What is Accounting?
Accounting includes business’s cash flows, activities, market position, and financial standing. The people who provide accounting and bookkeeping services to different businesses are known as Chartered Accountants. Many Chartered Accountant firms in Dubai are engaged with different companies providing such services and to ensure their compliance with UAE’s rules and regulations.
This blog will focus on the top 5 benefits for hiring a Chartered Accountant in Dubai.
- Cost-effectiveness and Account Statement Accuracy: Compared to hiring an accounting firm in another developed nation, hiring a competent Accounting Firm in Dubai, UAE is much more economical. The investment in an accounting firm in Dubai will help in the development of the organization’s key competencies and aid in the business’s long-term profitability. The basis of each business is its profit and loss statement and account statement. A single mistake in the accounting can affect the integrity of a business’s financial reports. Professional accounting firms know how to address issues with profit and loss statements and account statements since they have an effective team of individuals who have a deep understanding of accounting principles.
- Ensure Adherence to Accounting Standards and Time Management: The government of the United Arab Emirates have strong rules and guidelines for the accounting needs. Based on the state of the economy and other relevant factors, they update these rules and regulations. You should maintain compliance with the most recent accounting standards for your business, transactions, accounting practices, and other documentation by working with a professional accounting firm. The company will suffer if accounting rules are not followed. If you start to complete all accounting tasks by yourself it will take a lot of time, and there’s a chance there might be some problems. Furthermore, certain tasks, like accounting, must be completed by professionals with the necessary skills, like accountants. If you hire an accounting firm in Dubai, they will manage all your financial transactions and inflows with authorities and tax collection agencies. To assist a firm, accountants in Dubai give close attention to the important activities that are closely associated with the processes and methods involved in turning a profit.
- Expert Knowledge: Generally, an accounting firm consists of auditors, quality assurance teams, chartered accountants, compliance professionals, taxes specialists, and other seasoned accountants. If you hire a chartered accountant you will gain from their knowledge and proficiency in every department and receive guidance on internal, external, and other technical business matters. Accounting firms in Dubai employ highly skilled accountants that excel at what they do. They have access to the newest accounting software which helps them excel in their field.
- Risk and Fraud Protection: For any company entity, reducing risk and preventing fraud are critical components. To protect your business, you should take the appropriate actions to bring the risk down to a manageable level. Accounting companies are skilled at shielding your company from danger and other dishonest activities. To provide professional advice at meetings about process guidelines, project feasibility studies, and even new client meetings, most accounting companies in Dubai have highly qualified personnel on staff.
- Financial Management and Business Planning: Among an accounting firm’s responsibilities, this one is the most crucial. All financial procedures, including bank account statements, debtor and creditor files, profit-loss statements, account verification, and daily business operations, are managed by accounting firms. You can give an accounting company total control over your financial department’s operations to make sure it’s operating efficiently. They make sure that all records, taxation records, compliance paperwork, and current government standards are maintained current and compliant with laws and regulations. They can help you forecast gains & losses and their expertise in accounting is very helpful in preparing business plans & proposals that will help in the growth of a business. These accounting firms have expertise in providing useful suggestions right from starting a business and till achieving its objectives.
Hiring the best Chartered Accountants in Dubai – ebs Chartered Accountants:
ebs Chartered Accountants is a team of professionals providing accounting and bookkeeping services in Dubai. We are one of the top accounting firms in Dubai. We have always been focused on providing accurate, transparent and timely services to our clients. Client satisfaction is our number one priority. We ensure that all accounting needs of our clients are met according to their personalized solutions. Our team is fully aware of all rules and regulations of UAE’s government. We also provide other services like Corporate Taxation, auditing, etc. Hiring our team of experts will provide a significant change in your accounting needs. Contact us today and book us to look out for your accounting needs.
FAQs
Why should you choose ebs as your accounting partner?
The significant cost and time savings, not to mention, ease in dealing with the complex infrastructure and administrative hassles that our solutions offer is the main reason our clients chose us over our competition. Total client data confidentiality and the presence of a skilled workforce of all kinds of subject specialists providing a quick turnaround is what differentiates us from our competition. Complete transparency of operations is what makes our clients love us the most.
Who regulates accountants in Dubai?
In accordance with UAE Federal Law No. 12 of 2014 concerning Auditing Profession Law, and Ministerial Resolution No. 403 of 2015 Concerning the International Standards of the Auditing Profession, the Ministry of Economy (MoE) is the audit regulator.
What is the work of accountant in Dubai?
An accountant’s role is to support the organization by ensuring that all financial records and reporting are up to standard, updated and maintained regularly. In some cases, they are responsible for working with third parties, like banks or auditors, to keep business finances on track.