Backlog Accounting Services
Backlog? Fret not, we got you!
Most start-ups and SMEs have focused more on growing their businesses, often maintaining accounting records through Excel, which leads to difficulties in maintaining proper books of accounts. With UAE’s evolving commercial laws and the introduction of taxes, businesses are now required to maintain books of accounts and record all financial transactions to ensure compliance. This is where Intangibles‘ robust Backlog Accounting services come in, helping businesses get back on track by organizing and completing financial records from the inception of the business up to the present operations.
Let's Dig A Little Deeper
UAE’s commercial law made it mandatory for businesses to maintain proper record of accounts for five (5) years, thus the necessity to update any backlog in their accounting records.
In most cases, business owners tend to delay recording of income & expenses at the initial stage which may result in unexpected financial crunches, not being able to define the financial position of the company.
Why Backlog Accounting?
- Compliance with legal & Statutory requirements
- Complete accounting records
- Improved cash flow management
- Better business insights and well informed decisions
- Save time & money
The INTANGIBLES Output
- Profit & Loss Statement
- Statement of Financial Position
- Statement of Changes in Equity
- Periodic Statement of Cash Flows
- Aging Reports
- Break-even and Margin of Safety Analysis
- Working Capital Analysis
- Analysis of Financial Ratios
- Sales Performance Report
- Comparative Expense Report
How to Move This Forward?
It is imperative to know of the management requirements and expectations. Based on the discussion, we will then design the proper approach based on the nature and volume of transactions.
We will gather all required documents which basically include vouchers, invoices, purchase bills, contracts, bank statements, ledgers, reports and all other necessary inputs.
Based on the documents presented and clarifications given, we will proceed with the recording of transactions and update the accounts.
We will generate financial reports such as Profit & Loss Statement, Balance Sheet, Cash Flow Statements, Statement of Changes in Equity and other ledger accounts and management reports requested by the management.
Based on the generated reports, we will discuss with the management our findings and highlight key performance indicators and ways to improve the business.
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