IRHA ACCOUNTING AND TAX SERVICES IN UAE
Bookkeeping refers to recording daily financial transactions, such as sales, purchases, receipts, and payments.
Accounting involves interpreting, classifying, analyzing, reporting, and summarizing this financial data.
Proper bookkeeping ensures accurate financial records. This helps businesses make informed financial decisions, manage cash flow, and prepare for tax obligations.
An accountant analyzes financial statements, provides tax planning advice, ensures compliance with regulations, and helps in strategic decision-making.
Cash accounting records income and expenses when they are actually received or paid.
Accrual accounting records income and expenses when they are incurred, regardless of actual payment.
Failing to track all expenses, mixing personal and business finances, not reconciling accounts, and missing tax deadlines.
You should keep records of invoices, receipts, bank statements, payroll records, and tax filings.
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