Why You Should Keep a Separate Bank Account for Your Business

bank-account-uae-dubai
bank-account-uae-dubai

If you’re a small business owner, having a separate bank account is not only considered vital, but is also seen as one of the most effective budgeting techniques you can try. Not only will it make it easier for you to keep track of your business income and expenses, but it’ll also make the job easier for your outsourced bookkeeper. But is this the only reason to keep a separate bank account for your business? Not by a longshot. Here are a few more reasons.

 

· It’s required by the FTA if you’re incorporated. Is that a good enough reason for you? We thought so. Forget about whether or not you’re the only person in the company and you’re able to differentiate your business transactions on a personal account. Whether it’s just you, you and a partner, or a small corporation doesn’t matter. To ensure you’re not breaking any rules with the FTA, get yourself a separate business checking account.

It shows the FTA that you’re a legitimate business. Even if you’re not incorporated and you aren’t legally required to have a separate checking account for your business, doing so can accomplish the sometimes tough task of proving to the FTA that you’re legit and that your business isn’t just some surreptitious way to play the system. Having a separate business bank account isn’t the only thing the FTA looks at, but it can help keep you off their radar. It can also help greatly if you’re ever audited, because you’ll be able to provide the FTA a clean record of your transactions without having to sort through your personal finances.

· It makes you look like a bona fide professional. Now, having a few business cards and a check that has the letters “LLC” immediately after your name won’t attract business any more than a fancy pair of shoes will attract the person of your dreams. What it does, however, is legitimize you in the eyes of customers, suppliers, and potential investors as the real deal – and let’s face it, sometimes these things can help.

 

Outsourcing your accounting doesn’t mean you’re off the hook for keeping accurate financial business records. It just means you’ve now got someone on the case who knows what they’re doing, allowing you to spend more time running your business instead of data entering dollar amounts and trying to figure out what those figures mean with regard to the health of your business. An outsourced professional bookkeeping service can also offer guidance on budgeting techniques that can save your company valuable money and effort in the long run.

 

To learn more about how outsourced bookkeeping works, visit alyaauditors.com

How Long Should You Keep Business Records in UAE?

Auditing Firm in DXB

Many businesses aren’t sure how long records must be saved in the paperless era. Record-keeping is a boring, but important business activity, and if you make the wrong choices, you risk litigation, succession planning problems and the wrath of the tax man. Understanding how long should you keep business records will help you avoid these problems.

The General Rule

The Internal Revenue Service has established some basic record-keeping rules for tax documents. Outside the tax arena, there’s remarkably little guidance about how long you should keep business paperwork. Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least five years. As a rule of thumb, five years is sufficient time for defending tax audits, lawsuits and potential claims.

Specific Documents

  • Business Tax Returns and supporting records must be kept until the IRS can no longer audit your return. In most cases, the IRS can audit you for three years after a filing, but that time period extends to six years if the IRS suspects you made a “substantial error” on your return.
  • Payroll tax records, including time sheets, wages, pension payments, tax deposits, benefits and tips must be kept for at least four years after the date the taxes fell due or the date you actually paid them, whichever is later.
  • Current employee files should be retained for at least seven years after an employee leaves, is terminated or retires. However, if an employee suffers a work-related accident or files a claim against the business, it’s advisable to retain your records for up to 10 years after the claim is resolved.
  • Job applicant information must be kept for at least three years, even if you didn’t hire the applicant.
  • Ownership Records, such as business formation documents, annual meeting minutes, by-laws, stock ledgers and property deeds, should be retained permanently.
  • Accounting Services Records should be retained for a minimum of seven years. Accountants, being a conservative bunch, will often recommend that you keep financial statements, check registers, profit and loss statements, budgets, general ledgers, cash books and audit reports permanently.
  • Operational Records, including bank account statements, credit card statements, canceled checks, cash receipts and check book stubs, follow the seven year rule.

These periods are not offered as final authority, but as a guide. Your CPA, outsourced accounting service or tax attorney may recommend a different approach based on the rules of your industry and the specific needs of your business.

Audit Firms in Dubai

Auditing does not need to be an unwanted process. With one of the top audit firms in Dubai, like Alya Auditors., you can be sure that your audit process will not be as tedious or tensed as what you have been accustomed to.

