkeeping serves as a component or facet of the broader field of accounting. Accounting encompasses a more comprehensive and analytically focused subject matter, demanding a deeper understanding of its scope and relevance.

Bookkeeping professionals employ either physical ledger books or specialized software to meticulously record monetary transactions.

BENEFITS OF BOOKKEEPING

• Perform Financial Evaluation: Bookkeeping over a specific period enables businesses to compare various financial aspects. This evaluation aids in controlling and optimizing expenditures for the benefit of the business.
• Filing Tax Returns: Methodical bookkeeping simplifies the process of filing tax returns and can help identify tax exemption opportunities.
• Budget Evaluation: Bookkeeping plays a pivotal role in assessing budget projections against actual outcomes. This analysis reveals areas of shortfall, enabling necessary adjustments to be made to the budget.
• Understand the financial status: Recording financial transactions is the initial step, allowing a business to comprehend its financial standing better. This practice provides insights into both expenses and income, facilitating effective management.
• Check financial misappropriations: Systematic bookkeeping serves as a preventive measure against financial fraud and mismanagement. It significantly reduces the risk of scenarios such as cheque bounce due to insufficient funds.

To facilitate a better grasp of the fundamental concepts and disparities between Accounting and Bookkeeping, the OJO team has assembled an evaluation table. I encourage you to review this table for further clarity on the distinctions between these financial practices.

OJO BOOKKEEPING SERVICES

• Creating Sales Invoices
• Generating Cash Flow Statements
• Compiling Profit and Loss Statements
• Keeping Accurate Accruals and Ledgers
• Managing Assets and Equipment Ledgers
• Overseeing Accounts Payable and Accounts Receivable
• Conducting Trial Balance Analysis
• Recording Financial Transactions in Accordance with IFRS