The daily transactions of a firm are recorded through bookkeeping
, an important procedure which is required in any kind of business no matter if it was registered in the UAE with foreign capital or not. Bookkeeping
means accurate financial transactions, invoice issuance, effective payroll
which are entirely registered whether with computer applications in large companies or manually in small businesses. We remind that companies in Dubai
must consider the services of an accounting firm
that can offer not only professional support but also knowledge and assistance in varied departments in a firm.
What bookkeeping services do we provide?
Typical financial transactions and tasks that are involved in bookkeeping include:
• Invoicing goods or services provided to clients,
• Recording and tracking the corresponding receipts from customers,
• Recording, verifying and tracking invoices received from suppliers,
• Releasing payments to suppliers and vendors,
• Processing salaries and payouts to employees,
• Tracking and monitoring accounts receivables for companies and individuals,
• Recording and tracking asset depreciation,
• Providing adjusting entries,
• Providing financial reports.
Bookkeeping services are offered with a three-pronged approach to developing and maintaining your company’s overall financial processes and management. The first level is created and managed by the role of an accounting software specialist. The role of the specialist is to create what is called an accounting data file, which is entirely customized to the very specific needs of you or your business. The role is also supposed to ensure that as the business owner, you have all access to the necessary software and financial reports required for your business.
The second layer in bookkeeping services is the role of a full-charge bookkeeper. While basic duties of a bookkeeper is to track payables and receivables and keep all the business financial transactions documented, there is more to this layer.
A full-charge bookkeeper would also be managing payroll, handling deposits, creating and maintaining monthly financial reports, and managing the ever-changing world of sales taxes as well as quarterly taxes and withholding. Bookkeeping services also provide bank reconciliation statements and also assist in internal or external audits at this level.
Your bookkeeping services provider should also assist you in:
• Obtaining a business loan,
• Being able to answer an auditor,
• Developing and designing your yearly budget plan,
• Enhancing your business plan.
Quite simply, you will need the bookkeeping services provided by this second layer of a full-charge bookkeeper. We can help ensure that each of these tasks are completed correctly, in a timely manner, and that they are accurate enough to be truly useful.
The bookkeeping services covered by the two roles of software specialist and full-charge bookkeeper would help you get started with all your fundamental business transaction recording. You would be able to create a series of checks and balances within your business. The bookkeeper would help record and analyze the spending of individual departments, accounts receivables and payables reviewed and fulfilled by him or her, and the company’s spending is contrasted with its budget for review and analysis that can help identify inefficiencies and create more accurate future budgets.
Our accounting &bookkeeping services also offer the third layer – the controller. The controller is responsible to increase the company’s overall financial accountability and checks and balances. A controller would also review the bookkeeper’s ledger for accuracy and also maintain the integrity of the accounting data file in the future so that adjustments can’t be made without approval. Finally, a controller would issue the required monthly financial reports to highlight any critical issues that business owners need to understand and possibly address.
How bookkeeping services benefit your business
One important aspect to be recognized under accounting & bookkeeping services is the underlying framework or foundation upon which the activities get done. In general, bookkeeping services implement — and maintain — a consistent financial process that strengthens the health of your company and helps to create and encourage uniformity in tracking, paying and reporting. This is really precious as it helps insulate your business from many costly and dangerous risks.
Some of the benefits of this process come into play when the full-charge bookkeeper periodically coordinates with the management or with other departments to approve purchases and gather expense reports. Not only does this activity require extreme organizational, management and math skills, but a bookkeeper must also have people skills in order to make this smoothly functional.
Another benefit of accounting & bookkeeping services is to help you in reducing your overall expenses. Not only do the bookkeeping services ensure that books are maintained properly to avoid costly mistakes, fees, and penalties; but they can also help alert you to waste and mismanagement of supplies and inventory. All the while, the bookkeeping services work so that you save time since you will no longer need to try and perform these tasks yourself.
Without a doubt, bookkeeping service save your business both time and money, but the processes and consistency introduced can increase the longevity and efficiency of your business, making you more profitable for decades to come.
Hiring a Bookkeeping Service
Engaging with a bookkeeping service provider is about more than just finding someone who can use a calculator and understand software. You would want a full-fledged team that has the professional background, training and experience to really benefit your business. You need people whose expertise you can rely on. Ideally, you want to focus on those who have any certification on off-the-shelf accounting packages, or any additional professional certifications in specific accounting software, or experience in firms that employ certified accountants.
