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The Accounting Conundrum Solved – Accounting in the UAE Made Simple
Companies based in the UAE reap many benefits as the UAE has one of the fastest growing economies in the world. The UAE accept new investors with open arms, and Dubai has become one of the best places in the world in which to have a company based.
However, even the free trade policies still come with corporate obligations. The implementation of VAT in the UAE has affected the tax calculation and the way businesses operate. It is imperative to examine the required accounting services - Let’s have a closer look at what those services may be and why a business would need them.
Typical Accounting Services for UAE Companies
Companies in the UAE cannot afford not to keep accurate financial records that would provide sufficient information about the company’s business. It includes records of transactions and the company’s financial health. In many cases, companies require services such as:
- Bookkeeping — recording business transactions, income and expenses, receipts and payments;
- UAE audit and assurance services — obtaining objective and independent verification of the company’s financial statements;
- Financial statement preparation services — providing formal records of a business’ financial activities, including financial performance and position;
- Tax compliance services — managing tax returns and submission of annual accounts.
Not all companies will require allof these accounting services — it will vary based on your needs and current in-house accounting capabilities.
Benefits of Having Accounting Services
Even though you may not need to outsource accounting and bookkeeping services for your UAE company, you should be aware of the potential benefits that it could have for your business. By doing so, you will ensure that your business is compliant with the current accounting standards and requirements.
A professional accountant will know what you need to do to avoid having to pay fines or penalties. You could file UAE VAT returns and follow FTA compliances yourself, but having someone else to do it for you will allow you to focus on your core competencies instead. Owning and running a business can be complicated enough without trying to keep up with UAE taxation and general accounting rules.
Things to Consider
There are a few things to consider before choosing an accountant to help you run your business. The level of service you require will largely determine who you’ll hire. Availability of accountants also plays a role, as well as the accounting firm’s fees. Our team will work with you to fit the needs of your particular sector of business.
Accounting services can be an excellent addition to the list of expenses for UAE companies. It will save them time and some of the headaches of potential penalties that can be caused by navigating taxation and accounting laws without expert advice and experience.
For more information about accounting services for UAE companies,contact us for a free consultation