Bookkeeping is the recording of the company’s financial transactions in a chronological and systematical order. Due to bookkeeping, all the information of the company is recorded which helps the company to understand the financial position of the company which further guides the company in taking all the financial decisions.
Accurate and timely bookkeeping is not only crucial for the business but also plays a very significant role for the external users such as the investors, financial institutions or even the government that would require accurate and reliable information which would form basis of the decisions further taken by the external parties.
Basically there are two basic accounting methods – cash basis of accounting and accrual basis of accounting. In cash basis of accounting, the transactions are only recorded when the cash or the money is actually received or paid. In the accrual basis of accounting, the transactions are recorded as and when it occurs, regardless of whether the cash is actually received or not.
Many of the companies hire a permanent professional to manage their day to day funds and monetary activities and keep an accurate and timely record of the transactions taking place. However, this is not the only option that is available for the companies, outsourcing the bookkeeping services to the accounting firms is also very beneficial as the accounts of the business are managed by the accounting professionals as per the convenience of the business.
ARC Associates is one of the leading and the best accounting and auditing firm that specializes in providing the accounting services to the various lines of businesses whether it is the manufacturing firm, real estate firm, service firm, etc. At ARC Associates, the accounting services is provided by the highly qualified professionals with highest quality and all the accounting standards and principles are strictly followed so that the financial statements prepared after the daily accounting services reveal and portray the true and fair image of the business operations and finances.
With the introduction of Value Added Tax and Excise Duty, it has become very crucial for the businesses to maintain their accounts in a systematic order so that the returns of the taxes are also filed correctly with minimal error. ARC Associates assist the businesses in maintaining the accounting records with accuracy so that the VAT returns are filed perfectly and this helps the businesses to avoid the hefty fines and penalties that could be levied by the FTA for incorrect reporting of the returns.
ARC Associates provides best accounting and bookkeeping services to various businesses all over the UAE as per the requirements of the businesses and helps in preparing the annual financial statements for the companies that will establish the financial position of the company in the market.