Updating Of Backlog Accounts Services
Updating Of Backlog Accounts in Dubai, UAE
BOOKBLISS is a leading accounting and auditing firm which provides services for updating of backlog accounts in Dubai, UAE to maintain the book of accounts from the date of your company incorporation in the prescribed format under the UAE Commercial Companies Act. With precise accounting services and tactical guidance, BOOKBLISS professionals provide exceptional services for our customers to set up the backlog account so as to maintain an accurate check on your company’s financial flow. We support our clients to prepare proper books of account from the date of your company establishment, updating backlog accounts in Dubai. Analysing and reviewing all the supporting documents of your accounts, we prepare and finalize the books of account on a periodic basis to avoid any kind of mistakes.
s in Dubai, UAE for small and medium enterprises, corporate houses, and large organizations. Through our expert account reconciliation services, we make sure that the actual account balance matches the corresponding bank statement, preventing fraudulence and legal issues to help our clients focus fully on their business goals. Outsourcing account reconciliation services to a financial expert like BOOKBLISS not just ascertain the accuracy of your company’s financial statements but also ensures compliance with regulatory/ statutory requirements.
Bookbliss Finance Consultancy
Bookbliss Finance Consultancy offers professional services for updating backlog accounts in Dubai, ensuring businesses maintain accurate financial records from their inception. Our expert team assists clients in aligning their accounting practices with the Commercial Companies Act, providing precise accounting services and strategic guidance to establish and maintain accurate financial records.
Understanding Backlog Accounts
Backlog accounts refer to financial records that have not been updated or processed for a specific financial period. Neglecting to update income or expense entries can lead to complications, including potential legal issues. Outsourcing the updating of backlog accounts can save time, reduce costs, and alleviate concerns related to financial discrepancies.
Benefits of Updating Backlog Accounts
- Enhanced Cash Flow Management: Accurate records facilitate better tracking of cash inflows and outflows.
- Time-Saving: Delegating this task allows businesses to focus on core operations.
- Transparency of Funds: Clear financial records promote trust among stakeholders.
- Improved Auditing Processes: Up-to-date accounts simplify internal and external audits.
- Data Retrieval: Organized records make it easier to access historical financial data.
- Informed Decision-Making: Accurate financial information supports strategic planning.
F A Q
Frequently Asked Questions on Updating Of Backlog Accounts Services
What is a Backlog Account?
Backlog Accounts are the unprocessed or unfinished accounts of the financial transactions of a company.
What are the various reports updated in backlog accounts?
Reports are to be generated to live a company’s performance accordingly and to foresee the longer term of the business. These reports are a mandate for any business. The foremost accounts and reports that are to be updated are (i) Balance sheet to reflect the financial position, (ii) Profit and loss account, (iii) Cash flow statements, (iv) Receivables and payables list, (v) Report on sales performance, (vi) Report on expenses, (vii) Financial ratio analysis, (viii) Working capital analysis, (ix) Break-even analysis
Why is it important to update the Backlog accounts from January 2018 onwards?
Yes, it is mandatory as this law came to effect within the UAE from 1 January 2018 onwards. All businesses in Dubai and across UAE should make sure that every department is required to prepare for the new change. In accordance with the provisions of the Law on Commercial Companies within the UAE, it’s necessary to take care of proper books. Sometimes companies might not keep proper ledgers and reports within the same year that business transactions occurred they may face the penalty by law.
What is the minimum requirement to keep the Books of accounts in Tax law?
It is mandatory for the businesses to document the books of accounts minimum 5 years in accordance with the Federal Law No 2 of 2015 on Commercial Companies and therefore the UAE VAT law and relevant free port laws. Maintaining proper books of accounts is compulsory within the UAE and any violations will attract administrative penalties. It helps to ensure (i) Accuracy in receipt and payment of money and other transactions done by the corporate, (ii) Addressing income requirements, (iii) Preventing insolvency & bankruptcy, (iv) Plan & forecast budgets that help in effective financial management
How does backlog work and what's the necessity to eliminate it?
For any company, big or small, the backlog results from issues in revenue generation and operations. This will have an impression on the longer-term earnings of the corporate. However, the backlog is just like the two sides of a coin. It has both positive and negative implications, which include (i) On a positive note, it signifies the rise in demand and rising sales of the products, (ii) While on the opposite hand, it signifies the inefficiency within the management and production process of the corporate. Whatsoever the case is, it’s important to avoid backlogs as these can cause compromising company schedules and sales.
What are the Benefits of Updating Backlog Accounts?
(i) Cash Flow Management, Sales trend analysis, (ii) Easy Audit Process, (iii) Time Saver, (iv) Ease in Making Real-Time Decisions, (v) Comparison of business performances with historic analysis, (vi) Plan for the longer term, (vii) Ease in Data Retrieving, (viii) Avoiding Duplication of knowledge, (ix) Transparency of Funds Available
Do Updating Backlog Accounts give Added value to the business or its just only a time-consuming process?
Yes, it gives added value in the form of making business decisions based on past experience. It urges the analysis of a company’s past data and creates the future policy, so that company can prevent further faults.