Accounting Services

Accounting is defined as the science that studies the measurement and interpretation of financial activities through the classification, and recording of financial transactions, as well as the presentation and disclosure of financial information, through financial statements for specific periods of time. Accounting is also known as the language of business because it records all commercial activities, The process of managing the accounting records, or what is known as bookkeeping is defined as the detailed daily recording of all financial transactions of the company, including income, expenses, sales and purchases, bookkeeping is considered as one of the main elements of financial accounting and the basis of the financial reports prepared by accountants is the recording process of financial data in the books, the process of managing records and bookkeeping is usually handled by an expert accountant.
In general, the accounting department is one of the most important departments within any company, since it is only possible through the accounting system to know the profit or losses of the company, and the owner of the company can monitor all financial operations that take place through his company by the accounting department. Accounts management is a complex process because it contains many complex details, and you will need to seek the help of experienced accountants to save you time and effort, starting from the strategic decision-making process and ending with submitting the results of accounting operations for audit when the audit time comes.

Our accounting services include:

First: Management accounting services and FP&A services, which are concentrated on preparing the periodic budgets for companies, comparing their results with the achieved actual financial results, measuring and analyzing the differences and the variances, and then expressing our expert opinion on the causes of these differences and the extent of their impact on the company’s financial position, and suggest the best way to neutralize their negative impacts and how to mitigate the risks, this service also includes the preparation of the detailed expected cash flow reports that are submitted to banks and financing funds with the aim of obtaining loans from them.
Second: Financial accounting services, starting from recording and documenting accounting all transactions and ending with the closing of the accounting books and issuance of financial statements, we work to help you organize all your accounting records, this process of accounts bookkeeping is considered the standard mechanism used to collect data on financial operations carried out by the company, and record them and convert them into meaningful and useful information for the end users of the accounting results internally and externally, all of this is done through the use of a carefully designed set of accounting rules and procedures.
Every business or project needs effective financial accounting and bookkeeping procedures that can improve the efficiency of business operations and transactions. Without the proper recording of the accounting transactions, the entire business operations can become loose. No matter how large or small your business is and where you operate in the UAE, you still need to have the best experiences to help you in all accounting services, given the importance of recording transactions efficiently and accurately, good companies outsource accountants services to fulfill their accounting requirements through professional experts who work efficiently and with high quality, this is what Kunooz for Financial and Economic Consultancy can provide.

The components of these services include the following:

• • Managing the closing of monthly accounting periods and balances for the financial cycle.
  • Carrying out the reconciliation of bank accounts and other accounts.
  • Monitor all accounting activities in compliance with the requirements of laws, regulations, and international accounting standards.
  • Restructuring of the accounting system (tree of accounts, cost centers, confirmation with IFRS) in line with the necessities of performance reporting requirements and international standards.
  • Analyzing the company’s operational activity, designing cost centers and profitability centers, as well as in-depth analyzing direct and indirect expenses.
  • Preparing the company’s accounting and financial policies and manuals and procedures as a reference for the commitment of the company and its employees depending on the nature of the business.
  • Assisting the company in establishing and implementing the internal control system.
    Determine the necessary adjustments to prepare the financial statements in accordance with the appropriate international accounting standards.
  • Preparing operational budgets and measuring performance according to key performance indicators.
  • Preparing all financial reports with performance comparison and variance analysis with annual operating budgets.

Why do you need accounting services?

The UAE Federal Companies Law No. (2) of 2015 obligates all commercial companies to maintain accounting records, as Article (26) of the law states: “Every commercial company must maintain accounting records, with the aim of clarifying its transactions so that it accurately reveals the financial position at any time and enables the shareholders or partners to ensure that the company’s accounts are kept in accordance with the provisions of the Commercial Companies Law.
Companies must keep their accounting records in their main office for a period of no less than 5 years from the date of the end of the fiscal year. The company may keep an electronic copy of the original documents in accordance with the law.
There are a lot of procedures that need to be done in the company, and it is not always easy to adhere to the legal requirements and follow the business strategies in order to keep up in the race with other companies; Therefore, accounting works of the company is difficult to manage by the partners or shareholders themselves, and this is the reason for the need to have accounting services by an expert financial accountant who can carry out accounting and bookkeeping operations correctly and easily, that is the reason for why the companies must seek the services of accounting experts in the Arab Emirates United.

Financial data to be maintained for compliance include:

Income statements:
Regulatory bodies may also need to see additional disclosed information according to a specific purpose at a certain time, for example, an examination to ensure compliance with taxes rules, and financing and investment regulation requirements.
In Kunooz for Financial and Economic Consultancy, we provide you with accurate data in a timely manner, in order to enable you to deliver the financial statements of your company as required from you when carrying out the necessary legal review or audit, we assure you that our accounting services prepared for you will show the details of your business’s accurate performance during the month or the year or any number of years as required.
On your behalf, we professionally manage financial data efficiently and produce financial reports that reflect the state of business activity in real-time.

Assistance with debit and credit accounts:
We properly manage accounts payable and accounts receivable on your behalf as they are essential for the success of your business, the money earned is also as important as the money paid, there is a need to collect accounts receivable in a timely manner and process payments to the company properly apart from any other operations within your company or project.
Through our assistance, all matters related to the treasury are dealt with professionally, including the organization of bank transfers in order to manage the liquidity of your company or project, and the cash inflows and outflows, current and expected, are monitored in order to provide information useful in making decisions and to see if there were sufficient funds available to run the business in the company.

Financial analysis:
After reviewing and analyzing the financial information of the current situation of your company or project, the analysis may show that it was less profitable in the previous months, for example, which rise the question of where the money goes and what are the real reasons for the current fluctuations in the company’s financial performance, which are often not clearly visible for many reasons.
We can conduct an in-depth analysis of the financial statements and identify deficiencies in your organization, our services will help companies maintain the quality of their financial statements and improve their net profits, and we set detailed budgets based on operational bases from your organization’s business or project so that it reflects your goals realistically and we measure and estimate deviations of the actual performance from the planned.

At Kunooz for Financial and Economic Consultancy, we can provide the following accounting services:

• Preparing the journal book
• Revenue/sales posting
• Recording the payments
• Petty cash account recording
• Post material received account
• Payroll Accounting
• Fixed assets, depreciation recording
• Collection accounts
• Reconciliation of credit and debit accounts
• Balance sheet preparation
• Statement of Cash Flows preparation
• Post journal entries
• Revenue recording
• Recording of purchase invoices
• Recording the released materials
• Project accounting
• Administration and general expenses
• Bank reconciliations
• Accounts payable reports
• Trial balance reports
• Recording Profit and loss Account

Kunooz for Financial and Economic Consultancy also offers its expertise in management accounting in several ways, which depends on the data from the financial accounting, but it treats and analyzes that data in a specialized way to inform management and decision-makers of all developments, and suggests advice and guidance according to the company’s needs in various administrative decisions, which can range from developing expansion plans, business mergers and acquisitions, setting either operational or capital budgets, and focusing on showing the strength of the financial position in front of banks and financing institutions in order to ensure obtaining loans, or opening or closing new branches of the company, or establishing a new department and so on.