Accounting & Book-Keeping Services

ACCOUNTING & BOOK-KEEPING

Accounting and bookkeeping can play a vital role in development of an organization, which can help in understanding the financial performance and financial position of the organization. The professional expertise and vast knowledge resource of Spectrum helps any business in leveraging it to their advantage.

Our comprehensive range of accounting services will help you comply with all the relevant reporting regulations. As well as full statutory year-end financial statements, we can provide monthly or quarterly management accounts and assistance with the preparation of budgets and projections.

We ensure that the financial statements are complying with International Financial Reporting Standards (IFRSs) and are committed to keep the highest level of professional standards and quality.

Financial accounting system design & implementation
Setting up of accounting procedures
Accounts updating on periodical basis
Supervision and review of financial accounting records

1. Accounts Reconciliation Service

Our accounting experts support the clients for reconciliation of their accounts whether it is bank reconciliation, customers’ ledger reconciliation, suppliers’ ledger reconciliation, intercompany reconciliation or any other statements/ledger. We provide the accounts reconciliation services to small and medium size companies, corporates, MNCs etc. This helps the organizations to eliminate legal issues, to maintain the confidentiality of the critical data and to reduce chances of fraud and corruptions. The accounts reconciliation services includes the following:

Bank Statement Reconciliation
Suppliers Ledger Reconciliation/Vendor Payments Reconciliation
Customers’ Ledger Reconciliation
Intercompany Reconciliations

2. Bookkeeping Services/Bookkeeping Solutions

Bookkeeping, on the other hand, is all about recording a company’s economic activities. The entries are summarized periodically. It was called “bookkeeping” because before the computers were born, these were recorded in actual books. But now, transactions are recorded electronically.

There are a lot of things to be done in an organization, and it is always not easy to comply with the legal requirements and keeping track of business strategies to be consistently in the race with businesses. With this, the accounting side of a firm is quite difficult to manage that’s why accounting services in Dubai are being offered by various firms as outsourcing is a major option for companies.

Outsourcing accounting services in Dubai is an advisable move since it can help organizations greatly especially when you are outsourcing from a company that uses the most up-to-date accounting software in Dubai like Al Araidi Auditing of Accounts

accounting and bookkeeping have important roles in a company. Regardless of what kind of the industry you belong in, it is always essential to have clear and straight business accounts. With outsourcing, you will be able to stay on your business, reduce cost, access information (through the outsourced accountants and bookkeepers), get experts and professionals, and avail a wide range of services. This is where Al Araidi Auditing enters the scenario. If you’ve been asking how to find an accountant who can provide excellent accounting and bookkeeping services in Dubai, you’ve come to the right place.

We are capable of providing outstanding accounting services and bookkeeping services for small- and medium-sized enterprises. We have been dealing with a lot of companies in different industries providing various services because we are also one of the top auditing firms in Dubai having CPAs in Dubai who handle as well

our payroll and HR solutions service. We work with organizations about the deregistration of the company and even with forensic accounting in Dubai. Also, before all of that, we process everything they need with trademark registration in Dubai as well. As one of the prime accounting firms in Dubai, we have a number of the top CPA in Dubai who can oversee the bookkeeping services and accounting services with quality. These CPAs also help in project developers audit and work closely with our auditors for Owners Association in Dubai.

We offer our Dubai bookkeeping and accounting services in Dubai with the best accounting software in Dubai. Below are simply a few of the services that we offer:

Setting up Accounting procedures as per IFRS.
Identifying Financial Accounting Software and its Implementation e.g. Tally, QuickBooks, Sage, Peach tree etc.
Supervising and reviewing of financial accounting records.
Financial Reporting on periodical basis i.e. monthly, quarterly or half yearly.
Forecasts, Budgets and Projections.
Training and supervising accountants.
Create comprehensive policies and procedures to streamline accounting operations.
Maintaining Accounting books in relation to that Business, which include records of payments and receipts, purchases and sales, revenues and expenditures, and any business, including: Balance sheet and profit and loss accounts, Records of wages and salaries, Records of fixed assets, Inventory records and statements (including quantities and values) at the end of any relevant Tax Period and all records of stock-counts related to Inventory statements.
Review of books of account with necessary supporting documents will be carried out. Major observations which require management attention and actions will be conveyed depending on its importance.
To ensure that recognition of revenue transactions were properly made as per prudent accounting principles and in conformity with the nature of business and as per contracts.
To ensure the payments made by the company are supported with proper documents and authorized by the concerned manager/owner.
Check whether the payments are entered on accrual basis and proper cut off procedure is done at the end of every month.
To ensure that reconciliation of bank accounts, customers’ accounts, suppliers’ accounts and other major accounts were prepared correctly and in time.
To ensure proper recognition of advances, prepayments, unearned income etc are done by verifying the accounting records and transactions.
Further monthly review reports will be prepared and issued to the management at the end of every month including the analysis of financial statements, financial ratio analysis, analysis on working capital, BEP, marginal safety etc. and our findings on the review of books of account.
Supervising and reviewing of financial accounting records.

