Accounting Firms & Bookkeeping Services in Dubai, UAE
Accounting and bookkeeping are two different things.
Accounting deals with the recording of a company’s financial transactions of businesses and individuals. Accounting is one of the most important factors that make a business run, and it is essential for you to know why accounting is the lifeblood of any business. If this part of a company is not orderly, it should be expected that the business is not running as efficiently as it should.
Bookkeeping, on the other hand, is all about recording a company’s economic activities. The entries are summarized periodically. It was called “bookkeeping” because before the computers were born, these were recorded in actual books. But now, transactions are recorded electronically.
It’s been mandated in the UAE Commercial Company of 2015 that maintaining proper books of account for at least five years is now a legal requirement. VAT in UAE already implemented now its time of tax returns filling, books of account should be maintained for five years as well.
There are a lot of things to be done in an organization, and it is always not easy to comply with the legal requirements and keeping track of business strategies to be consistently in the race with businesses. With this, the accounting side of a firm is quite difficult to manage that’s why accounting services in Dubai are being offered by various firms as outsourcing is a major option for companies.
Outsourcing accounting services in Dubai is an advisable move since it can help organizations greatly especially when you are outsourcing from a accounting services company that uses the most up-to-date accounting software in Dubai like FAR – Farahat & Co.
Why Outsource to Farahat & Co.
As mentioned above, accounting and bookkeeping have important roles in a company. Regardless of what kind of the industry you belong in, it is always essential to have clear and straight business accounts. With outsourcing, you will be able to stay on your business, reduce cost, access information (through the outsourced accountants and bookkeepers), get experts and professionals, and avail a wide range of services. This is where FAR – Farhat Office & Co. enters the scenario. If you’ve been asking how to find an accountant who can provide excellent accounting and bookkeeping services in Dubai, you’ve come to the right place.
With more than 30 years of experience in our hands, we are capable of providing outstanding accounting services and bookkeeping services for small- and medium-sized enterprises. We have been dealing with a lot of companies in different industries providing various services because we are also one of the top auditing firms in Dubai having CPAs in Dubai who handle as well our payroll and HR solutions service. We work with organizations about the deregistration of the company and even with forensic accounting in Dubai. Also, before all of that, we process everything they need with trademark registration in Dubai as well. As one of the prime accounting firms in Dubai, we have a number of the top CPA in Dubai who can oversee the bookkeeping services and accounting services with quality. These CPAs also help in project developers audit and work closely with our auditors for Owners Association in Dubai.
We offer our accounting and Dubai bookkeeping services with the best accounting software in Dubai. Below are simply a few of the services that we offer:
Books Cleanup
If you have messy records of your financial transactions and everything seemingly do not make sense with regard to your financial side of things, we can help you out to clean your books, arranging them in an orderly manner for you to be properly informed and ensure that you are on the right track. We have some of the best chartered accounts in UAE who are willing to aid you with any problem you have with your financial records. You can simply hand over to us your dilemma, and we will find the perfect solution for it.
Monthly, Quarterly, and Year-end Reviews
It is imperative that you are aware of the standing of your business. In this case, to safeguard the accuracy of your financial reports and financial position, we can conduct a monthly, quarterly, and/or year-end reviews for your organization. As we are blessed with outstanding CPA in Dubai, we can give you a guarantee that these reviews that we will conduct for your firm will be as precise as can be and will definitely aid you to have more confidence in conducting your business.
Financial Statements
Because you need reliable data regarding your financial condition to analyse your company’s performance and make predictions for the future of your organization, we can make your financial statements as accurate as possible, ensuring that your balance sheets, income statements, and cash flows adhere to the generally accepted accounting principles or commonly known as GAAP. Being one of the leading accounting firms in Dubai gives the clients a certain affirmation that the fairness and accuracy of their financial statements will be managed properly in accordance with the GAAP so as to not raise any concern from the client’s firm.
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:
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:
