Bookkeeping refers to keeping the financial transactions record taking place while doing day-to-day activities in business. The accounting concept is broader and it blends its steps such as classifying, recording, reporting, analyzing, and summarizing the recorded data. One thing is certain that big or small, multi-national or national organization, the accounting concept is internationally accepted and managing them is considered important. This is the significant reason that is well-known and the result is today there are numerous bookkeeping and accounting firms in Dubai.
Dubai is transforming into an immense business hub. UAE is concentrating on growth that it is becoming the largest business magnet in the world. The evolution is taking place giving rise to bookkeeping consultants. As per the UAE law, the business entities must strictly adhere to the rules and regulations of accounting as per the IFRA (International Financial Reporting Standards).
Businesses have every day multiple transactions. However, strong is your memory, you cannot afford to remember all the transactions every day. It means there is a need to manage them and this is where the recording of transactions daily becomes a process as bookkeeping.
Bookkeeping is not accounting, though it is considered to be the same. Bookkeeping is a tool of accounting that develops the accounting foundation. This is done by maintaining business records and while accounting is about analyzing these records and entails a broader concept.
Bookkeeping is a methodical process and there is a need to follow it regularly. When you are doing international business or are developing your business, your attention towards business is a must. At such times managing books of accounts is a complex and difficult process.
There is a need to outsource accounting and bookkeeping companies in Dubai as it involves every day multiple level tasks. It becomes tough for the entrepreneurs to keep track and check on everything that the bookkeeping services need to be acquired for the safety of an organization. Outsourcing your accounting and bookkeeping helps you in concentrating on your business growth and the bookkeeping companies handle your accounts with ease.
Bookkeeping is about recording financial transactions and accounting is about processing records for business purposes such as budgeting, reporting, and planning. A prerequisite to accounting is bookkeeping.