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Accounting Services

Accounting Services

Professional accountants can assist companies of all sizes in improving their financial management. Payroll, financial reporting, accounting, reconciliation, VAT reports, corporate tax registration, exemptions, and audit support are all included in accounting services. Accounting services help businesses maintain accurate, up-to-date records of their financial transactions. Companies need accounting to assess their financial performance, and budget to make better choices. A highly skilled team of certified accountants who follow the International Financial Reporting Standards (IFRS) manages accounting services.

Why are accounting services the backbone of the business in Dubai?

Accounting services include bookkeeping, payroll management, audit support, and maintenance of audited statements etc. Accuracy of your financial statement or record, accounting methods, accounting standards, registration for corporate tax, and proper filing of VAT and other taxes of any business is based on bookkeeping and accounting in UAE. The business can adopt bookkeeping and accounting services by outsourcing. It entails contracting a third-party accounting firm to provide accounting and bookkeeping services for your company. 

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Outsourced Bookkeeping Accounting Services in Dubai

What are the regulations/policies for accounting in the UAE?

The UAE adheres to its version of GAAP accounting standards. The policies and guidelines are maintained by IFAC (International Federation of Accountants). In the United Arab Emirates, all government organizations and state-owned businesses are required to adhere to GAAP.

Given below are the key principles of UAE accounting regulations:-

  • Income is realized at its actual realization while an expense is recognized as soon as it is incurred. Earned money is acknowledged.
  • Liabilities and assets are fairly valued except for leases and financial instruments. The effective interest rate at amortized cost is used to calculate these.

                                                   

Outsourced Bookkeeping Accounting Services

What Are The Policies/Guidelines For The Record-Keeping Accounting?

The UAE Federal Law requires the business to maintain financial records and statements unaltered for a minimum of five years is crucial. 10 years time limitation is set by the Ministry of Finance for tax compliance.                                                        

  • Documented transaction record:-Documentation backed by a receipt is required for every transaction above AED 1,000. The company name, date of issuance, the signature on the receipt, and the identification of the beneficiary should be on the receipt. Additionally, the quantity and nature of the transaction must be stated. To offer transaction evidence, the data is necessary to increase accounting accuracy.                                               
  •  Transactions A Record:-bank statement is necessary for each financial transaction. The statement has to include the transaction date, the organization receiving the funds' name and address, and other pertinent information. Additionally, the quantity and nature of the transaction must be stated. Companies may keep an electronic copy of the reports. 

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Accounting Services in Dubai

What Are The Outsourced Bookkeeping Accounting Services?

Maintaining the financial transactions record is called bookkeeping. Working with virtual accounting firms requires that you use electronic means. Bank reconciliations and the recording and updating of regular financial transactions are included in bookkeeping services. 

  • Payroll Management:- One of the main justifications for organizations outsourcing their accounting is payroll. The monthly payroll for your business, complete with pay slips, reports, and gratuity calculations, will be handled by accountants. Processing payroll is a challenging task that requires certain expertise.
  • Audits and audited statement:- Accounting services help you make sure your records are kept current in compliance with International Financial Reporting Standards (IFRS) and help you carry out your yearly audit. It includes a balance sheet, profit and loss statement, cash flow statement, general ledgers, etc.
  • Payables Accounting:- Bill payment processing is within the purview of this department. The person in charge of accounts payable needs to be extremely meticulous and educated on tax regulations.

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Accounting Services

What Are The Positive aspects of Accounting Services Outsourcing for Dubai Businesses?

Choosing a reputable accounting firm to work with might be the first step in outsourcing corporate accounting services in Dubai. These businesses use certified public accountants. They support you in all facets of accounting and financial reporting. accounting services and online bookkeeping can be outsourced. Major justifications for hiring outside accountants in Dubai include the following:

  •  Cost-effective

You will save more money if you outsource your accounting and finance work. Someone doesn't need to be paid a full-time salary. Hiring a single full-time employee might cost more than AED 293,638 per year. Pension, health insurance, employer's expenses, Education and Progress in One's Career are expenses that arise when you hire permanent staff to handle your accounts. It is possible that managing your accounts may require you to recruit a lot of staff members. More salary expenses result from this. By cutting down on expenses, outsourcing increases the profitability of your business. While outsourcing accounting services, contractual agreements are feasible. Amidst the challenging economic conditions of today, entrepreneurs are searching for inexpensive solutions.

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