Most of the start-ups and small and medium-sized businesses are unable keep up with the updated accounting books due to lack of resources as they intend to control their overhead expenses. However, It is mandatory for every registered entity under the company’s laws of UAE and as per UAE VAT Decree Law to keep proper records of their financial transactions for the last five years. So, after some time, those small businesses understand that they need to hire an accounting company. It is prudent practice for such SME’s to engage a professional accounting firm in order to update backlog accounts.
We at BSTC help our customer to set up the backlog account from the date of inception of the organization to the current date. The customer needs to provide all the necessary documents relating to every transaction, may it be Sales Invoices, and Purchases Invoices, Payment vouchers, Receipt Vouchers, Bank Statements, Cash Book Entries, Receipts relating to setting up, pre-incorporation expenses etc. Once we have all the documents in place, our team will review, analyze and record the transactions in a systematic manner and compile the reports for the management or business owners.
The report shall include the following:
