Manage your accounting, payroll and financial reports efficiently
Our team of highly qualified accountants can assist you in efficiently managing your finances. We offer services such as bookkeeping, reconciliation, financial reporting, payroll, VAT reports, and audit support.
Our Accounting Services
We offer accounting services to help businesses of all sizes maintain accurate financial records. Our team of certified accountants follows International Financial Reporting Standards (IFRS) to ensure compliance and provide valuable insights for decision-making and performance evaluation.
Bookkeeping
Our accountants will remove the burden of recording and updating all your daily financial transactions and performing bank reconciliations.
Payroll Management
We will manage your company’s monthly payroll, including generating reports, gratuity calculations and pay slips.
Audit Support
We’ll support you through the auditing process for your financial year, ensuring meticulous record-keeping by (IFRS).
Account Reconciliation
We will diligently help you ensure the figures in your general ledger are correct, up-to-date, and that the balances match accurately.
Financial Reporting
We excel at producing vital financial reports, dedicating meticulous attention to detail in compiling data for a thorough analysis. Our comprehensive offerings encompass trial balance, profit and loss statements, balance sheets, cash flow statements, and impeccably maintained general ledgers. These indispensable insights go beyond supporting daily operations, serving as a compass for strategic decision-making. As a result, your business is not only empowered for day-to-day challenges but also positioned for enduring success and sustained growth.
But it doesn’t have to be this way.
Before you do anything, talk to one of our experts in Dubai. We’ll show you how easy the process is and why we’re the partner of choice for entrepreneurs who want to establish a business in Dubai.
Cost Involved in Setting Up a Business in Dubai South Free Zone
Although we would like to believe that starting a business in Dubai South is free of charge, there are certain costs involved. These costs include immigration expenses and the costs of establishing your business.
- Registration fee:
Annual rates
2,000 AED
- License fee:
10,000 AED
- Flexi-desk:
16,900 AED
- Establishment card:
1,000 AED
- Software charges
(Required for multi-currency accounting)
*All rates are inclusive of 5% VAT.
AED 2,520.00
The Ultimate Guide to Business Accounting Services in Dubai
How accurate are your business financial records and statements? Are your accounting methods in accordance with the accounting standards set by the UAE? Are you filing your VAT and other taxes accurately?
Managing accounting and bookkeeping can be a challenging task for companies in Dubai. However, it is crucial to maintain accurate and up-to-date records to ensure compliance with financial and legal regulations. Failure to do so can result in severe consequences, including hefty fines or suspension of your business License.
How do you avoid that?
Outsourcing accounting and bookkeeping services has become an ultimate solution for many businesses. It involves hiring a party/accounting firm outside the company to perform accounting and bookkeeping services for your business. Keep reading to learn more about outsourced business accounting services in Dubai.
Accounting and Bookkeeping Policies in Dubai
The United Arab Emirates has its own Generally Accepted Accounting Principles (GAAP), which are maintained by the International Federation of Accountants (IFAC). These standards apply to all government entities and state-owned companies in the UAE.
The accounting principles in UAE are based on the following concepts:
- Income is recognised when it is either realised or realisable.
- Expenses are recognised when they are incurred.
- Revenue is recognised when it is earned.
Assets and liabilities are usually measured at fair value, except for financial instruments and leases, which are measured using effective interest rates at amortised cost.
Running your own business in Dubai is a fun challenge. However, it can also be a struggle when it comes to accounting and bookkeeping. Here are five policies you need to follow:
Record Keeping Policy
According to the UAE Federal Law, it is mandatory to maintain financial records and statements for at least five years. The Ministry of Finance recommends keeping records for ten years to prove tax compliance.
Cash Receipts
For transactions of AED 1,000 or less, it is necessary to provide a receipt as evidence. The receipt must be issued in the business’s name and contain the date of issue, the signature of the person issuing it, and the recipient’s name.
It is also important to specify the amount and nature of the transaction. These details are crucial for transaction verification and accounting precision.
Bank Transactions
All bank transactions need the support of a bank statement. The statement must include the date of the transaction and the name and address of the business receiving the funds. You also need to include the amount and nature of the transaction.
Businesses can keep an electronic record of the statements. Maintaining these records helps accurately prepare an annual budget and profit and loss accounts.
