Accounting in Abu Dhabi
Accounting is a methodical procedure of recognizing, documenting, assessing, categorizing, authenticating, abridging, construing, and conversing pecuniary information. Proper accounting divulges profit or loss for a given period, and also the value and nature of a firm’s assets, liabilities, and owners’ stake. It includes custom and body of knowledge related to methods for recording transactions, keeping financial records, performing internal audits, reporting and analyzing monetary information to the management, and counseling on taxation matters. Accounting provides information on the assets available to a business, the means employed to finance those assets, and the consequences attained through the use of these assets. Accounting firms play a crucial role in helping businesses enhance in terms of the company’s goodwill, financial stability, credit management, auditing, financial reporting, etc. Perfect Follow & Complete Transaction is one of the leading accounting firms in Abu Dhabi, which helps businesses with excellent accounting and bookkeeping services. Perfect Follow & Complete Transaction has a team of expert financial advisors and accounting professionals in Abu Dhabi to help you manage your business, taking care of auditing, bookkeeping, VAT, business, and accounting services in Abu Dhabi and UAE.
Accounting Methods
The accounting method is a practice used by the industry to account for income and expenses. Officially there are two Accounting methods: Accrual Accounting and Cash Accounting.
Accrual Accounting – It’s that form of accounting that accounts for revenues and expenses when they are incurred, notwithstanding when cash is exchanged. Here, businesses are obligated to make sensible estimates against a bad debt expense.
Cash Accounting – It’s a straightforward method of accounting that accounts for all revenues and expenditures at the time when expenses are actually received or sent. This method of accounting is apt for small or new businesses that conduct business on a cash basis or that don’t carry catalogs.
Main Areas of Accounting
Usually, accounting is perceived as a mere recording of business transactions. However, accounting goes beyond financial recording or bookkeeping and it includes various branches. Take a look at the various branches of accounting, where you need help.
- Forensic Accounting
Forensic accounting handles court and litigation cases, fraud investigations, claims and dispute resolution, and other legal matters.
- Auditing
External auditing is the examination of financial records by an independent party. Internal auditing refers to the examination of issues regarding business practices and risks.
- Financial Accounting
Financial accounting includes footage and classification of business transactions, and preparation and presentation of financial statements to be used by internal and external clients.
- Cost Accounting
Cost Accounting refers to the footage, presentation, and analysis of manufacturing costs. Cost accountants examine definite and standard costs to help directors conclude future courses of action concerning the business operations.
- Fiduciary Accounting
Fiduciary Accounting means the handling of accounts administered by a person empowered with the supervision and management of the property of or for the benefit of another person. Trust accounting, receivership, and estate accounting are some examples.
- Accounting Information Systems
Accounting information systems or AIS occupy the expansion, fitting, execution, and supervision of accounting procedures and systems used in the accounting process.
- Tax Accounting
Tax accounting involves the planning of tax and preparation of tax returns, ascertainment of income tax and other taxes, tax advisory services such as ways to reduce taxes lawfully, assessment of the consequences of tax decisions, and other tax-related issues.
- Management Accounting
Management Accounting focuses on the needs of the management. It includes financial analysis, budgeting and forecasting, cost analysis, evaluation of business decisions, and other similar areas.
What is Bookkeeping?
Bookkeeping is the methodical recording of financial facets of business transactions in opposite books of account. Bookkeeping services help to uphold precise financial records of a business by keeping a proper record of the purchases, sales, and receipts.
Services Provided by Bookkeepers
Settle bank accounts.
Account economic dealings.
Administer bank feeds.
Organize financial accounts.
Control accounts receivable payable.
Undertake some payroll and human resource functions.
Work with the tax preparer and help out with tax compliance.
Preparation of Chart of Accounts
Billing for services or goods sold
Keeping the records of receipts from customers
Allocate the account entries
Value-added bookkeeping and month-end or year-end closing
Daily Bookkeeping will enable you to identify any problems early and solve them before they become worse. You can identify any deceitful activity and correct it before it causes irreparable damage to your business
Relevance of Accounting Firms in Abu Dhabi
A reliable accounting firm can help a business to boon through the subsequent approaches:
Bookkeeping Advice: Offer timely recommendations to an organization to maintain the details in time and to avoid any future issues or delays.
Business Advice: Make strategic plans for the growth of a business. They team up with the clients to help them solve their multifaceted industry issues and make the most of the opportunities to grow, optimize and protect their business.
Cash-Flow Advice: Give solutions to improve overall cash flow management and prepare you to solve cash flow problems before they happen in the future.
Cost Control: Predict future costs and revenues, and check for compliance with financial regulations. It can help a business to avoid the risk and costs of hiring more employees.
Tax Advice: Help an organization avoid tax penalties. Any mistake while preparing or filing taxes is costly and attracts a penalty. These issues can logically be handled by expert accounting firms who stay updated and acclimatize to all changes and guarantee complete precision and compliance with the presently applicable policies.
When do You Need Advice?
When you frame the legal structure of the company
When you need help regarding finance
When you write your company plan
When you want to delegate
When you are audited
When you deal with the government
When your business is mounting
When you want to apply for a business mortgage or overdraft
When you buy or sell your business
When you undertake a franchise
It may be difficult for a business to manage Accounting Activities when competing with others and to comply with the legal requirements in the fast-growing economy of the region. When it comes to accounting firms in Abu Dhabi, Perfect Follow & Complete Transaction is one of the most preferred names for excellent accounting services across the UAE. Perfect Follow & Complete Transaction can save your time and assist you in your business in reducing the company’s operating costs, increasing profits, and establishing yardsticks for superior ascendancy and consistency to regulations.
