Accounting and Bookkeeping Services in Dubai
Accounting Firms in Dubai
Accounting and bookkeeping services are crucial for businesses of all sizes in the UAE and are mandatory according to government regulations. Maintaining proper and standardized books of accounts is essential, as recording all financial transactions systematically and comprehensively. These services assist businesses in managing day-to-day financial operations, enabling management to make informed decisions based on accurate financial records.
By implementing systematic accounting and bookkeeping, companies can prepare detailed financial documents such as balance sheets, profit and loss statements, and trial balances. In the UAE, maintaining a company's books and accounts for a minimum of five years is compulsory. Many companies hire accounting firms in Dubai to fulfil these legal requirements while focusing on their business objectives.
Farahat & Co. is a reliable accounting firm in Dubai for accounting and bookkeeping services in Dubai, UAE due to their extensive experience and knowledge across multiple industries. They offer high-quality and timely accounting services in the UAE, providing optimal financial records to run businesses smoothly and effectively.
Their chartered accountants follow the International Financial Reporting Standard (IFRS) to provide updated and organized accounting solutions. Accounting services in the UAE are essential for businesses of all sizes, and Farhat & Co. is a trustworthy choice to fulfil these requirements.
Advantages of Outsourcing to Accounting Firms in Dubai, UAE
Proper bookkeeping is crucial to accurately track a business's assets, liabilities, and income. Outsourcing accounting to a chartered accountant firm is a cost-effective solution that brings expertise to the company. Accounting and bookkeeping services in Dubai are essential for any business, regardless of the size or nature of the business. In the UAE, there are several benefits of accounting and bookkeeping services that companies can take advantage of, including:
Financial Control:
Financial Control: Accounting and bookkeeping services provide businesses with a clear picture of their financial performance, which allows them to control and manage their finances effectively. It enables them to track income, expenses, and assets, which helps them make informed financial decisions.
Compliance with Laws and Regulations:
Compliance with Laws and Regulations: The UAE has several laws and regulations regarding financial reporting, tax compliance, and auditing. Accounting and bookkeeping services in Dubai help businesses comply with these laws and regulations, avoiding costly penalties and legal issues.
Improved Business Performance:
Improved Business Performance: Accounting and bookkeeping services in Dubai provide businesses with financial reports that help them identify areas where they can improve their performance. It enables them to make informed investment decisions, cost reduction, and revenue growth.
Better Financial Planning:
Better Financial Planning: Accounting and bookkeeping services in Dubai help businesses create budgets, cash flow projections, and financial forecasts. This information allows companies to plan for the future and make informed decisions.
Time and Cost Savings:
Time and Cost Savings: Outsourcing accounting and bookkeeping services in Dubai saves businesses time and money. It allows them to focus on their core competencies while professionals handle financial management. It also eliminates the need for hiring and training in-house staff, which can be costly.
Accounting and Bookkeeping Services in the UAE
Accounting and bookkeeping services are essential for any organization in Dubai, as they play a crucial role in maintaining a healthy financial status by recording and assessing all financial transactions. Bookkeeping services are particularly important, as they help classify data and generate reports that aid decision-making and reduce business risks.
However, small and medium enterprises may not have the resources to hire a full team of specialists, which can lead to an increase in workload and risks of errors. In addition, investing more time in accounting and bookkeeping services can distract businesses from other essential activities.
To address these challenges, outsourcing accounting and bookkeeping services in Dubai can be an effective solution for SMEs. This approach allows businesses to benefit from the expertise of professionals without incurring additional costs or responsibilities.
Outsourcing enables companies to focus on core activities and promote overall development while reducing the risks of inconsistencies and errors. Overall, accounting and bookkeeping services are critical to maintaining a healthy financial status, and outsourcing can be an excellent solution for SMEs to ensure accurate and timely accounting records.
Difference between Accounting and bookkeeping services
Accounting and bookkeeping services are crucial in maintaining a healthy financial status for any organization. Accounting involves retrieving, interpreting, organizing, and presenting financial information as reports and analyses. Businesses need to reduce compliance consequences and improve decision-making control.
- Financial accounting, the first accounting segment, involves preparing financial reports such as balance sheets and invoice statements.
- Executive accounting, the second accounting segment, deals with financial health-related activities such as performance analysis, investment decisions, and budget handling.
- Accounting services in the UAE also include tax compliance maintenance, tax filing, and management of other rules and regulations set by governing authorities.
- Help companies to record accounting activities,
- Monitor payables and receivables, manage reports, and
- Eliminate tax implications.
Why Farahat & Co. is one of the best accounting firms in Dubai for accounting and bookkeeping services?
Are you looking for a reliable accounting firm in Dubai, UAE that can help you streamline your financial operations and achieve your business objectives? Look no further than Farahat & Co.!
At Farahat & Co., we pride ourselves on being a leading provider of accounting and bookkeeping services in Dubai, UAE. With over 35 years of experience serving clients in various industries, we understand the unique challenges and opportunities businesses face in this dynamic and fast-paced city. Our highly skilled and knowledgeable professionals are committed to delivering exceptional accounting and bookkeeping services that meet your specific needs and exceed your expectations.
Whether a small startup or a large corporation, we have the expertise, tools, and resources to help you manage your finances confidently and efficiently. We've covered you, from financial reporting and compliance to budgeting and forecasting. With Farahat & Co. as your trusted partner, you'll know that your financials are in good hands. Contact us today to schedule a consultation and see how we can help you achieve your business goals.
List of services that we are offering:
Aside from the ones mentioned above, the following list below contains the services that we are offering. These are the accounting entries and reports that we are capable of doing with merit, ensuring everything is orderly with your financial side:
- Journal Entries Preparation
- Posting of Revenue/Sales
- Posting of Payments
- Petty Cash Accounting
- Posting of Material Received
- Payroll Accounting
- Fixed Assets, Depreciation
- Accounts Receivable
- Credit and Debit Adjustments
- Balance Sheet
- Cash Flow Statement
- Posting of Journal Entries
- Posting of Receipts
- Posting of Purchase Invoices
- Posting of Material Issued
- Projects Accounting
- Administration and General Expenses
- Bank Reconciliation
- Accounts Payable Reporting
- Trial Balance Reporting
- Profit and Loss Account
Frequently Asked Questions
What are the common adjusting entries?
The most common types of adjusting entries are:
- Prepaid expenses – also referred to as deferred expenses, they’re paid in cash basis and recorded as company assets before being utilized;
- Accrued expenses – also known as accrued liabilities, they’re expenses incurred but not paid or recorded;
- Unearned revenues – also known as deferred revenues, they’re received in a cash basis and recorded as company liabilities prior being earned;
- Accrued revenues – also referred to as accrued assets, they’re revenues earned but neither paid nor recorded.
Can a purchase be considered as capital instead of expenditure?
Purchases may be recorded as capital instead of expenditure if they provide utility to the company for more than a single reporting period. Capital expenditures include:
- Computer equipment;
- Office equipment;
- Buildings;
- Furniture and fixtures;
- Land;
- Intangible assets;
- Software;
- Machinery; and
- Vehicles
What does a bookkeeper do for a small business?
The role of a bookkeeper in a small or medium-sized enterprise will depend on a business’ nature. For small businesses, the duties of a bookkeeper are extensive and the professional is responsible for all paperwork processing for transactions of the company and getting information recorded in general ledger accounts. Bookkeepers may also do the following:
- Manage cash;
- Process payroll;
- Process invoices of vendors;
- Bill and follow up accounts receivable;
- Reconcile account balances;
- Prepare and process adjusting entries
