Accounting is as old as financial transactions themselves. With the increased complexities observed in business transactions, there is a continuous need for an accounting standard for measuring and presenting the results in a clear and concise manner. Beyond Numbers offers accounting services including accounting system development, budgeting, financial accounting system design and implementation, accounting procedures and regular accounts updating with VAT implementation. This enables businesses to keep a track on the practical information of financial transactions in a timely and systemic manner allowing them to make better informed decisions in the future.
Accounting System Development
All businesses have a common method of preparation of ledger and trial balance, recording of business transactions and analysis of financial statements. However, the speed and efficiency to achieve the results depend on the kind of development system adopted for accounting. Being aware of the fact, Beyond Numbers takes care of the results achieved in the most diligent way. We develop an ideal accounting service for a business with careful planning, design, arrangement and management. We work on providing excellent accounting system and internal control of your business which enables your business to be successful and trusted.
Our service provides your business with required documents, code of conduct, internal control, data gathering, auditing, accounting record and management report which helps you to make business decisions and assessment in an effective and efficient manner. The entire accounting system we develop enables your business to keep a track of financial transactions including expenses, sales, liabilities and more. Today, the modern accounting system provided by us is automated and computerised using specialised software services.
Budgeting gives a business a defined financial plan for a specific period of time which is usually one year. A budget may include planned sales volumes and revenues, costs and expenses, assets, liabilities, resource quantities and cash flows. Businesses, governments and organisations use budgeting to define strategic plans of operations and events in a specified time period. A quantitative approach is required for future sales, preparation of income statement and balance sheet. Beyond Numbers helps in preparation of estimated statement of income and expenditure on future sales.
Financial accounting system design & implementation
Beyond Numbers helps in creating systematic financial systems to maximize efficiency and strengthen productivity. This includes implementation of a financial system, review of business accounting & related system requirements, costing and other factors. An appropriate preparation of accounting system gives businesses the financial information that is vital to make informed decisions.
Our services in financial system design and implementation include installation and implementation of a financial accounting system, inventory management, costing, budgeting, personnel and other related systems. We provide a customised financial system that fits your requirements for organic expansion and other major expansions.
The accounting procedures help businesses to understand how their financial information must be recorded and reported. It is crucial for a business to select the right accounting procedure when recording financial transactions. Beyond Numbers helps is recommending the right accounting method. We provide companies with basic understanding on how to record information for internal and external business use.
Beyond Numbers ensures that the different accounting procedures are properly planned and managed. These include:
Cash-basis – Cash-basis method of accounting is generally used by small and home-based businesses. This is simple accounting method that gives a basic understanding of the financial information. Whereas larger businesses need to opt for accrual-based accounting method that provides a clearer picture of the financial transactions of a business.
Accounts Payable – A business uses this method while paying bills. Though a few universal principles apply, this method does not have any stringent rules to be followed. Oftentimes businesses use this method to issue payments at a particular time during the accounting period. An effective method used in accounts payable optimizes the working capital and allows long-term supplier relationship management which can help businesses to enhance their profits.
Accounts Receivable – This method represents the money owed to the business from customer account sales. Because businesses need to have enough cash on hand for daily business expenses, accounts receivable becomes an important function.
Reconciliations – Reconciliations can be considered under accounting procedures or to equalise the individual accounts. This can be done for various reasons. To make sure that all the money is accounted for the business, cash accounts are reconciled with the bank statements. Reconciliation of balance sheets provide companies a satisfaction that all the information is precisely recorded for inventories, investments, accounts receivable and liabilities.
Accounting Period – The financial information of a business is recorded according to the accounting periods. Most of the accounting periods go in line with the calendar months. Accounting period helps business to keep up with the trends and provide accurate financial information for better business decisions.
Regular Accounts Updating with VAT Implementation
The new VAT laws introduced in the UAE mandates businesses to modify and prepare accounting systems to meet the new VAT reporting obligations. Modification of accounting systems is a time-consuming process. Beyond Numbers helps businesses to achieve the same easily along with the strategies for implementing new changes. The key tasks for updating accounts with VAT implementation are taken care of by us. The following list highlights a few of the tasks undertaken by Beyond Numbers:
- Configuring the system to produce valid VAT invoices, VAT returns and statistical returns
- Exemption of the financial services with the right to recover input VAT at a specific rate determined
- Application of intra-GCC transactions
- Process Implementation to get you VAT compliant
- VAT registration in places where it is mandatory
- End to end VAT return process for UAE
- Post-implementation review of the system to ensure compliance
Above all, Beyond Numbers ensures that your business is VAT ready and prepared for the economic impact due to VAT implementation in the UAE. Our long-established expertise, credentials and experience guarantee to provide you with clear-cut business insights along with the do’s and dont’s of the new legislation. In the end, we make sure that your business receives customised solutions that are suitable to address the challenges that may come along during the VAT implementation process.