Accounting services in Dubai are an important and necessary part of running a business and staying compliant with all the laws.
It can be difficult to know how they differ, however,
so here are some of the differences between accounting and bookkeeping.
Bookkeeping is the process of recording all of your financial transactions in order to make sure that everything balances.
Your bookkeeper will also process all incoming deposits for you, make bank transfers
when needed, reconcile your books, invoice clients for work completed,
prepare financial reports for you (such as profit-and-loss statements), or anything else that needs to
get done to keep your books organized.
In terms of legal requirements, it is important that you never sign a check from your business
bank account without written authorization from a company officer.
In other words, an authorized signature on a check says that the person who signs is legally bound to follow through with any payments made out of that account.
Tax services are different in Dubai because they include tax consulting and planning, income tax preparation for individuals and businesses,
payroll accounting services, sales tax preparation, and anything else related to complying with UAE laws regarding taxes.
There’s a big difference between bookkeeping and accounting immediately apparent: bookkeepers only track financial transactions while accountants manage all aspects of finance including budgets,
profit-and-loss statements, cash flow forecasting, cost controls, accounting, auditing, taxation, business consulting services, and financial reporting.
When you hire an accounting firm in Dubai to keep your books for your company in compliance with UAE law, you’ll have peace of mind knowing that everything is being done accurately and legally.
You can focus on running your business while they take care of the numbers!
Contact Us for More Information
If you are looking for professional bookkeeping or accounting services in Dubai then please contact us today about your needs.
We are always happy to help our clients understand what options might be available to them based on their specific circumstances.
All inquiries are kept strictly confidential and all dealings will remain at arm’s length until a formal agreement has been negotiated between parties.
5 tips for choosing an accounting firm in Dubai
1. Engage several qualified accountants for services. Check their rate of charge. Do not take the rates of one or two firms as the benchmark rate of charge. It’s good to compare them with at least three firms.
2. Consider the following in your assessment of an accountant:
– How long they have been in business?
– Have they done any kind of preparatory work in order to get you started with your decision-making process?
– Is there anything peculiar about their fees?
– Can you communicate with them easily, either through phone or email?
3. Be very clear upfront about your needs and wants in terms of services before meeting with anyone so that they may progressively give you more specialized attention and get you the best deal.
4. Ask each accountant for a time frame which they would need to complete your assigned tasks and services, and if it’s reasonable or not before signing on with any firm.
5. Ensure that your accounting firm has good knowledge in the areas of taxation and auditing both at federal and international levels because these are crucial in establishing one’s business credibility.
Choosing a Virtual Accounting Services in Dubai can be a difficult process. There are many considerations that must be made before making your decision, including considering the rate of charge for services and assessing their experience with clients.
We hope these 5 tips will help you find the right accountant to meet all of your needs so you can grow confidently as a business owner.
If you need any more information about choosing an accounting firm or other financial advice, feel free to contact us anytime!