Accounting Services in Dubai
Finace Consultancy is one of the Best Accounting Firms in Dubai and we provide an extensive range of accounting and bookkeeping services to meet the company’s financial needs in the local and global market with our dedication, professionalism, and consistency. We follow International Financial Reporting Standards (IFRSs) to assure the accuracy of the company’s financial statements. The market climate has become even more dynamic in recent years, and the need to stay ahead of the curve has never been greater. The company’s accounting and financial standards are constantly compromised in this competitive sprint and by taking accounting and financial services your business can have the time to flourish.
Finace Consultancy is one of the Best Accounting Firms In Dubai which provides complete accounting and finance solutions to SMBs and Enterprise companies.
We take control of all the accounting requirements of our clients, allowing them to use their saved time productively in developing and focusing on their business. Accounting can never be a roadblock to your success. We have a fully staffed, dedicated, and professional team ready to assist you at any point along your journey.
Finace Consultancy offers low-cost specialist accounting tools to help you cut costs and save time. Our Accounting Management Tools and software can assist you in completing your monthly closing activities as well as your daily financial record-keeping tasks with accuracy and eliminating all the possible human errors. Your company will also receive a monthly research report from us. Outsourcing accounting services comes with a plethora of benefits.
Because of the persistent danger of recession and the high likelihood of depression in global economies, cutting your company’s costs has become critical. We have innovative accounting software solutions that can be personalized to suit your particular needs. Inventory management service, higher-level reporting service, and vendor communication management are only a few of the unique accounting management solutions.
Accounting method is a practice used by industry to account for income and expenses. Officially there are two Accounting methods: Accrual Accounting and Cash Accounting.
Accrual Accounting – It’s that form of accounting that accounts for revenues and expenses when they are incurred, notwithstanding when cash is exchanged. Here, businesses are obligated to make sensible estimates against a bad debt expense.
Cash Accounting – It’s a straightforward method of accounting that accounts for all revenues and expenditures at the time when expenses are actually received or sent. This method of accounting is apt for small or new businesses that conduct business on a cash basis or that don’t carry catalogs.
What are the Documents to be prepared during the Accounting Process?
Whenever the accounting function is performed, then the. As a result, there are mainly three different types of reports which are prepared. These are:
- Income Statement
- Profit and Loss Statement
- Balance Sheet
Each of these statements provides in-depth information about the business’s work and assists the management in taking decisions for the future of the Business.
The Income Statement provides an insight into the total income of the Business in a particular time frame. This time frame may be a business quarter, a financial year, or any other duration as decided by the management.
The Profit and Loss Statement, also sometimes known as the Cash flow Statement, provides information that if the Business is on the correct path of growth. Suppose the profit of the Business turns out to be less than the losses incurred by the Business. In that case, the management must do a further analysis of all the functions so that the Business regains momentum before it is too late for the Business and the Business has to shut down. This is the reason a business needs to create, maintain and improve the cash flow of the business, which will, in turn, streamline the business processes and will also increase the profits of the company.
A Balance Sheet provides a comprehensive picture of the company as it lists all the assets and liabilities and their present worth. It also provides the shareholder’s equity and also shows the total investments made by the investors. The balance sheet, when used alongside the different financial reports, provides a complete financial picture of the Business and also helps the management in finding out the various financial ratios.
The statements mentioned above or documents of the company are very necessary for both the management and the investors of the company, both present and future investors.
People often get confused and proclaim that the Bookkeeping and Accounting functions are one and the same. This cannot be further from the truth.
What is Bookkeeping?
Bookkeeping is the methodical recording of financial facets of business transactions in opposite books of account. Bookkeeping services help to uphold precise financial records of a business by keeping a proper record of the purchases, sales, and receipts.
Services Provided by Bookkeepers
- Settle bank accounts.
- Account economic dealings.
- Administer bank feeds.
- Organize financial accounts.
- Control accounts receivable payable.
- Undertake some payroll and human resource functions.
- Work with the tax preparer and help out with tax compliance.
- Preparation of Chart of Accounts
- Billing for services or goods sold
- Keeping records of receipts from customers
- Allocate the account entries
- Value-added bookkeeping and month-end or year-end closing
Daily Bookkeeping will enable you to identify any problems early and solve them before they become worse. You can identify any deceitful activity and correct it before it causes irreparable damage to your business.
Why should a business avail Accounting and Bookkeeping Services?
Bookkeeping and Accounting may be elaborate and time-taking, but they also form the basis of all the management’s decisions. It will assist the management not only in taking decisions for a better future of the company but will also help in streamlining all the activities of the Business.
Some of the benefits of a Professional Bookkeeper for a business are as follows:
- An expert bookkeeper will record and maintain all the transactions of the Business in a way that is compliant with the rules and regulations of the jurisdiction.
- It will provide assistance to the accountant and will also help collect the required information.
- It will also help future investors as all the transactions would have been recorded by the business management.
The next step after the Bookkeeping function is the Accounting Function. The various advantages of the accounting function for a business are:
- One of the most significant advantages of Accounting is that they help in the preparation of various financial statements, which helps the management in understanding the present financial situation of the Business.
- These financial statements also help the management make a decision for the future of the Business and help the management keep the company on the right path.
- A business needs to deal with matters of taxes at some time, and the Accounting Function helps a business to prepare and maintain all the necessary reports which will be used to assess and file taxes.
Benefits of Outsourcing Accounting Services in Dubai
The UAE Commercial Company law made it mandatory for a company to maintain proper books of account for a minimum of five years. To comply with these legal requirements, small companies, go for outsourcing the accounts for result-oriented functioning. Finace Consultancy follows online & onsite working with the latest accounting software and endorsed strategies.
The major benefits of outsourcing accounting services in Dubai are:
- Companies can focus on their core activities of the business.
- Usage of advanced technologies and software to maintain financials.
- Expertise in the supervision of accounting transactions and report preparation.
- Enhance the efficiency and productivity of the business.
- Maintains confidentiality of the financial records.
- Cost-effectiveness; professional service at low cost and on-call availability.
- Highly experienced professionals who handed in a wide market portfolio.
- Helping companies to focus more on their main work
- Enhancing decision making
- Maximizing cash flow
- Improving the company’s profitability
- Enhancing the company’s image with customers
- Presenting a clear picture of the company’s financial health
- Getting better credit management
- Ease of Loan approval
- Smooth audit process whenever due
- Financial accounting system design & implementation
- Preparation of Statutory year-end Financial Statements
- Reconciliation Work
- Setting up of accounting procedures
- Accounts update on the periodical basis
- Supervision and review of financial accounting records
- Financial reporting
Frequently Asked Questions on Accounting and Bookkeeping
A professional accounting service provider offers the best accounting services analysing your business needs, and strategizing your business operations. An expert accountant maintains bookkeeping, payroll, and other ERP functions, and delivers information at the right time for proper decision-making.
Start-up businesses are more prone to financial issues and shortages due to higher exposure to capital expenses & lower popularity. An accounting service provider experienced in various fields in Dubai like Finace Consultancy will be proficient in providing accounting services for startups.
The price of accounting services usually depends on the type of business/products, annual turnover, scope of work, number of employees, number of transactions per year, shareholder details, and more.
Auditing is an independent examination of financial statements to prevent errors and fraud and maintain accuracy in the data and add confidence to the management, enabling them to make quick decisions.