There have been a number of companies from various industries that Alya Auditors auditors in Dubai have audited. We have experience and knowledge in our sleeves.

You can contact us today and book a free consultation with one of our auditors in Dubai for you to find out more about the audit.

8 Biggest Lies On Accounting Services

Accounting Firms in UAE,Dubai

If you want to manage your accounting in your business, you may want to hire the best accounting service today. This type of service is very useful to support your finance or management system in your business.

When you look on the market in Dubai, you can find many types of accounting services in this country. Therefore, you need to compare some available companies for looking at their features and benefits for all customers. This article is going to show you top 8 biggest lies in
this industry.

Some companies may provide these lies to their customers, so you have to be careful with these companies.

1. Accounting is a complicated procedure

Some accounting service companies claim that the accounting can be considered as a complicated procedure. However, you should never trust this idea. In fact, accounting is an easy way to manage your finance situation in your own company.

When you hire the best accounting service company, you should be able to take a good care of your accounting process in your business easily. Because of this reason, you need to select the best service that comes with a lot of experience in this industry.

You need to hire the best accounting service that can complete your accounting requirements quickly.

2.Expensive accounting service

Some people believe that hiring an accounting service is an expensive part in the business. This is believed to be one of the biggest lies on the accounting industry.

When you look on the internet, you can find some services that are offered at very reasonable price. You don’t need to spend your money for hiring any of these services.

Some companies are ready to provide you with free quotation for all customers. This quotation includes all important details about the service, such as contract period, labor cost, accounting management cost, and many other important factors.

3. No warranty in the accounting service

This is another common lie that is given by some accounting services in Dubai. Some companies claim that they are unable to provide warranty for all customers. However, you should not worry about this situation. You can still get the best accounting service that is offered with its warranty.

This warranty can make sure that you can complete your accounting project properly.When the company cannot complete your accounting project on time, this company is going to refund or redo your accounting project completely. This warranty is very useful to ensure the quality of this type of service.

4. No need to hire experienced accounting service

When you want to select the best service to support your business needs, you should never believe with this idea. It is important for you to select the best accounting firm that has enough experience in this industry. It is a great idea to select the right accounting firm that has few years of
experience.

Experienced companies usually have high quality and proven services for all customers. Therefore, you are able to rely on the performance and quality of these experienced companies. They will be able to complete any problems or issues that may occur on the accounting process.

5. All accounting services are similar

This is another common mistake that you should avoid, especially if you want to hire the best accounting service for your business. You should realize that not all services are created equal.

Some services are able to provide high quality service for all customers, while some other services cannot help you with your accounting process in your business.

Because of this reason, you have to compare some available services in Dubai. You should take a look at all necessary factors, such as available services, license, experience, and many other essential factors.

6. Instant result from this service

You should realize that there is no instant result from this accounting service. This type of service is going to take your time for taking care of your accounting process. It is very important for you to keep calm and be patient with the whole accounting procedure.

Some companies are able to complete your accounting requirements in a few weeks, while some other companies may need to spend a few months for completing your accounting process. However, you can still hire the best service that can provide complete details, so you can monitor the progress easily.

7. No complete report from this service

Not many people realize about this lie from this accounting industry. Some accounting service companies cannot provide complete report for all clients. However, you should not worry about this situation.

You can contact the best accounting service company that can provide complete report for all customers. This complete report may include all important details about your accounting or finance system in your business.

You can use this report to discuss with all members in your company, so you are able to improve your business performance easily.

8. No backup for your accounting data

Some companies don’t want to provide backup for all customers. They claim that they are unable to provide complete backup, in order to secure all of your data completely. This is one of the biggest lies on the accounting industry.

You can contact some companies that can provide full backup for your data. This backup is very important to help you secure all important and necessary data files for supporting your business performance. Securing all of your data is very important to avoid losing any important data from your company. You may need to open any data files in the future.

There are many other lies about accounting industry in Dubai these days. It is important for you to hire the best accounting service that is available in this country. Selecting the best service can help you take care of your business easily. Hiring high quality accounting service allows you to manage your finance and money in your company properly.

