For Startups, LLC, AOPs, SMEs & Private Companies
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Bookkeeping, Account reconciliations, Financial reporting, Payroll management, Auditing, and fully managed accounting solutions in Dubai! Compliance with UAE GAAP and service provided by certified accountants and follow latest techniques.Â
Our Accounting Services
Worried about your accounting and bookkeeping tasks? Stressed about tax compliance? Poor accounting can lead to costly penalties and even business closure. Let us handle your finances. Our expert team ensures accurate bookkeeping, timely tax filing, and full compliance with UAE accounting standards. Secure your financial future. Contact us for a free consultation.
Bookkeeping Services
Payroll Management
Account Reconciliation
Audit Support Service
Financial Reporting
Compliance with UAE GAAP
Don’t let financial worries hold you back. Take the leap and outsource your accounting now
Accounting and Bookkeeping Policies for Businesses in Dubai
In the UAE, accounting practices adhere to specific GAAP principles overseen by the International Federation of Accountants (IFAC). These standards are applicable to all government entities and state-owned enterprises within the UAE.
Key Accounting Principles:
- Income Recognition: Recognize income when it is realized or realizable.
- Expense Recognition: Record expenses when incurred.
- Revenue Recognition: Recognize revenue when earned.
- Measurement of Assets and Liabilities: Measure at fair value, except for financial instruments and leases, which should be measured at amortized cost using effective interest rates.
Unlock Your Business’s Potential with Outsourced Accounting
Tired of being bogged down by financial paperwork? Imagine focusing on what you do best while expert accountants handle your numbers. Outsourcing accounting isn’t just a cost-saving measure; it’s a strategic move to boost efficiency and profitability.
Our accounting experts offer more than just number-crunching. We provide strategic financial insights to help you make informed decisions. Ready to experience the difference? Contact us today for a free consultation. Let’s transform your business together.
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Book a Free Meeting with our Certified Accountant and let us help you to manage all your accounting tasks
Cash Receipts
For transactions up to AED 1,000, proper documentation is essential. This requires a receipt that includes the business name, transaction date, signature of the issuer, and the recipient’s details. The receipt should clearly state the transaction amount and purpose, which is crucial for verification and ensures accuracy in accounting.
Bank Transactions
All bank transactions must be documented with a corresponding bank statement. The statement should detail the transaction date, along with the name and address of the receiving business. It’s also important to record the transaction amount and its purpose. Maintaining electronic records of these statements can significantly enhance the accuracy of your annual budgeting and financial reporting.
VAT Returns
In the UAE, businesses must comply with the Value Added Tax (VAT) system, introduced on January 1st, 2018. This tax applies to all companies operating within the UAE, regardless of whether their services are local or international. Companies meeting the criteria must register for VAT. Given the complexity of tax regulations in Dubai, it is advisable to establish a VAT Return Policy that aligns with industry standards.
Other Supporting Documents
Supporting documents such as invoices, credit notes, and contracts are essential for financial record-keeping. Additionally, non-VAT-registered businesses should include bank statements. Ensure that all documents are kept in their original form, as copies are not acceptable.
Maintaining Business Accounting Records in Dubai
Many small businesses try to manage their own accounting to save costs and keep operations “in-house.” However, this approach often leads to stress and inefficiencies due to the complexities of accounting, which can be a full-time job.
Instead of handling everything yourself, consider the following options:
Hiring Accounting Staff
Hiring an in-house accountant or a team, depending on your company’s size, can be beneficial. The hiring process involves advertising the job, interviewing candidates, and selecting the right fit. Ideal candidates should have experience in reconciliation, managing accounts payable and receivable, basic bookkeeping, and financial reporting. A skilled accountant can manage all your accounting tasks, though outsourcing these services is also an option.
Outsourcing Accounting Services
Outsourcing accounting involves delegating your accounting tasks to a third-party firm. These firms can handle services such as bookkeeping, tax preparation, and financial statement preparation. You can choose to outsource all your accounting tasks or just the more complex ones. Popular services to outsource include:
- Payroll: Managing payroll is intricate and requires specialized knowledge.
- Accounts Payable: This department handles bill payments and requires detailed knowledge of tax laws.
- Accounts Receivable: This team manages customer payments. Effective management is critical, especially for businesses offering credit, as poor practices could lead to financial difficulties.
- Bookkeeping: This involves recording financial transactions, which can be done manually or electronically, particularly with virtual accounting services.
- Budgeting: Planning your finances by forecasting income and expenses is essential for maintaining financial health.
