Financial Accounting And Statements

Accounting services have come to be known as staple ingredients in most large businesses today. This is obviously not to say that aspects such as bookkeeping have nothing to do with small-scale commercial activities.

In fact, accounting and bookkeeping are both services that will be involved in a business venture or even project, at some stage or the other.

As such, alongside other aspects such as supply chain, sustainability, and regulatory compliance, accounting services form part of the body of services or processes that is linked with all business and commercial dealings out there.

What It Is

For lay people, accounting is the process of keeping a record of, and processing the financial pieces of information that relate to the entity or project at hand. In other words, it allows a company to keep updated records of all the financial transactions and transfers that took place.

But in the business and corporate sense, accounting pertains to a lot more. Professionally, it is defined as the planned and full-scale recording of monetary transactions related to a business entity. This includes the steps and procedures that relate to the reporting and analysis of these transfers vis a vis regulatory and oversight departments.

Since accounting is a function that will affect any commercial entity, at small businesses and organizations, it may be carried out by bookkeepers, while large firms are going to hand this task off to a team or department of professional accountants.

Segments

The many accounting procedures and the recording of financial transactions will give rise to several smaller processes that fit into the larger picture, such as cost and management processes, play an important role in guiding managers and the upper echelons towards better informed decisions.

As aforementioned, while simpler accounting tasks at small firms can be carried out by bookkeepers, large firms and corporate structures are going to hire accounting professionals, particularly those who have secured internationally-accredited qualifications, such as the Certified Public Accountant (CPA) or Chartered Accountant (CA).

Statements

Financial accounting statements are documents that condense the operations, finances, and cash flow status of a multi-faceted corporate entity, and are prepared having taken into account hundreds of daily transactions the company indulged in.

Since the accuracy and integrity of the data prepared by an accounting company in Dubai is of immense importance to the management, investors, and regulators, it holds the utmost sensitivity, and is therefore overseen by professionals that have amassed years of experience and practical training.