You may want to hire the best accounting service that is offered by reputable company these days. You can find reputable accounting service firm
in Dubai,UAE easily.

6 Reasons To Hire Us As Your Forensic Accounting Firm

Forensic-Accounting-Firms-in-Dubai-uae

It can be quite challenging when you need to find a good forensic accounting firm in Dubai.

Prior to choosing a firm for the forensic accounting, you must make sure that you have considered some factors.

We are among the leading firms in Dubai and here are some of the reasons why you need to hire us as your preferred forensic accounting firm.

1. We Are Trustworthy

We value our clients and we make sure that they have received the most reliable services required.We aim mostly at making our clients feel comfortable while working with us.

Trust is a very vital aspect that needs to be considered when dealing with any forensic auditing & accounting firm in Dubai,UAE. It is also an aspect that we highly value, since we deal with legal matters at our firm.

A forensic accountant will be hired to carry out deep analysis and scrutiny on financial aspects, which needs fidelity.

We always want the clients to feel comfortable hiring us for the sake of carrying out the necessary services.

We usually take time to explain to the clients bout our company and all the skills that we possess, for the sake of making them trust in us.

2. We Are Experienced

Another important aspect that too many people ignore, yet is very important is the year of experience of a given firm.

A firm must be able to have extensive experience in their field for the sake of being able to carry out their job as required.

We have been in the field of forensic accounting for quite some time now and it is through this that we have earned more knowledge in the field.

Our accountants have a longer certification period, being able to carry out deep job specifications. We are able to handle deep cases relate to forensic accounting.

3. We Have Enough Proficiency

The expertise of a firm is another aspect that you must consider when you are looking for a forensic accounting firm in Dubai,UAE.

Other than the years of experience in the field, the firm must also have enough knowledge about the topic. It is not only about what they have experienced throughout their years of operations.

Also, it is required that the firm must understand what they are doing in the field. Our firm has a deeper know-how in the field, which is a great aspect that contribute to the many cases we
handle.

We are able to take care of several cases that relate to the forensic accounting. For that, we will be able to handle whichever case that is put on the table.

We have a record of all the cases that we have handled, both the successful and the unsuccessful. The successful cases that we have in our records total to about 85%. This is a clear indication of our ability to handle cases with the right skills.

We will always be ready to provide the clients with all our most recent reports. This is only as a
proof that we have handled real cases.

4. We Are Always Available

We are dedicated to serve our clients in the expected manner and always be there in case of any
problems. This is another factor that matters most when you are in search of a forensic accountant.

You must ensure that you find a firm that will always be there whenever you need them. We are not
just physically available, but we also avail ourselves through the phone and the internet.

We have an ever active email account that will be responded by our trained personnel. This will take the shortest time possible when you need your answers urgently.

The phone line is also ever active and for that,we are available to our clients whenever they need us.

5.We Are Affordable

A forensic accounting firm must be fair to the clients, in terms of charging them with reasonable prices. The price quotation of the firm must be within the reach of the average client.

We are considerate of our clients and we ensure that we have provided them with prices that do not care them away.

We only charge fees that relate to our service quality. We are not too high, neither are we too low, but we charge reasonable fees, which match the quality of services that we offer to our clients. This is another aspect that make us a favorite of many people.

6. Informative

We do not just offer the forensic accounting services, rather we also provide our clients with the right information that relate to the field. We will guide them in understanding the forensic accounting perfectly and ensuring that they know what it entails.

Our accountants help to educate the clients on when and why they need forensic accounting. This is an aspect that is vital, since the clients need to understand what it entails and how helpful it is to their organization.

We are basically valuable to our clients and not only in terms of serving them and representing them in court, but also educating them with the right information.

It is vital that the forensic accounting firm to be open enough and loyal to their clients in order to ensure that they get the best services.

We ensure that our clients receive the highest degree of services. In addition, we ensure that they get help whenever they need it, by contacting us whenever they have a problem.

Mistakes People Make When Choosing An Accountant in Dubai

Accounting & Audit Firms in Dubai UAE

In order to maintain and mange the fun many people take the help of an accountant and that is a good practice to do. But even after hiring an accountant many people lose their money because they make some mistake while hiring an accountant. If you wish to know about those mistake that people make while hiring their accountant so you can avoid those mistake, then following are a few mistakes people make when choosing an accountant or an accounting firm in Dubai.

