Accounting and auditing work hand in hand; while accounting encompasses all the activities of a business, auditing is more of a specialized process. Both accounting and auditing keep a company going and this makes them an integral part of your business. Every company requires an accountant and auditor; it is wise to keep accounting and auditing firms in Dubai’s contact handy.
Accounting helps in keeping track of financial records and is a vital element in the existence of an organization. Auditing, on the other hand, verifies that the financial records are accurate, which makes them the two sides of a coin. It is not necessary to have an in-house accountant; are several accounting and auditing firms in Dubai to assist you in the process.
Running a business is a hideous task, there are numerous things to worry about; accounting and auditing are two among them. Before beginning to understand the business, one should be aware of the terms accounting and bookkeeping.
What is Accounting?
Accounting is the recording and summarizing of financial information. This includes data collection such as recording of every transaction. Accounting is more advanced and it is necessary to determine the company’s financial rights and obligations. Businesses use accounting for organized data and to have a constant check on the financial condition of the company. Accounting is what determines whether the company is running in profit or loss.
What is Bookkeeping?
Bookkeeping is also called financial accounting, where all the transactions are recorded and summarized. Bookkeeping is part of accounting, which only looks into the incomes and expenses of an organization. It is presented in the form of financial statements, which gives a clear idea about the overall performance of an entity.
The management of an organization may not be able to look into accounts with the utmost care. Such situations call for the outsourcing of these procedures to accounting and auditing firms. It will result in expert and professional services to the organization. As accounting and auditing firms in Dubai are in plenty, you may have to put in extra effort to find the right firm for your needs. HLB HAMT being one of the best accounting and auditing firms in Dubai provide services to every entity across the globe.
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