BOOK KEEPING SERVICES

Bookkeeping is the fundamental process to help the organizations maintain the financial records. As a matter of fact, “inadequate accounting” is one of the main reasons start up organizations collapse. And it is legally mandatory that every single business who have registered for VAT in UAE needs to maintain proper books of accounts, update their accounting records time-to-time in order to file their taxes.

The UAE VAT Law states all the SME’s to keep books of accounts for a minimum of 5 years.

A business without bookkeeping is just like a blind chauffeur driving a car to reach its destination. Accurate bookkeeping postulates a clear picture of the organization’s financial well-being and avoids any potential penalties and impending unnecessary costs.

In common man terms bookkeeping is just arranging the numbers in a special and sensible way:

  1. Organizing receipts and payments into discrete accounting categories such as; expenses, income, assets and liabilities to improve probabilities of making profits and understanding the net worth of the business.
  2. Verify the numbers and maintain the balances for filing the tax returns.
  3. Formulate reports based on the above numbers and the statutory needs to know in detail about your company’s progress in monetary terms such as monthly profit, quarterly sales and annual profits.
  4. If the business is owned by partners and to know what is the share of profit of each of the partners at the end of each month/ quarter/ year and also to see what the share of each partner from the net worth of the business.

Spectrum helps its clients in keeping all the financial transaction related documents in a systematic manner and easy to access whenever needed for any kind of businesses.

 

Top 5 Reasons – Why Bookkeeping is important?

Bookkeeping helps in budgeting

In analyzing financial statements

Knowing the receivables amount by customer and payable by supplier

Better decision-making power

Effortless generation of Reports

Focus on Business Strategy

How Spectrum can help you?

Bookkeeping can save your firm a lot of time, money and resources, Even though, many business owners are apprehensive about the sheer idea of bookkeeping and accounting, in reality both are very straight forward. If you need to implement a bookkeeping process, hiring our expertise at Spectrum Accounting will make it as easy as a piece of a cake. Leave the trouble of bookkeeping with us, we will take care of your financial well-being!

Spectrum Accounts & Auditing is one of the leading accounting and bookkeeping service provider in UAE.

Call us today for a free consultation.
Tel: +971 4 269 9329 | mob: +971 50 986 6466 | mail: info@spectrumaccounts.com

FTA Approved TAX Agency