Category Archives: Bookkeeping

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Outsourcing Your Bookkeeping Is The Best Option. Why?

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There is a very small difference between accounting and bookkeeping. They both are having certain differences between them. In the case of accounting, you have to deal with the company’s financial status.

Accounting

Accounting has a massive role in the business of a person and if this function is not being carried out in a proper manner, so many problems can arise. So, it is better for a person to give proper attention to the accounting of your company. If the accounting of your company is not being carried out in an orderly manner, it means that there are problems in the efficacy of your business.

Bookkeeping

Bookkeeping Services in Dubai, on the other hand, is related to the recording of the economic activities of the company the entries and the business transactions are summarized in an orderly manner.

You must be wondering why we call it bookkeeping. Fine, before computers, people had to store their business data in proper books they had made. As the time has changed now, people have changed the ways of keeping their records as well. Currently, they keep the records in different software designed for record keeping.

Outsourcing of Accounting Firms in Dubai

It has been made obligatory for the companies in Dubai to keep the proper records of accounts for at least five years. All the account books should be maintained properly as it has been made important for all the businesses.

The data being itself is a greater responsibility to manage and to maintain privacy. All  outsourcing firms which are in accounting services in UAE knows the importance and are experienced to manage all this for your clients on your behalf and can produce under the regulated time duration if requested by the authorities for audit purpose.

Complying with the Legal Requirements

Complying with the legal requirements is not always easy. This is because there are a lot of things that are to be managed by a company. They sometimes may have not even got time to arrange and summarize their accounts properly. When every company feel like it is not good enough to manage their accounts properly, they take the help of accounting firms in the UAE. So in this way, they get to manage their accounts properly without ignoring their core business activities at all.

Because of outsourcing the accounting and Dubai bookkeeping functions, small or medium size business and offshore companies can enjoy the benefit of getting Tax and Audit ready statements. The outsourced accounting and bookkeeping experts are well versed with the standards and know how to comply with the requirements of the regulatory authorities.

Accounting and Bookkeeping Firms in Dubai

There are many accounting and bookkeeping firms that are providing the best accounting bookkeeping services to the people. They have the proper software for summarizing the data of the companies. The best part about this is security. The data is secured with these firms so you do not have to worry about it at all.

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What Is Guiding Accounting Software For Starting A Business?

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Guiding Accounting Software for Starting Business

For those whose just starting up their business, it is better to start it precisely by having the right accounting software to help your business and arrange your books. For those who aren’t familiar with this software, there are tons of accounting software that you can check through the internet, but which of these software can truly fit your business and help empower your business.

I have searched for the top 6 most downloaded accounting software by the help of one website, check this list:

  1. Fresh Books

Advantages

FreshBooks and its most salient, top features include its simple-to-use interface, great mobile tools, and snail-mail invoicing. In addition, it is compatible with numerous add-on products that can significantly expand what you can do with the software.

Disadvantages

Freshbooks is not equipped to handle large volumes of inventory, nor can it manage complex vendor and purchase-order situations.

  1. Quick Books

Advantages

This online accounting service provides advanced reporting, invoicing, expense tracking, billing, and payment tracking. It also comes with mobile tools for generating invoices and tracking expenses using iPhones and Android devices.

Disadvantages

While the introductory version can invoice and do basic tasks, you have to upgrade or add other modules to access additional features.

  1. Sage One

Advantages

Sage One is efficient, easy-to-use accounting software equipped with task management, collaboration, project tracking, and payment processing. It is an online solution, so it is up to date always, backed up, encrypted, and accessible via any web connection.

Disadvantages

If you are looking for popular accounting software such as products similar to QuickBooks Pro or Sage 50, this is not it. Sage One is created for entrepreneurs, freelancers, and startups, not companies that need to manage a lot of inventory or employees.

  1. Zoho

Advantages

Zoho Books presents complete accounting tools and the ability to track projects through platforms, including on PCs, Macs, and most mobile devices. It also provides a service that will send invoices to your clients for you.

