Updating Of Backlog Accounts
Small and medium-sized enterprises or newly formed enterprises may not maintain the company's books sometimes, but they are forced to keep the proper accounts under the UAE Commercial Companies Act. Therefore, after a year or two, these SME understand that it is necessary to maintain the proper books and look for accounting firms to do the same.
CBD Accounting and TAX Consultant support the clients to prepare the books of account from the date of incorporation of the company till date. However, proper supporting documents are necessary for us to prepare the books of account. Hence it is important for us to get the original supporting documents of the transactions including sales invoices, purchase invoices, payment vouchers, receipt vouchers, petty cash expenses, bank statements, cheque counter foils, bank transfer copies, etc. We finalize the books of account on periodic basis, normally on annual basis.
The reports generated includes:
- balance sheet (statement of financial position),
- profit and loss account (statement of comprehensive income),
- cash flow statements,
- receivables ageing list,
- payables ageing list,
- comparative report on sales performance,
- comparative report on expenses,
- financial ratio analysis,
- working capital analysis,
- breakeven point analysis/margin of safety etc.