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ACCOUNTING SERVICES & PAYROLL

MANAGE YOUR ACCOUNTING, PAYROLL AND FINANCIAL REPORTS EFFICIENTLY

Our highly qualified accountants will help you efficiently manage your finances. We provide bookkeeping, reconciliation, financial reporting, payroll, VAT reports and audit support.
Our accounting services will help you keep accurate and updated records of your corporate financial transactions. Regardless of the size of your business, accounting is necessary to help you with decision making, cost planning, and measurement of your economic performance. Our accounting services follow the standards indicated in the International Financial Reporting Standards (IFRS) and are managed by a team of highly qualified certified accountants.

OUR ACCOUNTING SERVICES

Account Reconciliation

We will help you ensure the figures in your general ledger are correct and up-to-date and that the balances match.

Bookkeeping

Our team will take away the burden of recording and updating all your daily financial transactions and performing bank reconciliations.

Financial Reporting

We generate a variety of financial reports to help you determine how your business is performing. The financial reports we can provide you include:

VAT Returns

Our team prepares quarterly VAT reports to help you determine if you have VAT payable/refund.

The Ultimate Guide to Business Accounting Services in Dubai

How accurate are your business financial records and statements? Are your accounting practices compliant with UAE accounting standards? Do you file your VAT and other taxes correctly? Many companies in Dubai struggle with accounting and bookkeeping. Poor accounting and bookkeeping practices are a financial and legal liability. It could cost you hefty penalties or even lead to the suspension of your business license. How do you avoid that? Outsourcing accounting and bookkeeping services has become an ultimate solution for many. 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 UAE has its own set of GAAP accounting principles. The International Federation of Accountants (IFAC) is in charge of maintaining these standards. The GAAP principles apply to all the UAE government entities and state-owned companies. The accounting standards of the UAE are based on the following principles: Income is recognised when it is realised or realisable. Expenses are recognised when they are incurred. Revenue is recognised when it is earned. You should measure assets and liabilities at fair value, except for financial instruments and leases. These are measured at amortised cost using the effective interest rates. 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

Under the UAE Federal Law, you should keep your financial records and statements. You must ensure those records are intact for at least five years. The Ministry of Finance recommends keeping records for ten years to prove tax compliance.

Cash Receipts

Transactions of up to AED 1,000 need evidence supported by a receipt. Receipts must be in the name of the business. They must include the date of issue, signature of the person issuing the receipt, and recipient.

You must also indicate the amount and nature of the transaction. The details are essential for proof of transactions. They also improve accounting accuracy.

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.

Companies can keep an electronic record of the statements. Keeping these records helps in accurately preparing an annual budget and profit and loss accounts.

VAT Returns

Businesses operating in UAE must comply with Value Added Tax (VAT) regime, effected on January 1st 2018. The new tax applies to all companies in UAE, whether your services are local or outside UAE.

Businesses are required to register for VAT if they meet the eligibility criteria. Taxes in Dubai can be a complex matter. As such, your business should adopt a VAT Return Policy that makes sense. It should be in line 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. Copies of the documents are not acceptable.

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.

Ibara offers reliable business support services to help your business realise its potential. Our team can help you with accounting, bookkeeping, payroll, and VAT. Our goal is to offer advisory services and allow you to focus on your business.

Book a free consultation with one of our company specialists.