VAT Returns
Businesses operating in the UAE must comply with the Value Added Tax (VAT) regime, which came into effect on January 1st, 2018. This new tax applies to all businesses in the UAE, regardless of whether their services are local or outside the UAE.
If a business meets the eligibility criteria, it is required to register for VAT. Taxes in Dubai can be complex, so your business needs to adopt a VAT Return Policy that makes sense and aligns with industry best practices.
Other Supporting Documents
Other supporting documents include invoices, credit notes and contracts. Also, include bank statements for businesses that are not registered for VAT.
The above documents should be in their original form, as copies of the documents will not be accepted.
How to Keep Well Organized Accounting Records for Your Business in Dubai
Many small businesses often try to handle their own accounting instead of hiring accounting firms to save money and keep things “in-house.”
However, this can lead to a lot of stress and wasted time. Accounting is a complex and time-consuming task that requires expertise and experience. If you are running a business, you already have a lot on your plate and handling accounting on your own may not be the best use of your time.
Instead of doing everything by yourself, consider the following options:
Hiring Accounting Staff
You need to recruit a permanent accounting employee to establish an in-house accounting department. Depending on your company’s size, you may need to hire one or more accountants. The hiring process typically involves advertising the job offer on your website or job portals and conducting interviews with potential candidates until you find the right fit.
When evaluating candidates, look for relevant experience in tasks such as reconciliation, accounts payable and receivable monitoring, basic bookkeeping, and financial reporting. If you’re fortunate enough to find a dependable accounting staff member, they can manage all accounting operations. Alternatively, consider engaging outsourced accounting services in the UAE.
Outsourcing Accounting Services
Accounting outsourcing is when a company hires a third-party accounting firm to take over some or all of its accounting functions. These functions may include bookkeeping, tax preparation, and financial statement preparation.
The outsourced accounting services provider takes on the day-to-day tasks of the company’s accounting department. Businesses can choose to outsource all of their accounting operations or just some of the more complex tasks. Some of the most commonly outsourced accounting services include:
Payroll
Many businesses choose to outsource their accounting due to the complexity of payroll processes, which require specific knowledge and expertise.
Accounts Payable
This is the department that pays your bills. The person who handles accounts payable must be very detail-oriented and knowledgeable about tax laws.
Accounts Receivable
This department is responsible for collecting money from your customers. If your business offers its services and products on credit, It is essential to have agile management of these records, as poor management of accounts receivable can lead to bankruptcy.
Bookkeeping
Planning your finances is referred to as budgeting, which comprises analyzing your income and expenses to determine the amount of money you will earn and spend.
Tax Accounting
Tax accounting is the process of preparing tax returns for your business. The firm will also calculate income taxes payable by your business.
Tax accounting is different from financial accounting. Hiring a professional who can handle both types of accounting is advisable.
Many companies choose to outsource their accounting services due to insufficient staff or other reasons. Outsourcing can be a more economical option than hiring full-time employees.
Benefits of Outsourcing Business Accounting Services in Dubai
Getting the right accounting firm in Dubai is the first step towards outsourcing your business’s accounting services. These firms have a team of skilled accountants who can assist you with everything related to financial accounting and reporting.
You can easily outsource your bookkeeping or accounting services online. Here are some critical reasons why you should consider outsourcing your accounting services in Dubai:
Cost Effective
Outsourcing accounting and finance is cost-effective; there is no need for full-time staff. One employee could cost up to AED 293,638 annually.
Hiring permanent employees to manage your accounts attracts the following expenses:
- Pension
- Health insurance costs
- Hiring costs
- Training and professional development
It’s important to keep in mind that managing your accounts may require hiring multiple employees, which can result in higher salary expenses.
However, outsourcing accounting services can help reduce these overhead costs and increase your business’s profitability. Contract-based outsourced accounting services have become a popular, cost-effective option for business owners in today’s challenging economy.
Get Experts and Professionals
Outsourcing accounting services to a professional accounting agency allows you to work with experts. Every business needs an accounting expert. All successful companies have someone on their team who stays on top of their numbers.
You need to know how much money you are making and how much you are spending. Accounting experts help with the following:
- Research and development of financial models
- Consulting on operational improvements
- Implementation of business process reengineering tools
- Training and professional development
It’s important to have a skilled accountant who can match your accounts with your business objectives. A proficient accountant can assist you in expanding your business, lowering expenses, and making informed decisions. They can also provide valuable expertise in dealing with tax and legal matters. To ensure their reliability, please verify the offshore company licenses of accounting firms before selecting one.
