Accounting and Bookkeeping Services in Dubai
No matter what line of business you have, keeping the company’s accounts in order is a mandatory requirement. With UAE becoming the top-most choice as a business destination, many business or company owners select Dubai as a location to expand their business in UAE.
Advantages of Opting for our Accounting And Bookkeeping Services in Dubai
Cost Effective Services
If you hire a dedicated or full-time accountant in UAE can cost a lot and has associated expenses such as monthly salary, travel cost like visa, tickets etc, Emirates ID and labour contract fee, gratuity provisions, mandatory medical insurance, annual leaves, training expenses and overtime benefits. In case you decide to hire our services, we give you an option of a fixed monthly fee that is tailored according to your specific requirements and hence that becomes a more cost-effective and affordable choice.
Flexibility and Saving time
Specific to your requirements and preference, our team can plan to visit your office on a regular basis – may be fortnightly, monthly basis to work on your books of accounts. We can also assist you remotely in completing your accounting work. By outsourcing your accounting and bookkeeping functions to an agency helps you to focus on bigger tasks like business development and saves your precious time.
Bringing the benefits of Expert Knowledge
We, at Quvisor, boast of a team of expert professionals who are experienced and qualified accountants. When you outsource your accounting and bookkeeping services in Dubai, you get services from expert professionals in this field. Therefore, you can expect better quality and timely completion of the tasks.
Scope of Scalability
When you outsource your accounting and bookkeeping services in Dubai, you have more chances and scope for scalability. When there is more demand for accounting tasks, you can amend the work given to us and in the same, when the volume of your accounting tasks goes lower than usual, then you can re-negotiate your payment options and the service charges you pay to us can be slashed down and your business can save money.
Dubai has been witnessing rapid business growth in the last couple of years, and the need for maintaining Books of Accounts both for business excellence and legal requirements has never been so paramount. UAE commercial company law 2015 and UAE VAT law require business establishments in Dubai to maintain proper books of accounts and for a minimum period of five years. Accounting Services in Dubai help businesses to outsource all accounting functions and provide the best in- house accounting experience at a reduced cost.
There are three leading business jurisdictions in Dubai UAE, and companies in these jurisdictions are Mainland or onshore companies, offshore companies, and free-one companies. All mainland or onshore companies are licensed by DED, Department of Economic Development of UAE, and need to file Tax Returns at the end of every financial year.
When do you know it is time to outsource Bookkeeping and Accounting services in Dubai?
There are times when business circumstances compel you to think about bookkeeping and accounting outsourcing companies in Dubai, and some of these reasons are
How can Bookkeeping and Accounting Outsourcing companies in Dubai help manage your business?
Bookkeeping and Accounting outsourcing companies in Dubai can help promote your business in many different ways and provide services in the areas of Cloud accounting, Corporate and Financial Accounting, Bookkeeping, and Statutory Compliance, Part-time and full-time accounting, Cost Accounting, Internal Auditing. Also, accounting outsourcing companies in Dubai offer services related to VAT and Tax management and consultancy. E-commerce accounting and Big Data handling is another area where accounting services in Dubai prove their presence recently and aided by smart technologies of machine language and artificial intelligence.
What are the business areas customarily covered by accounting services in Dubai?
There are several service offerings from accounting services in Dubai. The primary functions that are covered by accounting outsourcing companies in Dubai are
Finance and Accounts
Bookkeeping services in Dubai also prepare financial statements, including Balance sheets, income statements, and Cash flow statements. Accounting outsourcing companies in Dubai normally carry out the following routine activities
Human Resource and Industrial Relations
Routine HR and IR activities carried out by Dubai accounting services are
Value-added services are always on offer from Singapore accounting firms which includes
Bookkeeping and accounting services in Dubai also offer services to deal with the company’s tax structure and tax audits, including tax filing and tax returns. Tax auditing services in Dubai ensures timely return filing for avoiding regulatory penalties. They also do tax planning for tax exemptions and incentives, if any.
VAT Registration Services
Dubai accounting services also offer VAT registration, filing, and return services, including implementation of VAT accounting procedures. VAT services help businesses to avoid costly penalties and maximize returns.
What are the advantages of outsourcing Accounting and Bookkeeping Services in Dubai?
Bookkeeping and Accounting services outsourcing in Dubai offer multiple advantages to Startups, SMEs, and even to Large Sized Companies and mainly in the following areas
Setting up your in-house bookkeeping and accounting department in Dubai generally means lots of expenses in recruiting internal bookkeepers and accountants, an accounts manager, and a CFO and meeting their monthly salaries and parks. There are other indirect expenses as administrative and human capital cost in addition to these vast fixed salary expenses. Employee cost being a fixed cost in nature, almost always takes away your competitive business advantage. Outsourcing bookkeeping and accounting services can save you a lot of money as an employee and HR cost.