Disadvantages

Although Zoho Books involves the ability to manage projects, the features are confined. You will have to practice its Projects product alongside Zoho Books to utilize project tracking tools.

  1. Xero

Advantages

This online accounting software is a complete accounting solution with traditional features such as the chart of accounts, general ledgers, and aged accounts receivable reports. It can also handle more complex accounting tasks, such as fixed assets and depreciation.

Disadvantages

While Xero provides adept essential Accounting services in UAE tools, most other types of business assistance services must have to be added using a compatible add-on. To make this a perfect business solution, you’ll have to add quote creation and time-tracking tools.

  1. Yendo

Advantages

Yendo presents a simple, clean interface that can handle most common accounting tasks such as creating invoices, running reports, tracking expenses, and managing cash flow. It also creates annual and monthly budgets based on your actual spending trends.

Disadvantages

This online accounting software is not designed to manage a lot of inventory or employees. Although Yendo provides developer APIs, it offers little integration, such as payment processing, document management, or Google app compatibility.

accounting-services-in-dubai

How To Choose Reliable Accounting Services In Dubai?

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If you’re about to begin a business in UAE, ensure that you hire auditors and chartered accounts to handle you company’s finances. No matter whether you are a big entity or a small one, professional accountants are a must for every business organization in Dubai. It is due to having extensive knowledge of handling finances and managing them in a better way. In addition, they can help you to make better strategic planning if you desire to expand your business or collaborate with some bigger business entity or take over a company. Moreover, when you start a new business, you need to concentrate on different aspects and hence, it leaves a very little room to focus on planning marketing strategies and promotion of your company. Accounting and auditing being the backbone of any organization, it takes a lot of time, so by hiring auditors in Dubai, you can focus on other aspects that will help your business to grow.

Owing to the increasing demand of Accounting Services in Dubai, number of firms has been established to cater to the accounting needs of business organizations. However, there are certain factors that need to be considered before you settle for one.

Capability:

It is very essential to judge whether the company that you have chosen is capable of handling your company’s finances or not. Bigger firms are better as they have several years of experience. Additionally, they have the know-how and keep themselves updated with the changes that take place in the financial scenario.

Staff continuity:

It is necessary to check how often their staff changes. Staff continuity is an important factor as you will be handing over some of the important and confidential matters of your company to them. It is not safe if the auditors working in the company that you have chosen keep changing.

Strategy:

Before hiring, it is imperative to understand the audit techniques and methodologies used by them. This will help you in getting an insight about how they work and if they will be helpful for your company

There are best and leading service providers of accounting services in UAE. They have extensive years of experience coupled with a team of experienced and reliable auditors. It perhaps the better choice for all your accounting needs.

Benefits of Accounting Services in Dubai

Let’s have a look at the benefits that can be derived from these services:

  1. Take optimum decisions
  2. Compiling with rules and regulations
  3. To sustain in Dubai market
  4. Understanding current market trends
  5. Budget Calculations
  6. Overcoming financial issues
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How Can Set Up An Accounting & Bookkeeping Firm In Dubai

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The United Arab Emirates is evolved into a lucrative business landscape. Among one of its Emirates, Dubai, offers compelling infrastructure and a friendly commercial environment which is highly conducive to new business setup. Having lenient government policies, ease of setting up a company, transparency in business activities, and huge reservoir of manpower attracts scores of entrepreneurs from around the world.

Every business small or big needs a bookkeeper/accountant who will manage their finances. Business owners today realize more than ever before that if they are not careful about their finances, they soon won’t be in business. It can be costlier for smaller businesses to appoint a full-time bookkeeper or accountant, outsourcing this function has become very attractive to business owners and a great opportunity for bookkeepers or accountants to start up their own bookkeeping or accounting business in Dubai.

What are the Benefits of Starting an Accounting & Bookkeeping Firm in Dubai?

If you have characteristics of outsourcing Accounting And Bookkeeping Services In Dubai, here are the benefits you must know.

