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Year-end practices that every bookkeeping professional should follow in the UAE
Having an enquiring mind and keeping up with all updates are indeed the regular practices of a professional bookkeeper, but there are also some just practices for a professional bookkeeper to be followed at the end of the year. Usually, most of us set up plans with our family and friends at the end of the year, but the case isn’t the same with a professional bookkeeper. Being a VAT expert, it is though important to manage future plans with clients but dealing and being updated with government policies is a must. These year-end practices include setting some realistic and futuristic projection of plans to be dealt with.
Also, year-end is a time to set up meetings with clients and discuss all the points regarding future plans. It is also the time when clients check the records since they will eventually need all the tax returns prepared. Since clients give their trust to your security, bookkeeper’s duties aren’t just confined to the professionally based arena but also to the personal interactions and financial wellbeing of the client.
Now let’s look at some important year-end practices to be followed by a bookkeeper in Dubai: –
- Maintenance of the to-do list or ChecklistThere are clients who require much attention towards their financial exchanges because of the frequent participation in active business, or either their firm comes under the heavy working sector of the market. With such rigorous and heavy transactions, there is a need for continuously updating the checklist. Due to such engaged working periods, there may be chances where rectification of the checklist is required. During the working period, one keeps on recording the transactions safely and correctly, but there may be a chance of very little discrepancy at some random state in the past. Therefore, the re-check or rectification of the checklist is important at the end of the year when it comes to bookkeeping services in Dubai.Above this, the safety and proper use of the client’s capital are ensured, and the client receives its deserved attention. This practice also encourages one to foreplan the strategies for the upcoming phase and make precise decisions regarding those strategies.
- Reconciliation with past transactions and their analysisThis practice is much important at the end of the year. It is very necessary to make a check that all transactions are up-to-date, all bills and dues are cleared, and their proper entry is made in the checklist. Checking that every receipt and document is properly marked and recorded is of utmost importance at this stage. Any discrepancies between inventory management and the record made must be crosschecked; this helps in more error-less and accurate bookkeeping. Now comes the stage when analysis comes into the picture; apart from good maintenance of records that are error-free, there’s one another job to be done. Checking and looking for unnecessary expenses made. This practice is of vital importance when it comes to bookkeeping in Dubai; not only it helps to cut-short the over-expenses but also aware of the client about any unrequired services or expenditure.
- Checking the invoicesYear-end is the time to look at the invoices. It is always a good feeling to get paid for the work you performed, and therefore checking all the old and marked invoices is an essential and regular step of the process. Check for any old invoices that are left unpaid. Reviewing all the reports and data regarding the invoices helps understand the intervals of time after which the payment is made.This also helps in informing the clients in a diligent manner about your status and eliminates any further delays.
- Marking new strategies and plansIn a country like the UAE, to survive as a bookkeeper is a job of planning and keeping up with the competition. The Year-end is not the same for a bookkeeper as it is for any other normal person. This profession requires a constant momentum to work efficiently and correctly. In a competitive field like that of the UAE, it is important to be tech-savvy to keep up with the dynamic changes occurring in the field of Information Technology and online banking and marketing. Gone are those days of manually recording data, it’s the new age where transactions are done in milliseconds. One important thing that a bookkeeper in UAE needs to have good knowledge of is the tax that needs to be paid and the government policies regarding these taxes. Tax planning strategies are important since they help both the bookkeeper and the client to pay the least amount of tax as the law allows.
- Client relations and personal growthIn-country like the UAE, where the economy is flourishing and new start-ups are coming up; it’s very important to hold good client relations for both professional as well as personal growth. The UAE has got higher competition in this specific arena, but the only way to keep pace with it is to keep updating and analyzing. This is always considered as a good practice, especially when one is working in a field which keeps on altering dynamically.Since time is no less than money these days, on a very serious note compiling up the due work of the year before its end is essential. This would not merely help you remove all discrepancies from the records but also help in planning future strategies. One important thing to note is that keeping personal finance separate from the business helps in tackling any unnecessary expenses.
Many such practices at the end of the year turn out to be beneficial for the bookkeeping professionals. Though practicing this job is not very easy in a country like the UAE, but a person who plans well and follows a schedule is able to tackle all the hurdles that come his/her way. It is important to maintain good relations with clients and keep on improving themselves. Well-structured steps are the foundation for great success, and this could be achieved by planning and implementing things well.
These year-end practices are helpful in maintaining an efficient and smooth working pace while, in the meantime, you plan for the future.