Backlog Accounting

Backlog Accounting Services

Start-ups, especially SMEs operating in UAE, would not have maintained their proper book of accounts. Maintaining the book of accounts from the date of company incorporation plays a vital role in any business. When the commercial law in UAE makes it mandatory to maintain the proper records, Backlog accounting services in Dubai plays a huge role among start-ups and SMEs.

According to the changing laws in UAE, maintenance of book of accounts is difficult in the old school way of recording in books or excel sheets. So focus on updating backlog accounts, and go with the trend. We provide complete backlog accounting services, providing a helpful hand for our clients to prepare the book of accounts from the date of incorporation till the current date. The clients have to provide all the supporting documents necessary to make the book of accounts.

 

What do we mean by updating Backlog Accounts?

Backlog accounting is the process of recording periodic transactions from the inception of the business and ensures that all the transactions are captured to portray the true position of a company.
Most of the companies may avoid recording their income or expense in the initial stage, they prefer basic maintenance and so, it may result in unexpected financial crisis. Maintain and Updating backlog accounts define the financial position of a company, paving way to achieve profit in the future.
What are reports available while updating backlog accounts?

After hiring our services, our expert team of accountants in Dubai will work on the necessary documents and update it in the company’s accounting software. We generate the following financial reports,

  • Statement of Financial Position (Balance Sheet)
  • Statement of Comprehensive Income (P&L statement)
  • Cash flow statement
  • Schedule of Accounts receivable
  • Schedule of Accounts payable
  • Sales performance report
  • Analysis of financial ratio
  • Analysis of working capital
  • Break-even analysis
 

What Are The Benefits of Backlog Accounting Services ?

In the modern era, most of the companies are aware of the accuracy in maintaining their book of accounts.
 
Some of the benefits of updating backlog accounts,
  • Complete record of transactions – Keep track of each and every transaction without leaving a gap, maintain a permanent record which allows businessmen to gather all the relative information.
  • Business Analysis – Once the accounts are updated, investors can draw out necessary reports based on the progress of business and its working. Business analysis ensures the possibility of future opportunities.
  • Time-saving – When all the transactions are recorded in software, it’s easy to get back and search for details of old transactions.
  • Cash-flow management – Backlog accounting services in UAE provides management with the insights on how to manage the cash flow while maintaining the record of income and expense. This helps to determine the company’s financial position and arrange funds necessarily.
  • Quick Audit procedure – Proper maintenance of records will allow easy auditing and the whole procedure will be simplified. Auditors can compare with the previous data and drive a trend line for your business.
  • Better decision – making – The periodic reports allow entrepreneurs to work on strategic decision making and make sure that the business runs smoothly.
  • Comply with legal requirements – While updating backlog accounts, compliance with legal requirements can be checked and it’s easy to make necessary changes.

What Are The Methods Used in Backlog Accounting Services in Dubai?

  • Discussion with management- While initializing the backlog accounting, we analyze the nature and volume of your business. Understand the requirements from management and work according to it.
  • Collecting documents – We collect all the documents from clients required for updating backlog accounts, this include, voucher, bill, transaction document, cheques, payment slip, bank statement, and other necessary inputs.
  • Account transactions- Update accounts based on the documents and explanations given by the clients.
  • Report generation- After completing the accounting transaction, our expert team works on the following reports, like Balance sheet, Income statement ,Cash flow statement , Accounts receivable, Accounts payable , Sales performance report , Analysis of financial ratio , Analysis of working capital , Break-even analysis
  • Report discussion – Finally, the prepared documents are discussed with the management to highlight the business performance and identify the areas for improvement or in which the company’s can invest.