Management Accounting AndBookkeeping
Accounting or bookkeeping management might be a tough task for you. But, the matter of concern is that it is essential for almost each business personto run their business smoothly and effectively. It doesn’t distinguish among the several types of businesses and holdsthe same importance everywhere.
Every so often, people think that accounting or bookkeeping does not requirea lot of effort and can be managed by someone in less time, But, this is not a correctthought because accounting work demands great expertise and profound intelligence. This is what Accounts Supervise can assist you with.
Accounts Supervise is a trusted accounting and finance consultancy firm that hasa great workforce. We have employedskillful chartered accountants, financial experts, and other staff members to perform numerous accounts and bookkeeping-related jobs. They are highly competent and trained enough in handling various tasks efficiently. However, we useadvanced accounting/ bookkeeping software that is specially designed to maintain accounts journals and ledgers online to generate efficient results in less time.
Two Main Accounting Methods We Use
The accounting method is a practice used by 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 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 That We Cover
1. Forensic Accounting
Forensic accounting handles court and litigation cases, fraud investigation, claims and dispute resolution, and other legal matters.
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.
3. 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.
4. 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.
5. 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.
7. 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.
7. Improvement of Staff Performance
The constant internal auditing makes the staff of the company vigilant and vigorous because of the fear that their mistakes will be detected and revealed by the internal auditor almost immediately. This helps them progress their competence and concert. Also, they will be scared to defraud the company for the same reasons. At the same time, it is a good morale booster for true workforces.
8. 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.
How Accounts Supervise’s Accounting Services Are Beneficial?
Accounts Supervise accounting services in UAE are beneficial for businesses to keep a record of all your business financial transactions, leaving no chance of any trickery, and ultimately contributing to the growth of your company. 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 efficiency and actionable financial astuteness they need to succeed.
Acclaimed as one of the leading accounting firms in Dubai, Accounts Supervise 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 Accounts Supervise’s 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. So, get in touch with us to start a discussion and our experts will offer you a one-hour free consultation.
A Comprehensive Range Of Accounting & Booking Services We Offer
• ERP Implementation
• Setting up of Chart of Accounts
• Preparing Accounting Policies, Procedures, and Manuals
• Inventory Management
• Bank statements reconciliation
• Outsourced Bookkeeping Service
• Payroll Management as per UAE labor law
• Factoring of Accounts Receivable
• WPS Compliance
• Allocation of payments & receipts to match invoices
• Preparation of year-end audit schedules and reports
• Budget set up & budget status reports
• Extraction of monthly Management Reports
• Monthly review of your accounts by a professionally qualiﬁed Partner
• Monthly presentation of accounts to help you understand better about your business
• Gratuity provision calculation as per UAE labor law
• Sorting and matching receipts & payments with credit card or bank statements
• General Ledger Reconciliations
• Accounts payables reconciliations
• Accounts receivables reconciliations
• Aged Receivables Management (debtors)
• Aged Payables Management (creditors )
• Financial Reports (operational &ﬁnancial ratios and many others)
• Preparation of year-end working papers, reconciling balance sheet items to ensure maximum eﬃciency
• Reconciliation of any end of year amendments required by external auditors
• Monthly Management Report highlighting the critical areas of improvement including areas to improve business eﬃciency
• Accounts Trouble-Shooting
• Journal entries preparation
• Petty Cash Accounting
• Fixed assets, depreciation
• Projects Accounting
• Evaluation and ensuring accounting & reporting as per IFRS
Frequently Asked Questions
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.
Outsourced accounting and bookkeeping serviceseliminate all hassle in maintaining records of your financial transactions accurately. They also make sure that all industry standardsand company regulations are being practiced in all phases of data recording. However, there are so many other situations when you need to hire accounting and bookkeeping services, which are as follows:
- Assisting in bank accounts management
- Keeping your account books managed and aligned with law
- Helping in tax management
- Keeping and sending out Invoices
- Maintaining your proper cash flow
- Dealing with foreign currency transactions
- Preparing financial statements
Less Expenditure: This is the main benefit of getting our online accounting and bookkeeping services. It will cost you less than the out dated accounting/bookkeeping services.
Prompt Work: As there is no paperwork involved and all the things are going through online processes. So, you can enjoy hassle-free accounting/bookkeeping services with us. It also saves your precious energy and time.
No Big Investment: To get our online accounting services, there is no need to make a big investment. All you need to do is to hire us. We will do work for you and you can get relaxed.
End-To-End Services:Another best thing about our online accounting/ bookkeeping services is that you don’t need to ignore anything at any cost. It means that you will get comprehensive online financial statements, tax preparations, reporting, monitoring facilities, and much more.
Dedicated Accountant: You can get a dedicated accountant who will especially pay attention to your business permanently. It will save you money as you don’t need to have an in-house accountant.
Prompt Communication Facility: Accounts Supervise provides their clients with a 24/7 hours call or text communication facility.
We at Accounts Supervise never compromise on our clients’ privacy, copyright, and data confidentiality. We completely make sure that no information related to any client is distributed, published, sold, or shared with thirdparties. Hence, our employees sign the confidentiality and non-disclosure agreements at the beginning of each project to guarantee the complete protection of our client’s data.
No, you will have 100% control over all decisions related to your finance. Our dedicated team will offer all the information and perform the particular task you assigned. But, you will approve all invoices of payments and sign cheques by yourself.