Accounting and bookkeeping together share the fundamental side of every business.
How do you find the Best Accounting and Bookkeeping Services among the numerous companies in UAE? Read further on to find why you have come to the right place.
Anyone who runs a business would definitely come across the two terms: accounting and bookkeeping because these two together make a fundamental aspect of all money matters in every business. The objective of these is quite simple, adding more to the profit.
If you are thinking about what it does? Here’s the answer.
Accounting and bookkeeping make it possible to track down your income, bills, payments, and other expenditure. Also, it can fetch and gather all your information about your business finance to file up in tax registrations and claim back all tax returns.
It probably sounds quite significant now!
Yes! They have very much significance that no one wants to take a chance with their finance since any violation or allegation against the revenue administration would seriously affect them.
Now let’s dig deep into it. Accounting is a pivotal component for making decisions, budget control, and economic performance monitoring, regardless of the size of a company. A bookkeeper can handle simple accounting needs, but larger or more complicated accounting chores should leave to a qualified expert.
Managerial accounting and cost accounting are two types of accounting for companies. Managerial accounting assists management teams in making business choices, whereas cost accounting assists business owners in determining the price of a product. When generating financial statements, professional accountants adhere to a set of guidelines.
Who does the drill?
Accountants help companies in keeping accurate and timely financial records. Accountants are in charge of keeping track of a company’s everyday transactions and putting them into financial statements like the balance sheet, income statement, and cash flow statement. Other services provided by accountants include executing periodic audits and generating ad-hoc management reports.
The need for expert hands
Small business owners will want to handle their accounts alone in the beginning. It can be a useful method for some people to become more familiar with the internal workings of their company and its financial process. For many, it is merely a method to save expenditures while they get their bearings. However, when the company grows, practically everyone will prefer to delegate this responsibility to someone else.
Though there are lots of Accounting and Bookkeeping companies in UAE, At this stage, a choice must be made on who will be in charge of one of the most complicated, yet crucial, areas of the company in the future
Why outsource accounting over in-house accounting
What are the Benefits of Outsourcing? Outsourcing helps you to retain and grow more. It enables the various level of accounting services. Also offers a flexible staffing structure for cyclic business scenarios. Outsourcing enables you to overcome the accounting hurdles so that you can focus more on growing your business. Hiring competent resources is not easy, retaining them is quite difficult. Therefore, outsourcing accounting is the expert way to run your business.
You cut down your expense up to 40-60% by outsourcing. Undoubtedly, the cost is a major consideration in any business choice, specifically one that includes a relatively huge investment like employing a new employee. If you’re going to spend that much money, you need to know that you’ll get enough in return to make it worthwhile. The majority of small and medium-sized enterprises simply do not have enough work to justify a full-time financial position. Here fulfills the option of outsourcing agency delivering accounting and bookkeeping services over an in-house accountant.
What makes Lucas the best Accounting and Bookkeeping agency in Abu Dhabi?
Among sizeable accounting and bookkeeping companies in UAE, Lucas carries a full range of proficient services with qualified and experienced accountants delivering the most accurate and reliable services for your company in Abu Dhabi or where ever in UAE.
Lucas provides a comprehensive range of accountancy services as well as guidance on a variety of sectors, including counsel to small and medium business owners, as chartered certified accountants, having the experience and resources to provide a one-of-a-kind service that is flexible and competent.
Best among the Accounting & Bookkeeping Firms in UAE
Lucas accounting and bookkeeping agency is an unparalleled one among the number of bookkeeping firms in Dubai. Anyone who is in and around Dubai may need a look at them.
It is by law to maintain the accounting and the commercial book records of the business by any organization. At Lucas, you are assisted with help to protect your bookkeeping records and accounts that comprise financial scripts and records such as balance sheet, profit and loss record statements, wages and salaries records, fixed asset reports, records of the inventory statements after the relevant tax periods.
Lucas provides a comprehensive range of accountancy services as well as guidance on a variety of sectors, including counsel to small and medium business owners, as chartered certified accountants, having the experience and resources to provide a one-of-a-kind service that is flexible and competent.