  • Startup cost for Accounting and Bookkeeping business is minimal
  • You might become a specialist in one accounting application for increased marketability
  • Its consistent work that generally takes place on a regular schedule
  • You can also work virtually and broaden your target market

Starting an Accounting & Bookkeeping Firm in Dubai

Accounting and Bookkeeping consulting firms are one of the most popular business services to start and they’re almost always in demand. The introduction of latest levies and fine tuning of existing taxation system has led to unprecedented demand for accounting firms, particularly those who provide integrated solutions to their clients and the scope of accounting and bookkeeping business startup in Dubai is increasing with every passing day. Before getting into the procedure of registering your business with the authorities, here are a few things you need to know.

Requirements need to set up an Accounting and Bookkeeping Firm in Dubai

  1. Degree in Accounting

As a consultant you will be engaged in providing services for business rather than private individuals. As an entrepreneur/professional you need to possess a degree in accounting or related area for business setup in Dubai. It also means that you need to have an authentic certificate that proves you are a veritable accountant. However, before you open an accounting firm in Dubai, entrepreneurs need to ascertain the legality of the degree they hold. You can also take local exams to enhance the chance of approval.

  1. Professional License

To start any business in Dubai, you will need a license. When it comes to starting an accounting firm, you must have a valid professional license which is typically issued by the Department of Economic Development (DED) in Dubai.

  1. Office Space

In the UAE, it’s obligatory to possess an office space while fitting a company. Also having an office in a commercial district helps fetch clients simply. A physical working space conjointly generates a lot of confidence amongst the clients as they feel assured and comfortable coping with an accounting firm that boasts a team of dedicated CPA’s. As a bookkeeping business set out in Dubai you can rent an area of your choice.

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VAT group Registration Services

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What is a VAT group Registration?

In UAE VAT Registration, 2 or more persons conducting businesses might apply for Tax Registration as a tax cluster. A tax group could be a group of 2 or additional persons registered with the FTA as one taxable person subject to fulfilment of conditions under UAE VAT Law. This group registration is barely for the aim of tax.

Conditions for applying VAT group Registration

To be eligible for applying VAT cluster registration, all of the subsequent conditions need to be fulfilled.

  1. Every person shall have an area of establishment or fixed institution in the State:

 This means that every person ought to have either of the below mentioned institutions in UAE:

 Place of Establishment:

The place wherever a business is lawfully established in UAE consistent to the choice of its institution, or a place} in which vital management decisions are taken and central management functions are conducted.

 Fastened Establishment:

Any fastened place of business, apart from the place of firm, during which the person conducts his business frequently or for good and where sufficient degree of human and technology resources exist which allows the person to provide or acquire product or Services. This includes branches, that are thought of because the fixed establishment.

  1. The relevant persons shall be related Parties:

Here connected parties refers to 2 or more persons who aren’t separated on the economic, monetary or regulative level, wherever one will control others either by Law, or through the acquisition of shares or choice rights.

  1. One or more persons doing business in a partnership shall control the others:

  This implies that one or more person who are related, controls the other business. For example, officers or directors of one another’s businesses, partners in each other’s business etc.

VAT Group Registration Illustration

As illustrated above, Mr. Abdul used to be a Director in Rose trading Ltd and a Partner in A-one trading Ltd. Mr. Rizwan, is a Director of A-one trading Ltd. Also, Mr. Rizwan is a Partner in Rose trading Ltd. Therefore, Mr. Abdul and Mr. Rizwan are treated as related parties and can be eligible to apply for VAT group Registration provided the conditions square measure consummated.

