Are you planning to start a small business in Dubai? If you are ready to launch your new business in Dubai, Congratulations!
As you know, launching a business is a constant flood of satisfying milestones and increasing to-do lists. With your business launch, you’ll require to get on top of the accounting tasks that come along with owning your business.
How to Set Up Accounting for a Small Business?
Following is the accounting structure for launching a small business with respect to the accounting services in Dubai.
1.Open a Bank Account
After having registered for your business legally, you’ll need somewhere to store your business income. If you own a separate bank account, it will keep your records well-defined and will make life easier come tax time. It also secures your personal assets in any case of bankruptcy, lawsuits, or audits.
Firstly, you must start by opening up a business account, followed by any savings accounts that will assist you in managing funds and planning for taxes. Next, you must consider a business credit card to begin raising credit. Credit is vital for securing funding in the future.
2.Track Your Expenses
The base of solid business bookkeeping is effective and precise expense tracking. It’s a significant step that allows you to keep track of the growth of your business, raise financial statements, monitor deductible expenses, draw up tax returns, and legitimize your filings.
3.Develop a Bookkeeping System
Bookkeeping is the everyday process of recording transactions, classifying and categorizing them, and restoring bank statements. Accounting is a high-level action that observes business progress and makes sense of the data assembled by the bookkeeper by building financial statements.
You will need to find out how you want to manage your books, being a new business owner. For that, you need to develop bookkeeping services for small businesses.
4.Set up a Payroll System
When you get to the point where it makes sense to rent outside help, you need to assess if the person is an employee or an independent contractor. You will have to set up a payroll schedule for employees, and you must make sure that you’re withholding the correct taxes.
5.Investigate Import Tax
You might be thinking of purchasing and import goods from other countries to sell in your business. While importing products, you will be subjected to taxes under UAE federal tax authority.
6.Determine Your Tax Obligations
Tax obligations differ depending on the legal structure of your business. If you are self-employed, you will insist on business income on your personal tax return under UAE federal tax authority.
7.Apply For Funding
There are many cases where a growing small business might need to secure external business financing, either through a line of credit, a small business loan, investors, or even a business partner.
To obtain a small business loan, you need to provide financial statements such as an income statement and a balance sheet at the minimum. You also possibly need to provide a cash flow statement as well.
8.Find High-quality Accounting partners.
Whether executing your own accounts is too much for you or you just want a little extrinsic guidance, small business accountants and financial services professionals can guide you to get more control of your money.
You might consider enlisting a few individuals like an accountant, a certified public accountant, a bookkeeper, a tax preparer, and a tax planner.
9.Periodically Re-evaluate Your methods.
When you first start, you may choose for the use of a simple spreadsheet to manage your books, but as you grow in your business, you will want to contemplate for more advanced methods like Quickbooks or Bench.
As you keep growing in your business, you must continuously reassess the time you are giving on your books. The correct bookkeeping solution means you can give more time in the business with bookkeeping no longer on your plate and effectively save the business money.
Accounting Services in Dubai
Our firm provides an extensive range of accounting services in Dubai for small businesses, in order to ensure that your small business has all the accounts and financials up to date and can be used at all times. We offer accounting and financial services for small businesses in Dubai. We know that poorly managed or records which are out of date can threaten the growth of your business and that is why we provide accounting and financial services
