Accounting and Bookkeeping Services in Dubai, UAE
It is important for businesses in Dubai, UAE to keep proper records of their financial transactions. This is necessary in order to meet the legal requirements of the country and to facilitate business expansion. Outsourcing accounting and bookkeeping services helps to enhance the effectiveness of organizations, support legal requirements and foster strategic thinking.
At Farahat & Co. We provide efficient and professional accounting and bookkeeping services in Dubai to assist you with your financial needs so that you can concentrate on other important aspects of your business.
What Is Accounting and Bookkeeping?
It is useful to know the fundamentals of accounting and bookkeeping to realize why they are necessary for any business.
What is Bookkeeping?
Bookkeeping services include the organized recording and compilation of financial information. This involves making sure that all the financial transactions such as payment, receipt and expenses are well accounted for. In the UAE, bookkeeping services in Dubai are especially important for ensuring VAT compliance and maintaining records for audit requirements.
What Is Accounting?
Accounting services in Dubai, for instance, are not limited to keeping records. Some of the key features of accounting include; the organization, and interpretation of the financial information that is compiled by the bookkeeping services. Accounting is crucial in businesses based in Dubai since it assists in the preparation of financial statements, evaluation of the business’s performance, and decision making.
Key Differences between Accounting and Bookkeeping in the UAE
It is important for a business to know the difference between accounting and bookkeeping services so as to ensure that the financial management of the business is proper:
| Aspect | Bookkeeping | Accounting |
| Definition | Systematic recording of daily financial transactions. | Interpreting, analyzing, and summarizing financial data to generate reports and insights. |
| Focus | Accurate documentation of all financial transactions. | Analyzing financial data to inform strategic decisions. |
| Scope | Recording transactions, maintaining ledgers, and reconciling accounts. | Preparing financial statements, tax filings, budgeting, and financial analysis. |
| Skills Required | Basic understanding of financial transactions and attention to detail. | Advanced knowledge of accounting principles, financial analysis, and regulatory compliance. |
| Regulatory Aspect | Ensures transactions are recorded in compliance with UAE laws. | Ensures financial statements and reports comply with IFRS and UAE regulatory standards. |
Why Are Accounting and Bookkeeping Important?
Bookkeeping and accounting services are the basic and most important aspect of keeping a business in a financially sound condition. In Dubai, these services are important because of the legal requirements such as the Commercial Companies Law and the Federal Tax Authority (FTA). Here’s why they matter:
- Compliance with Laws: It is important to note that under the UAE law, it is a requirement that companies keep financial records for at least five years. The records must also be VAT compliant.
- Transparency: Providing a clear and comprehensive financial report is very crucial in developing the trust of stakeholders, partners, and even investors.
- Growth Opportunities: Financial information in an organized manner can be used by a company to find out the possible areas of growth, get rid of unwanted expenses and make wise choices.
- Avoid Penalties: If the filings are wrong or if they are delayed, there are penalties to pay. The accounting and bookkeeping services in Dubai that we offer ensure that all legal consequences are avoided.
Our Accounting and Bookkeeping Services Include:
1. General Bookkeeping Services:The business must maintain financial records in well-organised and good condition. Our professional bookkeeping services are extremely precise, thus every transaction is properly documented to deliver clear and precise financial statements.
2. Financial Statement Preparation:We also assist in the preparation of the financial statements. This includes the income statement, the balance sheet and the cash flow statement. The financial reports give a clear view of your financial status and are useful in making the right decision for your business.
3. Accounting and Compliance:Managing VAT and complying with the FTA’s guidelines in the UAE can be a difficult process. We help with proper VAT computations, FTA compliance and proper filing at the right time to avert penalties.
We handle payroll management services including payroll management, ensuring timely salary disbursements, compliance with UAE labor laws, and accurate calculation of benefits, deductions, and gratuity.
5. Budgeting and Forecasting:The most important factor in any business is proper planning. The budgeting and financial forecasting services help you to have a good plan on how to meet your business objectives while at the same time being financially prudent.
6. Financial Reporting:Detailed financial reports enable you to make better decisions. Our financial reporting services are designed to give you complete information about your business performance which can help you with strategic planning.
7. Business Setup:We help in the formation of the business by ensuring that all legal and financial aspects are properly met. From business registration to licensing process we are here to guide and assist you at every stage.
8. Tax Consultancy:Our tax consultant offers expert advice on UAE tax laws and assists you in planning your tax strategy. We assist you to understand and comply with the tax laws and reduce tax liabilities.
9. Internal Auditing:Carrying out frequent internal auditing is a good practice to ensure all the financial statements are accurate. Our internal auditing services evaluate the areas for development and also check the transparency of the financial operations.
10. Financial Planning:To attain your business objectives, financial planning plays a vital role. We offer you financial planning services to create sound financial strategies that will align well with your long-term objectives.
Why Choose Us for Accounting and Bookkeeping Services?
As for the accounting services and bookkeeping services in Dubai, Farahat & Co. is considered one of the best choices. Here is why you should choose us:
Proven Legacy of Excellence:
At Farahat & Co. we have been providing our professional accounting and financial services to various businesses since 1985 in Dubai.
ISO-Certified and Regulated Firm:
We are an ISO certified company and a witness to the quality and reliability of our services. Furthermore, we are recognized by major UAE institutions such as DIFC, UAE Courts and several free zones as a certified auditor and liquidator.
Licensing and VAT Expertise:
We are a VAT and tax consulting company, duly licensed by the UAE authorities to offer various financial compliance services. From bookkeeping and VAT return to financial audits, we make sure that all legal requirements are met.
Global Network Membership:
Being a member of the Leading Edge Alliance (LEA) Global Network, we offer best practices which are compliant with the UAE laws. This guarantees that our clients get financial strategies that are innovative and lawful.
Confidentiality and Security
We ensure the confidentiality and security of your financial information as our top priorities. All the data is protected and kept secure & confidential by the company’s strong data security policies.
Get Started with Farahat & Co.
At Farahat & Co. we are dedicated to making the financial management as easy as possible for you. If you require bookkeeping services in Dubai, accounting services in Dubai or a complete financial solution for your business, we are here for you. Let us manage your finances so that you can focus more on achieving your business objectives.
Get in touch with us to find out how our accounting and bookkeeping services in Dubai can add value to your business.
