Basic Bookkeeping for Business in UAE
Properly maintaining your books is a critical part of running a business. Access to the financial status of your company can help you make better decisions in a competitive market like Dubai and help you achieve business objectives.
Daily Activities for a Bookkeeper in UAE
Making a daily routine for bookkeeping tasks is essential for improving the accuracy and efficacy of your company’s books. As accountants in Dubai, we recommend the following tasks for you to complete each day as a bookkeeper. You can always recruit accounting clerk to carry out these tasks.
- Records daily sales invoices and cash receipts.
- Records daily payments made and supplier invoices.
- Record inventory receipts and issues
- Reconcile sales with cash receipts, credit cards and credit sales invoices.
- Reconcile petty cash transactions.
Weekly activities for a bookkeeper in UAE
Making a weekly routine for bookkeeping tasks is essential for ensure business is running smoothly. As accountants in Dubai, we recommend the following tasks for you to complete each day as a bookkeeper. You can always recruit accounting clerk to carry out these tasks and hire professional service company like Chart Consultants to oversee their work.
- Reconcile bank transactions.
- Review debtors and send reminders.
- Review creditors and pay unpaid bills.
- Review employee attendance and timesheets.
- Make payments to casual labor.
Monthly activities for a bookkeeper in UAE
As accountants in Dubai, there are many activities you must perform on a monthly basis. Compared daily and weekly activities, monthly activities require technical and sound accounting knowledge. It may be beneficial for small businesses to outsource the monthly bookkeeping activities.
- Prepare and review bank reconciliations.
- Conduct physical inventory verifications.
- Prepare VAT reports.
- Process and review payroll.
- Reconcile balance sheet items.
- Raise appliable journal vouchers and provisions.
- Prepare monthly financial statements.
- Conduct variance analysis against the budget.
- Check regulatory compliance with ESR, AML, UBO etc.
Quarterly Activities for a Bookkeeper in UAE
In Dubai, quarterly bookkeeper activities mainly focus on the VAT and corporate tax reports. As tax experts in Dubai, we always advise to obtain the services of a professional tax consultant services for these matters.
- Prepare VAT returns.
- Prepare corporate tax returns.
Annual Activities for Bookkeeper in UAE
The annual bookkeeping task mainly focuses on regulatory and compliance requirements, along with annual audit. Hiring professional services organization to carry out these tasks will help you and your staff to focus on business operational activities.
- Physically verify the inventory.
- Physically verify the fixed assets.
- Prepare year-end financial statements.
- Conduct the annual external audit.
- Complete the necessary tax compliances.