Accounting Services & Payroll
Manage your accounting, payroll and financial reports efficiently
Our expert accountants help manage your finances efficiently, offering services like bookkeeping, reconciliation, financial reporting, payroll, VAT reports, and audit support.
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We provide reliable accounting services to ensure your business maintains clear, accurate, and up-to-date financial records. No matter the size of your company, proper accounting plays a key role in guiding decision-making, managing costs, and tracking overall financial performance. Our services adhere to International Financial Reporting Standards (IFRS) and are handled by a team of experienced, certified accountants dedicated to maintaining transparency and compliance.
Bookkeeping
Our accountants will handle the recording and updating of daily financial transactions, along with bank reconciliations, relieving you of the burden.
Account Reconciliation
We will ensure your general ledger figures are accurate, up-to-date, and that the balances align correctly.
Financial Reporting
We generate financial reports to provide insights into your business performance, including: Trial balance, Profit and loss statements
Payroll Management
We manage your company’s monthly payroll, including report generation, gratuity calculations, and pay slips.
Audit Support
We assist with completing your annual audit and ensure your records comply with International Financial Reporting Standards (IFRS).
The Ultimate Guide to Business Accounting Services in Dubai
Are your business financial records accurate and up to date? Are your accounting methods aligned with UAE financial regulations? Do you handle your VAT filings and tax obligations correctly?
Many businesses in Dubai face challenges when it comes to maintaining proper accounting and bookkeeping. Inaccurate records or non-compliance with local standards can lead to serious consequences—including heavy fines or even suspension of your trade license.
How do you avoid that?
Many businesses now turn to outsourcing as a smart way to manage their accounting and bookkeeping needs. This means partnering with a professional external firm to handle financial records and reporting on your behalf. In this article, we’ll explore how outsourced accounting services work in Dubai and why they’re a valuable option for companies of all sizes.
Accounting and Bookkeeping Policies in Dubai
The UAE has its own set of GAAP accounting principles, regulated by the International Federation of Accountants (IFAC). These principles apply to all UAE government entities and state-owned companies.
UAE accounting standards are based on the following principles:
- Income is recognised when it is realised or realisable. Expenses are recognised when incurred. Revenue is recognised when earned.
- Assets and liabilities should be measured at fair value, except for financial instruments and leases, which are measured at amortised cost using effective interest rates.
Running your own business in Dubai is a rewarding challenge, but accounting and bookkeeping can be complex. Here are five policies you need to follow:
Record Keeping Policy
Under UAE Federal Law, financial records must be maintained for at least five years. The Ministry of Finance recommends keeping records for ten years to ensure tax compliance.
Cash Receipts
Transactions up to AED 1,000 must be supported by a receipt, including the date, signature, amount, and nature of the transaction. These details improve accounting accuracy.
Bank Transactions
Bank transactions must be backed by a statement with the date, name, address of the business, and details of the transaction. Companies can store these records electronically.
VAT Returns
Businesses in the UAE must comply with the Value Added Tax (VAT) regime that started on January 1st, 2018. If eligible, your business must register for VAT and adopt a VAT Return Policy aligned with best practices.
Other Supporting Documents
Supporting documents such as invoices, credit notes, and contracts must be kept in original form.
How to Keep Your Business Accounting Records in Order in Dubai
Many small businesses attempt to manage their books in-house, but this often leads to stress and inefficiency. Accounting is a full-time job, and if you’re running a business, you likely already have enough on your plate.
Instead of handling everything yourself, consider these options:
Hiring Accounting Staff
This involves hiring permanent accounting employees, either individually or as a team, to manage your accounting operations.
Outsourcing Accounting Services
Outsourcing involves transferring accounting functions to third-party firms. This includes services such as bookkeeping, tax preparation, and financial statement preparation. You can outsource some or all of your accounting tasks.
Popular outsourced accounting services include:
- Payroll: Managing employee salaries and related taxes.
- Accounts Payable: Ensuring that your bills are paid accurately and on time.
- Accounts Receivable: Managing payments and collections from customers.
- Bookkeeping: Recording financial transactions manually or electronically.
- Budgeting: Planning finances and determining income and expenditure.
- Tax Accounting: Preparing tax returns and ensuring compliance with tax laws.
Benefits of Outsourcing Business Accounting Services in Dubai
Outsourcing your accounting services offers several key benefits:
Cost-Effective
Outsourcing is more cost-effective than hiring permanent accounting staff. It eliminates overhead costs such as salaries, benefits, hiring, and training.
Expertise and Professionalism
Outsourcing allows you to work with experienced accountants who stay updated with the latest financial regulations. They help you with financial modeling, operational improvements, and tax and legal consulting.
Focus on Your Business
By outsourcing accounting functions, you free up time to focus on critical business operations, improving efficiency and reducing workload.
Meet Statutory Requirements and Regulations
Outsourcing ensures compliance with UAE tax regulations and helps you avoid penalties and legal issues. It keeps your business in line with the country’s accounting laws, including VAT and corporate tax.
Address Labor Shortage Problems
Outsourcing solves labor shortages by giving you access to skilled accountants beyond Dubai, ensuring your business operates smoothly.
Reap the Benefits of the Latest Technology
Outsourcing allows you to use cutting-edge accounting technologies, such as cloud computing and automation, improving efficiency and accuracy.
Work With the Best Accounting Outsourcing Company
SH Typing offers reliable business support services to help your business realise its full potential. Our team can assist with accounting, bookkeeping, payroll, and VAT services, allowing you to focus on what matters most: your business.
Book a free consultation with one of our specialists today to get started!
This version reflects SH Typing’s involvement in business accounting services, making it a comprehensive guide for businesses in Dubai.