Best Accounting Services for Small Businesses in Dubai
Following the introduction of VAT in early 2018 and the subsequent passage of new laws and regulations specifically related to economic substance, the importance of Accounting Services In Dubai has grown significantly. Additionally, some free zones in the UAE have started requiring companies to submit audited financial statements from their accounting service providers. These laws make it necessary for companies to have proper accounting and bookkeeping systems. Small and medium enterprises (SMEs) are particularly affected by this.
Accounting Services in Dubai
UAE accounting service providers offer a wide range of accounting services. Accounting services are an important part of professional accounting services and involve recording, classifying, and summarizing financial transactions that ultimately lead to the compilation of accounts. Here are some services that are an important part of accounting services:
Outsourced Accounting Services in Dubai, Abu Dhabi, and UAE
At Virtual Accountants BESTAXCA, we provide on-site and off-site accounting services. The scope of each accounting task is determined according to the scope and extent of cooperation as required and agreed with our clients. Our small business accounting advisory services are primarily off-site, usually supported by our accountants with several on-site visits a month, and the rest online.
We recommend our clients to use cloud-based online accounting services as most accounting firms in Dubai do. Bestaxca handles all accounting procedures, but we prefer to use QuickBooks Online, Xero, Zoho Books, Wave, and Sage. To ensure adequate resources are allocated to each client and there is always an oversight mechanism to ensure good quality of work.
Our accounting outsourcing contracts with clients can take one of the following forms:
Fully outsourced accounting and bookkeeping services
In this case, we can use accounting software and all transactions are entered and managed by us. Customers deliver bills, cash books, and other documents such as sales and purchase invoices, expense invoices, and more. Periodic reports and interim reports are delivered to the client in accordance with the agreement and description of the contract. In this scheme, we act as auditors and are responsible for all client accounts.
2. Collaborative Accounting Services in Dubai
Accounting software is available to both the client and us. The client performs part of the work, eg. Invoices, collecting payments, processing payroll, uploading receipts, invoices, and other documents into the accounting program. It can also include creating new customers, suppliers, new accounts in the chart of accounts, writing checks, etc.
The work we perform in this regard may include reviewing work performed by clients, reviewing journal entries and adjustments, processing open invoices, comparing invoices to payments/receipts, processing VAT returns, reconciling all banks, and Handling other complex accounting issues such as fixed assets, inventories, and loans. Regular reports are prepared and sent to clients.
Accounting software support as needed
Accounting software is managed by the client, but specific programs/transactions require our accounting services. We tasks may include VAT filing, accounting advice, managing complex accounting areas or clearing accounts.
Only client-focused accounting services are performed and overseen by experienced accountants who have worked in the Big Four accounting firms and who are equipped to solve any problem. Our accounting and bookkeeping services provide significant cost and time savings while maintaining a high quality of service. As auditors, we are responsible for the validity and accuracy of the financial statements we prepare.
Why choose BESTAXCA Virtual Accountants for accounting and bookkeeping services?
Virtual Accountants BESTAXCA is an accounting firm that provides a wide range of best-in-class accounting services through its team of professional accountants, from the initial setup of day-to-day accounting and bookkeeping software to regular financial reporting and analysis, accounting training, planning, and tax consulting. We serve multiple companies from different fields.