After the implementation of VAT in UAE, there is growing trend of external review of inhouse accounting and bookkeeping function. Management needs independent assurance as if accounting function is operating smoothly, without any errors and as per best practices. In case due to some reasons you do not want to outsource you accounting function, but you can still partly avail the benefits of outsourcing by appointing us for review of your accounting and bookkeeping function. This can fill the gap between your in-house accounting expertise and required level. The scope of supervision work can vary from engagement to engagement as mutually decided with management but can typically include reviewing monthly balance sheet, profit and loss, trial balance and ledgers, VAT and substantiating those with underlaying transaction and documents. Such reviews can be done periodically but monthly or quarterly review will be most suitable.
At Virtual Accountants LLC, we truly understand the fact that preparing and maintaining timely and accurate records and books of accounts is the fundamental aspect of every business's success. It is not only essential for the strengthening of the current scenario of the business but it guarantees the best possible outcomes for your business in the future also. To ensure the proper recording and management of accounting records, the role of the Accounting Supervisor holds a very significant part. Virtual Accountants takes pride in offering our valuable clients an extensive variety of accounting supervision services in an effective manner that truly meets the major objective of the client which is to maintain the up-to-date record of the business.
Extensive Range of Accounting Supervision Services
The extensive range and broader spectrum of accounting supervision services that are being offered to valuable clients at Virtual Accountants LLC involve:
• Proper reviewing of books of accounts along with required supporting documents
• Ensuring the timely recognition of revenue transaction as per accounting principles
• Keen analysis of sales of the business from various angles of contributions of business products and services
• Ensuring the proper documentation of the payments made by the company
• Keeping a check on whether the payments are being recorded on an accrual basis while undergoing proper cut-off procedure at the end of each month
• Make sure to reconcile the various accounts such as customer's accounts, bank accounts, supplier's accounts, etc
• Proper record-keeping and recognition of the variety of prepayments, advances, unearned income, and much more by properly verifying the associated accounting records or transactions
• Monthly reviewing and preparation of financial reports and also issuing it to the management including financial ratio analysis, financial statements, analysis on working capital, marginal safety, and much more.
Key Competencies and Strengths
Virtual Accountants LLC being the leading and reliable source to execute the accounting supervision services on behalf of clients takes pride in offering them various value-added and competent services that make us quite distinguished from our competitors in the market. These key services and competencies include:
• Saving the finances on behalf of clients
• Dealing with compliance related issues on behalf of clients
• Developing a thorough understanding and analysis of the key aspects of your business
• Offering effective, innovative, and affordable solutions to the business processes
• Offering In-depth market knowledge and extensive industry experience to meet client’s needs
Major Benefits of Having Accounting Supervision Services Provider On-Board
Having a professional and valuable accounting supervisor service provider to keep an eye on the fundamental business processes of your business which is the financial aspect plays a very important role in the progress and financial stability of the business. The proper, timely, and accurate management of books of accounts, as well as other financial statements, can save the business from various complexities and challenges that any firm might face otherwise. There are a variety of other benefits that a business can easily avail via taking the accounting supervision service providing companies such as Virtual Accountants LLC that truly considers the challenges and concerns of the client's firm as its own. The benefits may include:
• Timely and accurate maintenance of business records
• Ensuring convenient and simple day to day execution of business matters
• Ensuring the clients must avoid wastage of financial resources
• Increased reliability and trustworthiness of the business
As part of the business industry for so many years, Virtual Accountants LLC takes delight in taking care of each aspect of the customer's business that may include the development, modification, and also implementation of a variety of accounting services as per the requirement of the business on behalf of the valuable clients. By executing professional accounting supervision services the clients can easily avail the benefits of the outsourced accounting services while keeping the books of accounts within the organization. This kind of dynamic solution assists the valuable clients to prevent themselves against any risky or negative outcomes that may occur as a result of the failure of books of accounts to comply with the binding requirements and regulations. The team of professional and dedicated accounting experts at Virtual Accountants LLC ensures to offer the maximum level of client satisfaction by delivering excellent quality services and standardized solutions to meet the needs of the clients.