Accounting is one of the oldest yet one of the most important functions which a business can perform. It is essential that no matter the size or the nature of the company, every business should avail of accounting services. Therefore, maintaining the books of Accounts is deemed mandatory for a business in the UAE. Here are some questions that will help you understand why accounting is essential for your business.
Businesses in Dubai are mandated to maintain a regular Book of Accounts. If you are a business that has no professional team handling your records and finances, you may be charged with incorrect Bookkeeping and VAT return filing. No matter the size of your company, Accounting is essential to help you with your decision-making, budgeting, cost planning, and monitoring of your economic performance.
All businesses need bookkeeping and accounting services in Dubai to record and audit their finances and balance their books. They pay a monthly service fee to gain access to the expert skills of a team of accountants who are competent in various areas of accounting, be it Bookkeeping or tax management.
Unicorn Global Solutions has the best service and expertise to help you with all accounting related matters. Through these services, you can save time and money in training and hiring and avoid employee turnover. For this reason Text us on WhatsApp or call us today for any assistance that you may need.
These are the industries that need accounting services in Dubai
The significant accounting services we provide for businesses in Dubai, UAE, are mentioned below
Accounting standards are the rules for financial reporting. These rules specify how the transactions are to be recorded. Accounting standards provide lenders, creditors, and investors with advantages and financial information.
1. International Financial Reporting Standards (IFRS)
This is the standard for accomplishing the activities and tasks of financial management. IFRS deals with particular types of transactions managing corporate accounting, and GAAP is used to manage Balance Sheets, Revenue Recognition, and Item Classifications for public disclosure.
2 . Accepted Accounting Principles (GAAP)
This comprises all fundamental rules that deal with particular types of transactions and ensures a common language understandable by accounting companies and business people around the globe.
Accounting services cover the areas:
Finance and Accounts
Human Resources and Industrial Relations
Tax Management
VAT Registration Services
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We offer license issuance services to you get licenses and permits as soon as possible.
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We work every step closely with our clients to their unique needs customized solutions.
Tailoring Compliance Services To Match The Specific Needs Of Businesses.
Accounting and bookkeeping services entail identifying and recording financial transactions, preparing financial statements, and analysing this data to generate key metrics. This process helps businesses make informed decisions.
A local accountant costs at least AED 4,000 per month. Outsourcing ranges from AED 250 to 2,500 per month, depending on business complexity, and offers specialized expertise without training or recruitment. Unicorn global solutions offers affordable packages as well. Visit our website to get started.
Bookkeeping entails recording, categorizing, and reconciling transactions like sales, purchases, payments, receipts, and journals. Accounting takes over from there, interpreting, analyzing, and summarizing this financial data into statements, budgets, and forecasts to support decision-making. Essentially, accounting starts where bookkeeping ends.
Although accounting is not explicitly mandatory in Dubai, maintaining books of accounts is crucial for several reasons:
Absolutely! Our team at Unicorn Global Solutions is highly knowledgeable about UAE VAT regulations. We specialize in assisting businesses in achieving VAT compliance. With our expertise, we can guide you through the complexities of VAT regulations, ensuring smooth navigation and compliance.
Opt for Unicorn Global Solutions for top-notch accounting services in Dubai. With their assistance, you can streamline tasks, scale up accounting effortlessly, utilize automation and advanced tech, ensure compliance with regulations, drive business growth, and gain invaluable financial insights.
Outsourcing accounting services in Dubai offers numerous benefits, including streamlining the accounting process, analyzing financial statements, managing financial records for tax filings and lenders, preventing errors in financial records, gaining financial insights into expenses and cash flows, and more.
Bookkeeper rates vary depending on the project, business size, and required financial services. Outsourcing is generally less expensive than in-house teams. Monthly fees can range from around $80 to $100, depending on the services needed.
Outsourced accounting services in the UAE offer a full accounting department experience, covering transaction coding, payroll, taxation, and financial reporting. Small businesses in the UAE face challenges in hiring full-time accountants due to costs and administrative requirements. Outsourcing accounting services helps them avoid these expenses.
When choosing an accounting company, consider factors such as UAE market experience, industry expertise, reputation, credentials, range of services, responsiveness, technology adoption, and client testimonials. Unicorn Global Solutions, we prioritize aligning with clients' specific business needs and values.