Office 804, Park Lane Tower, Business  Bay Dubai, UAE

Accounting and Bookkeeping Services

Accounting and Bookkeeping Services In Dubai

Accounting and bookkeeping services play an important role in every industry to record financial transactions, payroll, taxes, invoices and more. There is very little difference between accounting and bookkeeping services, but both share the common goal of developing the financial cycle at different stages.

This day-to-day accounting firm helps to manage income and expenditure in a cost-effective way. However, it has become difficult for ordinary accountants to implement International Financial Reporting Standards (IFRS) perfectly. The solution is to outsource these expert services to achieve long-term goals. BESTAX Chartered Accountant is regarded as one of the leading accounting firm and bookkeeping firms in Dubai, with a team of highly qualified financial advisors to help you with complex projects.

Accounting and bookkeeping are mandatory laws in the UAE

In the United Arab Emirates, regulatory compliance is increasing by the day and no business owner wants to incur hefty fines for breaking the law. According to the UAE Commercial Companies Law, every small or large company in Dubai must comply with IFRS and IAS requirements to perfectly manage its financial affairs. In addition, companies are obliged to keep adequate accounting records for at least five years until the end of the financial year. This is also required by the Federal Tax Authority and other government authorities.

Companies therefore need expert accounting and bookkeeping services that provide guidance on how to comply with local and international laws, as well as protect them from administrative penalties. Spending on accounting and bookkeeping services is an investment that pays for itself in years to come.

The Types Of Accounting Services We Provide

Onsite Accounting

If you want all your accounting services done in front of your eyes, our representative is physically present in your work space and handles all your financial transactions.

Off-Site Accounting ( on Secondment)

Bestax chartered accountants oversee the day-to-day accounting operations of your business and supervise teams to meet financial targets. Depending on your business requirements and number of transactions, our qualified accountants may visit your office on a daily, weekly or monthly basis to check, spot errors and make any necessary corrections.

Accounting Supervision

Bestax chartered accountants oversee your company’s day-to-day accounting transactions and monitor teams to meet financial targets. Depending on your business requirements and number of transactions, our qualified chartered accountants may visit your office daily, weekly or monthly to check, spot errors and make any necessary corrections.

Bank Reconciliation

Bank reconciliation is the process of comparing the balances of the original bank statements with the accounting records maintained. The objective of this process is to identify differences and make appropriate adjustments to the accounting records in order to achieve a reconciled balance between the actual bank statements and the cash in the accounting records. Our dedicated team of qualified chartered accountants also provide bank reconciliation services in the UAE.

Our accounting and bookkeeping services workflow

1) Understanding your business

In this first stage, we understand your business cycle, identify gaps in your existing accounting operations and become familiar with your financial objectives. After a thorough understanding of your business and financial cycle, we select a few accounting programs that fit your budget and requirements.

2) Planning and feasibility proposal

A team of professionals performs a feasibility study before preparing a tailored proposal that meets your individual requirements. Our experts make sure that you get maximum results with our cost-effective solutions.

Software implementation and bookkeeping

After mutual agreement and approval of the final proposal, we implement the necessary accounting software with a customized chart of accounts and start processing your financial transactions to fulfill your accounting and bookkeeping tasks.

Why should you choose BESTAX C for accounting in Dubai?

Competitive prices

best accounting and bookkeeping services in Dubai at minimal charges but never compromise on the quality of service.

Best accounting software

After understanding the work cycle, our certified consultants implement state-of-the-art software, taking into account your budget and business needs.

Guaranteed results

Our team of qualified Accountants includes the best members of ACCA, CA, CPA and other IFAC bodies who are highly committed to legitimize your financial statements, financial data, ensuring crystal clear results.

Fast and accurate

Bestax Accountants promise a prompt response in at least one working day or less. They will also provide you with honest and top-notch advice according to your business type in the UAE.

Regular financial reporting

To keep you informed about your financial position, we provide weekly, monthly, quarterly and annual financial reports according to your business type and requirements.

How Can Accounting and Bookkeeping Services Help With Your Cash Flow Statements?

A bookkeeper offering accounting and bookkeeping services is an essential component of any business, and their job is to oversee cash flow. They use software and record-keeping systems to ensure that all transactions are recorded properly, and they check payments and accounts for accuracy. This helps to minimize manual labor and increase productivity. In addition, they will keep an eye on every dollar that comes into the business and leaves it, so you don’t have to.

Most bookkeepers offering accounting bookkeeping services prepare three major financial statements: the profit and loss statement and the balance sheet. Cash flow is a measurement of how much cash you have available and how much money you need to meet expenses. Bookkeeping software can help you prepare these financial statements and share them with your tax preparer or accountant.
With bookkeeping services, your accountant will be able to view and analyze financial records in an organized manner. The bookkeeper will keep the Chart of Accounts, General Ledger, and journal up to date and provide you with regular statements. Bookkeeping services also help you manage cash flow and maximize your tax deductions.

How Can Accounting and Bookkeeping Services Dubai Determine Financial Transactions?

Accounting services work to determine financial transactions and other information for a company. This includes preparing the balance sheet, a document that lists the assets, liabilities, and capital of a business. Experienced accountants use standardized Dubai accounting formulas to create these documents. Assets are things that a company owns, and liabilities are items that it owes. Owner’s equity, on the other hand, represents the amount of money that an owner has invested in the business.

 Every business owner needs someone they trust to help manage their finances. You may decide to hire an accountant, bookkeeper, or use accounting software to keep track of your income and expenses.

It is always advisable to outsource your accounting as outsourcing saves you up to 90% cost compared to an in-house accountant. Even if you have your own accountant, getting 3rd Party accounting supervision helps 

An accountant is someone who helps manage your finances. A bookkeeper is someone who keeps track of your income and expenses.

With the introduction of Corporate Tax, you are required to prepare your accounting records as per IFRS and IAS. Also, IFRS may give you a competitive advantage if you are looking to expand internationally.

A: Some common challenges with IFRS implementation include:

- figuring out which standards to apply

- training employees on the new standards

- converting financial data to the new standards

- dealing with different interpretations of the standards.

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