Tag Archives: chartered accountants in dubai

bookkeeping-services-in-dubai

Hiring a Best Bookkeeper in Dubai

Leave worrying too much about numbers adding up correctly. Do you want to spend your time on something you do not require to do when you should be giving time to something else? Making blunders add up, especially if those errors go to an audit or even liquidation. With 30 percent of small businesses failing within two years because of debts outweighing profits, it’s essential to keep an excellent book.

Choosing a bookkeeper is not without cost, but it can save you significant time in the long run. You must select a bookkeeper with considerable expertise and professionalism as he will have a direct impact on the achievement of your enterprise. You should thoroughly review out his past credentials and ask for reviews from previous jobs if he can quickly provide. Benefits of Hiring a Bookkeeper:

Following are the advantages of hiring a bookkeeper:

  1. Bookkeepers Prevent Errors

Even the most experienced business owners mess up on their books when they lack the proper knowledge. Blunders could range from data entry mistakes, missing entries, double entries, and mixing up types of expenses. A professional bookkeeping services in Dubai with a sharp eye is less likely to make blunders.

  1. Bookkeepers Retain a Tight Schedule

Part of a bookkeeper’s role is to pay bills, and they will know when it’s best to consume within budget. They will also accurately invoice with timeliness. It is easy to fall back on paying and accounts receivable when you are managing your own enterprise. Pay no more late fees and receive paid on time with a bookkeeper.

  1. Bookkeepers Free Up Your Time for Other Jobs

Meanwhile, you choose a bookkeeper; you can put your time and efforts elsewhere. Focus on networking, marketing, managing, purchasing, and supplying, selling, and communications. Letting someone take over a task as necessary, detailed, and distraction-free as bookkeeping enables you to concentrate on company progress.

  1. Hiring a Bookkeeper According to Your Demands

Depends on the extent and complication of your enterprise, your bookkeeper can be full-time, part-time, temporary, or contracted. Each choice comes with its advantages. If you are a company of one or a handful, you might be more satisfying to contract work at first. Contracting your books allows the contractor an element of objectivity necessary for the task. On the flip side, contractors tend not to know your company as well as an employee. Maybe you’ll need a temp or outsourcing for tax season. Adjusting your bookkeeping to your needs is essential in conserving you money.

  1. Understand and Examine Your Company’s Standing

With a bookkeeper, you can search out where you stand financially as a company. This can support you figure out where you can or should put money, allocate money, or cut back. A bookkeeper should be capable of simplifying and explaining any confusion and ideas.

Choosing someone for bookkeeping gives you more benefits than you would think, including less stress! For what you spend, you will get back even more. For correct, analytical bookkeeping, call DCA CPAs for more knowledge.

bookkeeping-and-accounting-firms-in-dubai

Skills you must have for being successful Accountant:

Necessary job skills for accounting professionals encompass more than the capability to crunch numbers, complete expense sheets, and depreciate fixed assets. Apart from traditional accounting knowledge, there are a handful of other hard and soft skills that every accounting professional needs.

Must have General business knowledge

The functions of accounting and finance professionals are expanding. Given the constant interaction with other departments, today’s accounting professionals need sound decision-making, negotiation, and strategic-thinking skills. It’s also essential to be able to see the big picture and understand how your accounting role impacts the overall organization.

Must know Communication skills

As an Bookkeeping and Accounting firms in Dubai professional, the chances are good that you collaborate across departments and interact with a wide array of co-workers or clients. The people you talk with may not be as savvy with the numbers as you are, so you require to be able to present information in an easy-to-digest manner.

Whether you interact via email, phone conversations, in-person meetings, or presentations, relaying information precisely and concisely goes a long way toward supporting your reliability.

Although the technical abilities on your resume might land you an interview, companies are searching for accounting experts with a collaborative personality, an executive presence, conflict-management capabilities, and adaptability. Of course, these are not the kind of skills easily taught in a classroom. But you can enhance them by merely paying attention to how others handle professional situations.

Ability to Lead

Accounting professionals need to be energetic self-starters who can promote new insights, manage projects, and motivate and interlock team members, all the while displaying solid administration skills. While the partners at your firm or administrators in your department are managing the business side of the company, you may require to serve as a source of aid when colleagues need help navigating a particular program or managing their first busy-season audit.

Moreover, your managers may look to you for fresh opinions concerning how the organization can assure continuity of service to clients, develop compliance procedures, or address a host of other issues.

Customer service orientation

Whether you work in government or private accounting, trustworthy customer service skills are crucial. If you work in a public accounting company, it is essential for you to be capable of retaining current customers and bringing in fresh clients. If you serve in corporate accounting jobs, you must meet the requirements of the organization’s other departments and managers.

Accounting professionals can demonstrate excellent customer service by truly listening to the requirements and interests of your clients, whether they are interior or exterior. A positive attitude can likewise go a long way, particularly when stress levels are raised. And be cautious not to overpromise when it comes to deadlines or deliverables.

Sort of Specialized experience

To assure regulatory compliance, institutions see for risk, compliance, and internal audit professionals, notably in the financial services industry. Many companies seek people with backgrounds in anti-money laundering, know your customer (KYC), Financial Industry Regulatory Authority, Comprehensive Capital Analysis and Review (CCAR), and the Dodd-Frank Act, particularly rules related to capital adequacy and consumer protection.

bookkeeping-services-in-dubai

Bookkeeping and Accounting Firms in Dubai: Differences

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.

