Backlog Accounting

Build your business positively by imbibing a clutter-free backlog clearance with us. Whether you are preparing for an audit, planning for restructuring, or just cleaning up your records, ride with us to make your backlog accounting process a more balanced one. 

With these, we also update your ledgers that have not been updated in years and bring overdue financial records up to date.

Backlog accounting is a straightforward process where professionals identify, update, and correct a business's financial transactions that were either overlooked over time or delayed for various reasons. It also involves the following actions:

1. Recording missed and unposted income/expenses

2. Checking out bank and ledger balances

3. Identifying unpaid receivables/payables

4. Updating payroll, VAT, and even compliance filings. 

To put all cards in place, backlog accounting involves organizing your records.

Why Is It Important?

We have come to know that regulatory compliance is essential if your business is operating in the UAE, and any delay in financial reporting or inaccurate records can lead to the following difficulties:

1. Missed VAT filings and hence tax penalties

2. Audit issues from FTA and compliance risks

3. Poor and reduced cash flow, thus impacting business revenue

4. Improper business decisions based on wrong data

Although these are the demerits of incorrect data recording, they can be reduced or corrected through backlog accounting, which helps firms address these issues quickly and smoothly.

Major Reasons For Accounting Backlog

Your books may be left behind or outdated because of reasons like:

1. Outdated or manual entry system

2. Fewer labor or time constraints

3. Lack of skilled personnel

4. Sudden business growth without a financial plan

5. Poor documentation or negligence in reconciliations

Experience with us offers a complete range of backlog cleanup solutions, which starts from:

1. Sales and Purchase Backlog

We identify and correct every pending sale transaction, unposted invoice, delayed orders, and even inventory misalignment.

2. Work-in-progress Accounting

Our experts track and correct in-process records from manufacturers and service providers to ensure accurate profit reporting.

3. Accounts Payable Reconciliation

Enhance your cash flow and improve the seller-buyer relationship by recovering overdue payments and bringing vendor obligations up to date.

4. Payroll & Tax Filing

We help review, calculate, and file everything from missed payroll to VAT returns and more.

Our approach is simple, structured, and straightforward, where we do the following:

1. Understand the current state, identify any gaps, and then assess the reporting needs.

2. Collect all relevant documents, such as invoices, bank statements, ledgers, and records, and then categorize them.

3. Updating all past transactions in modern accounting software accurately.

4. Generating financial reports like balance sheets, profit and loss sheets, cash flow, and AR/AP reports.

5. Finally, giving you a walk-through on the reports generated and identifying any red flags.

After updating all your books, we provide a detailed financial snapshot of the following to help you gain investor confidence and make better decisions.

• Balance sheets
• Profit and loss statements
• Sales and performance reports
• Financial ratios and KPIs
• Cash flow statements
• Working capital analysis reports

We help you clear the backlog by bringing precision, transparency, and unique strategies that none of our peers can excel in.

1. Cloud-based advanced accounting tools

2. Chartered accountants for each project

3. Ensuring tax compliance to avoid penalties 

4. Always staying audit-ready with accurate books

5. Helps to make informed business decisions

6. Optimizing cash flow in real time by learning what comes in and out

7. Saves time as we do the heavy lifting

8. Clears timelines and on-time generation of reports

9. Dedicated and round-the-clock support

10. Letting you gain complete control of your finances