Bookkeeping on the other hand includes maintaining records of expenditures, on a daily, weekly, monthly and annual basis. This helps keeping a track on the day to day workings of a company and does not create a mess of things when one sits for accounting or when time comes of the auditing of a company.
All in all, a continuous monitoring as well as refining of business should be done by a company on a regular basis. This not only ensures the proper running of the company but also keeps your company’s clients and customers in good faith. They know that you are responsible and would retain maintaining business transactions with your company. It is a matter of trust and that should not be treated lightly.
Xcel Accounting does just that. It is a Dubai based company consisting of Chartered Accountants who strive to provide some of the best accounting services Dubai has ever seen via the company. The various services provided by the company include – part time CFO, accounting outsourcing, internal audits, business plans, business valuation, due diligence, software selection and implementation, accounting workshops and accountant mentoring, etc. The accounting workshops organised by Xcel Accounting are in fact very popular. The company believes that it is important for the clients to have a proper know-how of the various nitty-gritties of accounting, VAT, etc. It is because of this that Xcel Accounting ranks among the best accounting firms in Dubai, in fact it ranks among the best accounting firms in UAE as a whole.
In order to ensure good accounting and bookkeeping the guidelines are –
First of all, the daily business transactions need to be entered in the business ledger which would maintain a permanent financial history of the business. This ledger very accurately marks the daily transactions keeping a log of it and this helps evade any discrepancies later creeping up during billing or payment. This also helps maintain an audit trail which can be later interrogated by auditors. All you have to do in that situation is to present your company ledger as a closing argument.
The customers and the clients should be handed in regular invoices whose copy should be maintained by the company to avoid any future controversy.
A regular cash-flow report should be maintained.
The bookkeeper or the accountant should provide a regular financial review of the company. This is needed for the unimpeded running of the company.
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"Statements" should be sent out to the clients or customers.
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