There is a very small difference between accounting and bookkeeping. They both are having certain differences between them. In the case of accounting, you have to deal with the company’s financial status.
Accounting has a massive role in the business of a person and if this function is not being carried out in a proper manner, so many problems can arise. So, it is better for a person to give proper attention to the accounting of your company. If the accounting of your company is not being carried out in an orderly manner, it means that there are problems in the efficacy of your business.
Bookkeeping Services in Dubai, on the other hand, is related to the recording of the economic activities of the company the entries and the business transactions are summarized in an orderly manner.
You must be wondering why we call it bookkeeping. Fine, before computers, people had to store their business data in proper books they had made. As the time has changed now, people have changed the ways of keeping their records as well. Currently, they keep the records in different software designed for record keeping.
Outsourcing of Accounting Firms in Dubai
It has been made obligatory for the companies in Dubai to keep the proper records of accounts for at least five years. All the account books should be maintained properly as it has been made important for all the businesses.
The data being itself is a greater responsibility to manage and to maintain privacy. All outsourcing firms which are in accounting services in UAE knows the importance and are experienced to manage all this for your clients on your behalf and can produce under the regulated time duration if requested by the authorities for audit purpose.
Complying with the Legal Requirements
Complying with the legal requirements is not always easy. This is because there are a lot of things that are to be managed by a company. They sometimes may have not even got time to arrange and summarize their accounts properly. When every company feel like it is not good enough to manage their accounts properly, they take the help of accounting firms in the UAE. So in this way, they get to manage their accounts properly without ignoring their core business activities at all.
Because of outsourcing the accounting and Dubai bookkeeping functions, small or medium size business and offshore companies can enjoy the benefit of getting Tax and Audit ready statements. The outsourced accounting and bookkeeping experts are well versed with the standards and know how to comply with the requirements of the regulatory authorities.
Accounting and Bookkeeping Firms in Dubai
There are many accounting and bookkeeping firms that are providing the best accounting bookkeeping services to the people. They have the proper software for summarizing the data of the companies. The best part about this is security. The data is secured with these firms so you do not have to worry about it at all.