Alpha Auditing offers reliable accounting services in Dubai, UAE. Accounting is an essential element for businesses. Having a team of professional accountants make us stand out from the rest. With years of experience, we ensure to provide highly accurate accounting services.
What is accounting?
It is the process of maintaining record of your financial transactions efficiently. Well structured accounting process allows you to understand and analyze the financial status of a company. An accounting process results in an efficient financial report which provides a complete summary about your expenses, profit, loss and more.
Our experienced accountants understand the accounting cycle and follow the standard procedures to provide reliable accounting reports. The first and foremost step of accounting is bookkeeping which is also termed as “Accounting Cycle”.
What is the Accounting Cycle?
Accounting cycle is an important and efficient process based on 8 steps which help you complete the bookkeeping task. An accounting cycle provides a comprehensive guide for maintaining record, analyzing data and preparing a financial report of business activities.
To maintain efficiency and accuracy in a company’s finances depends on the time frame. The accounting cycle may vary company to company, either you can analyze your performance on a monthly basis or quarterly basis. Most companies prefer to analyze their performance quarterly as it helps you to maintain operation efficiency. The selection of time frame also defines the closing of your accounting cycle.
The 8 steps of accounting cycle includes:
- Identify the transactions such as invoices, sale record and expense details
- Creating journal entries for each transaction based on double entry accounting rules.
- Posting: Once all the entries are added to the journal, the next step is to post them in the ledger. The ledger provides details about all the accounting activities
- Unadjusted Balance: At the end of the accounting period the unadjusted balance will be calculated.
- Worksheet: A worksheet is created to analyze all the entries to ensure debit is equal to credit. In case of discrepancies, adjustments will be made.
- Adjusting Journal Entries: Based on analysis the adjustments will than be added to journal entries wherever required.
- Financial Statements: Once all the adjustment entries are done, a financial statement will be generated. A financial statement provides details about a company’s financial status, it includes income statement, balance sheet and cash flow statement.
- Closing the Books: At the end of the reporting period, the company will close the accounting cycle for the defined time period.
What are the major types of Accounting?
Tax Accounting
Tax accounting is an important element of accounting. If you want to understand how much tax you have to pay? Tax accounting will help. A professional tax accountant will help you understand how to utilize your income effectively. The IRS has defined standard procedures of tax accounting based on Internal Revenue Code (IRC). It ensures that individuals and businesses can calculate their taxes accurately.
Financial Accounting
Financial accounting is an important element for companies, it provides insight into a company’s finances. A financial disclosure should be provided by the company to help stakeholders, creditor, customers and policy makers to understand the financial condition of the business. A well structured financial reporting reflects on the company’s annual financial statements and helps decision makers to plan and grow.
Cost Accounting
To grow as a company and increase the overall profit, one has to understand the expenses. Cost accounting helps you understand the overall expenses and how a company can efficiently manage them. Keeping the inflation and other elements in mind one can make effective decisions.
Managerial Accounting
Managerial accounting helps companies to generate financial reports more often. It is mainly used for internal purposes only. Most of the organizations require managerial accounting in order to keep track of their finances.
Credit Accounting
Credit accounting is one of the hardest services as it involves reviewing your entire finances which mainly includes unpaid bills and liabilities. Alpha auditing provides comprehensive credit accounting services and ensures that your business runs smoothly.
Why is it important to get Accounting Services in Dubai?
Managing finances is one of the most important aspects for any business. Professional accounting services help you manage your finances efficiently. In the UAE it is essential to maintain your accounts efficiently so that you can keep track of your expenses, revenues, assets and much more.
A well maintained accounting book can help you stay compliant with the UAE laws. Also, to be successful it is extremely important that you keep a close eye on your financial statement. It helps you understand the financial condition of a company and allows you to make decisions more efficiently.
Leading Accounting Firms in Dubai
Alpha Auditing is one of the leading accounting firms in Dubai, UAE. Having a team of experienced professional accountants make us stand out from the rest of accounting firms in UAE.
Our approach is proactive and we consider working with our clients as a partner and make sure they get high quality financial services. Getting professional accounting services help you understand your company finances and provide you freedom to make your decisions effectively.
Another positive aspect of Alpha Auditing is that we understand the UAE laws perfectly. It allows us to help you stay compliant with the FTA laws and legal authorities. We offer accounting and bookkeeping services in UAE on a monthly and quarterly basis. If you are looking for reliable accounting services, feel free to contact us.