The best accounting services in Dubai for small businesses
The importance of accounting services in Dubai has increased significantly following the introduction of VAT at the beginning of 2018 and the subsequent adoption of new laws and regulations that are crucial for the economy. In addition, some free zones in the UAE have started requiring businesses to submit audited accounts prepared by their accounting service provider. These laws have made it mandatory for businesses to have proper accounting and bookkeeping systems in place.
Accounting services in Dubai
Accounting service providers in the UAE offer a wide range of accounting-related services. Accounting services are an important part of professional Accounting Services In Dubai and include the recording, classification and summarization of financial transactions, ultimately resulting in the preparation of financial statements.
Below are some of the services that form an important part of accounting services:
International Financial Reporting Standards (IFRS)
Outsourced accounting services in Dubai, Abu Dhabi, and the UAE
At Bestaxca, we offer both on-site and off-site accounting services. The scope of each accounting engagement is determined by the scope and extent of cooperation required and agreed with our clients. Our mostly on-site accounting consulting services for small businesses are typically supported by a few on-site visits per month by our accountants, with the remainder of the work being performed online.
We encourage our clients to use cloud-based online accounting services, as most accounting firms in Dubai do the same. We handle all accounting software but prefer QuickBooks Online, Xero, Zoho Books, Wave and Sage. We ensure that we allocate the right resources to each client and always have a control mechanism in place to ensure good quality work.
Our accounting outsourcing agreements with clients can take one of the following forms:
1. Fully outsourced accounting and bookkeeping services
In this case, we have access to the accounting software and all transactions are recorded and managed by us. The client provides bank statements, cash books, and other supporting documents such as purchase and sales invoices, expense accounts, etc. Periodic and ad hoc reports are submitted to the client as specified in the contract and as mentioned in the contract letter. Under this agreement, we as auditors are responsible for all client accounts.
2. Cooperative accounting services in Dubai
Both the client and we have access to the accounting software. Part of the work is done by the client, such as issuing invoices, receiving payments, payroll, uploading vouchers, invoices and other documents into the accounting software. This may include adding new customers, and suppliers, creating new invoices in the invoice register, issuing cheques, etc.
Our work in this context may include reviewing work done by the client, reviewing journal entries and adjustments, processing open invoices, reconciling invoices to payments/receipts, processing VAT returns, all bank reconciliations and other complex accounting issues such as fixed assets, inventory and loans. Regular reports were prepared and sent to clients.
3. On-demand support for accounting software
Accounting software is managed by the client, but certain procedures/transactions require our accounting services. Our tasks may include VAT returns, accounting advice, managing complex accounting areas or cleaning up the books.
Our client-focused accounting services are carried out and supervised by experienced accountants who have previously worked for Big 4 accounting firms and are well prepared to solve any problem. Our accounting and bookkeeping services provide significant cost and time savings while maintaining high standards of service. As accountants, we are responsible for the validity and accuracy of the financial statements we prepare.
Why choose the accounting and bookkeeping services of Bestaxca?
Bestaxca, through its team of professional accountants, offers a wide range of first-class accounting services from the initial setup of accounting software and daily bookkeeping to periodic financial reports and analysis, accounting training, tax planning and consulting. We work with a wide range of companies in different industries.
While we take care of your business’ bookkeeping and accounting, you can focus on more important tasks.