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Accounting, Auditing and Payroll in UAE
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Accounting, Auditing, HR and Payroll in the UAE
It is recommended, and probably in your best interest, to employ an accountant in the UAE. They'll nearly always save money, and more importantly, will make your business the most financially efficient it can be. Used wisely, they can make you more profitable than ever.
Accountants provide a range of services in the UAE. They can look after everything financial, from fundamental book-keeping to more expert advice. You could hire an accountant simply to prepare financial statements for your tax return in the UAE, or you may require them for other added-value services such as auditing. Accounts must be audited each year, unless the company or region you are based in is exempt.
It is essential to choose an appropriate accountant for your circumstances. If you just want an accountant to take care of your book-keeping, then a small firm will probably suffice. However, if you require astute financial and planning advice, a larger, more reputable company might be needed. Check they're chartered / registered with a recognised accounting body. It is important to lay out exactly what you want them to do for you and what the charges will be.
Keeping a sound financial record is essential in the UAE. Apply yourself. Have a good system in place and then the time that you do spend on accounts won't be so burdensome. Ensure you retain receipts for everything you buy. It is recommended that you keep a ledger or book with the details of what the receipt is for. Keep a record of all sent and received invoices too. These will keep you informed that you've been paid or have money owing, etc.
Ultimately, applied and diligent record-keeping will keep your accountancy costs low.
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