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What are the accounting Services offered by Accounting Firms?

In Accounting, all the financial transactions of a company is recorded and stored clearly without any irregularities for analyzing, preparation of taxation and for future planning. Though accounting is a familiar term, no one is much aware of what all Accounting Services in Dubai are offered by the auditing firms.

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What are the accounting Services offered by Accounting Firms?

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  1. What are the accounting Services offered by Accounting Firms? Everyone is aware of accounting as accounting is one of the essential thing to do for the smooth running of the company. In Accounting, all the financial transactions of a company is recorded and stored clearly without any irregularities for analyzing, preparation of taxation and for future planning. Though accounting is a familiar term, no one is much aware of what all Accounting Services in Dubai are offered by the auditing firms. Accounting Services

  2. There are many accounting services offered by auditing firms, the services depends on the firm and client’s requirement. The client can discuss with them and they can decide which all services are required for their company. Let us see some of the main accounting services offered by most of the firms. 1. Bookkeeping In the Bookkeeping service they will sort, record and store the financial accounts statements/ data of the business. The bookkeeper may use accounting software for storing these data or may store the hard copy. Nowadays all the companies are using accounting software rather than storing as hard copies. When stored as a soft copy, it can be accessed anytime and from anywhere which is very beneficial for the accountants. Bookkeepers monitor the business transactions on daily basis and track the expense and other transactions. 2. Tax accounting Tax Accounting deals with tax and other taxes that are in the business. The tax accountant ensures that they provide the necessary advice on time when it involves claims and protects the corporate from paying unnecessary taxes. The tax accountants also help in fixing issues associated with the filing of returns. 3. Chartered accounting Chartered accountants deal with several areas of accounting from auditing to management. They are the main part of the Accounting Firms in Dubai and acts as the central body of accounting company. 4. Forensic accounting Forensic Accountants provide services that include tracking the missing funds which will have a great impact on the financial report if any of the data is missing which lead to wrong financial statements and conclusions. For financial accounting to be clear and accurate it's necessary that the business owners should be transparent and give the exact information without hiding the data otherwise it may lead to incorrect taxation and may cause huge penalties. 5. Financial controller services The top of the commercial department is the financial controllers. They handle the new clients, assign work to the employees, oversees the staffs along with the handling of both external and internal auditing tasks. Auditors in Dubai can help you with financial controller services. 6. Payable accounts They will track all the financial transactions and do required modifications to the payment system of the company to tall the expenditure, to avoid duplication and to manage the financial statements.

  3. 7. Bank reconciliation Bank reconciliation is done by accounting firms to avoid any discrepancies and to ensure the accuracy of bookkeeping. They help in cutting down the expenses and protect the company from any type of fraud activities. 8. Payroll processing Payroll processing means calculating the wage earnings, bonus, filing payroll taxes, giving the payment etc. It can be done manually and through an automated process. An automated process is more accurate and error-free and more efficient. 9. Account receivable This team is responsible for the collection of payments of the company, it will help in reducing the time period of receivables and fast processing of the invoices. Accounting Services in Dubai Therefore, no matter what sort of accounting service, all accountants generally help within the assessment of the finances of their client, bookkeeping and recording and analyzing all the financial transactions of the business even with the Tax Consultancy Services. It’s necessary to understand what sort of accounting service that your business requires and you can hire accordingly.

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