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What you need to know now
A useful bookkeeping service produces reliable records and an agreed reporting routine. Begin with the business’s transactions, systems and reporting needs, then define who prepares, checks and approves each output.
- Reconcile cash, banks, receivables and payables regularly.
- Keep evidence for transactions and document adjustments.
- Review management reports and resolve unexplained balances before year-end.
Build the ledger around the way the business operates
Bookkeeping should preserve enough detail to explain how the company earns revenue, incurs costs and uses cash. Review the chart of accounts and avoid using large miscellaneous balances where meaningful categories are available. Keep customer, supplier and project information consistent across systems. Establish which documents support each transaction and who is responsible for providing them. A useful accounting process begins with reliable evidence and clear coding, rather than attempting to explain unexplained balances only at the end of the year.
Make reconciliation a recurring control
Reconcile bank and cash accounts to the ledger and investigate differences promptly. Review customer and supplier schedules against the control accounts, identify old or unusual items and document the action required. Reconcile other significant balances according to the business’s needs, such as inventory, payroll or fixed assets. Mark completed checks with the period, preparer and reviewer. This makes it possible to distinguish a balance that has been supported from one that merely appears in a system report.
Use the monthly close to answer management questions
Agree a reporting date and prepare a concise explanation of important changes. Management may need to understand available cash, overdue receipts, major commitments or profitability by activity. Ask for explanations of exceptional costs and significant estimates rather than accepting figures without context. Record adjustments and approvals so that the next period starts from a clear position. Where the records are incomplete, report the limitations and an action plan instead of presenting provisional numbers as a settled picture of the business.
Prepare an orderly year-end handover
Keep a final ledger, trial balance, reconciliation schedules, significant contracts and supporting documents in an indexed file. Distinguish financial statement preparation from the independent audit and agree the responsibilities for each. Provide relevant advisers with the approved figures and explain subsequent changes. The business should retain access to its own records and a usable export of its system data. A dependable monthly routine makes this handover more straightforward and reduces the need to reconstruct an entire year from receipts and emails.
YOUR NEXT STEPS
A practical way forward
- 01
Step 1
Review the ledger, source documents and opening balances.
- 02
Step 2
Agree a monthly close timetable and approval responsibilities.
- 03
Step 3
Prepare reconciliations and reports, then track unresolved items.
CLEAR ANSWERS
Frequently asked questions
Is bookkeeping the same as a statutory audit?
No. Record preparation and independent audit have different purposes and responsibilities.
What should I provide when moving accountants?
The ledger export, reconciliations, previous financial statements, key contracts and relevant filing records, with secure access arrangements.
Earlier article & background First published 1 August 2018 · retained for context
This earlier article is preserved for context. Its rates, deadlines, approvals and announcements may have been superseded. Use the current guidance and official references on this page for your next step.
Accounting and Bookkeeping
Accounting and Bookkeeping: Affordable accounting solution from experts
Accounting and Bookkeeping: Saif Chartered Accountants offers simplified monthly accounting, book-keeping and payroll to provide a quick and accurate picture of your business activity and help your business for keeping proper VAT records, dealing with your VAT returns.
What we offer
1. We will make sure that the relevant books and records are maintained in the appropriate manner
2. Update of the invoice templates to ensure that all relevant information for VAT Invoices are included
3. This involves preparation and maintenance of every daily accounts of the company
4. Preparation and filing the VAT returns assistance
5. Onsite or online service available
Being associated with Saif Chartered Accountants for monthly accounting and reporting services in Dubai, you gain both operational efficiency and business advisory capabilities that can help you grow your business to the next level.
Accounting and Bookkeeping
VAT Accounting
Accounting and Bookkeeping: If you are a VAT registered business, you must keep records of all the supplies you make and receive, and a summary of VAT charged and paid/payable for each tax period covered by your tax returns.
Saif Chartered Accountants offers a complete accounting solution for your VAT requirements. We can also advise on the best way to treat new areas of trade as your business expands, as it’s important to plan mitigation of VAT liabilities in advance.
We cater to all segments of the business, industries, trade, and services. We have a dedicated list of professionals who are experienced in accounts, financial management, financial reports, MIS, internal audits, financial audits, Value Added Tax (VAT), UAE Excise tax etc.
Our area of accounting related to the adoption of VAT in UAE is briefed below:
1. Assisting in preparation of VAT Invoices specifically designed for the sale of VAT eligible teams or products
2. Helps the client to install proper accounting software that can segregate VAT sales and tax calculation
3. Preparing tax calculation
4. Managing/Supervising your account books
5. Charging VAT on products at the correct rate
6. Assist in calculating net tax payable to the government department
7. Help to calculate VAT deductibles on purchases
8. Calculating output VAT as an export from GCC countries and the rest
9. Calculating input VAT as export to GCC and the rest countries
10. Maintenance of documentation relevant to VAT process. (Invoices, records, accounts, bills, VAT return, etc.)
11. Calculating refund claims for VAT
12. Filing quarterly VAT returns with Authorities
13. Advising the client regards VAT law compliance, VAT registration, filing of return, etc
14. Assisting remittance of net VAT amount to Authorities
VERIFY THE DETAIL
Official sources & further reading
Source checks support this general guide. Your treatment depends on the facts, tax period and applicable legislation.
