Accounting is a unique system of recording financial transactions for a business. Any accounting process includes recording, analysing, summarising, and reporting the financial transactions for third party agencies, tax collector departments, and government regulators.
The financial statements used in accounting are the concise summary of financial transactions for a particular accounting period. In addition, it can summarise the company's operation and financial position.
Working Pattern of Accounting
Accounting is one of the essential functions of any business. Bookkeeper or accountant handle every transaction of accounting. For small or large scale business organisations, accounting transactions are handled by bookkeepers or accountants of the accounting services in Dubai.
A chartered accountant is the accountant's senior position who verifies the authenticity of every accounting transaction in an organisation to reveal the proper financial position of the business. Thus, the chartered accountant has a massive requirement for analysing any business organisation's financial situation.
Working Portfolio of Bookkeeper
A bookkeeper is one of the essential and valuable people of any business organisation. A bookkeeper is responsible for recording and maintaining the financial transaction of any business. Purchase, expenses, invoices, payments, and sales revenue calculation are the working part of a bookkeeper. The bookkeeper records these financial data into a general ledger used to make a balance sheet at the end of the financial year.
Accuracy and minimising accounting errors are the primary jobs of any bookkeeper. In a large business organisation, a bookkeeper is responsible for recording hundreds of financial transactions for each financial year. Accounting companies in Dubai can provide the best quality bookkeeper who can handle the necessary business transaction as per the company's requirements.
Relevant Skills and Knowledge of Bookkeeper
Here is a list of a few essential skills that a bookkeeper should have.
- Basic accounting knowledge and proper knowledge of every accounting practice
- Knowledge of international accounting concepts such as GAAP and IFRS
- Data entry skills and knowledge in Microsoft excel
- Working capability with a high level of accuracy
- Professionalism
- Knowledge in different software programming
Interesting Facts about Chartered Accountant
A chartered accountant is also an essential part of any business organisation. A chartered accountant is the first accountant to create a professional accounting portfolio of any organisation. A chartered accountant is a certified accountant who is the crucial resource of the accounting structure of any business.
Chartered accountants in Dubai serve the different business organisations to provide the best accounting treatment. The charted accountant's key role is accuracy in accounting transactions and different financial structures.
Chartered accountants work in various business portfolios such as auditing, taxation, general management, and financial. A chartered accountant has unique and extraordinary professionalism that can help any business organisation to compete perfectly with its rival firm.
What does an Accountant Do?
An accountant is another vital part of any business organisation. An accountant is a professional person responsible for interpreting and keeping a business organisation's financial records. Maximum accountants are responsible for a wide range of financial tasks.
Accountants' job is different from bookkeepers. An accountant must have a bachelor's degree in accounting for interpreting financial transactions in a compact form. Any certified public accountant must have a broader knowledge of accounting. Accountants in Dubai have enough knowledge about any economic concept.
What do you mean by an Accounting Firm?
An accounting firm is a unique financial and accounting consultant who serves the third party. This accounting firm provides knowledgeable and experienced bookkeepers and accountants to serve different business organisations. In addition, they provide valuable knowledge on financial operations, internal controls, income tax consulting, and cash flow management.
Business owners have huge work to do to manage their business. Thus, they contact the accounting firm to hire professional accountants, bookkeepers, and charted accountants for their business.
It helps the business owner to reduce the burden of managing different types of accounting records. For example, an accounting company in Dubai is responsible for keeping track of the financial position of a business.
Qualities of an Accountant and Bookkeeper
Any business organisation should consider the following factors while selecting any accounting firm for hiring bookkeeper and accountant for their business-
- Experience– The experience of the accounting firm is the most critical part. An experienced accounting firm should have knowledgeable staff and owners with colossal experience that can serve different business portfolios. If the accountant has immense knowledge about the industry, it can help the business organisation.
- Dedication- It is one of the essential parts of any accounting firm. If the accounting firm has a massive dedication to a subject, it can help the business organisation complete the accounting treatment within a few days. Likewise, if the accountant and bookkeepers communicate with the business organisation, it can help them significantly.
- Proper process– If the accountant or bookkeeper of the accounting company in Dubai has adequate accounting knowledge, it can help the business organisation get the appropriate accounting position.
- Certified public accountants– Work experience is one of the vital parts of accounting. If the accountants have adequate and certified accounting knowledge and a bachelor's degree in accounting, it can help the business organisation significantly.
Sign of a Good CharteredAccountant
Any business organisation should consider the following factors while hiring any chartered accountant for their business-
- Chartered accountants should be self-updated about the latest accounting formula and concept. It is essential to improve the financial position of the business. The chartered accountant also has adequate knowledge of different economic conditions.
- The chartered accountant in Dubai also knows the latest technological advancement of different software for analysing the financial structure.
- Compliance is another essential factor of the chartered accountant. It comprises the tax, financial reporting, and legislative guidelines to work within an economic boundary.
- Good communication skills are another beneficial factor of a chartered accountant. A chartered accountant doesn't understand the clients' requirements without proper communication skills. It can help the organisation reveal the actual financial position for the shareholders and stakeholders.
Accountants in Dubai are much more experienced and knowledgeable and can understand the clients' requirements and prepare the financial report as per the fundamental accounting law.
