BMS Auditing provides reliable backlog accounting services in the UAE, helping businesses update financial records, ensure compliance, and improve decision-making with accurate and timely reports.
Business management is the backbone of a successful financial position. Entrepreneurs must understand and accept various factors that directly influence business growth, especially when managing finances. In many startups, particularly SMEs in the UAE, proper accounting records from the date of incorporation can often be overlooked. This is crucial for both regulatory compliance and financial health. The commercial laws of UAE require businesses to maintain adequate records, hence backlog accounting services in UAE become a priority service for any startup and SME that would like to systematize its finances.
With changing finance rules in the UAE, traditional bookkeeping or accounts through an Excel sheet is not becoming easier and is very ineffective. Backlog accounts should, therefore, be updated with modern accounting software that would make your company records updated, correct, and valid in law. At BMS Auditing, we provide you with thorough backlog accounting services from the date of incorporation up to the present, ensuring that your financial records reflect the true position of your company.
What is Backlog Accounting?
Backlog accounting refers to the process of recording all the missed or delayed financial transactions from the inception of the business till date. This is one of the necessary steps in the case of a business that has not been able to maintain consistent records since its early stages of operation. This backlog of accounts is useful in showing a clearer picture of the health of the company, which is indispensable for future decision-making and further growth of the business.
When businesses fail to record their income and expenses, they are likely to experience financial shocks that they may not have anticipated. However, updating and maintaining backlog accounts keeps the business in good standing and provides a foundation for future profitability.
Available Reports When Updating Backlog Accounts
At BMS Auditing, we offer comprehensive backlog accounting services, which comprise updating your company's records and preparing detailed financial reports. After updating your records, we will prepare and provide you with the following reports:
- Balance Sheet: A snapshot of your company's assets, liabilities, and equity, offering insights into its financial stability.
- Income Statement: A detailed overview of your company's revenues, expenses, and profits over a specific period.
- Cash Flow Statement: The report indicating cash flowing in and out of your business.
- Accounts Receivable & Accounts Payable: An account tracking amounts due to your company and the amount due from your company.
- Sales Performance Report: Report showing how your sales activities are doing in generating income.
- Financial Ratio Analysis: This analyzes your company's financial position based on several set metrics.
- Working Capital Analysis: Determining short-term financial health and operational efficiency in your business.
- Break-even Analysis: Finding when your revenues from your company equal your company's costs.
Benefits of Backlog Accounting Services in UAE
Updating your backlog accounts comes with many advantages for UAE businesses.
- Full Transaction Record: Ensures that no data is lost and that there is no omission of records, keeping the record fully transparent for easy access to information that may be required at the right time.
- Business Analysis: Updating backlog accounts enables one to check on the financial performance of a company. Correct and current accounts allow better business analysis. You would then be able to know the potential opportunities for improvement or areas that need improvement.
- Quick Time: All data are recorded and stored in accounting software so that transactions in the past can be found, and exact financial information is accessed without much ado.
- Cash Flow Management: Backlog accounting will help in tracking of incomes and expenses thus giving a better view into the effective management of cash flow, which is imperative for the smooth running of business.
- Easy Audits: Good record-keeping would make audits easier and more effective since an auditor could easily use historical data for comparisons.
- Better Decision Making: The updated financial reports provide the relevant information that the key decision-makers need to reach the appropriate decisions that are strategic and correct for the company's growth and stability.
- Compliance with Legal Requirements: Updating your accounts will comply with the UAE's commercial laws and avoid possible legal cases and penalties.
Methods Used in Backlog Accounting Services
At BMS Auditing, we follow a structured and efficient process to ensure that your backlog accounting is accurate and meets all the requirements as follows:
- Discussion with Management: We start by analyzing the nature and scope of your business to understand specific accounting requirements. This helps us tailor the backlog accounting service to your company's needs.
- Collection of Documents: We collect all documents from you, such as receipts, bills, transaction records, cheques, payment slips, bank statements, and other documents necessary for updating the records.
- Account Transaction Updates: Our accountants update your company's financial records in the accounting software by using the gathered documents and data.
- Preparation of Reports: After updating the records, we prepare detailed financial reports, such as balance sheets, income statements, cash flow statements, and others mentioned above.
- Presentation and Discussion: We present these reports to management and discuss the financial health of the business, highlighting areas for improvement and opportunities for future investments.
Why You Need Backlog Accounting Services in UAE
The key reasons why businesses in the UAE need backlog accounting services include:
- Better Decision Making: Accurate financial records provide essential data for informed decision-making, helping management make smarter, strategic choices.
- Cost Comparison: Updated financial records allow businesses to compare their revenue with market costs and identify areas to reduce overheads, increasing profitability.
- Real-Time Financial Position: Access to real-time data ensures that the company has an up-to-date view of its financial status, helping to avoid any surprises.
- Compliance with Laws: Keeping proper records ensures that your business stays in line with UAE laws and regulations, reducing the risk of legal complications.
Why Choose BMS Auditing?
At BMS Auditing, we offer professional backlog accounting services that suit your business needs. We ensure that all financial transactions are properly recorded and that your accounts are fully compliant with statutory requirements. Our expert team will help you navigate the complexities of accounting while using the latest software to keep your records up-to-date.
Our team of accountants aims to provide reliable, timely, and accurate financial information to help your business manage cash flow, maximize productivity, and comply with laws in the UAE. Regardless of whether you're just starting or a mature business, we help provide the expertise and support required to manage your records well.
For all your reliable, all-inclusive backlogging accounting services in UAE, contact BMS Auditing today and let us help your business grow.
