Bookkeeping is part of the accounting process in any business and refers to the precise recording of financial operations, events, or transactions. It is the process of recording, storing, and retrieving financial transactions for a business, non-profit organization, or individual in the UAE. It involves the proper allocation of expenses of the company under the Corporate Tax Laws, presenting operational statistics regularly to make informed decisions, and keeping complete and accurate documentation of all monetary and non-monetary transactions in an arranged and systematic manner. All businesses in the UAE must comply with the Corporate Tax UAE, VAT, and other laws to maintain proper and standardized books of accounts.
Bookkeeping Benefits
Detailed Documentation
Bookkeeping entails meticulous recording of financial transactions for accurate and up-to-date records, facilitating both account supervision and timely preparation of financial statements.
Legal Compliance
Bookkeeping ensures legal and regulatory compliance by maintaining accurate financial records, facilitating precise tax payments, and transparent reporting for businesses.
Streamlined Decision-Making
Accurate bookkeeping assists in tracking financial progress, enabling informed decision-making and effective business planning and management.
How Bookkeeping Works
Document Collection
The first step is to collect all financial documents: receipts, invoices, bank statements, and records.
Recording Transactions
Record all transactions in the ledger or software, including income, expenses, and other financial activities. These classifications should be consistent with the Corporate Tax, VAT, and other regulations in UAE.
Reconciling Accounts
The third step involves comparing financial records to bank and other third-party statements to ensure accuracy and completeness.
Generating Financial Statements and Management Accounts
Generating management accounts and financial statements, including balance sheets, income statements, and cash flow statements. These statements and accounts help management understand the performance of the company as well as financial health at the period end.
Reporting and Analysis
Report, analyze financial data, identify trends, and recommend improvements for informed business decisions.
Why Choose BRISK’s Bookkeeping Services
Expertise
With a team of certified CAs/ACCAs/CPAs, we have all the expertise to provide excellent services in the bookkeeping requirements of the company no matter the complexity of the transactions and business.
Compliance
Our team has extensive experience in bookkeeping and financial reporting, which in turn allows us to ensure compliance with all the legal and regulatory frameworks including Corporate Tax, VAT (Value Added Tax), and other regulations in UAE.
Cost Savings
We reduce costs for businesses by eliminating expenses such as employee salaries, taxes, benefits, and their needs.
Accuracy & Reliability
Leveraging years of experience and a competent team, we provide accurate and reliable bookkeeping services in the UAE. We opt for the latest technology in the industry to ensure minimal human errors and avoid any late payments and penalties.
Business Growth
We enable owners to focus on their core operations and growth while ensuring organized and up-to-date financial records.
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