Accounting Services in Dubai
Accounting is a crucial part of every business operating in the UAE. Its importance became even more significant, particularly in light of recent regulatory changes and laws governing the UAE economy. The introduction of VAT at the onset of 2018 has further elevated the necessity for robust accounting services in Dubai, making them indispensable for businesses to operate
Put simply, accounting involves keeping track of a company’s financial transactions. This includes recording, summarizing, evaluating, and disclosing these transactions to regulatory bodies and tax authorities. Financial statements are a key component of accounting, providing a summary of a business’s financial activities over a specific period. They offer important insights into the company’s financial health, operations, and overall performance. In the Emirates, businesses are required to maintain accounting records for at least five years.
Businesses in Dubai rely on accounting services for various critical purposes. They encounter many challenges managing bookkeeping and accounting tasks efficiently. It’s imperative for them to accurately file taxes, including VAT, to avoid errors and penalties, ensuring compliance with the accounting standards of the Emirates. Additionally, maintaining flawless business financial statements and records is vital for their operations.
To simplify their operations, businesses in Dubai opt to outsource these tasks with a reputable business accounting and bookkeeping service provider. In Czar Bizserv we offer a broad spectrum of accounting and bookkeeping services in Dubai, catering to clients across various industries. In this article, you can find everything you need to know when outsourcing your bookkeeping services.
Why Should You Outsource Accounting and Bookkeeping Services in UAE?
Most investors launching new businesses in Dubai or the UAE without prior experience often opt to outsource their accounting tasks to external agencies like Czar Bizserv.
Accounting relies heavily on specific procedures and practices regardless of the business type, posing a daunting challenge for inexperienced investors in the Emirates. Consequently, delegating these responsibilities to a proficient team of accounting professionals can streamline processes significantly. Moreover, it allows newly-formed ventures to concentrate on core issues.
Advantages of Outsourcing Accounting and Bookkeeping Services
Opting to hire a full-time employee for accounting purposes can be very costly, considering the various expenses involved. These expenses encompass not only the monthly salary, travel costs, employee benefits, and allowances, but also visa fees, and medical insurance fees that tend to be high. To address their specific and unique needs more affordably, clients may choose Czar Bizserv's customized accounting service options. This approach proves to be more economical compared to recruiting an entire team.
We at Czar Bizserv have specialized professionals and experienced in handling accounting tasks. They can provide accurate and reliable financial reporting, helping businesses make informed decisions. experience and diligence are crucial factors in accounting and bookkeeping, especially in a foreign country like UAE.
In every business time is money. By outsourcing bookkeeping tasks to Czar Bizserv, businesses can free up time and resources to focus on their core activities and strategic objectives, rather than getting bogged down in administrative tasks.
Documents Needed to Commence Accounting and Bookkeeping Services
The accounting process in Dubai necessitates several documents for commencement. These include:
- Purchase invoices for any company assets.
- Legal documents of the company:
- Trade license
- Memorandum and Articles of Association
- Certificate of incorporation
- Share certificate
- Office rental invoice and contract.
- Petty cash sheet (if maintained).
- Credit card statements (if applicable).
- Deposit slips for payments made to entities such as rent, DEWA (Dubai Electricity and Water Authority), etc.
- Sales and purchase invoices.
- Bank statements.
- Invoices for expenses related to the company, such as office expenses, utilities, telephone bills, etc.
- Invoices for expenses incurred during company incorporation.
Czar Bizserv boasts a team of experienced professionals proficient in delivering top-notch accounting and bookkeeping services in Dubai and throughout the UAE. Our consultants are highly trained and qualified individuals adept at handling diverse finance tasks for companies across various Emirates. By outsourcing the responsibility of hiring and managing an in-house accounting team to us, businesses gain the time and confidence to focus on their core operations. For all your accounting and bookkeeping needs in Dubai and the UAE, reach out to our consultants at your earliest convenience.
