Bookkeeping Accounting Outsourcing Services
What is Bookkeeping?
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.
- Settle bank accounts.
- Account economic dealings.
- Administer bank feeds.
- Organize financial accounts.
- Control accounts receivable payable.
- Undertake some payroll and human resource functions.
- Work with the tax preparer and help out with tax compliance.
- Preparation of Chart of Accounts
- Billing for services or goods sold
- Keeping the records of receipts from customers
- Allocate the account entries
- Value-added bookkeeping and month-end or year-end closing
Services Provided by Bookkeepers
Daily Bookkeeping will enable you to identify any problems early and solve them before they become worse. You can identify any deceitful activity and correct it before it causes irreparable damage to your business
Accounting plays a crucial role in running every business successfully. Being a commercial hub, UAE hosts a large number of businesses and they all need to maintain the book of accounts and track financial transactions. Accounting outsourcing in UAE is the best practice adopted to keep the books of accounts accurate and error-free. TAFC offers accounting outsourcing services in UAE to help you to identify the financial indicators and performance promptly, enabling you to make the right decisions in your business at the right time. By choosing TAFC as your bookkeeping partner in UAE, you avail professional accounting services delivered with the utmost confidentiality and security in the shortest turnaround
Accounting Outsourcing Procedures by TAFC
TAFC follows both Online Accounting Services and Onsite Accounting Services:
Online procedure
- Collect necessary documents and information from the client
- Proceed with accounting
- Prepare MIS Reports
Onsite procedure
- Assessment of initial work procedure
- Assemble data and recap current financial solidity and position
- Creation of various records like vouchers, invoices, bills, bank statement, etc.
- Data recording
- Generation of financial statements, financial analyses report, etc.
- Meeting with administration
- Indorse strategies and actions
- Implementation of accounting procedure as per IFRS
Benefits of Outsourcing your Accounting Services
- Improves efficiency,
- Streamline and productivity
- Cost-effective
- Advanced technology
- Concentration on core activities
- No additional requirement and expense to hire accountants
- Maintains Confidentiality
- Professional service at lower cost
- Eradicate Training cost and Training difficulty of new accountants
- Advantage of additional services
- On-call availability of experts
Features of TAFC Accounting Outsourcing Services:
Outsourcing your business accounting services in UAE to TAFC not only helps you save cost and time but will also support you to eliminate your accounting load to a great extent. Thus, you can focus more on your core business activities. The major features of TAFC accounting outsourcing services in UAE are listed below:
- Consistent Accounting Service – TAFC files transactions on a timely basis
- Systematic Account Supervision Service – TAFC uses the latest technology as per the needs for a systematic arrangement of the accounts
- Proper submission of Financial Report on time to time as per the requirements of the management
- Bringing up-to-date of Backlog Accounts – TAFC manages the backlog accounts effectively and up to date, and ensures that our clients’ demands are fulfilled.
- Accounts Reconciliation Service - in order to rein the success of your business, TAFC assures accuracy and reconcile the accounts on a monthly basis
- Corresponding - TAFC corresponds or compares the revenues and expenses sustained in a fiscal period to avoid erroneous income statement
- Confidentiality in Financial Data
- Accuracy in MIS Report
- Analytical and CFO Review with management on the Monthly Financial Report
- Result oriented and decision-making approach in preparing the MIS Report.
CFO Services
One of the prime issues that hold your business from progressing the way you want is its financial management. CFO services in UAE help you understand your business, designing granular reports that are specific to your industry and your current needs. Availing CFO services from TAFC will help you understand where your biggest risks lie and opportunities are going forward, opening the road map to growth and stable financial health. What makes TAFC one of the best accounting firms for CFO services in UAE are our impeccable financial services in a very transparent and budget-friendly manner.
- Frame Business strategy and Action Plans
- Accelerate their Implementation
- Prepare Annual Budgets and Performance Management Discipline
- Prepare MIS reports as per the management requirements for making the decision-making process easier
- Prepare and implement proper cash flow policy
- Setting up of internal control procedures to enhance the efficiency and productivity of each department.
- Timely management information to improve decision-making
- Create budgetary control measures
- Enhance financial discipline in Working Capital Management
- Better understanding of your business finances and cash flow
- Professional guidance for your business planning and forecasting
- Review contracts and ensure that the terms and conditions are made beneficial for the organization.
- Budget preparation & monitoring
- Training and support for your accounting staff
- Set up and handle insurance revisions and reduce the risk of unexpected loss in future
- Cooperation and negotiation with bankers, attorneys, and other business associates
- Enhance the debt collection and proper management of cash flow.
TAFC for CFO Services In UAE
- Manages the cash flow of the company
- Plans and manages the financial actions of the company’s performance
- Analyzes the financial strengths and weaknesses of the company
- Proposes corrective measures for the improvement of the company
- Ensures the record-keeping of the company as per the legal and regulatory requirements by the UAE Federal Laws and Accounting Standards
- Helps the CEO in decision making
- CFO is always the focal point for all finance-related action
Responsibilities of a CFO In UAE
A Chief Financial Officer is mainly responsible for managing the day-to-day business activities related to the finance, accounting, and tax aspects, etc. An efficient CFO will be strategic, progressive, and constantly predicting future cash flows and financial performances. The forward-looking services of a CFO help to identify and address the requirements of resources and financial aspects well in advance to give a positive turn for your business. A CFO has to function the following responsibilities in the company:
