Be it a start-up or an established organization; every business owner understands the importance of bookkeeping services in Dubai. Every payment that you receive to every penny that you spend needs to be registered in bookkeeping to make sure that you are able to run your business smoothly. If you have not paid attention to the Dubai bookkeeping service, it’s high time you do.
A bookkeeping service is so much more than just recording your receivables and payables. Bookkeeping services Dubai ensures the success of your business as well.
A good bookkeeping service will include a three-tiered approach so that the company’s overall finances get maintained properly. The accounting software specialist will develop the first prong. The expert will create all the accounting data files tailored to the business’s requirements and needs. Not just this, the accountant will also make sure that you as a business owner have access to accounting software 24 x 7.
Next comes the full-charge bookkeeper. Everyone understands the basic work done by a bookkeeper. The basic tasks involve maintaining an account for receivables and payables. Along with all the business’s financial transaction will get documented each day. Sounds quite simple, right. Not really. There is a lot more that goes under the second tier. A bookkeeper will also maintain and create monthly financial reports, handle every deposit, and manage payrolls. With the ever-changing tax rules, a bookkeeper needs to keep himself/herself updated all the time. Another thing that a bookkeeper does is reconciling bank statements.
A full-charge bookkeeper has to be there so that you can get a business loan quickly, design the upcoming year’s budget, and whenever you need to answer to an auditor, it is the full-charge bookkeeper who will be ready with all the answers.
Just between a full-charge bookkeeper and an accounting software specialist, another tier lies: creating balances and checks for and within the business. This specialist will take care of record everything that any of the departments in an organization spends. The company’s spending will also be compared to the budget for analysis and review. This is where the third prong comes into play. That person is the controller.
The controller’s job is to make sure that overall financial accountability is in place. The controller will check the ledger prepared by the bookkeeper for accuracy. Apart from this, they will also be responsible for maintaining integrity within the accounting data file. Finally, the monthly financial report will be highlighted and issued by the controller. It is the controller who will highlight critical issues in the balance sheet so that you can understand them better and address them as quickly as possible.
A bookkeeper is extremely important for a company, just like a chartered accountant firm in Dubai or a tax agent in Dubai. To maintain the good health of an organization, hiring the right bookkeeping firm in Dubai becomes prudent. The bookkeeping team will work for you to generate more revenue, reduce cost, and avoid making any financial mistakes. There is no doubt that a bookkeeping service is highly crucial for a company, and that is why one needs to find the right bookkeeping service provider.