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Accounting and Bookkeeping services in Dubai, UAE
Two main functions core to the financial department of the company are accounting and bookkeeping. Accounting is the process of recording, classifying and summarizing the events, which, in part, at least are financial character and then interpreting the result thereof, while bookkeeping is defined as the process of chronologically recording monetary transaction in the books of accounts in a proper manner. Bookkeeping is only confined to recording phase of accounting, but accounting includes classifying, summarizing and reporting financial information.
It is a common tradition in the UAE for companies to outsource accounting services. As it is a regulatory parameter, that’s why it is preferable to let it done by book-keeping firms in Dubai. If you are looking forward to opening a new business in Dubai, UAE Precious Point can help you with bookkeeping and accounting services. We have a team of experts who are well versed in UAE accounting standards and business accounting. To get more information regarding accounting and book-keeping services in Dubai, UAE contacts us or send us an inquiry.
1 Accounting Services in the UAE
Accounting includes recording of business monetary transactions. It is the main function of the business and upon financial performance, core business decisions are taken. Maintaining accounting books for the past five years is mandatory by law in the UAE. It, along with VAT registration regulated by government from 2018. Now, accounting is a core function of all companies in Dubai. UAE is emerging as a leading business hub of the world and accounting services are crucial for business success.
Why Accounting services are important for Businesses in the UAE
1. Legal obligation
Accounting services in the UAE are mandated by law today and not following can lead to legal implications.
2. Supporting financial decisions
If you are well versed with the UAE accounting standards, it will be very easy for you to make financial decisions. Understanding capital requirements and how much you can spend on purchasing or how many people you need to hire, all will be decided by you if you have enough knowledge.
3. Keep internal control of the company
Accounting information enables you to take vital decisions for your company. Keep track of company financials and have a record of all income sources, obligation and employee wages.
4. Cash frauds and embezzlements
If you keep track of your daily financial transactions, potential frauds and cash theft can be prohibited.
5. Timesaving
Accounting regulations are very essential in the UAE, but it takes a lot of time. Outsourcing accounting services can give you ample time to focus on the core activities of the company.
What Precious Point offer as an accounting firm in the UAE?
We can help you with managing the following responsibilities:
- Consolidation statement preparation
- Managing accounts payable
- Chronological maintenance of accounting record
- Accounting software management
- Verification, maintenance of fixed assets
- Future forecasting
- Preparing a chart of accounts
- Inventory verification and valuation
- Preparing accruals accounts schedule
- Managing vendor records
- Preparing monthly bank reconciliation statement
- Preparing petty cash accounts
Why outsource Accounting services in Dubai, UAE
It is very common in Dubai and across the UAE to outsource accounting services for the company set up. Accounting is a procedure to follow not a specific industry. If you are new to the UAE business market and have a large number of tasks to perform along with account management of the business, it can be scary. But you do not need to worry much because Precious point services are here to assist you.
- Outsourcing accounting services are cost-effective
- Accounting firms have experienced professionals to handle accounting services.
- You can also get time for core operations and get yourself free from handling accounting staff.
Why precious point for accounting solutions.
Our customized accounting services are aimed to provide complete financial solutions with reduced administration cost. This can allow you to focus on key business risk areas with great flexibility.
Precious point has a team of Chartered Accountants to help businesses and entrepreneurs maintain accounting activities in Dubai, UAE. To know more about core accounting procedures and our customized accounting solutions send us quick inquiry or give us call immediately! Get free consultation or a piece of friendly advice.
2 Bookkeeping Services in Dubai, UAE
Bookkeeping involves recording chronologically monetary transactions in books of accounts. It is the foundation of accounting and has a direct effect on core financial decisions of the company. It involves the daily recording of transactions with material effects. Although the role of a bookkeeper is not as diverse as of an accountant it assumes primary importance to businesses.
Why Bookkeeping services are important for Business
Bookkeeping offers the following great benefits to a business:1. It acts as a financial barometer and provides exact monetary information of the company. It helps to manage the day to day expenses of businesses.
2. It offers protection against frauds. Fraud in cash management can be avoided by keeping an eye on daily financial transactions and bookkeeping allow this.
3. Complete and accurate information about company finances can allow you to keep track of budgeted amounts and actual spending.
4. It also helps in tax management and assists tax authorities in the calculation of taxes.
What Bookkeeping services are offered by precious point services
We help you in following bookkeeping services in Dubai, UAE
- Recording financial transaction followed by International accounting standards
- Posting transaction to the general ledger
- Sales invoices drafting
- Reconciliation accounting statements
- Performing adjustments in financial statements
- Tracking account receivables and account payables
- Preparing sales and purchase ledger
- Fixed assets register maintenance
Why outsource Bookkeeping services in Dubai, UAE
Bookkeeping involves a large number of activities and a complex procedure to follow. It is a common tradition in the UAE to outsource bookkeeping and accounting services. It offers the following benefits:
- It saves a business time and accounts are handled by accounting professionals.
- It allows you to manage your accounts well even if you do not have expertise in accounts management.
- Outsourcing bookkeeping services is a very responsive and flexible process in time of extra workload.
- It is quite cost effective as a company will not need to hire accounting professionals and Chartered accountants to maintain accounting records.
- Outsource company has experienced specialists to carry out accounting and bookkeeping services. They can also provide expert advice to further grow and develop a company in Dubai, UAE
Why Precious Point to outsource bookkeeping services
We are aimed to provide accurate bookkeeping services within the lowest possible cost. This will allow the company to keep track of possible opportunities and improve performance. We are a pioneer in providing accounting and bookkeeping services and have an expert team of consultants. We can help you to set up bookkeeping practices in Dubai and across the UAE. If you decided to form a new business in the UAE or if you already have a licensed company in Dubai, send us a quick inquiry and get a free consultation on accounting solutions from our experts.