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Accounting Services & Payroll
Manage your accounting, payroll and financial reports efficiently
Our highly qualified accountants will help you efficiently manage your finances. We provide bookkeeping, reconciliation, financial reporting, payroll, VAT reports and audit support.
Our accounting services
We offer comprehensive accounting services, including bookkeeping, tax reporting, auditing, and much more. Our goal is to optimize your financial processes and ensure full compliance with legislative requirements.
- BookkeepingOur accountants will take away the burden of recording and updating all your daily financial transactions and performing bank reconciliations.
- Payroll ManagementWe will manage your company’s monthly payroll, including generating reports, gratuity calculations and pay slips.
- Account Reconciliation
We will help you ensure the figures in your general ledger are correct and up-to-date and that the balances match.
- Audit Support
We will assist you in completing the auditing.
- Financial ReportingWe generate financial reports to help you determine how your business is performing. These include the following:
• Trial balance
• Profit and loss statement
• Balance sheet
The ultimate guide to business accounting services in Dubai
How accurate are your business financial records and statements? Are your accounting practices compliant with UAE accounting standards? Do you file your VAT and other taxes correctly?
Many companies in Dubai struggle with accounting and bookkeeping. Poor accounting and bookkeeping practices are a financial and legal liability. It could cost you hefty penalties or even lead to the suspension of your business license.
How do you avoid that?
Outsourcing accounting and bookkeeping services has become an ultimate solution for many. It involves hiring a party/accounting firm outside the company to perform accounting and bookkeeping services for your business. Keep reading to learn more about outsourced business accounting services in Dubai.
Many companies in Dubai struggle with accounting and bookkeeping. Poor accounting and bookkeeping practices are a financial and legal liability. It could cost you hefty penalties or even lead to the suspension of your business license.
How do you avoid that?
Outsourcing accounting and bookkeeping services has become an ultimate solution for many. It involves hiring a party/accounting firm outside the company to perform accounting and bookkeeping services for your business. Keep reading to learn more about outsourced business accounting services in Dubai.
Accounting and bookkeeping policies in Dubai
The UAE has its own set of GAAP accounting principles. The International Federation of Accountants (IFAC) is in charge of maintaining these standards. The GAAP principles apply to all the UAE government entities and state-owned companies.
The accounting standards of the UAE are based on the following principles:
Income is recognised when it is realised or realisable. Expenses are recognised when they are incurred. Revenue is recognised when it is earned.
You should measure assets and liabilities at fair value, except for financial instruments and leases. These are measured at amortised cost using the effective interest rates. Running your own business in Dubai is a fun challenge. However, it can also be a struggle when it comes to accounting and bookkeeping.
The accounting standards of the UAE are based on the following principles:
Income is recognised when it is realised or realisable. Expenses are recognised when they are incurred. Revenue is recognised when it is earned.
You should measure assets and liabilities at fair value, except for financial instruments and leases. These are measured at amortised cost using the effective interest rates. Running your own business in Dubai is a fun challenge. However, it can also be a struggle when it comes to accounting and bookkeeping.
Here are five policies you need to follow:
Under the UAE Federal Law, you should keep your financial records and statements. You must ensure those records are intact for at least five years. The Ministry of Finance recommends keeping records for ten years to prove tax compliance.
Transactions of up to AED 1,000 need evidence supported by a receipt. Receipts must be in the name of the business. They must include the date of issue, signature of the person issuing the receipt, and recipient.
You must also indicate the amount and nature of the transaction. The details are essential for proof of transactions. They also improve accounting accuracy.
You must also indicate the amount and nature of the transaction. The details are essential for proof of transactions. They also improve accounting accuracy.
All bank transactions need the support of a bank statement. The statement must include the date of the transaction and the name and address of the business receiving the funds. You also need to include the amount and nature of the transaction.
Companies can keep an electronic record of the statements. Keeping these records helps in accurately preparing an annual budget and profit and loss accounts.
Companies can keep an electronic record of the statements. Keeping these records helps in accurately preparing an annual budget and profit and loss accounts.
Businesses operating in UAE must comply with Value Added Tax (VAT) regime, effected on January 1st 2018. The new tax applies to all companies in UAE, whether your services are local or outside UAE.
Businesses are required to register for VAT if they meet the eligibility criteria. Taxes in Dubai can be a complex matter. As such, your business should adopt a VAT Return Policy that makes sense. It should be in line with industry best practices.
Businesses are required to register for VAT if they meet the eligibility criteria. Taxes in Dubai can be a complex matter. As such, your business should adopt a VAT Return Policy that makes sense. It should be in line with industry best practices.
Other supporting documents include invoices, credit notes and contracts. Also, include bank statements for businesses that are not registered for VAT.
The above documents should be in their original form. Copies of the documents are not acceptable.
The above documents should be in their original form. Copies of the documents are not acceptable.
Before taking the next step, consult with our Business Setup Experts
Simplifying your journey is our mission
Benefits of working with Fortunes Business
Working with Fortunes Business will allow you to not only save time and resources on accounting, but also increase the overall efficiency of your business due to our professional approach and experience
Saving time
and resources
Guarantee of compliance
with legislation
Increased business
efficiency
Benefits of outsourcing business accounting services in Dubai
Hiring the right accounting firm can be your first step towards outsourcing business accounting services in Dubai. These firms have expert accountants. They help you with everything related to financial accounting and reporting.
You can easily outsource your bookkeeping or accounting services online.
The following are the main reasons why you should outsource accounting services in Dubai:
You can easily outsource your bookkeeping or accounting services online.
The following are the main reasons why you should outsource accounting services in Dubai:
Outsourcing reduces overhead costs and makes your business more profitable. Outsourcing accounting services can be done on a contractual basis. In a tight economy, business owners are looking for cost-effective solutions.
A competent accountant knows how to align your accounts with your business goals. An expert will help you grow your business, cut costs and make smart decisions. He will also provide expertise to help you deal with tax and legal issues.
Accounting requires significant effort and takes up to 60 hours a week, which hinders focusing on the key aspects of your enterprise. Outsourcing these tasks allows you to concentrate on business development and customer service.
Ensuring your company's accounting books are in order is key to being tax-compliant. Outsourcing your accounting can safeguard against penalties and legal issues, keeping you in line with legislation. Plus, it leverages experts familiar with UAE accounting standards, minimizing legal risks for your business.
In Dubai, companies face a lack of qualified accountants, making it difficult to recruit and retain staff, even with a minimum two-year requirement. The solution is outsourcing, which provides access to experienced accountants outside the region, helping to bridge the skills gap.
Bookkeeping and accounting have undergone a radical change over the past few years. Many companies use cloud-based services to store client data and keep track of finances. You need to maintain a competitive edge by investing in the latest technologies.
Stay Focused on Your Business
Outsourcing accounting operations frees up time for other operations. It allows you to focus on important business operations. Fortunes Business offers reliable business support services to help your business realize its potential. Our team can help you with bookkeeping, accounting, accounts, payroll and VAT. Our aim is to provide a consultancy service and allow you to focus on your business.
Book a free consultation with one of our company specialists.
Book a free consultation with one of our company specialists.
28C-06, I RISE TOWER, Al Thanyah First, Dubai, United Arab Emirates
© 2024 Fortunes Business.
All rights reserved
© 2024 Fortunes Business.
All rights reserved