How Accounting Services can help The UAE Transportation Industry
14

May 2020

Accounting service is a worldwide service that plays a vital role in every industry. Overall accounting can be categorized as a comprehensive and systematic way of analyzing, summarizing and preparing reports based on the transaction, taxation, and regulations. Accounting comprises of many types of accounting such as management accounting, cost accounting and some basic accounting which help the management to make a business decision.

In the transportation, sector accounting can be very helpful to describe all the costs incurred, mentioning every transaction and the services rendered in detail. The UAE is considered a tourist hub so it has a massive industry to handle and thus the accounting services in the transportation firms are a key weapon which will record every visitors as well as their transactions.

Account services in Transportation

The basic component of an accountant deals with the cost analysis of the transportation industry. This helps to develop a financial chart and tracking all kinds of expenses related to transport services. The fundamentals of cost categorized as labor cost, purchased transportation, materials and supplies, fringe benefits, taxes, lease and rentals, capital expenses, depreciation and amortization and liability, and casualty costs. Other than that when we have a deep dive into it, we can go through different types of costing systems that include fixed cost versus the variable cost of transportation, the capital cost versus operating cost and lastly direct cost versus shared cost. The overall costing system covers the accounting services in transportation.

For local transportation system accounting should be understood logically and expressed clearly so that it should be comprehensible for everyone.

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 financial services. JAXA Charted Accountants is all set to provide all our clients with various financial services which will be required by a company for easy, smooth and accurate tax compliance.

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

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

Advantages of Accounting Services

An accurate and successful business relies heavily on the accounting service of the business. For a transport business, accounting and auditing play a vital role. 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 their enormous resources and the various benefits of Accounting and Auditing. The benefits of accounting and auditing are:

1.Tracking Transportation Business

Accounting services will help in tracking every journey, every transaction made by the visitor throughout the journey. All the necessary metrics are recorded and analyzed so that the calculation and manipulation of the services provided can be done in a hasslefree manner.

2.Fulfilling Legal Obligation

Following a legal procedure is the major part of any business. If an investor wants to set up a  business in any country, the first thing that should be done is to register the company and get the license from government authority. JAXA will help a company to maintain compliance and  also will provide the necessary accounting and taxation services. Maintaining a record of every activity can help a business to avoid legal disputes relating to the business activities.

3. Financial Decision Making

If Accounting and Bookkeeping are adequately performed in a company, it would be easier to make any financial decisions. After Accounting, the company has a complete record of the capital employed in the business and all its investment so that it helps the company to decide on matters like purchasing inventory or hiring a workforce.

4.Transparency

When a business maintains a proper account and has analyzed, interpreted, and recorded the transactions, then these records could be presented in front of the authority and will also help in presenting the current situation of the business in front of the investors. A successful business should be transparent enough in front of everyone to avoid fraudulently.

Who We are

JAXA Chartered Accountants is a financial consultant in Dubai, ISO 9001-2015 certified firm of experienced Chartered Accountants teams offering a wide range of services including Auditing, Accounting and Management and Software Consultancy services tailored to client’s needs. Preparation of management reports, Maintaining accounting records and database, Business reconciliation, etc. is some of the JAXA accounting services.Contact us to get more information regarding our services. We would be happy to help you at any point of your business setup.