Description- Any company in Dubai requires having accounting and bookkeeping services. Here’s a guide for you to understand why your company needs these services.
Many small businesses, start-ups, and entrepreneurs find it difficult to prepare financial statement of the company, manage bank account operations, analyze financial data, and prepare outgoing invoices. Even though it is commonly believed that accounting and bookkeeping must be down inside the business, it is essential to ask yourself, whether you have the necessary skills and experience to do the job. Due to this fact, it might be worth considering outsourcing someone with the right knowledge and qualifications, which can do the same job more cost-effectively.
Types of Accounting Services in Dubai
- Tax Accounting
It is a service primarily focused on the tax liabilities of the business. It is heavily affected by national and local codes. In Dubai, the Internal Revenue Code determines how an accountant applies tax accounting to a company. The aim of tax accountants is to minimize the tax liability of the business by violating any laws or accounting standards.
- Forensic Accounting
This type of accounting can be compared with auditing. Its main work is to detect malicious fraud. Forensic accountants are required to have an in depth knowledge of laws that could help them determine violations by concerned parties. Law enforcement agents often use this service when investigating financial related crimes.
- Management Accounting
It is a process where accounting professionals analyze past and present accounting data to synthesize an effective and efficient business model for its clients. Some of the processes under management accounting include budgeting, asset management, cost management, and performance evaluation.
Types of Bookkeeping Services in Dubai
- Monthly Bookkeeping Services
This refers to the handling of books and tax filings. It is hassle-free and suitable for any type of business. It’s common that some would offer weekly, quarterly, and yearly detailed breakdowns of expenditures and profit. Such a detailed analysis is incredibly useful in getting an overview of what’s happening to your money.
- Payroll Bookkeeping Services
It can be pretty challenging to build and maintain a proper payroll. If the payroll is not correctly and most importantly done on a time-essential manner, your company might face some serious issues. There are many laws that protect employee’s payroll, and if you violate any of them, then you’re at fault for that. And there will be some heavy fines to pay for such actions.
- Bank Reconciliation
It is another term for checkbook balancing. This is massively useful for business that witnesses a difference between bank statements and personal records. Having proper bank reconciliation can help you make an informed decision on which statements are wrong.
5 Benefits of Accounting and Bookkeeping Services in Dubai
- Saves Cost
Having accounting and bookkeeping services outsourced for your business can save a lot of money than you think. The savings that outsourcing usually provides can be quite considerable as most companies can offer their services at the lower cost rates (typically due to lower labor costs at their location).
- Time-Saving
Once your business starts growing, you will find yourself spending more time managing your money and less time expanding the business. Therefore the outsourcing administrative task like bookkeeping and accounting helps you to focus on creating business strategies and bringing in more revenue for the company.
- Professional Service
The service providers have to continuously improve their skills and qualifications to stay competitive in the market. Hence, you can be sure that you are handing over your accounting and bookkeeping task to a reliable and knowledgeable person.
- Reduces Risk Factor
There are various risks associated with business finances. It includes having money stolen by trusted employees. It can be hard to enforce solid checks and balances system without putting your employees at odds with your business. The only way to get around this is with trusted outsourced accounting services.
- Finances are in Order
It doesn’t matter whether your business is flourishing or tanking. Knowing exactly where you stand in your finances offers peace of mind. As a business owner, you have to be confident in the decisions you make for the company.
Having proper accounting and bookkeeping services in Dubai is a great step towards propelling your business forward. You’re either choosing to be more cost efficient by opting to outsource or you’re choosing to free up your time to grow your business. Either way, your company’s accounting is not optional. It is required by law to maintain accurate and complete financial records. And doing so, allows you to implement profitable decisions.
We at Business Setup Worldwide help you set up your business in the UAE. Apart from this we also offer accounting and bookkeeping services for companies. Our experts are well versed with the day-to-day laws and procedures in the UAE and can help you efficiently and effectively. Do contact us today to know more.