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Bookkeeping & Accounting Services in UAE

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.

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Why Outsource to Accounting Firms in Dubai?

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.

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Accounting Services in Dubai

Bookkeeping Services 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:

  • 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

Pricing Plans

Package-1

AED 1000PER MONTH Above Fees are exclusive of VAT

UPTO 100TRANSACTIONS PER MONTH

SERVICES COVERED :

Trial Balance - Monthly
Ledgers- Banks Reconciliations - Monthly
Accounting Reporting - Quarterly
Balance Sheet + Profit & Loss - Yearly
Tax/VAT Filing - Quarterly
Tax /VAT Computing - Quarterly
Tax/VAT Advisory - Quarterly
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Package-2

AED 1500PER MONTH Above Fees are exclusive of VAT

FROM 101 TO 500TRANSACTIONS PER MONTH

SERVICES COVERED :

Trial Balance - Monthly
Ledgers- Banks Reconciliations - Monthly
Accounting Reporting - Quarterly
Balance Sheet + Profit & Loss - Half-Yearly
Tax/VAT Filing - Quarterly
Tax /VAT Computing - Quarterly
Tax/VAT Advisory - Quarterly
Request This Service Details

Package-3

AED 3000PER MONTH Above Fees are exclusive of VAT

FROM 501 TO 1000TRANSACTIONS PER MONTH

SERVICES COVERED :

Trial Balance - Monthly
Ledgers- Banks Reconciliations - Monthly
Accounting Reporting - Monthly
Balance Sheet + Profit & Loss + Cash Flow - Every 4 Months
Tax/VAT Filing - Quarterly
Tax /VAT Computing - Quarterly
Tax/VAT Advisory - Quarterly
Request This Service Details

Package-4

AED 5000PER MONTH Above Fees are exclusive of VAT

FROM 1001 TO 1500TRANSACTIONS PER MONTH

SERVICES COVERED :

Trial Balance - Monthly
Ledgers- Banks Reconciliations - Monthly
Accounting Reporting - Quarterly
Balance Sheet + Profit & Loss + Cash Flow Statement - Quarterly
Tax/VAT Filing - Quarterly
Tax /VAT Computing - Quarterly
Tax/VAT Advisory - Quarterly
Request This Service Details

Package-5

AED 7500PER MONTH Above Fees are exclusive of VAT

FROM 1500 TO 2500TRANSACTIONS PER MONTH

SERVICES COVERED :

Trial Balance - Monthly
Ledgers- Banks Reconciliations - Monthly
Accounting Reporting - Bimonthly
Balance Sheet + Profit & Loss + Cash Flow Statement - Bimonthly
Tax/VAT Filing - Quarterly
Tax /VAT Computing - Quarterly
Tax/VAT Advisory - Quarterly
Request This Service Details

Package-6

AED 10,000+PER MONTH Above Fees are exclusive of VAT

2501 AND ABOVETRANSACTIONS PER MONTH

SERVICES COVERED :

Trial Balance - Monthly
Ledgers- Banks Reconciliations - Monthly
Accounting Reporting - Daily
Balance Sheet + Profit & Loss + Statement of Cashflow - Monthly
Tax/VAT Filing – Quarterly
Tax/VAT Computing - Quarterly
Tax/VAT Advisory - Quarterly
Request This Service Details

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
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