It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owner's equity and also added tax (VAT) directives in effect from 2018, makes accounting pivotal for the functioning of any company in UAE.
Services available through an accounting service include processing accounts payable, issuing payments and producing monthly reports.Accounting services typically process payments and produce their reports faster than a small staff can and keep information timely for those who monitor costs, procurement and inventory.
What Are the Benefits of Accounting Services?
Increasing company’s profitability
We allows you to concentrate limited resources on your main business so you can be more profitable.You will be able to Invest more time with your clients so your organization can offer them a higher level of service.
Increasing internal controls by the segregation of duties<
We ensures transparency, and the assurance that the accountant doing your payables is not the same as the one doing your bank reconciliations.
Requiring less staff time for internal accounting functions will allow you to save more employment costs such as salaries, benefits, traveling, training and recruitment expenses.We will focus on your main business purpose rather than auxiliary services.
Reporting mistakes can be very costly.The penalties and interest charges mistakes are staggering.Defining responsibility for these types of expenses on trained professionals will greatly limit the risk of losses to your company.
Improving company’s image with clients and suppliers
Even the smallest of companies appears substantial when clients receive professional looking invoice in a timely manner and vendors are directed to the accounting department with their questions or any requirements.also, funding agents – such as banks or investors – appreciate seeing that financial information is reliable and readily available.
Improving decision making capabilities
The ability to provide higher quality accounting information faster, more efficiently and with greater effectiveness is crucial.Working with accounting professionals will yield more reliable information to make improved business decisions in less time.