Recording of financial transactions of company’s individuals or businesses is done through accounting. Accounting is considered as lifeblood of any company because it is the most significant factor for running any business. If company do not have an organized accounting system then business is expected to be inefficient. On the other hand, bookkeeping deals with the records of economic activities of the company. Before the invention of computers, entries usually summarized in actual books therefore, it was called as bookkeeping. Transactions are recorded electronically nowadays.
Bookkeeping and accounting firms:
The fundamental accounting tasks of small and medium sized companies are completed by bookkeeping and accounting firms. These are the small companies consisting of only few employees.Financial solutions provided by the bookkeeping and accounting firms in dubai are useful for every business. Bookkeeping services offered by accounting firms allow you to spend your profitable time on your business. Time and money saved through these services with proper record. Ability of the firms to enhance business growth improves through hiring of more accurate accounting services. These firms also limit costs and risks.
Importance of bookkeeping and accounting firms:
The need of online bookkeeping and accounting increased because most of businesses are online and web based now. Record of everyday transactions kept by bookkeeping services. Bookkeeping department is required for each organization for data management. Therefore online bookkeeping facilities can be used by anyone and these are better than the traditional ones because of the following qualities:
- Less Expenses
- Less requirements
- Hiring a dedicated Accountant
- High quality data
- Cost effective
- High accuracy
- Proper maintenance of file system and records
- Early working
- Communicating facility
Types of bookkeeping services:
Two types of bookkeeping services exist. Manual bookkeeping is used for running a small business in which business can be managed through manual clerking. In case of medium sized business, computerized bookkeeping will be ideal.
Advantages of bookkeeping and accounting firms:
They provide useful services such as reconciliation of bank, reconciliation of credit sales, preparation of financial statement, accounting write ups preparation, Quick Books software to manage accounts payable and accounts receivable. Preparation of loan package, payroll, and tax preparation of small business are considered as additional services of bookkeeping firms. Client’s basic financial tasks may handle by these firms before their submission to CPA firms for carrying out complex tasks.
Need of bookkeeping and accounting firms:
To tackle the accounts of a company, bookkeeping entries are required. Therefore, there exist a need to find a company offering accounting and bookkeeping services at the same time. All areas of the accounting department becomes familiar with these firms. After becoming familiar with the company’s accounts, these firms avoid making mistakes.The company will recommend the essential changes if the system needs to be adjusted. In an organization, it is not easy to keep legal requirements and lot of other things in track. Therefore in Dubai, several firms are offering bookkeeping and accounting services for companies as an outsourcing option. Hence bookkeeping and accounting services becomes an advisable move in Dubai for helping the organizations.