Accounting is a methodical procedure of recognizing, documenting, and assessing, categorizing, authenticating, abridging, construing and conversing pecuniary information. Proper accounting divulges profit or loss for a given period, and also the value and nature of a firm's assets, liabilities and owners' stake. It includes custom and body of knowledge related to methods for recording transactions, keeping financial records, performing internal audits, reporting and analyzing monetary information to the management, and counseling on taxation matters. Accounting provides information on the assets available to a business, the means employed to finance those assets, and the consequences attained through the use of these assets. Accounting firms play a crucial role in helping businesses enhance in terms of the company’s goodwill, financial stability, credit management, auditing, financial reporting, etc. TAFC is one of the leading accounting firms in UAE, which helps businesses with excellent accounting and bookkeeping services. TAFC has a team of expert financial advisors and accounting professionals in UAE to help you manage your business, taking care of auditing, bookkeeping, VAT, business, and accounting services in UAE.
The accounts reconciliation is the process of verifying an organization’s financial records in order to identify any kind of deficiencies and if so reconcile them for better financial planning in future. Effective accounts reconciliation procedure ensures two sets of records or the balances of two accounts agree with each other. A company can ensure that the money leaving an account matches the actual money spent by following the reconciliation process.
Be it SMEs or MNCs in UAE, the possibility of legal issues, maintaining the confidentiality of the vital data and the chances of fraud and corruption are high. TAFC experts in Dubai, UAE offer the best accounts reconciliation services in this regard to eliminate and eradicate these issues. The range of accounts reconciliation services including the following:
Companies that are having a huge number of transactions, either online or cash/cheque deposits and withdrawals, etc., it will be a time-consuming work for the accounts department within the companies. In such cases outsourcing the bank reconciliation process will be appropriate for them.
To proceed with the reconciliation of a bank statement, TAFC experts relate the given bank account balance with the general ledger of the business.
Once the balances are equal, TAFC experts help companies to prepare journal entries for the adjustments to the balance per books. Timely reconciliation of bank accounts is very vital to ensure proper control and sufficient balance of funds in the company.
When it comes to full-time or part-time accounting services in UAE, TAFC is the first name most SMEs and MNCs prefer to keep their accounts in check. Providing the adaptability of serving only when required, TAFC part-time accounting services help you to reduce the cost, offer greater flexibility, and experience smart expertise from third-party who served numerous companies in various domains. Hiring a part-time accountant in UAE not only saves the cost of your business accounting services but would be equally beneficial as a full-time accountant in terms of facilities and services while being flexible with the working time as required by the business management.
There are various advantages that a part-time accountant in UAE could deliver.
Since Part-Time accountants work for different companies, they might be well known in the market. It would bring added value to your company. By hiring different accountants, you can select the best for your concern as a Full-Time Accountant later.
A Part-Time Accountant will have more time to acquire vast knowledge of the accounting services and tools when he works with different companies. This will be an added advantage for any company that hires a Part-Time Accountant. A Part-Time Accountant is a well-trained professional also.
A part-time accountant has to be paid only for the work done by him, unlike a full-time Accountant. Moreover, the company is exempted from the liability to pay him any retirement benefit, gratuity, leave salary, and even visa cost also.
Since a Part-Time Accountant may not have a static calendar for his work, a firm gets the service according to their convenience and gets the work done in time.
The accounts reconciliation is the process of verifying an organization’s financial records in order to identify any kind of deficiencies and if so reconcile them for better financial planning in future. Effective accounts reconciliation procedure ensures two sets of records or the balances of two accounts agree with each other. A company can ensure that the money leaving an account matches the actual money spent by following the reconciliation process.
This is the base report for all other financial reports. Trial Balance is the record of all credits and debits or the file of the closing balances of ledger accounts on a particular period. It is a basic statement to start the audit procedure of the company. An audit report is mandatory in terms of bank financing and legal requirements.
It ensures the proper balance of all entries made in the general ledger. TAFC can prepare an exact Trial Balance Sheet for your company so that you will not face any future issues when you prepare the Financial Statement for your company.it is the responsibility of an accountant that all entries are posted in the respective ledger and it closed on a periodic basis.
An Income Statement is an account of a company's pecuniary performance over a specific accounting period.
TAFC takes the following steps to prepare your income statements: -
