Basics of Good Bookkeeping

Basics of Good Bookkeeping

There are a lot of accounting firms in Dubaiwho offer the best services of bookkeeping. There are so many people who are able to run their businesses in a very good way. they are able to produce so much of good products which cannot be done by other people at all. These businesses are able to build their whole business empire in a great way.  we know that the new business startups are gaining so much appraisal these days but they must not be as good as they are in business than they are in having the knowledge regarding the bookkeeping services.

It must be the duty of the business owner to have the basic Knowledge of the good bookkeeping. if they do not have the knowledge regarding the bookkeeping services in Dubai, they will never be able to know how the bookkeeper keeps the records of the finances of the business. If the businessman will not be aware of the fact that how his bookkeeper keeps the records of his finance, he can get into serious trouble. the reason is that if he will not be aware how the things are going in his business if he has no idea regarding his failure or success, he will not be able to run his business with great effectivity. All of this must matter for all the businessmen to a great extent or else they will end up being in difficult problems.

This article will sum up all the knowledge that is related to the bookkeeping services. This will tell you about the common types of the bookkeeping accounts so that you may not get in any trouble.

The first type of the bookkeeping accounts is CASH. Cash is the basic thing which is mostly sued in the business. Without the cash flow, there would be no use of doing any business. The bookkeepers basically check the receipts to track the activities of the business.

  • Accounts Receivable: it is basically the amount that has to be paid to you. if someone has to pay your business money, the amount is said to be receivables
  • Inventory: the products you are having in your workplace are considered as inventory. The inventory is just like money and when you will sell the inventory, you will surely get money in return.
  • Accounts Payable: you must pay the people who credit you, timely. Also, the bookkeeper will keep a check that you do not pay anyone more than one time.
  • Loans Payable. The loans you have to pay are the loans payable. You must pay the due amounts timely
  • Sales. Keep a check on your sales to have an idea regarding your profit
  • Subtract the cost of goods sold by the sales. This will tell you about the profit of your business.
  • Payroll Expenses. Accurate payroll expenses w=must be calculated to fulfil the requirements of the tax
  • Owners’ Equity. It is the amount that is put by the owner in the business
  • Retained Earnings. It will tell you about the profits of the company. This is the profit that is reinvested in the business.
  • Firms offering Bookkeeping services in UAE will keep you updates regarding your business.

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