Accounting & Auditing
Difference Between Bookkeeping and Accounting?
While a business license in Abu Dhabi or other areas within the UAE is certainly attractive, owners are often faced with numerous challenges. But the most important involves knowing your exact accounting and auditing responsibilities. The main problem in the UAE is that seemingly small issues can lead to massive problems if left unchecked. Furthermore, might there be any differences when dealing in terms of bookmaking for enterprises within the Sharjah Free Zone or Dubai Free Zone when compared to other areas such as Sharjah Media City or Hamriyah? Our aim is to provide you with the right answers at the right times.
Another concern is that even the cheapest free trade license in the UAE will serve little purpose if its books are not in order. When we likewise take into consideration other factors such as limited in-house resources or outdated software solutions, it becomes clear that only the best services will suffice. Outsourcing your accounting can be just as confusing and once again, this is when the experts at FreeZoneMarket are here to help.
Whether you are currently located in the DMCC Free Zone ,Sharjah Publishing City, Ajman Free Zone, or another region within the UAE, it pays to work with the best in the industry. We can provide you with the right answers at the appropriate times. From general bookkeeping requirements to more in-depth and personalized accounting solutions, you are always in good hands. Would you like to learn more about the process involving a business setup in Dubai in regard to accounting and auditing? Perhaps you have additional questions in regard to the other services that we have to offer. Either way, feel free to contact us at your convenience.
Difference Between Bookkeeping and Accounting?
Difference Between Bookkeeping and Accounting?
In the realm of finance, the terms “bookkeeping” and “accounting” are frequently used interchangeably, but they encompass distinct functions. Bookkeeping primarily involves the meticulous recording of financial transactions, while accounting encompasses a broader range of activities, including the interpretation, analysis, classification, reporting, and summarization of a business’s financial data.
What is Book keeping?
- Identifying a financial transaction
- Recording the financial transaction
- Preparing ledger accounts
- Compiling a trial balance
- What is Accounting?
What is Accounting?
What is an ‘Audit’?
- Defining the auditor’s role and terms of engagement, usually formalized through a signed letter of agreement with the client.
- Planning the audit, which includes setting deadlines and determining which departments or areas of the organization will be covered. The duration of the audit varies, depending on its scope and complexity.
- Compiling information gathered during the audit. The auditor’s findings are typically presented in a report or systematically organized document.
- Reporting the audit results. The outcomes and findings are documented in the auditor’s report, which serves as the official record of the audit process.
