For those who are toying with the idea of starting bookkeeping service in Dubai, and are unsure of if it is the right time to start an accounting firm, let us tell you-

This is absolutely the best time to start the bookkeeping or accounting company that you’ve been planning.

Dubai is attracting investments and businesses from across the globe. With the businesses in Dubai seems every growing, there is more opportunity for accounting and bookkeeping services UAE now than ever before. Particularly after the introduction of Value Added Tax and such legal necessities to be taken care of by businesses, there has been a considerable increase in demand for taxing, accounting and bookkeeping services in Dubai and other parts of UAE.

Need for Accounting and Bookkeeping services in Dubai

Businesses in UAE- especially, small businesses- have an obvious need for the assistance of professionals in the matters of accounting, tax filing and proper bookkeeping. Earlier, UAE hardly had any Generally Accepted Accounting Principles or internationally followed standards introduced in businesses. However, there has been a splurge in investment and businesses in the UAE over the past few decades as well as some serious reforms. The most recent one introduced Value Added Tax in the economy. These reforms and changes are bringing international standards into businesses and systematizing them.

At the same time, coping with all such changes in such a competitive environment might be quite challenging for small and growing businesses.

The companies which operate at an international level may not find much difficulty in coping with VAT and other internationally followed accounting and taxing norms as much as in case of smaller or the local businesses in UAE. This is mainly because these big players may be already acquainted with the concept of VAT and various other standard tax or accounting norms. Many of the international entities and large-scale companies might have related tax provision in their system which they can easily adapt for the new tax and accounting laws and standards. On the other hand, small and local businesses may find such changes a bit overwhelming as they might not be completely new to the concept.

So it is understandably a good choice if you are planning to start a small business accounting and bookkeeping service in Dubai. Not only will this be a profitable venture, but you might actually end up helping several small business owners stuck between the competition and legal requirements.

How to start a bookkeeping service in Dubai?

Feeling overwhelmed about starting a bookkeeping service in Sharjah, Dubai or any other part of UAE? Well, break the process down into smaller steps. Still feeling muddled up? Let’s suggest you the steps you need to take and the main components of starting a bookkeeping service in Dubai.

Deciding the services you are planning to offer

From day-to-day transaction entries to business advice, there is a wide range of professional services that bookkeeping firms can offer its clients. We have discussed a list of possible services in the following section. Also, keep in mind the possible upcoming or recent changes in the economy and business environment. Look for areas where you may have a competitive advantage or early-mover advantage by offering a specific service.

Get necessary certification and/ or hire certified, qualified people

By getting a certification, we don’t just mean the piece of paper legalizing your practice as an accountant. Rather, in addition to being able to be certified, you must educate yourself about the local accounting, payroll, tax and bookkeeping laws, local practices and related aspects. The actual knowledge would be the only thing enabling you and your team to help others and retain them with reliable solutions for their businesses.

Hiring others can be done at a later stage as well. But if you can fix up and train team beforehand, just as great.

Get the basic assets for your business

The most basic essential for an accounting and bookkeeping service in Dubai would be computer systems with necessary accounting and payroll software. Everything else would be secondary- like some bit of furniture and all, depending on your business space.

Fix your rate

The next step in starting an accounting or bookkeeping business is fixing your charges and payment options. It is always a good idea to do a little research and checking out what is an average rate running on the market. This would help you determine and fix a fair and competitive price for your services. Bear in mind that small businesses would be in need of budget-friendly service providers. However, you don’t need to undercharge. Fix the fair rate based on your experiences and target clients.

Enroll or enlist or join with the local organizations or renowned accounting bodies

This would give you a great chance of making a good circle as well as of meeting or getting recommended to potential clients. Clients would generally like to ensure that you are legitimate and reliable. Being an active part of such organizations or bodies would make you look way more reliable and authentic.

Start contacting business owners and managers

Finally, send out your resume and business details in form or attractive proposals or presentations to various businesses in your area. Eventually, interested business owners will revert to you or contact you.

There you go! Start serving your clients.

Services offered by accounting and bookkeeping services in Dubai

Following are mainly the professional services offered by bookkeeping services in UAE.

• Recording all the financial transactions in an appropriate or standardized format in the books of the company/ or their respective accounting system.
• Documentation
• Summarizing of transactions and financial statement preparation
• Preparation and periodic submission of financial reports to controllers or CFOs or respective business owners
• Tax planning and preparation, filing for tax returns and meeting formalities

Additional services:

• Internal and annual auditing of the accounts
• Loan preparation
• Financial consultancy services
• Meeting legal formalities related to finance and accounting
• Assistance with budgeting