Accounting & Tax Reporting service for SMEs in Dubai

Bookkeeping and accounting are closely connected, but they’re two different things. Bookkeeping takes care of tracking and sorting the documents. Any time you spend, lose or make money, your bookkeeper adds it to the books. Your accountant then builds reports using these numbers. The government requests these reports to calculate how much tax you owe and whether you are exempted from some of it.

Bookkeeping means literally making sure invoices and slips don’t get lost. In business, every time you move money or assets, like when you buy or sell something, there’s some sort of document tracking that action. It is bookkeepers job to collect, categories, and reconcile them.

The bookkeeper is in charge of document organization. If your docs are in chaos, you might miss an invoice, or assign a wrong account. If that mistake goes into your reports unnoticed, you might file taxes incorrectly: pay more, or worse, get fined. If the accountant finds the mistake, it will take time to go back and fix it, which might result in more fees or penalties.

Accounting professionals strive to provide accurate and reliable financial information to interested parties. Financial information, in the accounting industry, refers to information found on the financial statements of a company that tells how well or badly a company is performing. Users of financial information, generally creditors, investors, and potential creditors and investors, rely on the information included in the company's financial statements to make decisions about their interactions with it.

Creating reports that provide financial information can sometimes be problematic. Reporting errors are among the most common problems that occur during the reporting process. It occurs as a result of things such as miscalculations or transposing numbers.

Financial reporting has become more challenging in recent years due to the complex nature of business transactions, as well as greater investor, regulatory, and public scrutiny. A company's financial reporting should reflect economic and business reality according to which investment decisions are ultimately made, so hiding that reality can in turn affect investors themselves, as well as lenders, investors, customers, suppliers and employees. There is a widening concern that there is a detrimental effect on confidence in financial reporting systems due to the increasing complexity of financial reporting standards themselves, as well as the consequences of fraudulent inaccuracies in financial statements.

If you are a freelancer or run a home-based business there are compelling reasons to do your own bookkeeping. It saves you money, puts you in control, and you really get to understand your business’s finances. You can also make sure that your business is compliant when it’s time to pay tax as you know that your records are accurate and complete and you have all expenses recorded so you can make the most of tax deductions.

However when your business grows, and you’re working more on making more sales, and strategies to grow your business, this is when you need to outsource your small bookkeeping to a trusted partner who you can trust to make accurate and complete financial records at the end of each month.

We've created several packages based on the most common business scenarios and for simplicity and fairness, our accounting & tax reporting packages is based on the number of transaction you have. Every income or expenses recorded is counted as 1 transaction.

As your bookkeeper, your accountant will be happy to work with us. Your accountant may download and analyze your books and offer you advise based on that. Your ledger as well as Profit & Loss Statement and Balance Sheet is available online.

You need to send us your receipts and invoices in any format you have them, like scans or pictures on your phone. You may also send us physical copies of it if that is easier for you. Besides that, we will do everything that is needed and you will receive your report and any other payment instruction according to our Service Commitment.

The slight fees difference is due to the amount of work and report we have to commit for VAT Registered Company. VAT Registered Company has more requirements and has to adhere to stricter control under the Revenue Department.

Depending on your business or accountant, you may opt for either one. The most common bookkeeping method practiced in UAE is basis basis bookkeeping.

A single-entry bookkeeping process is a straightforward method in which you make one entry for each transaction. A cash book is typically used to track incoming revenue and outgoing expenses. This method suits small businesses and sole proprietorships that do not buy or sell on credit, own little to no physical assets and hold small amounts of inventory.

According to double-entry accounting, every transaction affects two accounts and is recorded as a debit or a credit. If you make a $10 sale, your cash account will be debited for $10 and your sales account will be credited for the same amount. The total credits must always equal the total debits in a double entry system to balance your books. This makes sense for larger businesses which buy and sell credit.

The next step is choosing between a cash or accrual basis for your bookkeeping. This decision will depend on when your business recognizes its revenue and expenses. In cash-based, you recognize revenue when you receive cash into your business. In the accrual method, revenue is recognized when it is earned.

Its cheaper and more efficient for you. By outsourcing your bookkeeping, you save on cost as well as management effort and you can be sure to receive your financial statements and ledger in time. You do not need to worry about human resources problems too. Outsourcing your bookkeeping also helps businesses to ensure transparency among its staffs as well as partners.

When you outsource bookkeeping, you can scale your services up or down as your business needs change. In many cases, outsourcing your bookkeeping is more cost-effective (sometimes by a substantial amount) than hiring a full-time bookkeeper and covering all expenses.

When you incorporate your company in UAE, your company incorporation service provider will usually provide you the necessary documents for you to go to your preferred bank to set up your company bank account. You will need to inform them of your preferred bank, branch as well as account type and currency required for your bank account.

We partner with QuickBooks, Xero & Zoho to process and record all your accounts.

Absolutely. We make the transition seamless on your end. We’ll get in touch directly with your current accounting service provider, take over all your financial documents. If your account is in a mess, we can contact DBD and other gov't agency for you to obtain the necessary information as long as we have your authorization to do so.