In today’s complicated business setups requiring firing guns in multiple business areas simultaneously, multitasking has become indispensable for Business owners and top management executives. Considerable time needs to be spent by top business executives in promoting product and service development, strategy formulation, marketing management, CRM, and risk management initiatives. Bookkeeping and Accounting services companies in Dubai UAE can relieve top executives from their day to day accounting related issues and administrative follow-ups of the internal accounts team and offers an opportunity to use their time more constructively towards business and strategy development, product and service quality improvement, business expansion through mergers and acquisitions.
Outsourcing your Bookkeeping and Accounting Services in Dubai always offers more flexibility in your choices and engagement of accounting service providers than permanent in-house accounting staff or even a part-time account hired on a contract basis. In the case of underperformance, you always have an option to switch over to other outsourcing companies. Scalability comes when your business is dull, and there are limited business transactions. In such cases, you can always negotiate the cost with your accounting outsourcing company and make some savings. Startups can also go for part-time accounting services and make their ventures more profitable.
Your in-house accounting personnel may not always be privy to the nitty-gritty of Dubai Accounting and Taxation formalities causing regulatory compliance issues and lost money in tax incentives and tax exemptions. Once you opt for outsourcing the best bookkeeping and accounting services in Dubai, your accounts are handled by a team of experts with intimate knowledge of industry-specific rules, ensuring timely regulatory compliance and avoidance of fines & penalties.
Employee turnover is very familiar at present days, and there is a constant need for searching and employing new employees through advertising and interviews, putting additional cost burden on your HR and admin department. Focus reviews and periodic evaluation of internal accounting personnel also cause other headaches. Management decisions on incentives, salary hikes, and promotions can even get on your nerves due to many complexities involved. Outsourcing bookkeeping and accounting services in Dubai can keep you free and relaxed and make you more focused and productive.
Bookkeeping and Accounting outsourcing companies can keep you well informed on the latest changes in statutory rules and regulations and on accounting and financial standards. This will result in fast and timely adherence to laws and regulations and help avoid possible penalties.
When you decide to opt for bookkeeping and accounting services outsourcing, you also become eligible for other value-added services at an optimum cost. Services like internal audits, analysis and reporting of financial statements and GST services, and long term tax planning are often included in the complete accounting suite. Internal audits by independent third parties can help you identify system and process anomalies and rectify them. Multiple reports on financial statements can make your cash flows more transparent.
So why is an efficient accounting practice imperative for a business?
An effective and streamlined accounting process helps in providing all the necessary information that the management and the stakeholders of the company ask for. Though, the dynamic business ecosystem has made the accounting practice more complex than before and managing this function without any professional help could be a very daunting task. We can pitch in at this juncture and our mission is to help professionals and companies in taking care of their end-to-end accounting and reporting needs through Quvisor’s outsourced accounting services in Dubai. We not only help you to deal with your accounting challenges such as lack of specific accounting expertise, shortage of staff, and operational roadblocks, but our team of qualified and experienced professionals help you to enhance the overall quality and efficiency of your entire accounting function. We also provide solutions to any issues or inefficiencies we spot in the process. Quvisor also provides custom and tailor-made solutions and accounting services in Dubai for our clients. We offer our services in the following areas:
Business accounting services
Why should you outsourceyour accounting division to Dubai?
As per the UAE Commercial Company of 2015, there is a legal requirement that all the businesses should maintain their proper books of accounts for a minimum of five years.
As there are different priorities for all organizations at different times, it’s not simple to keep a track of all this and comply with so many legal necessities while taking care of your competition as well. Considering this, the accounting function becomes quite challenging to manage,which is why so many firms find outsourcing accounting an effective proposition today. Outsourcing a company’s accounting services in Dubai is a better and profitable proposition because it enables companies in a big way.
Bookkeeping Services in Dubai
Quvisor also offers best-in-class accounting and bookkeeping services in Dubai and we also use one of the best accounting software. Highlights of the services we offer are:
Cleaning up the Books
If your company’s records are not clear, your financial transactions are in a mess, and nothing seems to make sense when you see your books of account; then, it’s time you sought our help! We, at Quvisor, can help in doing a cleanup of your financial books by organizing the records in an order to ensure that you business is on the right track. Our experienced and expert chartered accounts help you in sorting any issues you might have regarding your financial books. Just get in touch with us and let us look for the best solution for your problems and manage your books of accounts.