VAT cluster Registration advantages

The following are the advantages of VAT group Registration for the business

  • All the entities among a VAT group are treated as ‘ONE’ entity for VAT purpose. This may facilitate the companies in simplifying accounting for VAT, and conjointly compliance coverage like VAT returns are required to be ready and reported at the group level rather than entity level.
  • Any provides among the entities of a vat registration in UAE, are out of the scope of the VAT. This means, VAT won’t be levied on provides between the entities of a VAT group. However, provides created by the VAT group to an entity outside the VAT group are subject to VAT.
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5 Reasons to Outsource your Accounting and Bookkeeping

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Whether coming firms or already establish one, all firms need accounting services, particularly in a place like Dubai. Considered as the monetary hub and one among the most vibrant cities in the Middle-East, it’s witnessed an inflow of finance firms in UAE causing a greater need for accounting services in the area.

In today’s world, accounting and bookkeeping services play an essential part in the business surroundings. This business function not solely provides you with useful info regarding your company’s monetary health but conjointly assists you to plan your future company strategy. To get your accounting and bookkeeping services outsourced, one should first know the benefits of the service.

Why does a Business needs Accounting and Bookkeeping Services?

To understand the needs of accounting and bookkeeping services in dubai  in an organization, let’s have a glance at the following points:

  • It documents an analyses all the inflow and outflow of cash taking place in the business, includes processes like tax filings, payments to the creditors, loans taken, etc.
  • Help in preparation of the business valuation report
  • To understand the monetary health of an organization
  • It helps in further business planning
  • Correct/Proper maintenance of accounts book can help in the audit process

All of the businesses registered in the UAE need to follow a set of Generally Accepted Accounting Principles. Not following these can spell certain doom for the company. The different accounting and auditing in Dubai can help you to shape your business in a better way.

What Is Outsourcing?

It is a procedure in which an individual or any business entity is hired, either internationally or domestically, and this outside party oversees and manages certain specific business activities for the business. This process is also known as Business Process Outsourcing (BPO), and the provider of the outsourcing facility is known as the service provider. In other terms, outsourcing is an agreement between two parties where the first party hires another company and devises a contract by which the second company administers the workings of the internal activity of the first company. In recent years, there is a substantial rise in the outsourcing of accounting and financial services. To understand the manifold benefits of the accounting and bookkeeping services keep on reading the article.

Benefits of Outsourcing of Accounting and Bookkeeping

Whether you are an entrepreneur or own a business, you already have many things on your mind. From developing your business to following the various rules and regulations of the government, there are a lot of necessary steps that you need to take in a fixed amount of time. Add to this the pressure of managing and keeping track of all the finances of the business correctly and the result would be pretty disastrous.  This is where the services of the finance and accounting outsourcing companies will help you to a great extent. All these services minimizing the cost and enhance services and thus add value to the operations of the company. The significant benefits of outsourcing the accounting and bookkeeping process are:

  1. Saves Money and Reduces Overhead Costs

This process would remove the costs related to the hiring and training of an accounting and bookkeeping staff. The overhead cost of providing a salary and maintaining the office space for the team would also be eliminated.

  1. Minimizes Time

The company providing the outsourcing services consist of knowledgeable people who help in providing increased efficiency which would free up your time to focus more on other issues of the company.

  1. Provides Expert Services

The outsourcing service provider comprises a team of proficient and skilled people who contribute with excellent service.

  1. Provides tax and audit-ready financials

The hiring of such service provides us with the benefit of having the financial reports prepared in a quick and orderly fashion.

  1. Develops Proactivity and Scaling
  2. The freed up time would allow a company to perform more tasks and also help in the growth of the business.
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Chartered Accountants and Auditors Services in Dubai

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We are a firm of chartered accountants located in Dubai and offers financial, accounting and auditing services at affordable price in quick time.

How to choose reliable accounting services in Dubai

If you’re about to begin a business in UAE, ensure that you hire auditors and chartered accounts to handle you company’s finances. No matter whether you are a big entity or a small one, professional accountants are a must for every business organization in Dubai. It is due to having extensive knowledge of handling finances and managing them in a better way. In addition, they can help you to make better strategic planning if you desire to expand your business or collaborate with some bigger business entity or take over a company. Moreover, when you start a new business, you need to concentrate on different aspects and hence, it leaves a very little room to focus on planning marketing strategies and promotion of your company. Accounting and auditing being the backbone of any organization, it takes a lot of time, so by hiring audit services in dubai, you can focus on other aspects that will help your business to grow.

