Accounting and Bookkeeping Services In Dubai
Bookkeeping and Accounting services in Dubai play an important role in every industry to record financial transactions, payroll, taxes, invoices and more. There is very little difference between accounting and bookkeeping services, but both share the common goal of developing the financial cycle at different stages.
This day-to-day accounting firm helps to manage income and expenditure in a cost-effective way. However, it has become difficult for ordinary accountants to implement International Financial Reporting Standards (IFRS) perfectly. The solution is to outsource these expert services to achieve long-term goals. Bestax is regarded as one of the leading accounting and bookkeeping firms in Dubai, with a team of highly qualified financial advisors to help you with complex projects.
Accounting & Bookkeeping Are Mandatory Laws in The UAE
In the United Arab Emirates, regulatory compliance is increasing by the day and no business owner wants to incur hefty fines for breaking the law. According to the UAE Commercial Companies Law, every small or large company in Dubai must comply with IFRS and IAS requirements to perfectly manage its financial affairs. In addition, companies are obliged to keep adequate accounting records for at least five years until the end of the financial year. This is also required by the Federal Tax Authority and other government authorities.
Companies, therefore, need expert accounting and bookkeeping services that provide guidance on how to comply with local and international laws, as well as protect them from administrative penalties. Spending on accounting and bookkeeping services in Dubai is an investment that pays for itself in years to come.
Also, Check: Expert Accounting Supervision Services
The Types Of Accounting Services We Provide
Onsite Accounting
If you want all your accounting services done in front of your eyes, our representative is physically present in your workspace and handles all your financial transactions.
Off-Site Accounting ( on Secondment)
Bestax chartered accountants is one of the best accounting companies in Dubai oversee the day-to-day accounting operations of your business and supervise teams to meet financial targets. Depending on your business requirements and the number of transactions, our qualified accountants may visit your office on a daily, weekly or monthly basis to check, spot errors and make any necessary corrections.
Accounting Supervision
Bestax chartered accountants oversee your company’s day-to-day accounting transactions and monitor teams to meet financial targets. Depending on your business requirements and the number of transactions, our qualified chartered accountants may visit your office daily, weekly or monthly to check, spot errors and make any necessary corrections.
Bank Reconciliation
Bank reconciliation is the process of comparing the balances of the original bank statements with the accounting records maintained. The objective of this process is to identify differences and make appropriate adjustments to the accounting records in order to achieve a reconciled balance between the actual bank statements and the cash in the accounting records. Our dedicated team of qualified chartered accountants also provide bank reconciliation services in the UAE.
Our Bookkeeping Services in Dubai Workflow:
1) Understanding Your Business
In this first stage, we understand your business cycle, identify gaps in your existing accounting operations and become familiar with your financial objectives. After a thorough understanding of your business and financial cycle, we select a few accounting programs that fit your budget and requirements.
2) Planning And Feasibility Proposal
A team of professionals performs a feasibility study before preparing a tailored proposal that meets your individual requirements. Our experts make sure that you get maximum results with our cost-effective solutions.
Software Implementation & Bookkeeping
After mutual agreement and approval of the final proposal, we implement the necessary accounting software with a customized chart of accounts and start processing your financial transactions to fulfil your accounting and bookkeeping tasks.
Why should you Choose Bestax?
Competitive prices
Best bookkeeping services in Dubai at minimal charges but never compromise on the quality of service.
Best accounting software
After understanding the work cycle, our certified consultants implement state-of-the-art software, taking into account your budget and business needs.
Guaranteed Results
Our team of qualified Accountants includes the best members of ACCA, CA, CPA and other IFAC bodies who are highly committed to legitimising your financial statements, and financial data, ensuring crystal clear results.
Fast And Accurate
Bestax Accountants promise a prompt response in at least one working day or less. They will also provide you with honest and top-notch advice according to your business type in the UAE.
Regular Financial Reporting
To keep you informed about your financial position, we provide weekly, monthly, quarterly and annual financial reports according to your business type and requirements.
Also Check: Accurate & Timely ACCOUNTING & BOOKKEEPING Services
How Do Accounting And Bookkeeping help With Your Cash Flow Statements?
A bookkeeper offering accounting and bookkeeping services is an essential component of any business, and their job is to oversee cash flow. They use software and Record-Keeping systems to ensure that all transactions are recorded properly, and they check payments and accounts for accuracy. This helps to minimize manual labour and increase productivity. In addition, they will keep an eye on every dollar that comes into the business and leaves it, so you don’t have to.
Most bookkeepers offering accounting bookkeeping services prepare three major financial statements: the profit and loss statement and the balance sheet. Cash flow is a measurement of how much cash you have available and how much money you need to meet expenses. Bookkeeping software can help you prepare these financial statements and share them with your tax preparer or accountant.
With bookkeeping services, your accountant will be able to view and analyze financial records in an organized manner. The book keeper will keep the Chart of Accounts, General Ledger, and journal up to date and provide you with regular statements. Bookkeeping services also help you manage cash flow and maximize your tax deductions.
How To Determine Financial Transactions?
Accounting services work to determine financial transactions and other information for a company. This includes preparing the balance sheet, a document that lists the assets, liabilities, and capital of a business. Experienced accountants use standardized Dubai accounting formulas to create these documents. Assets are things that a company owns, and liabilities are items that it owes. Owner’s equity, on the other hand, represents the amount of money that an owner has invested in the business.
FAQs
How much does the accountant cost?
The cost of an accountant varies based on factors like location, services provided, and the accountant’s experience. Generally, fees can range from $50 to $300 per hour.
What are accounting fees?
Accounting fees are charges for financial services provided by accountants, which may include bookkeeping, tax preparation, auditing, and financial consulting.
How much should I pay for a good accountant?
A good accountant typically charges between $150 to $400 per hour, depending on their qualifications and the complexity of the services offered.
How much does a small business audit cost?
The cost of a small business audit can range from $1,500 to $10,000 or more, depending on the size of the business and the complexity of its financial statements.
Are accounting fees an expense?
Yes, accounting fees are considered a business expense and can typically be deducted from taxable income.
Do I need an accountant?
While not everyone needs an accountant, they can be invaluable for managing finances, ensuring compliance, and providing strategic advice, especially for businesses.
How much is the audit fee in Dubai?
Audit fees in Dubai vary widely but typically range from AED 5,000 to AED 20,000 or more, depending on the complexity of the audit.
What is minimum audit fee?
The minimum audit fee in Dubai can start around AED 5,000, but this can vary based on the firm and the specifics of the audit required.
Why are audits so expensive?
Audits can be expensive due to the detailed examination of financial records, the time required to conduct the audit, and the expertise needed to ensure compliance with regulations.
Can you file accounts without an accountant?
Yes, individuals can file accounts without an accountant, but it can be complicated. Professional help can reduce the risk of errors and ensure compliance with tax laws.
Is audit mandatory in UAE?
Yes, audits are mandatory for certain businesses in the UAE, especially those above a certain revenue threshold or in specific sectors.
Who pays audit fees?
Typically, the company undergoing the audit pays the audit fees. However, the terms can vary based on agreements with the auditing firm.
Who can do audit in Dubai?
In Dubai, audits must be conducted by licensed auditors who are registered with the UAE Ministry of Economy or relevant regulatory bodies.
How much does accounting services cost in Dubai?
The cost of accounting services in Dubai can vary widely, starting from around AED 1,000 for basic services to AED 10,000 or more for comprehensive packages.
