ParshAccounting (1)

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Accounting Checklist for Startups in Dubai
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When starting up a new business its easy to
believe that doing everything yourself will
carry your funding through the teething stages
until the new enterprise fully cuts its financial
teeth and starts bringing in more than it
spends. But when that DIY approach includes
trying to take care of the financial operations
without the professional assistance of
accounting and bookkeeping services in Dubai, or
at the very least, a workable accounting
checklist to keep it on track, you could end up
losing more than you save.
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Finances are at the heart of any business,
controlling its lifeblood, its health and, very
often, its lifespan.There are other core
operations that govern how much of this lifeblood
continues to flow, particularly in start-ups.
And trying to give sufficient attention to
finances can shift your focus off these other
core operations, such as establishment,
positioning, and marketing the new business. And
you could end up highly stressed, with a startup
that just wont start, is unable to take on the
competition from existing companies, and which
may not adhere to UAE accounting rules.
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Bookkeeping and Accounting Checklist for Startups
Bookkeeping and accounting differ in the areas
they cover Bookkeeping focuses on keeping the
records of transactions and cash flow up to
date. Accounting tends to devote itself to
interpreting the financial picture the
bookkeepers create and shaping that into final
representative documents like profit and loss
statements and balance sheets
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Daily
A complete and comprehensive cash sheet is the
best way to provide a solid and effective base
for any accounting And bookkeeping services in
Dubai. This involves recording the incoming and
outgoing flow of cash in terms of sales made and
expenses incurred, after carefully reconciling it
against receipts and transactions.
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Weekly
Take the information a
recorded step further
daily with
more using the weeks cash sheets to
intensive
reconciliations
Its also time to deposit cash
issue invoices, any
received, schedule payment using
refresh financial data, record payments received
and categorize the expenses incurred, as well as
keeping your inventory list up to date.
bills for you are
and, if
accounting or
bookkeeping software, to be
sure to back up your data.
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Every 2 week
Follow invoices that are unpaid,
up on customer
apply any deposits they have made to their
invoices, and follow up on any proposals you
have made which have not yet had a reaction.
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be handled for another
Payroll management has to
every month. Leaving this

• day, week or month could see you facing a
  nightmare at the end of the fiscal year. You
  will also want to send checks

retailers, reconcile your bank make
to your accounts sure
Monthly
and there
track are
your cash to no
irrelevant
transactions and possible incidents of fraud.
Its also a good time to analyze the spending
over the previous month and determine whether
or not there are ways to cut back.
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Quarterly
IN ADDITION TO THE DAILY, WEEKLY,
AND FORTNIGHTLY OPERATIONS, THE NEED FOR
MORE AND THESE
COMPREHENSIVE REPORTS
RECORDS INCREASES. INCLUDE INCOME STATEMENTS,
BALANCE SHEETS, AND REPORTS ON ACCOUNTS
RECEIVABLE AND PAYABLE.
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What Bookkeeping and Accounting Services Can Do
Depending on whether or not you choose to
outsource only the accounting, or bookkeeping
services in Dubai, or choose to enlist help in
both areas with the same or two different
companies, these professionals can take some or
all of the weight off your shoulders when it
comes to keeping track of your finances. However,
choosing the right professionals to handle these
pivotal areas of your business is vital. In
order to get an accounting service that best
suits your business type, get in touch with
Parsh Accounting and Bookkeeping experts.
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Contact Us
Corporate Website www.parsh.ae
Email Address parshsocial_at_gmail.com Find
Us Office No. 2101-05, Floor 21, Binary Tower,
Marasi Drive, Business Bay, Dubai, UAE