Accounting is one of the oldest yet one of the most important functions which a business can perform. It is essential that no matter the size or the nature of the company, every business should avail of accounting services. Therefore, maintaining the books of Accounts is deemed mandatory for a business in the UAE. Here are some questions that will help you understand why accounting is essential for your business.
Accounting Services in Dubai, UAE
Businesses in Dubai are mandated to maintain a regular Book of Accounts. If you are a business that has no professional team handling your records and finances, you may be charged with incorrect Bookkeeping and VAT return filing. No matter the size of your company, Accounting is essential to help you with your decision-making, budgeting, cost planning, and monitoring of your economic performance.
Who Needs Accounting Services in Dubai
All businesses need bookkeeping and accounting services in Dubai to record and audit their finances and balance their books. They pay a monthly service fee to gain access to the expert skills of a team of accountants who are competent in various areas of accounting, be it Bookkeeping or tax management. Through these services, you can save time and money in training and hiring and avoid employee turnover.
These are the industries that need accounting services in Dubai.
- Start-ups
- Businesses that have employees
- Non-profits
- Government agencies/public companies
- Colleges and universities
- Healthcare providers/institutions
- Hospitality businesses
- Retail stores
What Are the Business Accounting Services
The significant accounting services JAXA Auditors provides for businesses in Dubai, UAE, are mentioned below.
- Tax management services
- VAT consultancy services
- Bookkeeping
- Cash Flow statements
- Journal entry
- Balance sheet
- Management Accounting
- Internal Audit
What are the Accounting Methods?
There are two primary accounting methods:
1. The Accrual Method of Accounting
Under this method, revenue is recognized as earned, and expenses are recognized as consumed. The accrual method is considered the most theoretically correct method. However, it requires a great deal of accounting knowledge, which is more likely to be used by more prominent organizations. This method is great for publicly held entities and those businesses that want their financial statements audited.
2. Cash Method of Accounting
Revenue is recognised as customers pay for cash, and expenses are recognised as cash paid to suppliers.
There is also a variation of the accrual and cash methods called hybrid accounting. This can be acceptable in exceptional circumstances but not result in financial statements subject to audit.
What are the Accounting Standards in Dubai
Accounting standards are the rules for financial reporting. These rules specify how the transactions are to be recorded. Accounting standards provide lenders, creditors, and investors with advantages and financial information.
1. International Financial Reporting Standards (IFRS)
This is the standard for accomplishing the activities and tasks of financial management. IFRS deals with particular types of transactions managing corporate accounting, and GAAP is used to manage Balance Sheets, Revenue Recognition, and Item Classifications for public disclosure.
2. Accepted Accounting Principles (GAAP)
This comprises all fundamental rules that deal with particular types of transactions and ensures a common language understandable by accounting companies and business people around the globe.
What are the business areas covered by Accounting Services in Dubai?
Accounting services cover the areas:
Finance and Accounts
- Financial Statements
- Balance Sheets
- Income Statements
- Cash Flow
Human Resources and Industrial Relations
- Employee database management
- Payroll processing
- Leave application processing
- Insurance and statutory deposits
- Employee claims management
- Safety data analysis
Tax Management
- Company's tax structure
- Tax audits, tax filing, and tax returns
VAT Registration Services
- VAT registration
- VAT filing and return services
- VAT accounting procedures implementation
Why JAXA Accounting Firm
1. Cost-effective services
Hiring JAXA Auditors' accounting services, you will have to pay only a fixed monthly fee tailored to your company's specific requirements. This is a cost-effective and more affordable option than hiring a dedicated or full-time accountant in-house. Here you will spend on their monthly salary, travel expenses, OT benefits, etc.
2. Flexibility and timesaving
By outsourcing your accounting and bookkeeping functions to JAXA Auditors, you can concentrate on more critical tasks such as business development, thus saving you precious time. We can visit your office and work on your book of accounts according to your preferences and schedule.
3. Benefit of Expert Knowledge
JAXA boasts of a team of expert professionals who are qualified and certified accountants, and you benefit from their expertise.
4. Scalability
Within a business strategy, your company can grow without being hindered by its structure or available resources when it faces increased production.
Why do you need to Outsource Accounting Services?
When you hire a 3rd party (outside of your company) to perform and complete the accounting function of your enterprise, it is called outsourcing Accounting.
You need to outsource accounting services because it can save you time, effort, and money. You altogether remove the costly benefits packages for a full or part-time employee. You pay only for the actual accounting function when you outsource accounting, nothing else. No salaries, travel expenses, sick/vacation leaves, etc. Save you in productivity and payroll costs.
Jaxa Auditors Is a Chartered Accountant in Dubai, UAE. Contact us if you are thinking about a prosperous future from a business or personal standpoint. We have a team of dedicated accounting specialists, and one phone call can make a difference when it is about accounting, audits, tax, or business consulting. So, dial our numbers at +971 4 220 7355 or email us at jiby@jaxaauditors.com.
We look forward to working with you.