Outsourced Accounting and Bookkeeping Services in Dubai
What is Accounting?
Accounting services in Dubai refer to the professional services provided by accounting firms or individual accountants to businesses operating in Dubai, United Arab Emirates.
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business or organization. It involves tracking and managing financial activities to ensure accuracy, compliance with regulations, and effective decision-making. The primary objective of accounting is to provide stakeholders with reliable information about the financial position and performance of an entity.
Outsourcing Accounting Service
Cost Saving
Outsourcing eliminates the need to hire full-time accounting staff, saving on salaries, benefits, and overhead costs associated with in-house employees. This outsourcuing model help small businesses in Dubai
Expertise and Efficiency
Accounting firms specialize in financial management, providing access to skilled professionals with expertise in various areas of accounting. This ensures accurate and efficient handling of financial tasks.
Bulk Data Entry
for Clearing Backlogs: If you have accumulated backlogs of financial data entry, we offer bulk data entry services to efficiently clear the backlog, ensuring all transactions are recorded accurately and promptly.
Access to Technology
Accounting firms invest in the latest accounting software and technologies, providing access to advanced tools and resources that may be too expensive for individual businesses to acquire.
Scalability
Outsourcing allows businesses to scale their accounting services up or down based on their needs. Whether it's during busy periods or slow seasons, outsourcing offers flexibility in managing accounting
Risk Mitigation
Professional accounting firms stay updated on changing regulations and compliance requirements, reducing the risk of errors, penalties, and financial mismanagement.
What is Bookkeeping & Bookkeeping Services In Dubai
Bookkeeping is the process of systematically recording the financial transactions of a business. It involves maintaining accurate and organized records of income, expenses, assets, and liabilities. Bookkeepers use accounting software or manual methods to document transactions such as sales, purchases, payments, and receipts. The primary goal of bookkeeping services in Dubai is to ensure that financial records are up-to-date, accurate, and reliable. Bookkeeping provides the foundation for accounting, allowing businesses to track their financial performance, make informed decisions, and comply with regulatory
requirements.
Read more about benefits of outsourcing accounting and bookkeeping services
Services Provided By Bookeepers
Bookkeepers offer a range of services to help businesses manage their financial records effectively.
Monthly Outsourced Accounting
We offer comprehensive accounting services on a monthly basis, handling all financial transactions,reconciliations, and reporting to ensure your books are up-to-date and accurate.
Short Period Accounting Support
When your regular accounting staff are on leave, we provide temporary support to ensure continuity in financial operations, maintaining productivity and accuracy during their absence.
Bulk Data Entry - for Clearing Backlogs
If you have accumulated backlogs of financial data entry, we offer bulk data entry services to efficiently clear the backlog, ensuring all transactions are recorded accurately and promptly.
Quarterly, Half-Yearly, and Annual Audit Support
Our team provides comprehensive support during audit periods, assisting with data preparation, documentation, and liaison with auditors to facilitate smooth and successful audits.
Payroll Services:
We offer complete payroll services, including calculation of wages, deductions, and taxes, as well as issuing paychecks or direct deposits, ensuring compliance with payroll regulations and timely payment to employees.
Financial Reporting and Analysis
Bookkeepers can generate detailed financial reports tailored to your business needs, such as profit and loss statements, balance sheets, and cash flow statements.
Accounting methods and main areas
Accounting methods encompass various approaches used to record and report financial transactions. The two main methods are:
Cash Basis Accounting
Transactions are recorded when cash is received or paid out. This method is straightforward and suitable for small businesses with simple financial transactions.
Accrual Basis Accounting
Transactions are recorded when they occur, regardless of when cash exchanges hands.This method provides a more accurate representation of a business’s financial positionand performance over time, as it matches revenues with expenses.
The main areas of accounting include
- Financial Accounting: Recording, summarizing, and reporting financial transactions for external stakeholders like investors and creditors.
- Managerial Accounting: Providing internal reports and analysis to aid managerial decision-making
- Tax Accounting: Ensuring compliance with tax laws and regulation
- Auditing: Reviewing financial records to ensure accuracy and compliance with accounting standards and regulations.
- Cost Accounting: Analyzing and allocating costs to products or services to aid in pricing and decision-making.