Tag Archives: accounting and bookkeeping services in dubai

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Focal points Of off Shoring Bookkeeping and Accounting

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With fast walks in media transmission, seaward business process redistributing is ending up being a significant apparatus to numerous organizations. Employing an organization that is situated in another nation may appear to be minimal odd, yet it offers various favorable circumstances which the organizations rush to use. What began as redistributing of low end IT employments right off the bat in the 1990 has now associated with itself whole business forms like bookkeeping and accounting firms in Dubai. What’s more, the offer of accounting re-appropriating today envelops numerous advantages and not only investment funds in labor costs.

These can be induced as under:

1) Access to rare ability: Talent pool in nations like US are maturing and contracting. As indicated by a Bureau of Labor insights around 75 million children of post war America are approaching retirement while only30 million Gen X’s can supplant them. The circumstance is same for some European nations. In a circumstance like this; numerous organizations are battling to discover the accounting ability at a sensible rate. Off shoring bookkeeping forms take care of the issue for them.

2) Transfer of expenses and hazard to specialist organizations: Companies spend a ton in employing, preparing and holding staff. At that point there is additionally the need of infrastructural offices to be dealt with. Organizations are glad moving the expense and related dangers to seaward specialist co-ops who for clear reasons, invest

Vigorously on staff advancement and administration programs. Organizations are likewise accordingly saved of the imperative administration cost in running an in house accounting office.

3) Multiple administrations under single stage: Another extraordinary bit of leeway that gathers to little measured organizations specifically is that an entrepreneur has the decision of utilizing on the various administrations offered by these re-appropriated vendors. Since these organizations represent considerable authority in private company accounting they likewise offer government form administrations, finance the executives, ledger compromise, monetary reports, Quick Books reports, and so forth at an exceptionally moderate cost. Any free CPA would charge extensively for every one of these administrations.

4) Better use of money related assets: Through re-appropriating errands, for example, accounting and finance, companies can diminish budgetary hazard by using monetary assets insight fully. For instance an organization need not spend on an in-house bookkeeper when all that is required is the administration of an accountant. Redistributing of accounting administrations gives the organizations this adaptability of determination and better usage of budgetary assets.

5) Reduced Overheads and incredible reserve funds: Companies can spare as much as $50000 per annul by supplanting an in house bookkeeper with a redistributed one. Additionally fixed overheads like finance costs and worker advantages can be stayed away from.

There are various advantages related with redistributing of bookkeeping administrations. A Company appreciates expanded reserve funds as well as development in effectiveness and center towards its center business. So it is constantly a success win circumstance for an organization turning to re-appropriate of bookkeeping.

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Bad Debt Accounting and Business:

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Most of the business stockholders experience bad debts usually that happens to them. They go about doing your business. It sometimes appears as one of the risks of running a company. However, even if this is the case, it should not be tolerated, as this can be the start of a crumbling business.

Bad Debt:

Bad debt then is an amount considered as a loss of a business instead of again because the payment is not obtained after all efforts have been made. Most of the time, the debtor cannot pay off the said debt because it has declared bankruptcy.

Bad Debts Accounting:

Bad Debts make a part on the debit side in the Income Statement as an Expense. They get reported in the year in which they become irrecoverable or when the debtors seem not to pay their debt. Its next entry would be its deduction from the debtors in the balance sheet since they are presently not recoverable. And thus, the current assets would decrease (receiving lesser cash).

Reasons behind Bad Debt:

When the debtors have poor business management, he cannot timely pay his debt.

Debtors’ inability or unwillingness to pay is one of the primary causes for the debts to become bad.

Meanwhile, the creditors are not capable of collecting the debts due to some of the other reasons.

Impact of Bad Debts on Business:

The effect of bad debts is not suitable for your business. If you have a large number of bad debts, then you require to take quick action and assure that your accounts receivable process effectively managed.

Money Losses occur

Without any doubt, bad debts cost a company money. The expected amount of money that has been added to the sales and revenue is now considered to be a loss. It affects the forecasts as well as the probable growth of a business, especially if it is a significant amount.

Create complications in Accounting

Bad debts mess up the accounting process that accountants work hard on doing. As if accounting itself is not tricky enough, bad debts will make it more complicated. Doing accounting and bookkeeping services in Dubai processes means recognizing when the sale is made. The amount of money that is expected to be received is usually accrued by then. Your accounting department will then need to deal with adjustments as a continuous delay of payments happen until that amount needs to be written off as a loss.

Loss your Reputation

Bad debts may be one of the reasons that can ruin a company’s reputation. It can impact financial books in some cases. Some may even view your firm as a company that is not good at handling collections.

Loss of Employees

Your employees can start feeling low morale in the office when bad debts start kicking in. It means that bonuses, increments, benefits, and others are not offered and given anymore because the bad debts have gotten into the financial status of the company.

It means that you are on the brink of losing talented and trustworthy employees that may have been working for you for several years now. It can affect you significantly.

