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.
In order for a company to succeed in a certain business field, it is necessary to have a management strategy
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.
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.
If you are interested in accounting services
which can be offered for your company in Dubai
, please contact
our team of accountants in Dubai
for more information on this topic.