Each business market you will enter will have its accounting challenges and the middle east is no different. UAE has fewer accounting requirements than other countries that levy taxes on everything. As corporate tax is going to be implemented soon and VAT is already in practice, firms have to maintain their accounting records well. Maintaining all accounting records is because when the Federal Tax Authority requires them, we can present them.
In the UAE, creating the best accounting structure that produces accurate information can be difficult. Company management is responsible for managing accounts that give a fair and true view of the company to its shareholders. Now, authorities in UAE have also imposed the requirements to file audited financial statements. It is crucial for companies to maintain their accounting records accurately without any errors. In this article, we will have a look to find the best accounting services in UAE and the accounting services providers. Companies also outsource accounting services in UAE to have accurate financial reports:
- Balance sheet
- Income statement
- Bank reconciliation statement
- Trial balance
- General ledger listing
- Petty cash report
- Balance sheet and selected expenses schedules
- Client monthly reporting package
Review The Accounting System Internally
Before you decide to have accounting services in UAE, you should have an internal team to discuss the current accounting system in your company. You should discuss the weaknesses of your accounting system and decide at what level you need the accounting services for your company. You will get a flow chart where you will get to know the areas for improvement. If you find some areas that can’t be handled properly by the internal team, then search for the best accounting services providers in UAE.
Shortlist The Services You Need
At this point, you should post the internal review of your accounting system and list down the accounting services you require. The overall look of your accounting structure will give you an idea of what you will be needing in the future to make provisions.
After this, you will require a complete future plan such as how the accounting services from a company will grow your business and increase the accuracy of your system. Professional accounting service providers in UAE can help businesses grow and handle accounts in a better and more modern way by using the latest accounting software.
You must get details from the top accounting firms to estimate the costs of the services and then make a decision to choose the accounting services providers that fits the budget.
After making your decision for getting accounting services in UAE, you must go through the company’s profile you want to hire for your accounts. Go through the case studies of some current and previous clients to get an idea about the quality of the service.
Software Expertise And Types Of Services
Most of the accounting firms in the UAE provide support for bookkeeping and auditing but some of them provide the best expertise in VAT and other taxes which is important for accounting services. Consider those UAE service providers that have successful testament through VAT expertise and experience.
The most important is to check what technology the firm is using to provide accounting services. Most companies are using cloud-based applications to support their accounting functions and operational functions. So, try to choose the firm that uses the updated software to handle all the accounting functions.
Benefits Of Hiring An Accounting Service Provider In UAE
Time Effective
The accounting process can consume a lot of time for small businesses and established businesses. Therefore, companies tend to outsource accounting services from a third party to focus on the core objectives. The best accounting services providers help businesses to focus on their main activities such as the growth of the business and producing revenue.
Cost-Effective
If your company hires a company to provide you with accounting services, then you are liable to pay when you receive the service. The company can save the cost of hiring employees for a long time and this can save money. The businesses can spend more money on other business activities and also invest more money in generating more business.
Prevents Frauds
If a business hires a professional outsourcing company can reduce the chances of fraud by the employees within the organization as the outsourcing company is accountable for the quality and accuracy of all the financial records and transactions processed.
Conclusion
After analyzing your business requirement for accounting services, bring the chosen accounting services providers n board and introduce them to your team. Discuss the services you are seeking in detail with your accounting service provider in UAE. Build clear communication with the company and adapt to the methodology carefully. Top accounting services providers like ebs work closely in providing end-to-end accounting service providers covering daily accounting activities, payroll processing, employee reimbursements, and management reporting at affordable prices. You can avail of their services as they are one of the best accounting and bookkeeping firms in UAE.
Due to the excellent commitment and coordination, we offer to our clients, they always experience confidence and trust in our financial service. We are one of the best accounting and bookkeeping firms in Dubai, UAE that can help you to get exceptional expertise, economy, and experience. Contact us today and discuss all the issues related to financial reporting and records.