Backlog Accounting Services in Dubai, UAE | Backlog Auditors

Backlog Accounting Services in UAE

Backlog Accounting is the process of retrieving and recording transactions of pending transactions which have not been recorded yet. They help to correct financial statements and allow for a company to have a better view of their financial situation during busy times.

Why is Backlog Accounting Services carried out?

During a busy time period of a company, they tend to forget the need to record transactions. This can lead to problems later on. Backlog Accounting helps to record those transactions by analysing business documents based on type and time of transaction, which benefits overall accounting. This allows the company to be up-to-date on their accounting at any period. It also helps when filing for Corporate Tax before the end of the year.

Reasons for Backlog Accounting in Dubai:

Accounting backlogs can be conducted for a variety of reasons:

• Incorrect accounting processes / No auditing.
• profit and lossPrevious accounting is not following current IFRS Standards.
• Insufficient accounting team / third-party accounting firm.
• cash flow Lack of time.,
• receivables ageingOutdated / Discontinued accounting software.

The benefits of Backlog Accounting Services in Dubai:

The benefits are:

1. Permanent Record of Transactions: Over an extended period of time, it might be challenging to maintain track of transactions without recording them. Accounting for the transaction would give the businessman a permanent record that would make information gathering simple.
2. Business analysis: Following the updating of the accounts, investors are able to compile reports detailing the business’s efficiency and examine its operations. The papers include an analysis of market trends, the potential for diversification, and prospects for the future.
3. Saves time: Investors and staff don’t have to go back and look up information about a previous transaction when accounts are stored in software. It will be easily accessible in the system, and the reference number provided will allow you to follow the accompanying papers.
4. Helps with cash flow management: Accurate transaction recording will provide a clear picture of the business’s financial situation. The business won’t be able to comprehend its financial situation or make the appropriate financial arrangements without keeping track of its income and expenses.
5. Aids in Decision-Making: The firm will be able to make strategic decisions that will benefit the business with the assistance of reports derived from the accounts. If it has a large cash balance, it may invest in any project; if it has a little cash balance, it can use facilities to make sure the firm is operating efficiently.
6. Simplifies Audit Process: The audit process will be streamlined when updating the accounts, allowing for the inclusion of comparison data in the report’s preparation.
7. Legal Requirements: Upon updating the accounts, it is able to verify compliance with legal requirements and, if required, make the necessary adjustments.

How can Mubarak Al Ketbi Chartered Accountants help you in Backlog Accounting in UAE?

One of the leading accounting, auditing & tax-related firms is Mubarak Al Ketbi Chartered Accountants. We provide services in Accounting, Auditing, Corporate Tax, Liquidation & more! Our experienced team has served over 2000+ clients for more than 10+ years! We definitely have the skills required for your Backlog Accounting Requirements. Book a free 30-min meeting with us, or read our other articles. We promise you an excellent service.