1.Not knowing their needs:

This is one of the biggest mistakes that many people make while choosing an accountant for their work. Many time people hire an accountant without knowing what they actually want to have from their accounting expert. This mistake not only cost more money to you but you do not get the best output as well from your accountant. So, when you hire someone for your accounting make sure you evaluate your need first before hiring an accounting expert for any of your accounting work.

2.Not asking questions:

Keeping the mouth shut while hiring an accountant is one more major mistake that many people make on regular basis in this requirement. When you hire an accountant then you might have a lot of question in your mind and asking those questions would explain if your accountant knows something about the work or not.

Hence, if you wish to avoid this complication then make sure you talk with him and you ask as many questions as possible. Also, if you have any doubts in your mind then don’t mind asking that with your accountant.

3.Not taking references:

Not taking references for accountant is another big mistake done by many people while hiring and accounting expert. With the help of references from other people you can know if any accountant is good enough for its work or not.

So, if you will check the references while choosing any accountant, then you will be able to choose an expert who knows about the work in the best possible manner.

4.Hiring a less experienced accountant

In terms of accounting, experience is a major factor and if you will hire a non experienced accountant then it will be a big mistake from your side. To avoid this mistake it is necessary that you choose only an experienced accountant that has done the accounting work for other people. This precaution will keep you away from any kind of trouble and problems.

5.Not talking about the fees:

If you have a small work such as filing of income tax return, then you would prefer not to pay a lot of money to your accountant. There is nothing wrong with your expectation but if you will not talk to your accountant about the fees before giving the work to him then you might need to pay a lot of money for that. To avoid this mistake it is strongly recommended that you talk about the money in advance and you go ahead only if you are fine with the fees.

6.Not contacting a local Auditing & Accounting Firm in Dubai:

Many people think if they will contact some external firm for the accounting work then they will get better result with it. However, I have a different opinion here and I believe that is mistake that people do very often. I only suggest you to hire a local accountant for your accounting work.

This local accounting & auditing firm in Dubai can see your details  can talk to you in case of need and he can guide you the right ways for the solution of your problems.

7.Using a very big or small firm:

Choosing a very big or small firm for the accountant is one more mistake that you should avoid. If you will choose a very big firm then it will charge more money to your work and it may give less importance to you if your work is not big enough for them. Similar to this a small firm may not have the capability to finish the work for you and that’s why it is necessary that you choose a firm or accountant in wise manner.

8.Not knowing accountants capability:

If you are choosing an individual accountant then you need to have clear idea about his capabilities else it will be a big mistake by your side. To know more about the abilities of your accountant you can simply talk to him, you can ask about his previous work and you can ask how he will give benefits to you if you will hire him.

9.Not asking about your benefits:

The basic idea of hiring an accountant is that you keep your books in order. But along with that you expect financial benefits as well and not asking about these benefits is a big mistake by people.

To avoid these mistake it is suggested that you talk about all the benefits that you will get if you will hire him as your accountant and if you get satisfactory answer then only hire him for same.

10.Not checking reviews:

It doesn’t matter what kind of services you are taking, checking reviews of that service provider is

always the best thing to do. If you will skip that part then I would call it a mistake and I would urge

you not to make this mistake in any condition. For this step you can simply go online and you can

check reviews about your accountant on various reviews forums. In most of the cases you will get

detailed review about the accountant from online websites and you can choose one in wise manner.

11.Not checking licenses:

An Accountant needs to have some licenses and certification to do the work and if you are not checking the licenses, then you will be making a mistake in this case. 

So, I don’t have to explain that while choosing an accountant you shall check all the licenses or certifications as well that he has.This precaution will keep you away from many troubles and you will get only the best output from the service.

Making the Most of Accounting Services in UAE

Accounting & Bookkeeping Services in UAE

Accounting Services in Dubai,UAE

One way to concentrate more on the business in these days is to outsource your accounts to an accounting service providing firms in UAE. There are many companies and organizations that seek out outsourced business accounting firms to manage their operational and functional areas as well as to oversee financial and business matters.

