Get your business’s books done the easy way and win some headspace.
Bookkeeping is a core accounting skill – it’s one of the first things qualified accountants learn, paying their dues as trainees. It’s about recording business transactions, payments in and out, invoices and bills; and reconciling that with what’s in the bank.
Bookkeeping is really important. But it doesn’t always feel that way to busy business owners who would rather be doing what they do best, or winning new business, than struggling with spreadsheets. So, it’s easy for things to fall behind, meaning you lose oversight of your day-to-day financial situation. Our clients solve this problem by handing the job over to us.
As a business owner if the UAE planning to outsource the accounting duties of your business, you should be considering an accounting firm that has all it takes to handle every detail of your business transactions.
T Account fits that description.
With years of experience providing accounting service in Dubai, and as a reputable bookkeeping firm in Dubai, Taccount has chartered accountants that are updated on the latest IFRS frameworks and other accounting requirements for your business.
Bookkeeping
Accounting services generally include working with recorded financial data. The process or act of recording daily transactions of a business is known as bookkeeping. There transactions include sales, expenses, cash and bank transactions, which are recorded in a ledger or journal. Starting off a business, you need to realize that the accuracy of the information recorded in this ledger is pivotal to the finances of your business.
The person in charge of the daily recording of these transactions is known as a bookkeeper. Bookkeeping and accountancy are interrelated. While bookkeeping focuses on recording transactions accurately, accounting involves classifying, analyzing, and reporting of the data generated by the bookkeeper. You see, the accounting process cannot be complete without the function of the bookkeeper.
That is why the duties of T Account and that of the accountant overlap each other. The accountant can comfortably perform the functions of a bookkeeper, whereas T Account needs to have a certain level of expertise like attaining at least a Bachelor’s Degree in Accounting. However, due to the rapid advancement in technology, the availability of accounting software now makes it easy for bookkeepers to perform certain duties of an accountant
Methods of Data Recording
The single-entry is a one-sided system of data recording. Here, data is recorded on only one ledger. The single-entry is usually adopted by small businesses. However, it does not clarify data when it comes to tax matters.
In the double-entry system, every entry to one account requires a corresponding entry to another account. These accounts are known as debit and credit.
Why is data recording an important part of accounting services?
To discover why data recording is a crucial part of our accounting services here at T Account, we underlined the importance of recording data. These benefits are explained below.
Financial statements include profit and loss statements and balance sheets (which shows the assets, liability, and equity in the business). Good records help you prepare these statements. Financial statements are vital in dealing with financial institutions or lenders as they will need credible information.