Responsibility of all your reviews – Monthly, Quarterly, and Year-end
It is important to know where you stand in your business and what’s your financial position. Therefore, it’s important that your company’s financial reports are accurate. Towards this object, we conduct reviews for your business at regular intervals such as monthly, quarterly, and year-end reviews for your organization. We conduct precise reviews for your company which will help your business in every sphere.
To analyze your organization’s performance also to forecast numbers for the future, you would need precise and trustworthy data about your company’s financials. We, at Quvisor, ensure to make accurate financial statements so that your documents such as income statements, balance sheets, and cash flows are in accordance with the Generally Accepted Accounting Principles (GAAP). We are one of the top accounting firms in Dubai and promise to provide you accurate financial statements and manage them properly throughout the year in compliance to the GAAP so that you do not experience any challenges or concerns.
We manage bookkeeping services in Dubai for various clients, including big multinational companies and even start-up enterprises. We match up our pace with you and extend our support matching your requirements and needs. Our bookkeeping services help in sorting and taking care of the following tasks for you:
Please note: All financial transactions include all the business income and expenses, the receipts, payments and other adjustments.
Preparing Financial Statements in UAE
A financial statement is a formal and written record, which convey the financial performance and activities carried out by a business or entity and usually consists of four main components. Financial statements present the financial status and information of an enterprise very clearly and concisely. Any company’s financial statements typically include their balance sheets, income statements, and statements of retained earnings and their cash flows. However, at times an entity may also need some additional disclosures in detail depending on the pertinent accounting framework. These financial statements are at times, audited by accountants, firms, or government agencies, to make sure that they are accurate for taxation or other purposes such as financing or investing. Due to various global and UAE jurisdictions, preparing financial statements is a mandate for all businesses. Quvisor offers to take care of preparing your financial statements including the following:
Audit and Assurance in UAE
The process of an audit is an unbiased and independent verification of the company’s financial statements, which enhances the worth and the credibility of these statements. We, at Quvisor, get your audits done based on your specific requirements and budget.
Tax Compliance Services in Dubai
We also help various businesses in duly completing and submitting the annual accounts and tax returns for all companies and professionals in UAE.
Bookkeeping is the recording of financial transactions and is an integral part of a business’s accounting process. It is basically an activity that keeps track of all financial transactions and posts debits and credits.
Bookkeeping is the process of recording and organizing all financial data, while accounting is the process of analyzing financial data and preparing financial statements, namely balance sheet, Cash flow statements, and profit and loss accounts.
International financial reporting standards (IFRS) are the mandatory accounting standards in Dubai. All listed companies, in NASDAQ Dubai or Dubai Financial Market or Abu Dhabi Securities Exchange, must manage and control accounting records in accordance with IFRS.
You can access the latest smart technologies that can assure more reliable support without increasing your fixed cost. E-Commerce businesses handle big data that is a large collection of information used to determine price, product and promotional priorities.
Dubai UAE Ministry of Economy is the accounting regulatory body. There are other professional bodies, e.g., UAE AAA, UAE National Accountants, and Auditors Association.
From 1st January to 31st December is the accounting or financial year in Dubai.
As per Dubai UAE Commercial Companies Law, Federal Law No. 2 of 2015, Article 27 Chapter 2, every company needs to appoint a licensed Auditor registered under the Ministry of Economy for auditing its Books of Accounts.
Books of Accounts are typically maintained for four main reasons, e.g., Legal Requirements, Management control of Businesses, informing investors and shareholders on the organization’s financial health, and other third party requirements, e.g., Banks, Municipalities, or Financial Institutions.
Bookkeeping and Accounting can help you manage your business better and more profitably. Bookkeeping and Accounting helps a company or industry in the following manner
- It helps you identify your budgetary requirements for your business
- It helps your company to prepare timely tax returns
- It helps you to comply with mandatory legal requirements
- It helps you to analyze your financial data and make informed business decisions for competitive advantage
- It also helps in future business planning by analyzing past business data
- It helps you to report the business health to concerned investors and shareholders and raising funds for your business
- It supports other business processes like operations, marketing and sales, and HR and used for identifying process inadequacies and improvement opportunities
- Bookkeeping helps you identify debtors and creditors and can be used for better cash flows.
- It also helps in tracking business growth and accordingly decides on future business strategies
Startups need to infuse a lot of money as working capital in their business initially and for the most effective use. Choosing an in-house accounting involves a lot of money typically and even then doesn’t always guarantee the desired output due to the lack of expertise. Outsourcing bookkeeping and accounting companies become cheaper, more value-creating, more flexible, and negotiable based on business needs and expert training for internal employees.
Some situations commonly compel you to decide on outsourcing your bookkeeping and accounting needs. When your company is growing, and on multiple fronts, a considerable amount of financial information needs to be processed and can’t be handled by in-house accounting personnel.