Alriyadah Accounting Services
At Alriyadah, we aim at streamlining our clients’ accounting and administrative system. We provide a wide range of services that include:
Being a financial consultant in UAE, we understand the crux of the business establishment process. We assure our clients in providing reputation building, maximizing the credibility, and standing out from their competitors.
, and follow the International Financial Reporting Standards to main the professionalism in our deliverables that made us one of the top audit firms in UAE.. Our team experts are hold high industry experience in the field of Finance, Auditing, and Financial Advisory Services that guides you in the financial journey of your business.
Accounting is the financial backbone of any business. And in the world of accounts, bookkeeping can be regarded as the initial foundation whereas accounting is the building that stands on the support made by bookkeeping. It is referred to as one of the strongest pillars that hold the stability of a company and allows a company to think and act accordingly. Bookkeeping is the ground that keeps a record of the financial transactions that take place while dealing with day-to-day business activities, while the concept of accounting is much broader that blends steps like recording, classifying, analyzing, reporting and summarizing the data recorded. Be it a small or a big, national or multi-national organization, the concept of accounting is accepted internationally and that is why managing them becomes extremely important.
the accounting services in UAE that a company needs to avail
Benefits of Availing Accounting Services
Till now we have seen the necessity of accounting and bookkeeping services in a business organization. Now let’s have a look at the benefits that can be derived from these services:
Accountancy and bookkeeping services help an organization to take decisions regarding purchase, expansion, promotion, demotion, budget preparation, etc. It helps to take decisions considering both the internal and external environment.
Accounting books are to be maintained in a transparent and clear way so that it eases out the audit process and suffices the legal requirements. According to the legal requirements of the UAE, proper accounting records are to be maintained, and failure to do so will have legal implications for the company.
A clear book of accounting records helps a business to sustain in the competitive market. As mentioned above, it helps in decision making. Proper decision making can help the business to grow and sustain in this competitive market.
It becomes easier for any firm to track any financial malpractice that takes place in an organization. Moreover, they can be rectified and redirected.
Well maintained book of records helps an organization to keep a continuous check on their budget. It provides a flexibility to increase or decrease the budget as per their company requirement. Old and new budgets can be prepared, maintained and controlled anytime.
Averting Financial Crises
Since these recorded statements are recorded and evaluated continuously, they reduce the risk of the financial crisis for the organization.
What are the records to be kept as per the applicable laws?
Every company is required to keep accounting records showing its transactions to accurately reveal at any time the financial position of the company and enabling the partners or shareholders to confirm that the accounts of the company are properly kept in accordance with the provisions of the Commercial Companies Law or any other applicable Laws. Such records include, but not limited to, bank statements, sales and purchase invoices, payment and receipt vouchers, LPOs, contracts/agreements, etc.
What is the period for which accounting records are to be kept?
Every company is required to keep its accounting books in its head office for a period of at least 5 years from the end of the financial year of the company.
Are electronic copies accepted?
A company may keep an electronic copy of the original of the documents and records kept.
What are the benefits of using proper accounting software?
A proper accounting software: