Believe it or not, accounts are the back bone of any business. It helps owners take crucial decisions of their business. We are one of leading Outsourced Accounting Services firm in UAE. We also provide Payroll Accounting in UAE . Listing down few simple yet important points to explain why correctly done accounting is beneficial for a business.

1.      Helps raise money for business

Do not dig a well when your house is on fire. We might have a situation where it would necessary to take loan from bank or investor. For such a situation your company accounts must be ready to be submitted. If the accounts are not in place then it is really difficult to get loan and starting to write accounts after the need for loan would be very time consuming and expensive.

2.      Helps understand business performance

We all do business to make some money out of it. The basic tool to know how your business is performing is by keeping a well managed accounts. As an owner we always tend to focus on our sales report or growth report. But that is just one aspect of business. The business owner need to know how much is the cost of goods, what are the current expenses etc to get the benefit from Outsourced Accounting Services. Is the company’s profit margin increasing, stable or decreasing?  Profit and Loss Report, Balance Sheet, Cash Flow Report give you clearer picture of your business. You can compare your reports with previous month, previous quarter or even previous year. This helps owner to take company decision which could be of long term basis.

3.      Helps manage working capital

Managing cash is very crucial in business. On paper you must be making good profit but everything is in vain if you do not have cash to purchase your raw material. Cash management starts with knowing the overall flow of business. Receivable reports help you understand how much cash you need to collect from customers and similarly Payable report help you understand how much is pending to be paid. By inventory management you can assess whether you have over supply or under supply of your inventory and then take timely action accordingly.

4.      Helps track partner’s account

Many businesses are having partners in their business. Each partner contributes to business in some or the other way. With accounts you can correctly track the money given by each partner for the business. You can keep track money withdrawn by each partner. If partners overall accounts are not tracked well then it might be difficult to know how much each partner has contributed in business in long run. This might lead to dispute and overall loss of business.

5.      Allows to pay taxes correctly and avoid fines

Preparing company’s tax report requires knowledge of tax law and understanding of business transaction. A tax consultant can prepare a correct tax report for a company only if he/she has all the data provided to him/her in correct manner. Outsourced Accounting Services and Accounting data keeps track of sale, purchase, expense, advance money paid and received etc. This data is required to assess company’s taxes correctly. Also per government authority it is compulsory to prepare company’s accounts.

Our organization has gained expertise in offering Accounting & Business Process Outsourced Accounting Services. To provide these cost effective services.