Accounting Services

Accounting

Accounting is a systematic process of identifying, recording, evaluating, categorizing, verifying, summarizing, interpreting, and communicating financial information. Proper accounting reveals the profit or loss for a specific period, as well as the value and nature of a company’s assets, liabilities, and owners’ equity. It encompasses the practices and body of knowledge related to recording transactions, maintaining financial records, conducting internal audits, reporting and analyzing financial information for management, and advising on taxation matters. Accounting provides insights into a business’s available assets, the financing methods used for those assets, and the outcomes achieved through their utilization. Accounting firms play a crucial role in enhancing businesses’ goodwill, financial stability, credit management, auditing, financial reporting, and more. CDA is a leading accounting firm in the UAE, offering excellent accounting and bookkeeping services with a team of expert financial advisors and accounting professionals dedicated to managing your business’s auditing, bookkeeping, VAT, and accounting needs in the UAE.

Accounting Services

Accounting

Accounting Methods

Accounting methods are practices used by industries to account for income and expenses. There are two main accounting methods:

Accrual Accounting: This method recognizes revenues and expenses when they are incurred, regardless of when cash is exchanged. Businesses are required to make reasonable estimates for bad debt expenses.
Cash Accounting: This straightforward method of accounting records all revenues and expenses at the time they are received or paid. It is suitable for small or new businesses that operate on a cash basis or do not maintain inventories.

Main Areas of Accounting

Accounting extends beyond mere recording or bookkeeping of financial transactions. It encompasses various branches that provide specialized services:

Forensic Accounting: Handles court and litigation cases, fraud investigation, claims and dispute resolution, and other legal matters. Auditing: Includes external and internal auditing to examine financial records and business practices.
Auditing: Includes external and internal auditing to examine financial records and business practices.
Financial Accounting: Involves recording, classifying, and presenting business transactions and preparing financial statements.
Cost Accounting: Focuses on recording, presentation, and analysis of manufacturing costs to aid in decision-making.
Cost Accounting: Focuses on recording, presentation, and analysis of manufacturing costs to aid in decision-making.
Fiduciary Accounting: Manages accounts administered by individuals empowered to oversee property for the benefit of others, including trust, receivership, and estate accounting.
Accounting Information Systems (AIS): Involves the development, implementation, and management of accounting procedures and systems.
Tax Accounting: Deals with tax planning, preparation of tax returns, income tax ascertainment, tax advisory services, and assessment of tax-related decisions.
Management Accounting: Supports management needs through financial analysis, budgeting, cost analysis, and evaluation of business decisions.

Main Areas of Accounting

Accounting extends beyond mere recording or bookkeeping of financial transactions. It encompasses various branches that provide specialized services:

Forensic Accounting: Handles court and litigation cases, fraud investigation, claims and dispute resolution, and other legal matters. Auditing: Includes external and internal auditing to examine financial records and business practices.
Auditing: Includes external and internal auditing to examine financial records and business practices.
Financial Accounting: Involves recording, classifying, and presenting business transactions and preparing financial statements.
Cost Accounting: Focuses on recording, presentation, and analysis of manufacturing costs to aid in decision-making.
Cost Accounting: Focuses on recording, presentation, and analysis of manufacturing costs to aid in decision-making.
Fiduciary Accounting: Manages accounts administered by individuals empowered to oversee property for the benefit of others, including trust, receivership, and estate accounting.
Accounting Information Systems (AIS): Involves the development, implementation, and management of accounting procedures and systems.
Tax Accounting: Deals with tax planning, preparation of tax returns, income tax ascertainment, tax advisory services, and assessment of tax-related decisions.
Management Accounting: Supports management needs through financial analysis, budgeting, cost analysis, and evaluation of business decisions.