International Auditing & Consultancy Center, practices in the field of accounting, and bookkeeping. highly professional using clear and simple accounting rules. Our Accounting Department, is staffed with highly qualified accountants. who are experts in that field. The in-depth knowledge, and experience guarantee safe and diligent operations within MENA, GCC and international standards of accounting. We offer advisory services in this scope, helping you understand the regulations. and utilize modern methods to conduct our bookkeeping. We are committed to deliver innovative solutions that helps maximize performance in business transactions processing, billing, collections, accounting of business transactions and preparation of financial statements and other areas critical to elevate the role of the finance function in their organization.
What is accounting and bookkeeping?
Definition of accounting:
Accounting, is the process of recording and monitoring all operations. and inputs, that represent economic events. according to specific regulations, and financial information that is mainly used by investors, managers of institutions, tax authorities and the decision-makers segment, with the purpose of distributing resources within institutions, ]companies or government agencies. Moreover accounting helps to demonstrate and track the company’s activity and the extent of influence on the basis of its funds. It helps in preparing the financial statements in an accurate manner and also accounting is a legal and administrative proof.
Types of accounting:
There are several types of basic accounting fields, including:
First: government accounting.
It is concerned with monitoring and verifying all processes related to resources related to government activities.
Second: Tax Accounting.
It is the accounting that is concerned and aims to determine the percentage of income and the value of profits for individuals, and it is concerned with the financial sums collected from commercial operations, and there is a tax system that governs it.
Third: Management Accounting.
preparing accounts and accounting data, which administrators use to enhance the role of control over all operations within the organization, and it is closely related to cost accounting because it depends on data analysis.
Fourth: Cost Accounting.
It is concerned with calculating the cost of one unit that is produced in a specific system or a specific work environment, and it helps in reaching the cost of total production based on an inventory of all productive units.
Fifth: Auditing the accounts.
Or auditing accounts, which is the process of examining and auditing all accounts, documents, accounting books and financial reports carefully and accurately examined so that the auditor can review and determine the financial budget.
Definition of bookkeeping:
Moreover the term bookkeeping is a group of sub-activities for accounting, the main goal of which is to collect, organize, and assist in storing and making available a database of records of financial information, i.e. the so called financial statements.
Scope of services provided by the Accounting Department:
- Maintenance of accounting ledgers (full bookkeeping, income and costs account, VAT registers),
- Performance of annual financial reports (consolidated and individual).
- Preparation of monthly reports (balance sheet, profit and loss account).
- Preparation of additional reports in line with the specifications of the Customer.
- Clients towards tax authorities during tax control.
- Preparation of fixed asset amortization plans.
- Development of company account plans tailored to the needs of the Client.
- Preparation of accounting policies,
- Preparation of the internal bookkeeping procedures,
- Assistance in the issuing of invoices and organization of payments
In the world of business, it's impossible to measure the true success or failure of.
your business dealings without accurate bookkeeping, you’ll have no idea why you barely.
have enough money to operate your business, and you won't know where the money went.
A smart business owner realizes bookkeeping has several undeniable benefits.