For every business, financial decisions are important. That’s why companies and organizations are helping to find such bookkeeping services that can help if their bookings and transactions look the way they are and also prevent fraudulent and other theft. Because there are many audit firms that operate from other countries to provide the best services to their clients no matter what the world’s angle.

These services are really necessary and can not be denied for their importance. They are cost effective and ensure transparency in the system and in the accounting records. These services also ensure that accounting has no gaps and that the company can make the most of its business. The accounting systems that are outsourced are often an austerity program, as many countries have to pay higher salaries to the people they employ to manage their accounts and become a costly affair.

If you are determined to outsource business accounting services, you must ensure that the services provide facilities that relate to payroll data and other financial matters.

Our services include Auditing, Bookkeeping, Payroll, Tax, Company Formation as well as a Business and Financial Advisory service proven to add value and help your business to grow.

Other services required by a company itself from outsourcing include the preparation of cash book and bank reconciliation statements, as well as the list of investments and other liquid assets.

You should also prepare the management accounts and consolidate the group and prepare the income statements and balance sheet for the company to reflect the full accounting scenario.

Now, the company hired for these professionals should be confident that it will evaluate your business to the best of its ability, enabling your business to make bookkeeping transparent and clear. Accountants should have the best expertise and the best of software and tools to make things easy and less error-free. It is not possible for the business owner to manage each department and to ensure that the final accounts are prepared in a timely manner and the professionals providing accounting services in Dubai  help you with this. You can make an appointment before hiring them for your business.

Understand how they work and build a strong professional relationship that will help you grow with them by being a partner to your success.

The importance of accounting can never be enough. Every company must comply with regulations and accounting standards to ensure that books are prepared in the right way. You must submit the

returns and submit the correct numbers to request deduction of the eligible items. Only subject matter experts have the knowledge and experience of the latest accounting and auditing changes.

Therefore, it is best to hire an expert in the industry.One of the most important thing to consider is their expertise and experience. An experienced accountant will help you in a variety of ways and also help you make the right financial decisions.They have professional industry knowledge and the skills and experience to make the most of their knowledge. Choose a firm that has the expertise for companies related to your industry. This will ensure that your business grows with every decision you make, and there will be the right professionals to guide you.

Benefits of Outsourced Accounting & Bookkeeping Services in UAE

 
Affordable costs

Regardless of whether these services are provided by a freelance accountant or by a company providing accounting outsourcing services. In both cases, you benefit from the provision of accounting services, as both offer their services at competitive prices. On the other hand, you can focus on other important aspects of your business and your business, and thus make more profit forthe business. You can also save on training your amateur staff.

Professional assistance

Outsourcing your accounting needs would mean that you have your work done by a professional company that has more experienced workers. With world-class services, you can also focus on more important issues of your business for more profit. Outsourcing accounting is beneficial to smaller companies as it is in the hands of qualified professionals with training and extensive experience in financial transactions. You can achieve the desired goals with less labor.

On time delivery.

Since professional companies providing accounting services take account of your accounting details, your work will be done in a limited amount of time. You will be able to complete the process in less time as they can solve the daily work on such issues. This will give you punctual delivery of your work.

Affordability

Many outsourcing accounting firms offer a variety of packages tailored to your business needs. With these packages, you can control how many hours are spent on accounting or bookkeeping services, so you can track them as monthly expenses. Think about what your time is worth, and measure it with the cost of outsourced services. Not only does the hourly rate stand out, but it’s also what you do not focus on when you’re tracking down missing expenses or reconciling accounts. You will probably find that outsourcing is a really good business.

Alya Auditors Specializing in eight core UAE and international business sectors, Alya Al Marzooqi Auditing (Alya Auditors) has its head office in Business Bay local accountancy and business advisory services in SAIF Zone offering our Brighter Thinking approach. We are one of the Top Accounting Firms in Dubai, UAE. We have approved auditors in all major Free zones including DMCC, DWC, JAFZA, SAIF Zone, Maydan, etc.

Alya offers a wide range of accounting services to ensure that you have tax-ready financial statements when you need them the most. By choosing us as your bookkeeping partner, you avail paper free bookkeeping and accounting solutions professionally delivered with utmost security and confidentiality in the shortest turnaround time.