ACCOUNTING AND
BOOKKEEPING




A. Bookkeeping

Bookkeeping and Accounting services are vital elements of an organization that helps in keeping track of your income and expenses. The right accountant or bookkeeper helps in the smooth running of your business, by making your financial statements as accurate as possible. Planning to do bookkeeping and accounting service in-house might adversely affect your organization, as you may not be able to give the care it demands. One might have hundreds of other things to take care of and as a result, you might end up making mistakes in your financial records.

An outsourced finance department can significantly reduce your administrative burden and finance staff costs, which are the most common reasons organizations choose outsourcing bookkeeping and accounting services for business processes. This enables us to improve company focus, assurance on continuity of service, and increase flexibility to respond to growing business requirements.

Our accounting and bookkeeping services are tailored to fit the individual needs of our clients. Our professionals are familiar with all major accounting software packages and can adapt our technical processes to clients’ requirements. Our staff is highly experienced and always striving to build strong working relationships with our clients


B. Payroll services
 

For any newly founded company, managing employee payroll can be a big challenge. This becomes more pronounced when the founders and senior leadership teams are new to the country and are unfamiliar with the prevalent laws, customs and practices related to wages, and approved systems.

When the focus of organizations has to be maintained at building the business and delivering growth, payroll management can prove to be an inefficient function to have in-house. Even if the necessary resources are internally available, maintenance of confidentiality is always a challenge.

Working with payroll outsourcing companies in the UAE not only addresses all these issues but can also accomplish the task at a cost much lower than setting up a payroll department in-house. At the same time, this ensures that local knowledge of laws, customs and practices that the service provider brings, works in the best of your interests.

 

Services includes are:


• Calculation of Payroll

• Preparation of Employee Pay Advices & Settlement Documentation

• Payment of Employee Advances

• Execution & Coordination with Bank Transfers

• Reconciliation of Payroll Bank Accounts

• Additions, Deletions & Modifications to Benefit Programs

• Analysis & Settlement of Benefits Payable

• Payroll Forecasting & Budgeting

 

We provide professional and timely payroll solutions, maintaining complete confidentiality, accuracy and detailed reporting. The entire payroll cycle including preparation of monthly earnings, deductions, gratuity, pension funds, pay slips, loading online instructions (on a bank’s website), delivery of pay slips to the employees/company representative, and reporting are professionally managed.

PKF UAE uses a Cloud-based HR and payroll software that provides access to HR and payroll data of employees and HR personnel of the client.

MS Excel-based reports can be generated for payroll, and these can be integrated/imported into the accounting records of the company.

Employees, a vital component of a successful business, consider compensation and benefits as the most pertinent factor in their decision to remain with a company. We extend our professionalism to this sensitive and important task. Detail is directed to accuracy and timely processing of payroll processing

C. Backlog Accounting Services

Companies laying dormant for years don’t tend to maintain their books. If they did, that would mostly entail the old school ways of recording books.

Now that the world is digitized making the old school ways obsolete, if the government asks them for their current financial position, they can’t provide the details on time in an orderly manner.

That’s where the importance of backlog accounting shines through

Backlog accounting services entail updating the old accounts of the company starting from the time these company started to do business to the current time. All the records are placed in an orderly manner to provide the exact financial position the company currently stands at.

 

Our way of providing the service

We take a linear approach when providing you backlog accounting services. Our steps consist of

 

1. Requirement analysis

2. Document accumulation

3. Transaction accounting

4. Report generation

5. Report discussion

Importance of backlog accounting

1. It provides information necessary for decision making

2. Provides orderly information needed to compare business revenue and costs

3. Provide a way to reduce overhead- enhancing a company’s profit.

4. Provides real time information about the current position

5. Provides a way to sustain business compliance.

 

Benefits of backlog accounting services:

1. No need to hire new professionals to do the backlog accounting of your company.

2. Complete analysis report of business’s current state

3. A permanent record is maintained for the transactions

4. It would save a lot of your time getting assistance from pre-trained experts.

5. Simplification of the auditing procedure

6. Meticulous for cash-flow management

7. Fast adherence to compliances

 

 

 

Reach out to our experts for complete assistance related to backlog accounting.