VAT-registration-in-dubai

Most Common Mistakes Made By SME For VAT Filing In UAE

Since the introduction of Value Added Tax (VAT), a number of small- to medium-sized enterprises find it difficult to cope with the newly introduced VAT system, thus attracting fines.

Most common mistakes made by small & medium companies when vat return filing in UAE:

  • Non-maintenance of records
  • Mistakes in simply calculating and paying VAT e.g. failing to file the appropriate amounts
  • Poor planning
  • The hiring of the wrong resources
  • Failure to issue valid tax invoices
  • Limited understanding of VAT laws
  • Not having the right accounting setup

Lots of mistakes have been observed related to the input tax deduction due to the misinterpretation of the VAT legislation. The VAT legislation only allows reclaiming input VAT paid to suppliers of goods and services that have been used to make taxable sales.

Mistakes regarding maintenance of VAT records that are most common are as follows:

  • Non-filing of VAT return in UAE;
  • Failure to issue valid tax invoices and VAT credit notes;
  • Non-maintenance of all records and documents as per the requirements of the UAE VAT law;
  • Delay in amending the VAT Registration in Dubai on account of addition in branches;
  • Recovery of input tax pertaining to blocked expenses

Companies should take a thorough review of compliances undertaken and the positions adopted for the last 18 months, create VAT governance framework with proper roles and responsibilities defined for team members. Appoint tax experts for periodic review of tax positions and VAT returns, upgrade IT setup to meet the record-keeping requiring and train to the users.

Being compliant requires constant follow-up of matters and dedicated staff. It is not enough to add tasks to the current tasks of finance managers or controllers. A more holistic approach is required. Although an accountant may have good operational knowledge, he might come short in the legal analysis.

It is very important to train the staff and follows the best tax practices, change their core processes and adapt the accounting systems to achieve a reasonable degree for tax compliance.

The audit and advisory future are undergoing some digital transformation, which is greatly needed in order to provide the businesses of the future meaningful analytics, deliver additional value-added services, it is important to improve internal efficiency and the quality of audit.

VAT filing is an important part of any business if you have any of the facts that are not feline contact experts, they will help to properly file your returns. VAT return filing requires several documentation processes which can be complicated to organize and submit in accordance with Federal tax authority regulations. Our business experts would start from the very scratch and make it much easier to deal with.

VAT return filing in Dubai is highly recommended for you to have a flawless and on-time submission.

audit-services-in-dubai

Professional Auditing Services in UAE

A self-supporting audit is the foundation for decision-making in the capital markets. Stockholders try to find responsible and objective opinion from independent auditors and the fundamental goal of our auditor professionals in the UAE is to provide this assurance.

At “IQBALION” in Dubai, UAE, we are committed to providing an excellent professional auditing services in Dubai. Now and again, marketplace feedback, from both large quoted and growing businesses, confirms that our audit opinion is robust and commercially focused.

Why Do You Need Auditing?

Contrary to what you think auditing is very beneficial for the company. As a provider of professional audit services in Dubai, we have been able to help many companies to know the exact picture of the company’s financial health. This is very essential for planning investment and expansion. Auditing will also help you to find out if your company is fully compliant with the accounting laws of the country.

We provide a variety of services with regard to auditing like internal and external auditing. As a provider of best auditing services in Dubai we also offer you audit assurance and financial reporting advice and solutions under the IFRS. We are also able to conduct a limited review of your financial records or do a specialized audit.

An audit seeks to provide a real overview of the financial performance of a business, whilst improving an entities efficiency and profitability. This is achieved through the insightful financial results which an audit can uncover, such data allows key stakeholders to make calculated risks, whilst assessing elements within the financial structure which may need improvements.

To ensure business activities are in compliance with accounting laws and regulations, we thoroughly examine a client’s business process, analyze performance comparisons, disclose their strengths and weaknesses, as well as identify critical areas of their operations.

How Does Audit Help You?

The main advantage is that an audit will allow you to know any risk and help you manage the risk efficiently. As auditors in Dubai, we will check for any mistakes in your records and help you to take necessary corrective action. The audit will also help you to find weaknesses in the company and correct it at the right time.

One of the very important functions that we do as auditors in Sharjah is to uncover any fraudulent activity in your company by doing the fraud investigation audit. This will help you to find the persons responsible for such actions and take immediate action. This will be a great help to control the loss that you will be incurring because of such activities.

IQBALION has been commended by our clients as being one of the most efficient audit firms in UAE. Our auditing has been able to find out any tax mistakes done by companies and help them stay compliant with the tax regulations.

By using our auditing services in Sharjah help you present the correct financial picture of the company to your shareholders and earn their confidence. An audit report is a document that any investor will trust to know the strength of the company.

vat-registration-in-UAE

VAT group Registration Services

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.
accounting-and-bookkeeping-services-in-dubai

5 Reasons to Outsource your Accounting and Bookkeeping

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.
audit-services-in-dubai

Chartered Accountants and Auditors Services in Dubai

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

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.