Stay Focused on Your Business
Keeping track of financial transactions and records is a crucial part of running any business. However, bookkeeping and accounting tasks can be tedious and complicated for various reasons.
Accountants have several responsibilities to fulfil, and it can be overwhelming to document and account for every transaction, especially when there are many transactions taking place.
Maintaining different types of documents, such as cash receipts, bank statements, and cheque stubs, can also be challenging. It is the accountant’s responsibility to keep these documents safe and ensure that the information is easily accessible.
Managing accounting tasks can be time-consuming, requiring more than 60 hours per week, which may take your attention away from other essential business operations like customer service and partnerships.
Therefore, outsourcing accounting operations can be beneficial as it frees up time for other critical operations, allowing you to focus on important aspects of your business.
Ensuring compliance with legal requirements and regulations
Have you ever received a letter from the tax authorities notifying you that you may have missed filing your taxes?
The United Arab Emirates (UAE) has implemented the Value Added Tax (VAT) in 2018 and is planning to introduce corporate tax in 2023. Therefore, it is crucial to regularly update and maintain your company’s financial records to prepare for any potential tax audit or reporting requirements. This will ensure your business complies with the country’s tax regulations and other corporate obligations.
Here are some legal benefits of outsourcing your accounting:
Businesses operating in the UAE must comply with the Value Added Tax (VAT) regime, which came into effect on January 1st, 2018. This new tax applies to all businesses in the UAE, regardless of whether their services are local or outside the UAE.
- Meet statutory and regulatory requirements
- Avoid penalties and interest charges by paying bills on time
- Have an easier time staying in compliance with all filing deadlines
- Reduce the risk of facing a lawsuit for non-compliance with laws and regulations
Accounting outsourcing companies have the experience to help your business avoid legal issues. These companies have a good understanding of the bookkeeping standards in the UAE and ensure that your records are maintained in compliance with the legal requirements. Additionally, they can guide you on minimising legal risks for your business.
Address Labor Shortage Problems
A company must have talented professionals to cater for their accounting needs. For years, businesses in the UAE have been struggling with a Shortage Of Skilled Workers.
Dubai is currently facing a shortage of accounting staff due to the increased competition for employees. Employers find it challenging to find the best candidates for their job openings, and even if they do, it is challenging to retain them. Despite government policies to help retain accounting staff, the problem persists. To illustrate, an accountant must work for at least two years before resigning, and if they quit before that time, they must pay back the salary and benefits.
However, outsourcing can be a viable solution for companies to avoid labour shortage and retention issues. It provides access to competent accountants from other regions beyond Dubai.
Discover the Amazing Benefits of the Latest Technology
Utilizing the latest technology can become feasible by Outsourcing Accounting Services. With a team of skilled virtual accountants, you can implement cloud computing and new software programs, ultimately increasing efficiency.
Accounting agencies invest in emerging technologies to improve efficiency. However, the cost of investing in new technologies can be high. Upgrading to new systems becomes necessary as new technology emerges.
Outsourcing with such firms enables you to use the latest technologies without the need for additional investment.
By using specialized accounting software, you can keep your accounting in order. It automates accounting tasks, organizes your invoicing process, manages inventory, and performs other calculations.
In recent years, bookkeeping and accounting have undergone a significant transformation. Many companies now use cloud-based services to store client data and track finances. To stay ahead of the competition, it’s essential to invest in the latest technologies.
Work With the Best Accounting Outsourcing Company
Although outsourcing business accounting services in Dubai is beneficial, you need to work with the best to enjoy the benefits.
Gulf Gateway CSP is a reliable business support service provider that can help your business reach its full potential. Our team of experts can assist you with accounting, bookkeeping, payroll, and VAT services. We aim to provide advisory services that enable you to focus on your core business activities.
* Book A Free Consultation with one of our company specialists.
Calculate your Business setup cost
Contact us
Call +971 56 866 3666 or fill out the form to schedule a consultation with one of our Business Setup Advisors.
Working Hours
Monday to Friday
9 am – to 6 pm
Saturday - Sunday
Off
Office Address
Office 908, 9th floor; Tamani Arts Office Building, Business Bay – Dubai
United Arab Emirates
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