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Accounting is the systematic and comprehensive recording of financial transactions of a company business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. companies Act No. M/6 of 1965 (Amended in 2015) Saudi Arabia, mandates that maintaining proper account books for at least five years is a legal requirement.
Bookkeeping is the recording of the company’s financial transactions in a chronological and systematical order. Due to bookkeeping, all the information of the company is recorded which helps the company to understand the financial position of the company which further guides the company in taking all the financial decisions. Accurate and timely bookkeeping is not only crucial for the business but also plays a very significant role for the external users such as the investors, financial institutions or even the government that would require accurate and reliable information which would form basis of the decisions further taken by the external parties.
Basically there are two basic accounting methods – cash basis of accounting and accrual basis of accounting. In cash basis of accounting, the transactions are only recorded when the cash or the money is actually received or paid. In the accrual basis of accounting, the transactions are recorded as and when it occurs, regardless of whether the cash is actually received or not.Many of the companies hire a permanent professional to manage their day to day funds and monetary activities and keep an accurate and timely record of the transactions taking place. However, this is not the only option that is available for the companies, outsourcing the bookkeeping services to the accounting firms is also very beneficial as the accounts of the business are managed by the accounting professionals as per the convenience of the business.
Accounting and book keeping are vital elements of an organization that helps in keeping track of Company income and expenses.ARC Associates has been leading auditing companies’ offering a wide range of Financial & accounting services for our clients in the global market complying with International Financial Reporting Standards (IFRS). We help to maintain the highest level of professional standards and quality.
Regular Accounting Services
As one of several accounting firms in Saudi, providing regular accounting services in all over Saudi Arabia, we generate periodic reports for the management to aid the decision-making process and update the daily transactions of the company into the accounting software.
Weekly Visits: We would provide a representative to visit your offices on a weekly basis to update transactions. This includes all purchase entries, sales receipts, payments and other business transactions. We will then generate Management Information System (MIS) reports to be discussed with the management along with monthly reports.
The reports include:
balance sheet (statement of financial position)
profit and loss account (statement of comprehensive income)
cash flow statements
receivables & payables ageing list
comparative report on sales performance, expenses etc.
variance/ratio analysis
We will also issue additional reports on a quarterly basis including the ratio analysis, breakeven analysis etc.
Monthly Visits: One or two monthly visits to your offices by our representative will be enough to finish updating the account books if the number of business transactions within the company are relatively less. This will cover the entry of all purchases, sales receipts, payments etc. Additional quarterly reports (in-house financial statements) will be prepared and issued to the management at the end of every quarter.
Such reports include:
balance sheet (statement of financial position)
profit and loss account (statement of comprehensive income)
cash flow statements
receivables ageing list, & payables ageing list
inventory analysis
comparative report on sales performance, expenses etc.
financial ratio & working capital analysis
Breakeven point etc.
But in order to conduct the regular accounting services either weekly or monthly, the office secretary must keep the basic information of all transactions that occurred during that period.
Such documents include:
sales & purchase invoices,
payment & receipt vouchers,
petty cash expenses,
bank statements,
cheque counter foils,
bank transfer copies,
debit notes & credit notes etc.
Daily Accounts updates from our offices: Our accounting offices will provide daily client updates, including sales, purchases, payments, receipts, bank reconciliation etc. or any other client requirements on a full-time/part-time basis. These periodic reports will be given to the management for any such assignments we take on.
Why ARC & Associates?
Regardless of what kind of the industry you are in, it is very important to have clear and concise business accounts. Through outsourcing, you will be able to reduce cost, access information, and get expert option on your business. So, if you’ve been on the hunt for a firm who can provide excellent accounting and bookkeeping services in Dubai, you’ve come to the right place. We pride ourselves on providing outstanding accounting and bookkeeping services for small- and medium-sized companies.
ARC Associates is one of the leading and the best accounting and auditing firm in Saudi that specializes in providing the accounting services to the various lines of businesses whether it is the manufacturing firm, real estate firm, service firm, etc. At ARC Associates, the accounting services is provided by the highly qualified professionals with highest quality and all the accounting standards and principles are strictly followed so that the financial statements prepared after the daily accounting services reveal and portray the true and fair image of the business operations and finances.
ARC Associates provides best accounting and bookkeeping services to various businesses all over the UAE as per the requirements of the businesses and helps in preparing the annual financial statements for the companies that will establish the financial position of the company in the market.
Remember ARC Associates for all types of your Accounting and allied needs across Saudi Arabia, Dammam, Riyadh, Jeddah & AL Khobar.
