- 1301 The Prism Tower Business Bay, Dubai, UAE
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Accounting and auditing are crucial parts of any business. Having an at-a-glance summary of your business’s finances helps business owners make critical decisions.
At Idea Bizone, we have a team of financial experts and accountants who can carry out all your financial tasks. Our accounting service team is proficient in managing up-to-date records of a business’s financial statements, monitoring the profits, company expenses, and employee payroll, and ensuring timely compliance with statutory rules and regulations.
Our qualified team provides you with services according to international standards practiced worldwide as set by International Financial Reporting Standards.
Our accounting services include the following:
Our team will take responsibility for recording your company’s daily financial transactions. We will also verify your financial transactions against bank statements to ensure all payments have been processed completely.
Our accounting team will prepare VAT reports four times a year, so you can check whether your company has any VAT refunds due.
We will help monitor the payments received and paid to your business. Our team will regularly tally the income and expenditure of your business to ensure the balances match.
Our team will draw up your audits to submit your business’s financial statements to Dubai officials. We will also ensure that your financial reports meet the international standard set by International Financial Reporting Standards (IFRS).
Our team can draw up different financial reports to accurately describe your business’s financial health. Some of the financial reports our services include are:
Businesses often try to skimp out on getting official accounting services as they consider hiring an accountant a waste of money.
It is true that business accounts only require financial statements about four to five times a year. So hiring a business accountant would be a waste of business resources. However, taking on the responsibility of bookkeeping yourself or handing it over to an employee is also not the right solution.
Bookkeeping and accountancy require a level of skill that your average worker will not possess. It is better to consider other options to reduce unnecessary stress and wastage precious time.
Here are two ways the most successful businesses are managing their accounting in Dubai:
A business can hire an accountant or a team of accountants to handle accounting and auditing.
For this, you will need to put out an advertisement for a job offer for an accounting position. You can vet the applicants through their cover letters before setting up interviews for promising candidates to finalize the perfect fit for your business.
You should look for experience in the following accounting essentials while hiring an accountant or accounting team:
The second option is to hire an agency like Idea Bizone that provides various corporate services, including accounting and auditing services. Outsourced accounting services allow you to devise a custom-suited service package with multiple services available at a reasonable rate. Third-party accounting services also give over your account handling to a team of experienced professionals working with a single-minded focus on accounting.
Some services that such companies can outsource are:
Managing and processing employee payroll is a complicated and tedious process. You need to set a payroll policy with payment dates and adhere to it strictly. You also need to calculate the gross payment, make deductions for individual employees, and calculate the net payments.
Outsourced accounting services are equipped with payroll software that makes this process quick and error-free.
Accounts payable are the payments of various bills by the company to suppliers and creditors. The service includes keeping immaculate records of invoices of paid bills for your business if outsourced.
Accounts receivable refers to payments the company received from its customers for the sold products and services. Outsourced accountants offering this service need to keep detailed records of these payments to be able to project the exact financial situation of the business shortly.
Bookkeeping involves keeping extensive records of the company’s various transactions and verifying those records against bank statements. This helps provide a quick overview of where the company’s finances are being utilized and what the gains and losses look like.
Tax accounting refers to calculating tax returns applicable to a business and keeping track of tax payment deadlines. It is different from financial accounting but just as essential.
An accounting services team can provide you with the relevant and accurate financial data to help you plan a budget for how much expenditure is okay with the current financial projections about your business’s earnings.
The right accounting services can make or break your business’s success. Here are the advantages of outsourcing business accounting services.
Outsourcing business accounting services will save your company a lot of money that can be utilized elsewhere.
Business accounting services are a lot cheaper than hiring a full-time accountant, as with these services, you can often choose which services you need from various packages. This is especially beneficial for smaller businesses where some of the more straightforward accounting tasks are manageable by business employees themselves.
Furthermore, due to a lack of consistent accounting work, hired accountants often leave their jobs searching for better opportunities which incur repetitive recruitment charges for the company. Keeping a company accountant also incurs the following expenses besides the salary:
Using a business accounting service will save your company all these extra expenses.
Hiring a reputable, reliable accounting service can lift a lot of pressure off your shoulders. A stress-free mind lets you focus more on your business, a business owner’s strong point.
Knowing that your business’s accounting and auditing responsibilities are in the right hand, you can concentrate on various business strategies to grow and expand your business and increase profits.
Your accounting services will generate a complete systematic record of your business’s financial status. This will help you quickly visualize your company’s financial health and draw up a reasonable budget. With accurate financial reports, you can easily point out the shortcomings of your business, so you know what areas need improvement in the future.
A local accountancy service is well-versed in the ins and outs of Dubai’s business accountancy laws. They can ensure your records are up to the required UAE standards and International Financial Reporting Standards (IFRS).
They will also make sure your company does not miss any tax deadlines like VAT returns or break any accounting rules that may result in a fine for your company.
With advances in technology, several robust software are available that make accounting an easy automated process. However, such software are often too expensive for a single business to invest in.
Accounting services are dedicated to the single task of accounting for various clients, so it is feasible for them to buy such software. Using their services, you can also benefit from digitized business records that are better organized, accessible, and easy to recover.
With matters as delicate as finances, one must always be vigilant about who to trust with such data.
It is common in professional business accounting services to sign legally binding confidentiality agreements with their clients. So you can be sure that your data will remain confidential and private.
Ras Al Khaimah Free Trade Zone authority sometimes runs discounts and promotions for customers. The prices are reasonable, starting from roughly AED 8,000 for a zero visa media company. At Idea BiZone offer you our reliable services at the most reasonable prices, covering everything you need to set up your business in this zone. Contact us today to get your consultation.
You should choose an accounting service that is detail-oriented, accurate, and maintains good communication with its clients.
Idea Bizone is an excellent choice for business accounting services as our accounting team is committed to providing you with the best services for your company. We can handle all your financial records and auditing and provide expert financial advice.
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