To ensure success in the financial arena, astute business management is key. Entrepreneurs must accept that they will need consultants to assist in tackling challenges that influence company growth. Many SMEs in the UAE find it burdensome to manage and operate their account books. As a result, they fail to maintain their books from the date of inception, leading to delays in recording details in a timely manner. With UAE authorities and commercial law mandating that books be in order and up-to-date, backlogging becomes crucial for startups and SMEs.
These stringent and changing requirements from UAE authorities have made maintaining old books in old-fashioned ways extremely cumbersome. Using Excel to record entries is prone to human error. The goal is to concentrate on backlog accounts and make up for lost time while ensuring compliance.
Bronzeagle has the capabilities to offer backlog accounting services in the UAE by maintaining and preparing these accounts from the day of incorporation till the present date. Clients must provide all necessary information for this process.
Updating backlog accounts means documenting all company transactions from its inception to the present day, reflecting the true state of the company’s health. Startups often hesitate to record accounts from day one due to laziness or lack of knowledge, leading to unexpected financial challenges. It is important for companies to engage in this practice to ensure smooth operations and future profits.
The following financial reports are generated:
Once clients request our services, our team immediately initiates work on the necessary documents, updating records in the company’s deployed software.
In modern times, accurately maintaining financial and accounting books is crucial. The benefits include:
Collecting relative accounting information and addressing gaps.
Stakeholders can access data reflecting business progress, ensuring potential future opportunities are not missed.
Software helps trace older transactions for reporting or decision-making.
Time-based reporting helps entrepreneurs make strategic decisions.
Updated backlog accounts simplify fulfilling compliance issues.
Zoho Books comes with great inventory management features, making it easier to handle transactions and stock control.
Starting a detailed dialogue with top management to understand the business.
Updating records based on client-provided information.
Collecting relevant records like cheques, bank statements, transaction documents, vouchers, bills, payment slips, etc.
Discuss prepared documents with management to highlight business performance and identify improvement areas.
At Bronzeagle, we help startups and entrepreneurs scale their potential by offering a variety of accounting services, including backlog accounting. Our experienced professionals use modern software-based accounting practices to fulfil statutory requirements and properly close accounts. Backlog accounting in Dubai helps track and manage cash flow and increase productivity.
Reconciliation compares two sets of records to ensure accuracy and agreement, confirming that the general ledger is accurate. Backlog accounting deals with unearned revenues due to various reasons, highlighting inefficiencies in the production and management process.
A backlog provides a prioritized list of actionable items, ensuring product development progresses and managers know what is pending.
Reconciliation involves comparing transactions and resolving discrepancies, ensuring the validity and accuracy of financial information.
Reconciliation compares transactions to ensure authorized changes, while a review provides assurance regarding financial statements through analytical procedures and client inquiries.
Discrepancies can result from fraud, errors at the bank, or unauthorized bank deductions. They are identified through bank statements.
Monitor a company’s backlog by identifying its cost, value, and revenue, ensuring unsold backlogs do not depreciate.
Manage backlogs by deleting unnecessary items, periodically reviewing them, and prioritizing tasks.
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