Accounting deals with the documentation and recording of a company’s financial transactions between businesses and individuals. Accounting is one of the most crucial factors that make a business run, and it is important for you to know why accounting is the backbone of any business. If this aspect of a business is not organized, it should be concluded that it does not perform as well as it should. Without well-designed accounting practices that are firmly in position, a company will make less informed business decisions — which pose a serious threat to investors, lenders, and key stakeholders.
Accounting services in Dubai are needed by all companies, regardless of the size of the company, as the UAE Government makes it mandatory to maintain a comprehensive and systematic record of all financial transactions of the company.
Accounting Services in Dubai
The scope of accounting has reached the next level in today’s globally competitive market. Any country in this world has got its own challenges in the field of accounting. In UAE, Accounting is not triggered by tax for individuals but has got to do with corporates. The accounting firms in Dubai have significantly increased which gave a push to a large number of an accountant in Dubai. Let’s have a look at the accounting services in Dubai that a company needs to avail.
- Bookkeeping and Reporting Services available with GAAP and IFRS local requirement
- Monthly Bookkeeping to track on each transaction
- Financial reports that include the preparation of Balance Sheet, Income Statement, Trial Balance
- Accounts Payable Service to review the invoice and payment documentation
- Accounting Reconciliations
- Business Valuation to figure out asset valuation, compliances regarding mergers and acquisition transaction, forecast the possibilities
Outsourcing Accounting Services in Dubai
It’s been mandated in the UAE Commercial Company of 2015 that maintaining proper books of account for at least five years is now a legal requirement. There are a lot of things to be done in an organization, and it is always not easy to comply with the legal requirements and keeping track of business strategies to be consistently in the race with businesses. With this, the accounting side of a firm is quite difficult to manage that’s why accounting services in Dubai are being offered by various firms as outsourcing is a major option for companies.
Outsourcing accounting services in Dubai is an advisable move since it can help organizations greatly especially when you are outsourcing from an accounting services company that uses the most up-to-date accounting software in Dubai. Businesses and companies in Dubai and UAE are now more inclined to outsource their accounting and bookkeeping services not only to save money but to add value in order to gain more control and understanding of the company’s cash flow and therefore make informed decisions.
Benefits of Accounting Services
Let’s look at the advantages that can be gained from using accounting services:
- Tracking Malpractice
It becomes easier for any firm to track any financial malpractice that takes place in an organization. Moreover, they can be rectified and redirected.
- Legal Requirement
Accounting books are to be maintained in a transparent and clear way so that it eases out the audit process and suffices the legal requirements. According to the legal requirements of the UAE, proper accounting records are to be maintained, and failure to do so will have legal implications for the company.
- Decision Making
Accountancy and bookkeeping services help an organization to take decisions regarding purchase, expansion, promotion, demotion, budget preparation, etc. It helps to take decisions considering both the internal and external environment.
- Budget Preparation
Well maintained book of records helps an organization to keep a continuous check on their budget. It provides a flexibility to increase or decrease the budget as per their company requirement. Old and new budgets can be prepared, maintained and controlled anytime.
- Averting Financial Crises
Since these recorded statements are recorded and evaluated continuously, they reduce the risk of the financial crisis for the organization.
A clear book of accounting records helps a business to sustain in the competitive market. As mentioned above, it helps in decision making. Proper decision making can help the business to grow and sustain in this competitive market.
Why Choose Us?
Riz & Mona Consultancy offers accounting services in Dubai that maintain quality accounting and financial records. At Riz & Mona, our accountants provide standardized accounting and bookkeeping services in Dubai which allows the business to run efficiently and effectively. We follow the International Financial Reporting Standard (IFRS) and provide well-maintained accounting and accounting systems and accounting solutions to ensure better revenue and development of the business.