Accounting services in Dubai

Introduction - What are Accounting Services?

Accounting is the recording of financial transactions. It is one of the core business functions. Accounting is the bedrock upon which a company centers its financial decisions that hold significance for its investors and lenders.

Dubai has been constantly serving as an open business-hub welcoming international investors, entrepreneurs, consultants, industrialists to set up their own corporate space. More than 94% of the companies operating in the UAE are SMEs and together, they account for more than 86% of the total private sector workforce as well as more than 60% of the country's current GDP, which is estimated to go up to 70% by 2021. SME’s account for 95% of the business establishments in Dubai with a majority of these operating in the trading sector.

As the number of corporate entities grew, it proportionately expanded the requirement for accounting and auditing needs. These services are essential for an organization, regardless of size and nature. Over the time, business investors find it beneficial by outsourcing the bookkeeping exercises to professional firms because of the services they offer.

The execution of VAT in the UAE has not only affected the tax calculation but also changed the way UAE organizations operate and do business.

Some of the core services provided by an accounting firm are:

Accounting and Financial: Taking consideration of the budgetary needs of the organization.

Audit and Assurance: Serves the purpose of scrutiny the company core essentials, and to figure out if the activities carried out are legal or not.

Tax: Helping a business entity while dealing with tax filing.

VAT: Helping a business entity to understand VAT requirements and complying with the rules

Company Incorporation: Wherein the firm assists in providing services related to setting up a company.

Management Consultancy: Helps to deal with a business plan, fraud investigation etc.

Why you need accounting?

In today’s world, accounting and bookkeeping services play an essential part in the business environment. Following points will help to understand the requirement of accounting and bookkeeping Services in an organisation:

• It documents and analyses all the inflow and outflow of cash taking place in the business includes processes like tax filings, payments to the creditors, loans taken, etc.
• Help in preparation of the business valuation report
• To understand the financial health of an organisation
• It helps in further business planning
• Proper maintenance of accounts book can help in the audit process
• Focus on your core business – Book keeping, Taxation and Financial Reporting to banks in the UAE requires fulltime consideration and monitoring. Outsourcing accounting and bookkeeping services in Dubai will empower you to focus on the core business. While you strategize, market, fund, sale and focus on your daily operational, an accounting and bookkeeping firm can handle the taxation aspects of your business.
• Reduced Costs & Limit Errors - Accounting and bookkeeping services in Dubai – UAE can appear to be an extra expense. However, outsourcing accounting services can help you decrease costs & limit errors. If you do a mistake you will have to face the penalty, but a professional accountant will know how to reduce your overall costs without any blunders. Professional accountants can confine human error, have complete knowledge about payments and tax obligation, due dates, etc.

Conclusion

Accounting and bookkeeping services in Dubai are the need of the hour! Well organized, meaningful financial records are the foundation of a successful business. Accounting and bookkeeping services assist business entities to provide them by showing the true accounting status of a business and support in the procedure of planning then choice making.

DNA Growth is a global professional services provider specializing in Finance and Accounting Outsourcing, Payroll and outsourced Digital Marketing Solutions. Contact our Dubai Partner, Mr Kanav Minocha @ kanav.dubai@dnagrowth.com (or alternatively feel free to WhatsApp on +971 56149 8070) to understand how we can help you with the same. 

For more information, Visit: https://www.dnagrowth.com/