One of the easiest ways to secure an experienced, certified, professional bookkeeping service is to use a professional accounting service provider. In fact, you can hire an entire team of bookkeeping staff—including an accounting software specialist, full-charge bookkeeper and controller—all through the professional bookkeeping service, without having to create an internal department. You may well find that after utilizing their bookkeeping services, your company couldnot afford to let go of their expertise.
It does not matter where your company is located, a bookkeeping service provider can give you all the advantages you need to stay open and profitable for many years to come.
You give your business so much in order to grow and succeed. You give it your time, expertise and ideas, you market your products and services and hire qualified employees, you design benefit packages, maintain insurance, and have a dedicated space. Now it’s time to take your business to the next level and ensure its future success by putting a bookkeeping services team in place. Allow them to give you the advantage of maximized efficiency of your business income and expenses while holding your employees accountable and minimizing exposure to various financial and audit risks. If you care about the future of your company, hire a virtual bookkeeping service today.
tailored to its needs. Our management specialists in Dubai
can provide you with consultancy on management and business development
, which will be implemented according to your business plan, in order to gain financial benefits and improve the company’s share on the Dubai
market. Our team of specialists is very familiar with the business environment in Dubai
and also with the legal framework applicable here and they can offer you professional financial advice.
Tax advice for your business in Dubai
Because the tax structure in Dubai is appealing to all foreign investors in this Emirate, a business is subject to several tax exemptions or other benefits, like:
- there is no taxation on dividends and on capital gains for companies in Dubai;
- oil and gas companies need to pay the corporate tax;
- bank branches are levied with 20% tax rate on the registered incomes;
- goods and services in Dubai are subject to a 5% VAT rate since January 2018;
- the excise tax is imposed on non-essential products (tobacco, luxury vehicles, jewelry, beverages).
How does a financial restructuring take place in Dubai?
When companies can no longer pay their debts to creditors, a financial restructuring
might be the solution, meaning that a reorganization of the assets and operations might be suggested. In this sense, the company can sell the profitless assets, can refinance the debts, can issue new stocks or can sell assets to buy stocks on the market. A financial restructuring
is a serious procedure for which we suggest you talk to our Dubai accountants
for in-depth support.
Choose our experienced accountants in Dubai
Small, medium and large companies in Dubai need to benefit from the services offered by an experienced accountant in Dubai
who can properly handle the financial matters in the firm, in compliance with the International Accounting Standards. A detailed portfolio normally stands at the base of hiring a qualified accountant who can supervise the financial operations of your company in Dubai
What types of accounting services we offer
We are compliant with the local regulatory requirements and we can provide you the accounting services tailored to your business needs. Our company can help you organize and monitor all your accounting and legal documentation, giving you the opportunity to choose between handing us over your accounting totally or partially. We can prepare your balance sheet, income statement and notes, we can review and correct any accounting document, implement external audits, advise you on management and prognostication, strategic management like auditing, evaluation, reviews of provisional accounts.
Our team can guarantee the quality of accounting and financial information. We can help you with the preparation of individual corporate and consolidated financial statements in accordance with international and local reporting standards and regulations. We can also make forecasts, budgets and projections regarding your company’s future. We can advise you on Commercial Companies Law related matters, free zones and regulations, the import-export processes and duties.
The attributes of a chartered accountant in Dubai
Chartered accountants or CAs are professional accountants who can work everywhere in the world within the accountancy spectrum. This is also the case of our team of accountants in Dubai who can deal with a wide range of accounting aspects for companies with establishments abroad. Tax returns, audits in Dubai, annual financial statements, and financial advising are among the services a chartered accountant in Dubai can provide.
Normally, chartered accountants in Dubai
can control all the accountancy needs of a company, but many of them choose a particular specialization under which they work. Some Dubai chartered accountants
only deal with audits or have experience in the tax area, being assigned to specific projects. In any case, foreign investors looking for complete accounting services can receive the support of our chartered accountant firms in Dubai
. Here are extra details about chartered accountants in Dubai
- They can perform internal and external audits for foreign companies.
- Chartered accountants are qualified accountants who can be hired by company owners from abroad.
- Such professionals have complete knowledge of local and international accounting laws.
