We offer a wide spectrum of accounting services that answers the financial needs of any business in the global market. We ensure that the financial statement is complying with International Financial Reporting Standards (IFRSs) and we are committed to keeping the highest level of professional standards and quality
Accounting functions have a pivotal role in any business and similarly, the use of accounting software plays a crucial role in any accounting function. We assist Small and Medium Size Businesses in the implementation of suitable accounting software keeping in view their business needs.
Accounting software is used to record and keep track of all financial transactions of businesses also including management of invoices, cash, bank reconciliation, purchase, payroll, fixed assets, inventory, account receivable, account payable and financial reporting. Accounting reports for instance Trial Balance, Ledgers, Balance Sheet, Income Statement, Account Payable and Account Receivable break-ups, and ageing reports can be generated from the accounting software.
In 2020 outsourcing accounting and bookkeeping operations by Small and Medium Size businesses is also one of the new norm set by COVID19- and this trend is growing on day by day basis. During this time of uncertainty, it has become tough for many small and medium-sized businesses to retain or hire an accountant resultantly, outsourcing is a better option to have access to the required skill and knowledge at an affordable cost and to get things done cost-effectively.
UPDATING BACKLOG ACCOUNTS
Failure to maintain a proper book of accounts can happen because of many reasons and with many businesses, especially start-ups. However, after the implementation of VAT, it is mandatory in UAE to maintain proper books of accounts. We at SSG Consultant can assist businesses with backlog accounting by providing onsite and offsite support.
For backlog accounting we expect management to make available required supporting documents and bank statements for the period of accounting.
ACCOUNTS UPDATION ON A
Periodic inventory is a system of inventory in which updates are made periodically. This differs from perpetual inventory systems, where updates are made as seen fit. In a periodic inventory system no effort is made to keep up-to-date records of either the inventory or the cost of goods sold.
A periodic inventory system only updates the ending inventory balance in the general ledger when a physical inventory count is conducted. Since physical inventory counts are time-consuming, few companies do them more than once a quarter or year. In the meantime, the inventory account in the accounting system continues to show the cost of the inventory that was recorded as of the last physical inventory count.
Financial statements supply the necessary financial information to the users of financial statements . shareholders, creditors, investors, social investigators, government and other organizations for their interest.
The financial statements provide the summary of income and expenses in the form of income statement for a particular period and assets, liabilities and net worth of the organization as on a particular date in the form of statement of financial position (Balance sheet). Since the financial statements show even the common purposes of the users of accounting information, they are considered as useful tools in their hands.
Cash Flow Management means forecasting, planning and monitoring of an organization’s cash and borrowings, management of all financial matters from different sources, managing cash and cash movements including the policies of company finance.
SSG Consulatnt offers businesses the comfort of office in conducting management of cash and funds of the firm in running the business. Leave your day to day headaches aside and let a professional firm manage your troubles in a friendly and efficient manner.
SSG Consultant helps you in setting up of the controls in relation to preparation and review of financial statements. We also help in reviewing the financial statements that are prepared by one of your team member to make sure that they are accurate, complete, in line with the requirements of International Financial Reporting Standards (IFRSs) and the local applicable laws and regulations. If you have any group reporting requirements, SSG Consultant can help you in preparing the group reporting pack and review to be in line with the requirements of your group.