Keeping a track of finances is very important for every company. Being informed by the business decisions and everything related to it is what makes companies successful. This is where the role of accounting and bookkeeping services basically comes in.
Until now, companies have become well aware of the importance of accounting and bookkeeping in UAE. For you to know more about it, I should start it from how we define accounting and bookkeeping because this is how you can get the real understanding of these terms.
What is meant by accounting?
Accounting is the process in which the income, as well as the expenses of the company, are tracked.
Who is responsible for carrying out accounting?
An accountant is hired by the company and he is responsible for all the strategies of the company that are related to accounting. In addition to that, an accountant is the one well aware of the real financial condition of the company.
What is meant by bookkeeping?
Bookkeeping is the process of keeping the track record of all the financial transactions of the company.
Who is responsible for carrying out bookkeeping services?
A bookkeeper is responsible for bookkeeping. He prepares the financial statements of the company including balance sheets, pay cheques and income statements of the company. In addition to that, a bookkeeper keeps a track on the employees and their ways of handling payrolls effectively.
Accounting and bookkeeping in UAE
Bookkeepers are the ones who keep the official record of the company. On the other hand, an accountant is the one who takes the financial decisions of the company and also acts as a financial strategist of the company. He prepares the audit reports of the company and helps in tax-related planning along with business analysis. For the companies who cannot afford to have proper accountants for their companies, they go for bookkeeping and Accounting firms in Dubai.
There are different strategies that are taken by companies in different situations. When the companies feel like they are in a good enough situation to handle their bookkeeping and accounting services on their own, they do it but when the work overload doesn’t allow them, the companies straight away go to the accounting and bookkeeping firms in Dubai. Some companies go for outsourcing while the rest hire proper employees as accountants and bookkeepers.
Till date, people have found outsourcing better than hiring an employee because of a lot of benefits associated with it. the number of companies providing the services of outsourcing has become remarkable as well.
When we talk about the outsourcing firms, the one that comes to our mind in the first place is Farahat and Co. The accountants and bookkeepers here work in a very professional way and their experts do it in affordable fees. There is so much more clients can have if they take the services of this firm. So, do not compromise on your company’s functions and get the best services from Farahat and Co.