We will bring your company in today’s time, at least on commercial terms

 

D. Inventory Verification

Inventory Verification Services in UAE

If you can control the inventory, you can control the profit. That saying holds true in today’s world where many industries still rely on tangible products for profits. Inventory verification is a boon for such businesses. By managing the inventory and ensuring the what’s physically available is rightly mentioned in the record books, Inventory Verification is a service that protects the most valuable asset of a company from wastage, damage and in worst cases fraud.

Being a big part of the International Accounting Standard, Inventory is a major asset for a company that shouldn’t be compromised with at any cost. Thus, we provide inventory management services. What is Inventory Verification or Stock taking?

Inventory verification or stocktaking is a process of physically checking the stock and goods present in the stock at regular intervals. An inventory verification report is created at the end at the fiscal year at the time of account verification. It’s done to:

Meet the legal requirements of inventory management in a way that it abides the law of the land

2. Establishing a chain of command to give a proper hierarchical structure to the way the employees perform their duties and reporting.

3. Transferring the work easily as the data is properly processed and the set producers that the employees can implement is already created.

 

Bookworks role in providing Inventory Verification Services

Our Inventory verifications services consists of verification of inventory keeping in mind the proper planning and expertise of our professionals. Our services include the following:

1. Physical count of the inventory

2. Marking the stocks that are physically verified

3. Identified the inventory that has become obsolete.

4. Ensuring that there are supporting documents for every stock item

5. Identifying the divergence in the stock readings mentioned in the record books from the physical availability

 

E. Fixed Asset Management

Fixed assets are a company’s investments that are used to conduct operations and generate. When it comes to manufacturing companies, fixed assets consists of machinery, equipment and plant. They are the backbone of a manufacturing enterprise and thus, effectively utilizing them is the key to make a business successful. Thus, for a long term success goal, it’s imperative that these fixed assets are maintained properly. However, that could not happen without a proper internal control

 

And that’s where fixed asset management come into picture. However, being an extremely involved process, it would divert your attention away from day to day functions of your company. That’s why, the wise choice in this case would be to outsource these services. Bookworks provides asset provide fixed asset management services that consists of the following methods of maintaining the internal controls:

 

1. Maintenance of asset registration

2. Physical verification of the assets

3. Asset auditing

4. Providing complete asset management and discussion with the officials in case of discrepancy.Bookworks support in Asset management services

Our Fixed Asset Management Services based in Dubai are to provide support to the backbone of your business by;

1. Assisting you in maintaining the asset registration

2. Auditing the existing the assets to see if they need maintenance

3. Providing training to your staff regarding the matters of asking for new assets

4. Supervising the complete accounting paradigm for the fixed assets

5. Accounting the assets that are revalued

6. Classifying the capital that’s work in progress

7. Tagging of assets.

8. Physical verification of the assets

 

If you’re looking for complete range of Fixed Asset Management Services, reach out to our experts. Standard Operating Procedures (it is there but need to be updated) Every organization is comprised of several human and mechanical components. Each of and everyone of these components have to follow a procedure related to complex routine procedures. Performing them linearly and as per the Standard Operating Procedures leads to business success. Diverging from it can causes business devastation. Bookworks helps you establish the best Standard Operating Procedures for your enterprise. It will achieve:

1. Efficiency in your business.

2. Enhance the quality output of your operations

3. Bring uniformity to the business’s performance.

 

Why we are the ones offering to create a standard operating procedures for you. To put in plainly, we have established ourselves as players that can create protocols for a company to make it successful. As creating an SOP involves a lot of time that you can’t afford, it’s us who is offering our time to do it for you. With our Standard Operating Procedures, your business will be put on a stable path towards growth.

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