Owing to the increasing demand of accounting services in Dubai, number of firms has been established to cater to the accounting needs of business organizations. However, there are certain factors that need to be considered before you settle for one.

  1. Capability:

It is very essential to judge whether the company that you have chosen is capable of handling your company’s finances or not. Bigger firms are better as they have several years of experience. Additionally, they have the know-how and keep themselves updated with the changes that take place in the financial scenario.

  1. Staff continuity:

It is necessary to check how often their staff changes. Staff continuity is an important factor as you will be handing over some of the important and confidential matters of your company to them. It is not safe if the auditors working in the company that you have chosen keep changing.

  1. Strategy:

Before hiring, it is imperative to understand the audit techniques and methodologies used by them. This will help you in getting an insight about how they work and if they will be helpful for your company.

IQBALION Auditing is one of the best and leading service providers of accounting services in UAE. They have extensive years of experience coupled with a team of experienced and reliable auditors. It perhaps the better choice for all your accounting needs.

Benefits of Accounting Services in Dubai

Let’s have a look at the benefits that can be derived from these services:

  1. Take optimum decisions
  2. Compiling with rules and regulations
  3. To sustain in Dubai market
  4. Understanding current market trends
  5. Budget Calculations
  6. Overcoming financial issues
bookkeeping-and-accounting-firms-in-dubai

The Best Bookkeeping And Accounting Services

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We furnish the accounting administrations reliable with the customer’s interest. In this viewpoint, we will in general keep up the administrative work forward-thinking to focus on the business with powerful measures. This we made this procedure simpler by parting it into 3 procedures:

  • We fabricate our customers put all the work in the wrapped and by sending it to us we can unmistakably break down every one of the circumstances for the better forecast.
  • We care of our customer’s accounting by tending to them to prepare the primary spotlight on their business. This talented educational plan helped us to supply the proficient administrations.
  • At last, we’ll offer the basic information that you might want most as far as reports making everything to be done on schedule.

We care for our every single client and makes them push ahead with the methods and business arrangements we offer to them. This is frequently the explanation that modern associations and driving organizations take our administrations to make them accomplish the focused outcomes with the guiding that our experts provide for them. We don’t manufacture our fixation with connection to the assize of the association. Every single businessman will get in touch with us to accomplish the valuable administrations in an effective way.

The efficient strategy of our administrations is trailed by the accompanying advances:

  • The standard administration reports are made to make them investigated to anticipate the zones where a ton of focus is wanted.
  • The cash streams and furthermore the estimates we made to our customers helped them to set up with a great deal of fitting way as it lessens the threat present in it.
  • We help you to check your business execution as the competitor examinations that help you to a ton of precisely investigate the business techniques and ways where change is required.
  • The VAT returns will be effectively quarterly submitted.
  • The yearly records will be documents at the firm.
  • Give the help related with the money related wanting to break down and improve the financial connections.

Besides, the bookkeeping and clerking administrations we offer to our clients adaptable and proficient. These rising administrations with the productive estimates aren’t direct to establish. Our buyers comprehend this factor and that is the reason they are accessible towards USA to acknowledge bookkeeping and accounting firms in dubai. Our administrations are included arranged edges related to the breathtaking alternatives that grasp devoted controller get to and the month to month on-the-spot and off-site accounting.

About us?

IQBALIONs are the group of advisors that systematized the business strategies with creative and most recent bookkeeping innovation to affirm the best administrations for our buyers. Our quality fiscal administrations are structured during a way that is most appropriate to your business with the latest programming proposals to upgrade the money related execution. We don’t settle on our quality administrations that have made trust in our customers. Our customers valued our collaborations that are best in UAE as far as increasingly right and exact outcomes.