Accounting a Service-Based Business in the UAE
14

Nov 2019

For a stabilized business, accounting service is a crucial part. For recording every financial transaction, maintenance of organized cash inflow and outflow, expenditure and supply and for many more purposes accounting service is necessary. Overall accounting firm in Dubai can be categorized as a comprehensive and systematic way of analyzing, summarizing and preparing reports based on the transaction, taxation, and regulations. Many types of accounting can be included, such as management accounting, cost accounting and some basic accounting that help to make a business decision.

Bookkeeping Services

Both and accounting and bookkeeping are two significant parts of a business. Auditing mainly deals with identifying, measuring, and recording, financial transactions of business data. It represents a nontechnical term, so it doesn't need any particular skill for this operation. Bookkeepers are required in order to be accurate in their work and knowledgeable about financial topics on which they have to work. An accountant or sometimes the management usually oversees bookkeepers' work. There are two types of bookkeeping - Single entry and double-entry bookkeeping services. Financial decision is not part of bookkeeping.

Accounting Services in the UAE

Accounting services are the key ingredients for business and for every entrepreneur who wants to invest in UAE for a successful business will find himself in need of specialized. Our companY JAXA Charted Accountants, is all set to provide all our clients with a very sophisticated and easy way, including all types of services they require for smooth and accurate tax compliance.

Some of the accounting services you need to put in your business in the UAE are

  • Audit services
  • All the legal procedures related to accounting matters.
  • Tax and business consulting services
  • Payroll services.
  • investment services
  • VAT registration services for companies
  • Tax minimization solutions
  • Wealth management solutions
  • Bookkeeping services
  • Tax return filings.

Perks of Accounting and Bookkeeping Services in the UAE

Accounting and bookkeeping are fundamental requirements for every business that either may be a large or small business. It can’t function without reliable, accurate, and timely financial information.  It is necessary to observe your company’s performance and day-to-day updates, so you can make proper business decisions.

In the UAE, many investors are incorporating their companies because of its enormous resources. so they have to follow some legal procedures, and it is mandatory. So the benefits of accounting and auditing firms in the UAE are

1.Advantages in Financial Decision Making

If accounting and bookkeeping are adequately maintained, it would be easier to make any financial decisions. After verification and accounting, the company has the whole record of the capital and its investment so that it helps the company to decide on matters like purchasing inventory or hiring a workforce.

2. Legal Obligation

Following a legal procedure is the major part of a business. If an investor wants to set his business in any country, the first thing that should be done is to register the company and get the license from government authority.  JAXA helps to get a hassle-free registration, license and legal proceedings, accounting and taxation services that differ from country to county. By maintaining a record of every legal activity can help a business to avoid disputes regarding any lawful activities.

3.Time Saver

If a record is already prepared and adequately maintained, then it would take less time to figure out the capital structure, the investments, the consumption. Accounting and bookkeeping can help to keep a budget for the company. The amount of import and export can also be recorded in the auditing part.

4.Transparency

A proper account has maintained analyzed, interpreted, and recorded then it would be quite clear in front of the organization as well as the authority. So that public as well as would trust the company for capital investment and business incorporation. A successful business should be transparent enough in front of everyone to avoid fraudulently.

5. Avoidance of Fraud and embezzlement

If the financial book is well maintained the there is very little chance of involvement of any fraud and embezzlement can be avoided. If any false statements are there, then fraudulent charges can be caught, and payments can be prevented from defaulting.

Some government authorities are there to take care of the auditing and accounting part.

Conclusion

Accounting service is a significant service in a business. JAXA Chartered Accountants is a financial consultant in Dubai, ISO 9001-2015 certified firm of experienced Chartered Accountants, auditors and specialist service teams offering a wide range of services including Auditing, Accounting, Feasibility studies and Management and Software Consultancy services tailored to client’s needs. To hire an accountant for business will definitely lead to growth and transparency of the company. management reports preparation, Maintaining accounting records and database, business reconciliation are some of the JAXA accounting services. Contact us to get more information regarding our services.