In this article, we discuss the assistance or services rendered by and a few things you must know about the accounting and bookkeeping services in Dubai. In other words, by the end of this article, you would know more about the accounting companies in Dubai and other Emirates. Further, we also recommend a cost-effective accounting service provider in the Middle-East.

Services rendered by Accounting and bookkeeping companies in UAE

In brief, here are the main services that you can expect from the accounting and bookkeeping companies in Sharjah, Dubai and other parts of UAE.

·        Bookkeeping and /or Accounting system set up

One of the basic services given by accounting and bookkeeping company in Ajman, Dubai and other parts of UAE include the bookkeeping and accounting services. These services can be offered on a weekly, monthly or annual basis. Furthermore, many of the accounting service providers offer ERP and accounting system set-up options. As your business grows, an ERP software or automated accounting system can help you way more than what you can imagine.

·        Financial statement preparation, Audit, and financial review

In addition to bookkeeping, accountants will be responsible for the annual or half-yearly or monthly preparation of financial statements. Further, they will be doing a financial review to analyze your position, the changes needed in the business and much more. The report prepared from these reviews would help you to a great extent in decision making and understanding your business’s profitability status.

·        Payroll related services

When you outsource your accounting works, you can also request the service provider to manage the payroll for your company. Alternatively, you can purchase a payroll software from them that would automatize the payroll system for you.

·        Tax preparations and return filing

Another obvious service rendered by accounting and bookkeeping companies in UAE is managing all the tax-related formalities that are to be met in the state. The recent introduction of VAT and other taxes has brought responsibilities over business owners for timely tax filing.

·        Consultancy

Many of these accounting services also recruit finance experts who act as finance and business consultants. They can be the go-to for business owners and manager, especially of small businesses. They can help you by analyzing your situation and forming strategies to attain a better financial position. Financial consultants can be real life-savers whenever your firm seems to at a financially tough spot or crisis.

Apart from these services, numerous other responsibilities are taken up by accounting firms like bank reconciliation, budgeting, inventory management etc. There are several accounting and bookkeeping companies in the UAE that offer all these services to individual as well as business clients. However, there can be companies that prioritize only business clients over individual clients. So be sure to do a bit of digging about the company before you enter into an agreement.

 

Before you hire…

Before you hire a particular accounting company, here are a few things for you to check out or keep in mind.

Services you expect and services provided:

Stay clear of any confusions by clearly having a clear idea of the services that you expect from a service provider. So, ideally, you should reach out to the firm that can meet your requirements. For example, if you are merely looking for bookkeeping services, you wouldn’t want to waste a lot of money hiring the top accountants.

Get to know the firm:

Before you hire an accounting firm on a long-term or contractual basis, it’s for the best that you contact that company detailed discussion or fix a few meetings. This is so that you can know who you are handing over the responsibilities to.

Professionalism check:

You want to go look for professionals who know what they are doing. They should be able to put everything out to you and willing to be transparent in services. Further, look for any controller and senior level professionals who will be ensuring standardized working.

Discussion of cost:

We really don’t need to state this, but be sure you have all the costs involved discussed with the firm before hiring them. Also, see the list of services that are covered under a specific plan. Like a firm may charge you extra for accounting systems while some others may have them included in their package.

The Big Four accounting companies

You might have probably heard about it a few times if you have been researching accounting and finance in UAE. Their network is really big- you probably got that from the name, we are guessing. Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (E&Y), Klynveld Peat Marwick Goerdeler (KPMG) are the group (or rather, a network) of accounting and auditing firms that are known as the Big Four firms. They not only handle all the accounts related tasks but offer professional services in almost everything in relation to business. The network of Big Four accounting firms has spread in all the directions.

One important drawback, though, with the Big Four firms is the cost involved. They might not be the best choice you have if you are going tight on your budget. Besides, there are several accounting and bookkeeping services in Dubai that you can hire. While they can provide great accounting services, they might be budget friendly as well. One such accounting service provider is discussed in the further section.

 

Finacctech: Budget-friendly and professional accounting and bookkeeping companies in UAE

Now, if you are looking to hire an accounting and bookkeeping company in Dubai which is a bit more in the budget but as professional and competitive in service as the top ones, you can blindly consider Finacctech.

Finacctech is a reliable group of highly trained and experienced professionals. Finacctech has been providing standardized accounting and bookkeeping services in Dubai, Sharjah, Ajman- in short, all major parts of UAE.