Accounting and Financial Reporting

Accounting and financial reporting with Filing Buddy gives stakeholders the information they need to make informed decisions about the business. This information can assess the business's financial health, track its performance over time, and make decisions about investments, lending, and other financial matters.

• Accounting and financial reporting can help businesses make better financial decisions. By providing stakeholders with accurate and timely information, businesses can identify areas where they can improve their performance and make more informed investment decisions
• Accounting and financial reporting is of high value in Dubai. By making financial information more accessible to stakeholders, businesses can build trust and credibility with their investors, creditors, and other stakeholders. 
• Accounting and financial reporting can help businesses in Dubai comply by following generally accepted accounting principles (GAAP) and other accounting standards, businesses can reduce the risk of fines and penalties from regulators. 
• By providing accurate and transparent financial information, companies in Dubai can demonstrate their financial health and viability to potential investors and creditors. This can make it easier for businesses to raise capital and expand their operations.

Filing Buddy Consulting can help businesses of all sizes to improve their financial management, comply with regulations, and make informed business decisions.

• Expertise: Filing Buddy Consulting has a team of experienced accountants and financial analysts who are experts in UAE accounting standards and regulations. This means they can help you ensure that your financial records are accurate and compliant with the law.
• Peace of mind: Filing Buddy Consulting can care for your accounting and financial reporting needs, so you can focus on running your business. This can save you time and stress and give you peace of mind knowing that your financial affairs are in good hands.
• Cost-effectiveness: Filing Buddy Consulting offers various services to suit the needs of businesses of all sizes. This means you can find a service that fits your budget and needs.
• Flexibility: Filing Buddy Consulting is flexible and can adapt to the changing needs of your business. This means you can be confident that you will always have the support you need to manage your finances effectively.
• Personalised service: Filing Buddy Consulting takes the time to understand your business and needs. This means that they can provide you with customised service that is tailored to your specific situation.

For Accounting and Financial Reporting, Filing Buddy Dubai follow these steps:

1. Step1:  Identify all of the financial transactions that have occurred during the accounting period. This includes all income, expenses, assets, liabilities, and equity transactions.
2. Step 2: Record all the transactions(after identification) in the journal. A journal is a chronological record of all financial transactions.
3. Step 3: Post transactions to a ledger which is a more organised and detailed record of all financial transactions.
4. Step 4: Prepare a trial balance as a list of the accounts in the ledger and their balances.
5. Step 5: Make adjusting entries. The trial balance may not balance due to accruals and deferrals. Accruals are expenses that have been incurred but have yet to be paid, while deferrals are income that has been received but has yet to be earned. Adjusting entries are made to correct the trial balance and ensure it balances.
6. Step 6: Prepare financial statements once the adjusting entries have been made. The financial statements summarise the financial information for the accounting period. They typically include the balance sheet, income statement, and statement of cash flows.
7. Step 7: Close the books. This involves transferring the balances of the temporary accounts to the permanent accounts. The temporary accounts are the income, expense, and withdrawal accounts. The permanent accounts are the asset, liability, and equity accounts.

• Bookkeeping: Filing Buddy can help businesses to record their financial transactions in a systematic and accurate way.
• Financial statement preparation: Filing Buddy can help businesses to prepare accurate and compliant financial statements, such as the balance sheet, income statement, and statement of cash flows.
• Filing tax returns: Filing Buddy can help businesses to file their tax returns on time and accurately.
• Tax planning: Filing Buddy can help businesses to plan their taxes in order to minimise their tax liability.
• Filing tax returns: Filing Buddy can help businesses to file their tax returns on time and accurately.
• Tax planning: Filing Buddy can help businesses to plan their taxes in order to minimise their tax liability.
• Tax representation: Filing Buddy can represent businesses before the tax authorities in case of any tax disputes.
• Financial planning: Filing Buddy can help businesses to develop financial plans that meet their specific needs.
• Business valuation: Filing Buddy can help businesses to determine the value of their business for purposes such as selling, raising capital, or succession planning.
• Software selection: Filing Buddy can help businesses to select the right accounting and financial reporting software for their needs.
• Software implementation: Filing Buddy can help businesses to implement accounting and financial reporting software.
• Software training: Filing Buddy can provide training on how to use accounting and financial reporting software.