Accounting in UAE: A Guide to Daily, Weekly, Monthly & Annual Tasks

Properly performing accounting tasks help entrepreneurs to keep track of their company’s assets, liabilities, income, and cash flow. It helps them to track the financial performance of their businesses enabling them to make better business decisions. However, your business will start falling down when you choose to procrastinate your accounting.

Accounting is a critical function of your business which you should do on a regular basis. If you can’t reserve time regularly to perform the accounting task, you must outsource it to accounting firms in Dubai. This article is for small business owners who want to accurately carry out their daily, weekly, monthly and annual accounting tasks. Keep reading to gain more insights:

List of Daily Accounting Tasks

Making a daily routine for accounting tasks is essential for improving the accuracy and efficacy of your organisation’s books. Accounting companies in Dubai recommend the following tasks for you to complete each day:

• Refresh and update your financial data
• Reconcile cash and receipts
• Review and reconcile transactions
• Record and categorize expenses
• Record inventory received
• Summarize cash sales for the day

List of Weekly Accounting Tasks

SME owners need to carry out certain weekly accounting tasks to ensure their record-keeping, cash flows and business operations are running smoothly. Given below are some weekly accounting tasks that you must never ignore:

• Record payments you receive; deposit cash and checks
• Reconcile banks accounts
• Invoice your clients
• Review employee timesheets
• Check what you owe and who hasn’t paid you
• Look for unpaid bills

List of Monthly Accounting Tasks

You cannot avoid certain monthly tasks that will help you preserve records, and maintain the integrity and reliability of your accounts. Outsourcing the best accounting services in Dubai will help you effectively perform these critical monthly accounting tasks. Here are some tasks that need to be performed each month:

• Pay vendors, or at least schedule bills to be paid
• Track budgets and variances
• Back up your data
• Balance your books
• Review credit card payments
• Review accounts receivable to resolve outstanding invoices
• Process and review payroll
• Review inventory data
• Check regulatory compliance with ESR, AML, UBO etc.

List of Quarterly Accounting Tasks

Benjamin Franklin once said, “…in this world, nothing can be said to be certain, except death and taxes”. You need to take care of your quarterly accounting tasks related to taxes to avoid compliance failures and related penalties. Your quarterly accounting tasks mainly encompass the big picture aspects of running a small business such as tax estimates, quarterly payments etc. check the below list for the quarterly accounting tasks:

• Estimate and file the VAT returns (the standard tax period is quarterly for businesses with an annual turnover below AED150 million and monthly for businesses with an annual turnover of AED150 million)
• Prepare revised annual P&L estimate
• Review quarterly payroll reports

List of Annual Accounting Tasks

The annual accounting task mainly focuses on regulatory and compliance requirements, along with reporting performance to shareholders. Entrepreneurs have to complete more time-intensive tasks related to the year-end close. Consult with accounting firms in Dubai for performing your annual accounting tasks without any flaws. Find below some of the key accounting tasks that you need to perform annually:

• Review your fixed assets
• Review Past-Due Receivables
• Review Your Inventory
• Prepare your year-end financial statements
• Get the books of accounts audited by external auditors (for some companies it is mandatory and for others the audit is voluntary. Accounting companies in Dubai can guide you on this matter)
• Prepare for year-end close

Hire Accounting Firms in Dubai to Manage your Accounting Tasks

All of the accounting and bookkeeping tasks processes listed in this article are time-consuming and carry the risk of error if completed without the help of an experienced accounting professional. Entrepreneurs who are busy with their daily operations can’t afford to focus on tasks such as making payments to vendors, sending out invoices and follow-up reminders to customers and generating financial statements. This is where the services of the best accounting firms in Dubai such as Jitendra Chartered Accountants (JCA) can make a big difference to your business.

JCA provides reliable accounting services in Dubai that can lift your business to greater heights. We have over 20 years of experience and expertise in the field of accounting & auditing. JCA can add value to your business as we have served companies of all sizes engaged in different industries. Apart from providing the best accounting & bookkeeping services in Dubai, JCA helps companies meet key compliance requirements related to the UAE corporate tax, VAT, ESR), AML and UBO. Hire us and elevate your company to greater heights.