Accounting & Bookkeeping Services
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Accounting & Bookkeeping Services
Bookkeeping involves systematically recording daily financial transactions, such as sales and purchases, and maintaining accurate ledgers to ensure all data is organized and reconciled.
Accounting encompasses a broader scope, including the interpretation, analysis, and reporting of financial information, such as preparing financial statements, managing tax compliance, and conducting financial analysis to support strategic decision-making. While bookkeeping provides the foundational records, accounting uses this data to offer insights into the business’s financial health and guide informed decision
Our Accounting & Bookkeeping Services
Our Accounting and Book keeping services in UAE include:
- Accounting & Bookkeeping
- Online Accounting / Onsite Accounting
- Accounting System Setup & Training
- Receivables & Payables Management
- Budgeting and Forecasting
- Audit Support for preparations
- Reconciliation Assignments
- Management Reporting
- Physical Verification & Tagging of Inventories/Fixed Assets Verification
- Virtual CFO Service/Part time finance manager service
How We Set Up a Chart of Accounts for New Businesses
1.Conduct Business Analysis:
Process: We perform a comprehensive analysis of your business operations, industry requirements, and financial goals. This involves understanding your revenue streams, expense categories, and asset types. This analysis helps us create a COA that reflects your business structure and provides relevant financial insights.
2.Design the Chart of Accounts Structure:
Process: Based on the business analysis, we develop a hierarchical structure for the COA. This typically includes:
- Assets: Categories like Current Assets, Fixed Assets, and Other Assets.
- Liabilities: Categories like Current Liabilities and Long-Term Liabilities.
- Equity: Categories like Owner’s Capital and Retained Earnings.
- Revenue: Categories like Sales Revenue and Other Income.
- Expenses: Categories like Cost of Goods Sold, Operating Expenses, and Non-Operating Expenses.
3.Assign Account Numbers and Names
Process: We assign unique numbers to each account in the COA. These numbers help in sorting and categorizing accounts efficiently. Account names are chosen to clearly describe the type of financial activity they represent, such as “1010 Cash” or “5010 Rent Expense.”
4.Implement Document Management:
Process: We create a system for managing supporting documents such as invoices, bills, and receipts. This involves setting up both physical and digital storage solutions to keep records organized and accessible
5.Establish Posting Procedures:
Process: We develop procedures for posting transactions into the COA. This includes guidelines for recording sales, expenses, and other financial activities, ensuring that all entries are made correctly and consistently.For posting,we will follow IFRS/GAAP based on the client requirements.
6.Set Up Reporting and Review Mechanisms:
Process: We implement mechanisms for generating financial reports and reviewing the COA regularly. This includes setting up periodic financial reviews to ensure the COA remains accurate and relevant as the business grows and evolves.
Our Process
MANAGEMENT REPORTING
At NAB Consultants, we know that accurate, timely financial information is crucial for informed business decisions.
Monthly Reports
Shows revenues, expenses, and net income for the month
YEARLY REPORTS
We provide comprehensive annual reports that highlight significant changes from the previous year
