Accounting is indeed one of the most important parts of a business as it functions as a lifeblood of a company. A business cannot simply operate without accounting in it. Although some aspects are all equally important for the success of your company, accounting can make or break you. This is why there are a lot of accounting services that are available in the country.
Even when asked, accounting firms in Dubai will tell you that knowing the numbers and dealing with them properly can help you to manage your business better. It is better than you know too much than to know nothing at all.
- WHAT IS ACCOUNTING FOR A BUSINESS?
In very general terms, accounting is a documentation of all economic operations through records management. This activity has three main areas:
- Bookkeeping process. Management of financial statements in accordance with established procedure.
- Tax records. Document of business deals with a view to building tax base and calculation, reporting to fiscal bodies.
- Management accounting. Analysis of recorded data enables the entrepreneur to evaluate the effectiveness of his activity, to make sound economic decisions, to plan and optimize work processes, to monitor progress made and results achieved. Analysis of recorded data enables the entrepreneur to evaluate the effectiveness of his activity, to make sound economic decisions, to plan and optimize work processes, to monitor progress made and results achieved.
As can be seen, accounting is not an empty word, but a necessary tool for a successful businessman.
- Kind of Records to keep
- You should know what type of records to keep.
- Legal documents. Business licenses and permits, sales tax licenses, DBA certificates and any other documents that have legal significance for company’s activity should be stored separately and be kept accurate and current. You need to know exactly where one or another document is, both online and offline.
b .Supporting financial documents. The source documents are of a great value for a business because all accounting operations are based on them. Supporting financial documents include all contracts with counterparts, invoices, receipts, payrolls, cash register tapes and a number of other documents related to the finance
- Accounting software makes it easier for you to track your business’s financial health and monitor the money moving in and out of your accounts. It can create invoices, track expenses and generate a variety of reports that help you analyze your business’s performance from various angles. Many applications can also help you track your bills and manage your inventory or projects.Choosing accounting software can be challenging. Each program includes a different set of features, and most offer multiple pricing plans to choose from, which also vary by feature, number of users, or other factors. Here are three items to keep in mind when selecting accounting software for your business:
- Costs. Would you prefer inexpensive, basic accounting software or an application that costs more but includes extra features?
- Usability. How many users need to access the software? Do you prefer a cloud-based system you can access anywhere or desktop software? Do you need it to have a mobile app?
- Features. What do you need the accounting software program to do? Do you need both accounts receivable and accounts payable tools? Which reports do you need it to generate? Do you need it to track inventory? Do you need it to include ancillary services, like time tracking, project management and payroll .
- Hire a good accountant: An accountant will work in conjunction with your attorney and be instrumental in determining the best form of ownership. He can also help you establish bookkeeping and other record keeping procedures that can keep you on track for years. Most important, a good accountant will help with tax planning. “You will also want an accountant who understands the state laws, since every state has its own little intricacies, such as sales tax issues,” .
- Hire a good business attorney: You don’t necessarily need to have an attorney on a retainer, but you’ll want to hire an attorney experienced with new businesses to help you get started. Your attorney can advise you about such things as drafting contracts, reviewing your lease and determining the right business structure. “A good attorney will know what it is that you are trying to do and help you structure your business in a way that will be beneficial to you,” While many questions remain unanswered for now, it is likely that more information will become available in the near future. If you are concerned or have any questions as to how the proposed changes will affect your business in the UAE, please do not hesitate to contact us.visit: http://www.namaccountants.com/ or contact : +971-558876440