Company owners interested in accounting services in Dubai can easily get in touch with us and find out more about our chartered accounting firms in Dubai. We are at your disposal with complete guidance and assistance, so feel free to talk to us and send your requests.
How do I choose a chartered accountant in Dubai?
must be Certified Public Accountants (CPA), so proof in this sense needs to be solicited. Moreover, when looking for a chartered accountant in Dubai
, one should also check the portfolio and the experience before hiring such a professional. Recommendations and testimonials can be quite helpful in such a case. It is important to note that chartered accountants
will work in complete confidentiality and transparency, in the best interest of the company. If you would like to know details about the qualifications and experience of our Dubai chartered accountants
, you can address your requests to us, by phone or email, at any time.
Why hire chartered accountants in Dubai?
Both companies and natural persons can be interested in hiring the services of a chartered accountant in Dubai. There are numerous accounting and financial aspects with a high level of sensitivity, therefore soliciting extra attention and knowledge. Specific fiscal aspects must be treated in complete confidence and competence, so a chartered accountant in Dubai is often the solution to foreign companies. This kind of advisor holds knowledge in a wide range of laws and regulations, plus related implications that cannot be handled otherwise. In some cases, investors and business owners consider the support of chartered accountants more valuable than the one offered by regular accountants. For more details about our chartered accounting firms in Dubai, feel free to get in touch with us.
Dubai is known as one of the most appealing tax havens in the world and the destination that provides a wide range of advantages for domestic and international businessmen. The special economic zones come with a series of tax exemptions for many years, besides the possibility of owning a company 100%. The corporate income tax in Dubai applies only to companies with activities in the banking sector, oil & gas sector, and it is set at a 20% rate and 50% respectively. There are no personal income taxes, capital gains taxes, withholding taxes imposed in Dubai. The VAT was implemented in 2018 in the UAE and has a standard rate of 5% for most goods and services for sale purposes in Dubai and the entire UAE. There are also VAT exemptions for sectors like healthcare, education, the export of goods. The double taxation treaties
signed by the UAE with countries worldwide are meant to protect against fiscal evasion and the taxation twice on incomes. More about the taxation system and about what you need to pay in Dubai can be offered by our chartered accountants. We are at your disposal with a wide range of accounting services tailored to the needs of the company.
Audits performed by our chartered accountants in Dubai
It is important to note that audits in Dubai
are performed in compliance with the International Financial Reporting Standards and reveal the correct and complete financial situation of a firm in Dubai. Our chartered accountants in Dubai have experience in this area and can provide their support in a fast and reliable manner. The vulnerable sectors in a company can be detected by an audit performed by our specialists. Working in complete transparency will lead to an accurate financial report and a set of measures that can be implemented in the company in Dubai. You can rely on the support of our chartered accountants in Dubai who can perform internal and external audits no matter where your company is registered.
Preparation of annual financial statements explained by our specialists
The annual financial statements
must be submitted, respecting the international accounting and reporting standards, plus the local regulations. Our chartered accountants can handle the tasks related to the annual financial statements, no matter the type of company you own. In this direction, the balance sheet, cash flow, equity transactions, journals, and other documents will be verified when preparing the annual financial statements. This is an important part of accounting that can be accurately handled by our chartered accountants. If you are looking for the support and experience of a chartered accountant in Dubai, feel free to get in touch with our specialists.
have experience in internal and external audits.10. Can foreign companies hire chartered accountants in Dubai?
Yes, foreign enterprises can benefit from the services of our experienced chartered accountants in Dubai
Taxation in Dubai
In order to understand why accounting services are needed, foreign investors should know that 2017 was an important year marked by two main fiscal reforms in the UAE. The first one is the introduction of the excise tax which became effective last year and the second one is the introduction of the value added tax (VAT).
The excise tax is levied on certain products, which carbonated drinks and tobacco products. The value added tax is applicable to all products and services, with a few exceptions. Our company registration agents can explain how the VAT and excise tax are levied in Dubai. Foreign investors who have opened or plan to open a company in Dubai must now register for VAT, case in which our accountants can help.
Even with the introduction of these taxes, Dubai remains an attractive jurisdiction from a taxation point of view, as there are no corporate or income taxes, apart from those in the oil and gas and banking sectors. Foreign investors can also set up companies in Dubai free zones and can benefit from accounting services offered by our consultants.