Benefits of Outsourcing Accounting Services in Abu Dhabi
The UAE Commercial Company law made it mandatory for a company to maintain proper books of account for a minimum of five years. To comply with these legal requirements, small companies, go for outsourcing the accounts for result-oriented functioning. Perfect Follow & Complete Transaction follows online & onsite working with the latest accounting software and indorsed strategies.
The major benefits of outsourcing accounting services in Abu Dhabi are:
Companies can focus on the core activities of the business.
Usage of advanced technologies and software to maintain financials.
Expertise in the supervision of the accounting transaction and report preparation.
Enhance the efficiency and productivity of the business.
Maintains confidentiality of the financial records.
Cost-effectiveness; professional service at low cost and on-call availability.
Highly experienced professionals who handed in a wide market portfolio.
Accounting services in Abu Dhabi for Startups
As a professional accounting and auditing firm, we have experience in various fields, especially with budding start-ups. Start-up businesses are more prone to financial issues and shortages due to higher exposure to capital expenses & lower popularity. We help these entrepreneurs in covering these dilemmas by providing the following services:
Bookkeeping and Data entry services.
Managing payables and receivables.
Preparation of periodic financial reports.
Measuring performance analysis.
Initial investment analysis.
Arrangement of Bank facility.
Feasibility study.
Helping in setting up Internal control Procedures.
Provide advice on financial strategies and plans.
VAT filing.
Provide compliance services with standards.
Budgeting the expenses and planning on fixed asset expenditures.
We help start-ups in Abu Dhabi with cost-effective and expert accounting services. For any start-up, outsourcing the accounting service is a time and cost-saving process so that they can focus on the core activities of the business. An in-house accounting error can cost a higher loss than that of an outsourced one. It brings damage to the public image as well as fines. An expert like Perfect Follow & Complete Transaction can help you to come out of all these issues by the following contributions:
Budgeting the costs and business needs a valuation.
Provide support to make smart informed decisions.
Maintaining healthy cash flow within the business.
Tracking the filing of records and VAT returns.
Enables efficient use of investment capital.
Measure the progress of the business and takes corrective actions.
Financial discipline by controlling the cost.
Setting up of organizational hierarchy.
Why Perfect Follow & Complete Transaction for Accounting Services in Abu Dhabi?
Perfect Follow & Complete Transaction Accounting and Bookkeeping Services LLC is a committed squad and an effective Accounting Machine. We lead Outsourced Accounting and Bookkeeping services and transform your finance function. Perfect Follow & Complete Transaction accounting services in Abu Dhabi are beneficial for businesses to keep a record of all their business financial transactions, leaving no chance of any trickery, and ultimately contributing to the growth of your company. As a team of highly qualified professionals, Perfect Follow & Complete Transaction analyses your problems and strives hard to progress your business and make you gallop. We are the leading service providers in Abu Dhabi, UAE, and provide the following services in the field of Accounting & Bookkeeping, VAT consultancy, and other business-related areas. When accounting and CFO services are combined together the owner gets more flexibility and clarity in taking decisions after considering the financial reports. Our priority is CFO services and the scope of our accounting service is purely depending on the client’s preference and industry type. We not only maintain your accounting, but also provide a podium to drive profits, improve cash flow, and grow your business. Our clients stay in peace of mind as we assure the efficiency and actionable financial astuteness they need to succeed. Acclaimed as one of the leading accounting firms in Abu Dhabi, Perfect Follow & Complete Transaction helps our customers with optimal accounting services that clearly depict the financial picture of their business. Our accounting specialists are highly competent in providing the best accounting services that comply with the UAE laws and rules. An association with Perfect Follow & Complete Transaction accounting experts helps you ensure exceptional accounting services in UAE while managing all your transactions in the most transparent way. We also offer Financial Advisory Services, Tax Consulting Services, Management Consulting Services, VAT Registration, VAT Deregistration, Internal Audit For Company, Business Advisory Services, etc., in UAE.
Perfect Follow & Complete Transaction Accounting Services
Perfect Follow & Complete Transaction is a family of well-highly qualified experts in the field of business services and provides proper and timely accounting services in UAE for businesses to grow and flourish. For any business, we:
Strategize our operations based on our client’s needs.
Analyze the business needs and organize them for our work support.
Choose the best accounting system, the software required, and structure the setup.
Maintains bookkeeping, billing, payroll, and other ERP functions.
A highly qualified staff is appointed for supporting the system and design.
Timely preparation, submission, and interpretation of the reports.
Channelize the communication system and deliver the information at right time parting in the decision-making process.
Customer satisfaction is our motto, we prepare management reports based on top management convenience.
The major services provided by Perfect Follow & Complete Transaction for businesses in UAE are mentioned below:
VAT Consultancy – services for VAT implementation, impact analysis, changes to be adopted in the accounting records and systems, training the accountants in the organization, etc.
TAX – we have a team of experts who have in-depth specialized knowledge of the latest tax laws. An expert team of tax professionals provides legal solutions for tax issues.
Bookkeeping – we offer a full suite of accounting and bookkeeping services.
Financial Services – we help our clients to focus on the organization’s growth and manage the limited resources.
Management Accounting – we advise on business planning, financial management, and performing financial analysis in order to help companies to make a correct business decision.
Internal Audit- We offer interim and full-time internal audits. We analyze the internal control system within the organization.