3. Books Cleanup

If you have messy records of your financial transactions and everything seemingly do not make sense with regard to your financial side of things, we can help you out to clean your books, arranging them in an orderly manner for you to be properly informed and ensure that you are on the right track. We have some of the best chartered accounts in UAE who are willing to aid you with any problem you have with your financial records. You can simply hand over to us your dilemma, and we will find the perfect solution for it.

4. Retention of Documents

Retaining the supporting documents relating to all the financial transactions of any business is important for future reference, to comply with legal requirements and became more important in UAE after implementation of Value Added Tax (VAT).

We helps its clients in keeping all the financial transaction related documents in a systematic manner and easy to locate whenever needed for any kind of businesses. This service is generally offered as part of accounting services and bookkeeping services.

5. Backlog Accounting

Sometimes the companies might not maintain proper Books of Account and reports in the same year the business transactions were happened. It happens mainly for start-ups in the SMEs (Smaller & Medium Enterprises). As per the regulations of the Commercial Company Law in the UAE, it is mandatory to maintain proper books of account. Hence, after one or two years such SMEs understand the necessity to maintain proper books of account and look for accounting firms to prepare books of account.

Emirates Chartered Accountants Group’s Accounting division support the clients to prepare the books of account from the date of incorporation of the company till date.However, proper supporting documents are necessary for us to prepare the books of account. Hence it is important for us to get the original supporting documents of the transactions including sales invoices, purchase invoices, payment vouchers, receipt vouchers, petty cash expenses, bank statements, cheque counter foils, bank transfer copies, etc. Our representative will visit the company’s office location or bring the documents to our office and update transactions in a suitable accounting software. We finalize the books of account on periodic basis, normally on annual basis. The reports generated includes:

Balance sheet (statement of financial position),
Profit and loss account (statement of comprehensive income),
Cash flow statements,
Receivables ageing list,
Payables ageing list,
Comparative report on sales performance,
Comparative report on expenses,
Financial ratio analysis,
Working capital analysis,
Breakeven point analysis/margin of safety etc.

6. Accounting Outsourcing

Accounting deals with the recording of a company’s financial transactions. Accounting is one of the most important factors that make a business run, and it is essential for you to know why accounting is the lifeblood of any business. If this part of a company is not orderly, it should be expected that the business is not running as efficiently as it should.

Why Outsource to Accounting Firms in Dubai? It’s been mandated in the UAE Commercial Company of 2015 that maintaining proper books of account for at least five years is now a legal requirement. Even in the upcoming VAT in UAE next year, books of account should be maintained for five years as well.

Spectrum Accounts offers a wide range of accounting services that provides solutions to the accounting requirements of any business in the global market. We ensure that the financial statements are prepared in line with International Financial Reporting Standards (IFRSs). Spectrum makes sure that the services are provided with high quality within agreed time lines.

This vertical provides the following services:

Financial accounting system design & implementation
Setting up of accounting procedures
Accounting of routine financial transactions
Accounting of period ending financial and related transactions
Preparation of financial statements under IFRS and other supporting schedules
Supervision and review of financial accounting records

Spectrum can take care of full accounting needs of the client by providing the accounting services from its office based on the documents relating financial transactions are forwarded/ handed over to it.

7. Accounting & Controlling

Al Araidi Auditing can provide you with the services of a complete, in-house accounting division. We can prepare budgets, cash flows and accounts utilizing the latest version of accounting software and spreadsheets. This will ensure that you always have access to timely and efficiently prepared accounts and that your internal controls system is properly functioning and maintained.

We gladly provide the following solutions, tailor-made to fit each client’s individual requirements: