Different Types of Accounting Practices in the UAE You can’t afford to disregard the accounting function if you’re an entrepreneur in Dubai running a small
4 Ways an Professional Accountant can help your Business Save Money
Every business no matter the size would need to maintain a record of its every transaction. Having a professional bookkeeper or accountant has its advantages bringing professionalism, standards of work and attention to details to help facilitate your businesses towards development and growth. It is also important to consider the criteria for assessing the level of competency of your accountant or bookkeeper. In this article, we will share with you the cost saving areas that a competent accountant can provide your business.
1. Tax Pointers
As a business operator in Dubai, there are many incentives available to for businesses operating in Dubai. Being well versed in the statutory tax laws in Dubai will enable businesses to avoid paying unnecessarily and take advantage of the available incentives and concessions given to businesses operating in Dubai. Other areas of tax savings can arise areas of VAT where business owners can opt towards being VAT registered to relieve the cost of VAT payments.
2. Unnecessary Dues and Fine
Businesses in Dubai are required to adhere to the reporting requirements from statutory authorities in Dubai. Being proactive on the dates on submission and filing will help the business avoid unnecessary cost and penalties. This is also evident in certain billables where late payment may result in late charges. Also, some savings can be procured through early payment to vendors that offer discounts on early payment, being able to prioritise and handle these matters with an organised approach will help your business save cost.
3. Time = Money
It is crucial to note that in Dubai, businesses are dutifully responsible for documentation of up to 5 years for non-listed companies and 6 years for listed companies. That being said, having a robust system and organised filing system will help reduce unnecessary paper work and stress when attending to queries from the regulatory bodies and audit authorities. Through our experience, many business owners in Dubai are unaware that businesses are liable for VAT registration on the basis of a running 12-month reporting time frame, and this causes undue administrative stress and retrospective monetary claw backs which in many cases can be quite significant and costly to the business.
4. Business Partnering
Having the aid of an experienced and competent accountant is a key function to the equation of success. The role of an accountant is there to help address your financial woes, advice on your cash flow activities and flag out any potential financial issues that would impact the business negatively. As a Business Partner, they should provide guidance on internal controls and operating procedures so that the business is able to properly safeguard its assets and operate optimally with the current resources available.
Our bookkeeping services in Dubai, UAE include the following accounting functions:
- Monthly income statement and financial position statement
- Calculation and submission of VAT returns on e Filing
- Reconciliations of all account balances on a monthly basis, including suppliers and debtors
- Maintenance of accounting records on a monthly basis in Pastel Partner
We offer a professional, personalized and confidential service to communicate the financial information that will allow you to make well informed, sound business decisions with confidence. Our fully outsourced accounting service offering includes handling the primary books of account, payrolls, VAT returns, levies and all other areas of the accounting function and deliver monthly reports, annual financial statements, and taxation reports.
How can a business consultant help you in setting up a business in the UAE? Dubai is perhaps one of the most business-friendly countries in