Accounting is the part and parcel of any business. Ensure financial management by tracking the income and expense of your company. Accountants in Dubai use this step by step accounting cycle to provide better insights to the stakeholders. Entrepreneurs across UAE ensure compliance with universal accounting standards for accurate financial records with higher transparency.
Accounting consultant Dubai, follow unique set of principles for financial reporting. The rules basically determine how transactions are made and provide some financial information to lenders, investors, and creditors. Accounting firms in Dubai or accountants use different set of principles according to the business nature. They engage in recording and analyzing the business transactions with bookkeeping and relevant services. Accounting practices assess the financial capabilities of an organization according to the environment, management status and experience.
What are the different types of accounting practices?
- Public
In public accounting, the accounts, records, and related services are outsourced to independent firms. Since, some financial documents and other information are required to be disclosed to the public. All control over accounting records are performed by qualified accountants in UAEwho are CPA’s or certified public accountants.
- Private
- Government
- Auditing Practice
- Financial
- Management
- Forensic
- Managerial accounting
- Cost accounting
Cost accounting is another form of managerial accounting with the aim to capture company’s total cost of production. The total cost is estimated by assessing the variable costs and fixed costs as well. Cost accounting for small business allows management to take better financial decisions and calculate the budget accurately.
- Tax accounting
- Accounting information systems
- Chartered accounting
Chartered accountants in Dubai is a member of professional accounting body. The professional accountants in Dubai are skilled enough to work in a number of areas including management to auditing. They usually, focus on any particular specialization within the accounting field.
Other Controls
- Access control – only authorized persons can enter the accounts department and access the physical records like bank statements, bill books, cheque, etc
- Authorization control – only authorized employees should have access to the data and reports. Authorization is limited to certain employees and data entry is done by data entry staff authorized by a senior staff.
- Process control – each accounting firm is unique with a particular process of recording bills and other information. For eg- initially bill is issued and then, goods are sent to the debtor. After the goods acceptance approval, entry of sales is to be done. This ensures proper process control over accounting records.
- Maintain employee record like attendance, in-time, out-time, salary, overtime, etc.
- Maintain fixed assets register, investment register, canceled cheques, inventory records register, canceled cheques, records of cheques issued and deposited, shareholders register, etc.
- Have a record of payment to creditors and receipts from debtors.
- Maintain the record of bills of purchases, expense, sales, other payments, and receipts
- On a test basis, perform the manual calculation of depreciation.
What is the importance of accounting for small business?
- Transparency in accounting records
- Estimate the result of your business
- Keep the records of receipts, payments, and expenses
- Have a base for internal and external reports
- Keep the trust of shareholders
- Follow the latest accounting practices
- Keep track of old records and compare with current records.
How A & A associates support your accounting?
We at A & A associates have a bunch of qualified accountant in UAE providing highly-efficient accounting records. These records serve as the base for many internal and external decisions done by the management of the company.
We involve in accounting outsourcing and relevant services that benefit your business growth and obviously, take it to the next level. Our auditors create a degree of reliance in the accounting records. For good practice, we ensure that organizations should keep up their evidence of accounting records. A & A associates work on the basic need of every organization by maintaining their accounts and records.
Whether it’s accounting for small business or large enterprise, we excel in providing proper accounting practices with great transparency. Maintain proper accounts to survive in the long run.
