Accounting Services

Our Chartered Accountants in UAE are extremely professional and well-versed in diverse aspects of accounting and bookkeeping services. You can rely on our team for accurate accounting services and use your valuable time on other significant areas of your business.

What is accounting?

Accounting is the process of keeping track of all financial transactions within a business, such as any money coming in and money going out. It’s not only important for businesses in terms of record keeping and general business management, but also for legal reasons and tax purposes.

Steps of accounting

The six major steps of accounting are:-

1. Transactions (for invoices, bank statements, etc) are analyzed and registered.
2. Posting transactions in the report (under double-entry accounting rules)
3. Prepare an unadjusted check balance (this includes naming all the records in the company and describing their balance sheets)
4. Plan for adjustment in entries at the end of the cycle
5. Prepare an improved trial balance
6. Preparing the financial records

Why accounting Is Important

Accounting information exposes your company’s financial performance; it tells whether you’re making a profit or just running into losses at the end of the day. This information is not just available to you, but also to external users such as investors, stakeholders and creditors who would want to be enlightened about your business, to figure out whether it’ll be a good choice to invest in and what they can expect in returns.

Besides playing a key role in providing transparency for stakeholders, accounting also ensures you make informed decisions backed by data

Types of accounting

Accounting can be broken down intoseveral categories; each category deals with a specific set of information, or documents particular transactions. In this section, we discuss four of the most common branches of accounting:

Financial accounting

This is the practice of recording and reporting financial transactions and cash flows. This type of accounting is particularly needed to generate financial reports for the sake of external individuals and government agencies. These financial statements report the performance and financial health of a business. For example, the balance sheet reports assets and liabilities while the income statement reports revenues and expenses. Financial accounting is governed by accounting rules and regulations such as U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards)

Managerial Accounting

This focuses on the use and interpretation of financial information to make sound business decisions. It’s similar to financial accounting, but this time, it’s reserved for internal use, and financial statements are made more frequently to evaluate and interpret financial performance.

Cost Accounting

This is the process of tracking, analyzing and understanding the costs involved in a specific business activity. This includes all direct and indirect expenses associated with your business’s day-to-day operations. Cost accounting is particularly important because it helps you ensure that you are spending money on things that benefit your business’s bottom line.

Tax Accounting

This is the act of tracking and reporting income and expenses related to your company’s taxes. You don’t want to be in a situation where you have to pay more income tax than is normally required by the Internal Revenue Service (IRS).

Importance of accounting services in Dubai

Throughout corporate practices, accounting plays a vital function throughout allowing executives, creditors, and regulatory agencies to monitor the revenues and expenditures, provide detailed statistics on the operations of companies that can be included in decision-making, and maintain legal enforcement.

Nevertheless, proper accounting procedures and systems in the UAE may help to ensure legal compliance – avoiding fines and sanctions which may adversely affect a business. The legal regulations and legislation may differ from issuance to emirate.

How can we help?

JAS Accountants has vast experienced and are professional chartered accountants in Dubai, who aim to look into the broad picture of the client’s business regardless of the size & complexity of the figures. We help our clients in preparing accounts and provide financial statements.

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AMJAD HUSSAIN  >

Partner - Accounting & Bookkeeping Services

MIAN M KAMRAN  >

Senior Accountant - Accounting & Bookkeeping Services

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