BACKLOG ACCOUNTING

Maintaining proper books of accounts is essential for the sustainability of your company. Accurate accounting allows you to make informed decisions. Start-ups and small to medium-sized enterprises (SMEs) often neglect bookkeeping during incorporation, focusing instead on growing the business.

To effectively understand initial expenses and classify them as assets or capital, it's crucial to maintain proper records from the date of the company's formation. Backlog accounting experts are well-versed in UAE commercial laws and regulations. They assist businesses in understanding legal requirements for record-keeping, financial reporting, and tax compliance, ensuring operations remain within the legal framework.

In the evolving landscape of UAE tax laws, systematic recording of accounting transactions is vital. Proper bookkeeping reduces the complexities of maintaining manual or spreadsheet-based data. Cornerstone provides comprehensive accounting services, reviewing and updating backdated company data from the formation date to ensure accuracy and compliance.

Why is Backlog Accounting Important?

Accounting backlog involves the maintenance and updating of financial records that may have been neglected or mismanaged. This service is important for several reasons:

1. Ensuring that all financial transactions are recorded and accounted for accurately.
2. Meeting regulatory requirements and avoiding penalties for non-compliance.
3. Gaining a clear and precise view of your financial status.
4. Providing reliable data to support strategic business decisions.
5. Preparing your business for audits through accurate and organized financial records.

Benefits of Backlog Accounting:

- Offers crucial data for making decisions
- Recognition of revenue
- Adherence to applicable laws
- Aids in precise financial reporting
- Provides current and timely information
- Flawless maintenance of financial records
- Guarantees thorough business analysis

Our accounting experts gather the necessary documentation after determining the business's nature and mode of operation, and then they update the accounting system. This allows for the generation of important reports such as the Balance Sheet, Profit and Loss Account, Cash Flow Statement, and Aging Reports.

Our Services Include

At Cornerstone, we specialize in backlog accounting services tailored to meet the unique needs of businesses in Dubai.

Our services include:

Financial Data Reconstruction

Revising and reorganizing financial documentation from earlier timeframes.
Discovering and correcting inconsistencies in financial reports.
Verifying the accurate recording of all transactions.

Compliance and Reporting

Revising financial records to meet both local and international accounting standards.
Creating and sending in necessary financial reports and statements.
Guaranteeing adherence to tax regulations and submitting precise tax returns.

Accounts Reconciliation

Checking bank statements, credit card statements, and other financial records.
Finding and fixing differences between internal and external records.
Making sure financial records are precise and current.

Internal Controls Implementation

Evaluating existing accounting procedures and pinpointing areas that can be enhanced.
Establishing efficient internal controls to mitigate potential errors.
Educating employees on the most effective methods for ensuring precise financial documentation.