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Bookkeeping and Accounting Firms in Dubai: Differences

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With bookkeepers managing themselves accountants and accountants giving services of bookkeepers, the line drawing the difference between bookkeeping firms and accounting firms seems to have blurred. Well, at least many people believe like this. However, that is not the actual case. There is still a reasonable degree of difference between the two of them, at least between the services that they are trained and supposed to give in Dubai. Let us have a closer look at this.

Following are the primary and critical differences between bookkeeping and accountant in Dubai:

  1. Scale of working

Bookkeeping services in  Dubai, of course, operate at a relatively small level, with fewer employees. Usually, a team of 10-20 bookkeepers and a controller would suffice to manage the operations of a bookkeeping firm. Accounting firms, on the other hand, operate at a relatively more substantial scale. This is because, as you saw above, they offer a more excellent range of services, thus requiring more employees.

  1. Responsibilities and services contributed

Bookkeeping firms are only responsible for keeping and recording all transaction details. In other words, bookkeeping staff and tasked for making entries and maintaining the books day in day out. At a stretch, the services rendered by bookkeeping companies or even full-time bookkeepers include creating, getting, and keeping invoices and bills, managing reconciliation, reporting to controller or CFO, etc.

Accounting firms, on the other hand, offer a more excellent range of services, of course. In addition to classifying and recording transaction details in journals and ledgers, accounting firms will be responsible for analyzing and interpreting them and making financial reports and statements to assist controllers and chief financial officers.

  1. Qualifications and expertise

Accountants and Bookkeepers don’t need to give any strict tests to be able to work in a bookkeeping firm. Certified accountants in accounting firms have to pass rigorous examinations to get their license and certification. Thus, people in accounting firms use to be relatively much more qualified. They possess more skills as they are trained to cover tax, business reports, accounts analysis, auditing, and much more.

  1. Cost or Charges involved in hiring

Hiring a bookkeeping firm is ultimately cheaper. Bookkeeping is one of the primary tasks in the finance departments. Therefore, there are lower costs involved. Accounting firms may cost somewhat more. Bookkeeping and Accounting firms in Dubai are just worth it, though, since you get far greater assistance in the finance department and related tasks.

  1. Maintenance

As you can guess, hiring a bookkeeping firm in Dubai will be best suited for small scale firms and startups with limited transactions. Since there would be much less of sales to record and take care of, a full-service accounting may not be required. A bookkeeper and a controller should be enough to record, analyze, and maintain the books and financial reports in such a case.

However, when the firm is operating at a more significant level and has a lot of transactions happening on an everyday basis, a reliable accounting firm is a must. However, when the firm is operating at a more significant level and has a lot of transactions happening on an everyday basis, a reliable accounting firm is a must.

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Need For Conducting Internal Audit

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Internal Auditing Mechanism

For checking the internal management system of an organization, the Internal Auditing system was conducted with the help of various audit firms in Dubai.

Classically, Internal Audit functions were set up by corporate management to assess the internal control system established by management. It works as a control mechanism to analysis the financial controls of the company.

According to the Institute of Chartered Accountants, an independent management activity, which analyzes working of an organization critically and also present suggestions for the betterment of mechanism of the entity, including the entity’s related strategic risk management and internal control system.

Experts do the main activity of internal auditing after doing detailed research about the culture of the business and processes. It checks for the adequacy of internal control to deal with risks, the effectiveness of the administrative process and organizational goals and objectives.

The purpose is to gain relevant knowledge of the entity’s accounting system, policies, and internal control procedures. It helps to establish the very expected degree of trust to be placed on internal controls. It is the path to assessing nature, timing, and extent of the audit procedures going to be performed. Apart from that, one of the primary significance is to coordinate the task to be completed.

As per the Institute of Internal Auditors (IIA), USA internal audit is an independent, objective-oriented system designed to increase value and improvement in an organization’s operational procedure.

Evaluating the efficiency of internal audit

  1. Cooperation from Management:

Inner audit system work cannot be conducted unless management shows positive attributes toward this system. Internal audit should make specific the main objective of conducting an internal review, i.e. an Audit charter may be helpful in this case as it present expectations of the stakeholders, auditors, and management. The primary purpose of Internal should be evident to the internal auditor and the top management.

  1. Reporting Channel:

Now, to make this system crystal clear report must present to high management without any tempering giving an accurate picture.

  1. Judging Significance of Internal Control:

It is essential to check if all the internal controls that exist are implemented and are effective. The internal auditor must have to consider a failure if he failed to understand the scope of the audit.

  1. Reflection of Audit report:
  • The summary is given by Director – for top management.
  • The operational head should provide an executive summary in this regard.
  • The detailed audit report must be submitted for related operational personnel and for people who are being responsible for the implementation of recommendations and the CFO of the Company.
  1. Follow-up procedure:

The auditor should have a check and balance of required audit findings that need implementation.

  1. Feedback from the auditor:

The internal auditor must take input from the client on the audit report, which is the final product delivered. Feedback on the quality of the audit report taken from the top management.

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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.

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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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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