Before defining accounting services let’s take a look at accounting meaning. Accounting or accountancy is the measurement and communication of business finance by collecting financial data from organizations and individuals. Let’s understand the meaning of the accounting service by taking an example. Suppose you have a manufacturing business of biscuits. The accountant must collect financial transaction data and record each transaction properly to provide the financial report and fill the tax. The Accounting financial report shows the insight of the business finance that is very helpful in making a decision. Everyone knows an accountant must record the financial transaction, make financial reports, and filing taxes. But a good professional accountant provides you business growth strategy based on the financial report of a business and always keeps you updated about accounting and taxing news, laws, etc. so that you can stay one step ahead from your competitors. Always guide you way of generating more money because accounting or finance it’s about money.
Main Types Of Accounting.
Public Accounting - Public Accounting means providing accounting services to other businesses. It offers Expertise accounting and bookkeeping service, Auditing service, Tax filing and registration service, tax consultancy service, etc. as per the demand of their clients.
Government Accounting - Government accounting means take care of the government department accounts. Keep a tight control on the government revenue and expenditure.
Management Accounting - It refers to the recording and analyzing the financial data of your company. To use in buying an asset, selecting budget, performance evaluation, and cost management.
Inter Audit - Interview refers to reviewing the business to detect the frauds, loopholes in business, fraud, risk area, compliance, etc. An internal audit is very important to run a business effectively and efficiently.
Types of Accounting Service
Bookkeeping and accounting service - We provide on-time financial information to a client properly so that they can’t feel compromised. In simple words, bookkeeping and accounting mean records of each transaction properly. we at Risians accounting provide a full range of accounting, includes:-
- Creating journal entries, leaders, and financial statements.
- Quarterly, half-yearly, and yearly bookkeeping service.
- Set - up an accounting system for new business.
- Individuals accounting system.
Auditing Service - Business auditing evaluates the overall business so that management can detect the weak point, errors and etc. before any harm and loss in business. The audit report ensures everything is going systematically and business is on track.
Tax Service - In TAx services the accountant fills the income tax and other tax that is applied to the business. It is the obligation of the accountant to claim the tax return and save a business to pay unnecessary taxes to the government.
ESR (Economic Substance Regulation)Service - In April 2019 UAE Government issued the ESR that introduced the requirement for UAE entities to maintain an adequate economic presence in the UAE. At risians, we provide all ESR related services.
- consulting on Economic Substance Regulation (ESR).
- Identify the qualifying entities for Economic Substance Regulation(ESR) compliance.
- Identify the qualifying business segments for Economic Substance Regulation(ESR) compliance.
- Report and advise on overall Economic Substance Regulation(ESR) readiness by the Entity.
- Ongoing Economic Substance Regulation(ESR) compliance.
- Secretarial services in connection with Economic Substance Regulation(ESR) record maintenance.
- Economic Substance Regulation(ESR) filing with the authorities in the proper /prescribed format.
Tax Consultation - Tax consultant offers the strategy to pay less on the tax and keep save the business to pay more on taxes without any plenty and legal action by the tax government.
Financial Controller service - It involves many functions of the management such as Assign work to employees, deals with clients, Keeps a regular eye on the work, performance, etc. In a financial controller, the service may also conduct internal and external audits.
Bank Reconciliation - It ensures the correct record of the transaction and accurate financial account. It helps the business to pay less on the expenditures and projects.
Forensic Accounting Or Forensic Financial Service - This service provider investigates fraud and the missing amount that appears in the financial report. Ensure the accuracy of the accounts.
Payroll processing - Calculating the wages, managing the deduction and bonuses of the employees, and filling the payroll taxes. Provide accurate tax rates and regulatory information.
Accounting is mandatory for any kind of business. It doesn’t matter in which business you are in. Every business owner aims to earn more more money and save as much they can save on tax and business expenses. Get the best accounting service in Dubai. Accounting and finance is about money. A proper accounting system provides the full details about each income, expenditure, tax rates, and amount filing of tax in an accounting or financial report. With the help of these accounting reports business owners or accountants easily can detect the point from where we can save money on tax, expenditure and generate more revenue. Accounting keeps clear the figure of the business liabilities, shares, assets, cash in hand and etc so that we can make an effective strategy for business growth, new launch of a product, buy a new asset, etc. To keep business on track and keep control over the employees, the proper accounting system is essential. If you have any queries or need accounting consulting feel free to contact Risians Accounting.