Dubai is transforming into a business hub and many companies from all around the world are setting up their business in Dubai and also many local companies are starting and are getting a good success in the business. In business, there are many areas where focus is important, and one of those areas is bookkeeping. Bookkeeping is recording and organizing financial transactions of the business and it is very important to get the idea of how business is doing, where money can be saved, how more revenue can be generated, and most importantly for taxation purpose. It is impossible for the business owners especially to give attention to all the functions of the business especially small business owners and they are even not expert at it so it is good to hire a financial firm that provides bookkeeping services to the business so that the bookkeeping function can be managed well.
In this blog, we will tell you signs that you definitely need a bookkeeper or bookkeeping services for your business.
- Your books are not up-to-date: It is very necessary to keep your books updated because you books of accounts represent the financial condition of your business and when they are not updated they reflect a wrong picture about your business and can mislead you and the stakeholders of the business and this can lead to big problem for you. In this condition, you need a bookkeeper firm to help you out.
- When you are unclear about the cash flow: In business, there is continuous flow of money, both incoming and outgoing and there is a requirement of cash flow statement to give you an idea how much you owe to your creditors and how much you are about to receive from debtors and if you don’t have an clear idea about the cash flow then it is not good for your business. You can also use bookkeeping and accounting software as it will help you to maintain cash flow statement for your business.
- When things get rushed during taxation period: As an organization you are bound to pay relevant taxes and most importantly VAT. It is necessary for you how much tax you are supposed to pay otherwise you will pay inappropriate taxes and it may result into severe fines or other legal charges against you. If at the end of the year when you are supposed to pay the taxes, the things get rushed due to lack of knowledge or other reasons then you should immediately hire a bookkeeper for your organization to avoid the rush and penalties.
- Poor technology: If you are using the outdated technology for your business and not using latest bookkeeping and accounting software then you need to hire a bookkeeping firm to get the right technology installed in your business and also for expert guidance for bookkeeping.
So, these are the signs that you need a bookkeeper/bookkeeping firm in your business. We, Chaturvedi Associates are among one of the most popular vat consultant in Bahrain (Working as an Audit company in Bahrain) in its area. We provide the best bookkeeping services in the Bahrain, UAE as well as global markets. We can help you in all financial services of your business, so Contact Us to get the best financial services for your business.