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An Accounting and Bookkeeping Company is a business that offers financial management services to other businesses. It maintains accurate financial records, prepares financial statements, handles payroll processing, manages accounts receivable and payable, conducts financial analysis and reporting, ensures tax compliance, and provides financial consulting.
The business activities that fall under Accounting and Bookkeeping Company are:
Accounting, bookkeeping and auditing activities; tax consultancy (6920.00): This includes recording commercial transactions from businesses or others, preparing or auditing financial accounts, examining accounts for accuracy, preparing personal and business income tax returns, and offering advisory activities and representation before tax authorities.
Recording commercial transactions involves accurately documenting financial activities such as sales, purchases, and payments. The preparation or auditing of financial accounts focuses on compiling and reviewing financial statements to ensure their accuracy and compliance. The examination of accounts aims to verify their reliability and certify their accuracy. The activity also involves preparing personal and business income tax returns, ensuring compliance with tax regulations and optimizing tax positions. Additionally, the Accounting and Bookkeeping Company provides advisory services and represents clients before tax authorities, offering expert guidance and support on tax-related matters.
While data-processing and tabulation activities, management consultancy activities, and bill collection are excluded, the core focus remains on accounting, bookkeeping, auditing, and tax consultancy.
Note that this business activity cannot be conducted outside UAE.
Recording of commercial transactions from businesses or others (6920.01): This refers to the process of systematically documenting and organizing financial transactions such as sales, purchases, payments, and receipts. It involves accurately recording these transactions in appropriate financial records, such as ledgers and journals, to maintain an accurate and complete record of a company’s financial activities.
This activity is a fundamental aspect of accounting and bookkeeping services. These companies specialize in helping businesses maintain accurate financial records, ensuring compliance with regulatory requirements, providing financial analysis and reporting, and facilitating decision-making based on financial information. Recording commercial transactions is a critical task within the broader scope of accounting and bookkeeping, which encompasses various financial management services for businesses.
Accounting & Bookkeeping (6920.96): This encompasses the systematic recording, analysis, and organization of financial transactions for businesses. It involves maintaining accurate financial records, preparing financial statements, reconciling accounts, managing payroll, and ensuring compliance with tax regulations. By leveraging their expertise and knowledge of financial practices and regulations, Accounting and Bookkeeping Companies provide comprehensive financial management support. They assist businesses in maintaining accurate records, making informed financial decisions, optimizing tax planning, and ensuring compliance with financial reporting standards.
Billing services Provider (6920.99): This refers to a company or entity that offers specialized services related to generating and managing billing processes for other businesses. This involves preparing and issuing invoices, tracking payments, managing accounts receivable, and ensuring accurate and timely billing for products or services rendered.
This activity falls under the purview of an “Accounting and Bookkeeping Company” because billing is an integral part of financial management. These companies often offer comprehensive accounting and bookkeeping services, which include billing as a component. By incorporating billing services, an accounting and bookkeeping company can provide end-to-end financial support to businesses, ensuring accurate recording, tracking, and management of revenue streams.