Accounting and bookkeeping
With the introduction of VAT in the UAE in January 2018, it became essential for all businesses to keep fully accurate books and records to comply with the requirements of the Federal Tax Authority (FTA). Our team of accountants has extensive experience in VAT accounting and bookkeeping practices.
Without properly designed accounting practices, businesses can make ill-advised business decisions that pose a direct risk to investors, lenders, and business stakeholders.
Bestaxca Chartered Accountants provides Accounting Services In Dubai to enable our clients to make informed and timely business decisions to achieve success. Contact us today to discuss your business needs in more detail.
Accounting Services in Dubai
The work of highly paid professional accountants in Dubai and other UAE emirates is no substitute for the bookkeeping and accounting services that many ordinary accountants and inexperienced accounting firms outsource. You can never be sure that you are making a decision based on the accounts of a regular accountant. Smart business people do not compromise on the quality of their accountant, just as they do not compromise on their lifestyle. They want to ensure that the data they use to make important business decisions is ‘accurate, complete and reliable.
In the UAE, compliance requirements are increasing by the day and no business wants to be hit with hefty fines for non-compliance.
Good accountants and smart auditors can decide how to protect themselves from the ever-changing laws and regulations of this non-compliant world by preparing their own financial statements. In this section, we look at the changes that the government of the United Arab Emirates, a member of the OECD Integrated Framework, has recently made in relation to the implementation of the ERO in the UAE. Under the Regulations, companies incorporated in the UAE are required to notify the authorities if they engage in any of the relevant activities set out in the Regulation.
For example, the process of registering transactions with third parties, UAE parties and foreign parties plays an important role in assessing compliance with the ERO Regulation to determine whether a company is engaged in “distribution and service center activities”. Only a qualified accountant will know how to manage and document the flow of transactions and properly structure the accounts for such an important assessment. Failures to assess compliance can lead to a number of problems, including heavy fines and penalties.
This also applies to UBO reporting. The average auditor is unlikely to be aware that a single-parent company is also required to file a final beneficiary declaration. The declaration applies to all organizations registered in the UAE mainland and free zones, except for state-owned entities and financial free zones (Dubai International Financial Centre and Abu Dhabi Global Market).
And it doesn’t stop there. As a business owner, how can you ensure that your accountants carefully record business transactions to ensure VAT compliance? Can you avoid VAT penalties that can result from fraudulent accounting and bookkeeping practices? Countless UAE businesses have received millions of dirhams in fines simply because their accountants were unaware of the voluntary and mandatory thresholds for VAT registration.
This is why hundreds of Dubai and UAE companies outsource their accounting and bookkeeping services to Bestaxca Chartered Accountants. We recruit ACCAs, CPAs and CAs for our clients, and then provide ongoing training at Bestaxca’s global academy to keep them abreast of the latest market requirements, the latest accounting and auditing tools, and integrated business process automation and ongoing trends in artificial intelligence in the accounting industry. We offer.
Dubai, an oasis for business
A strategic location, a diversified economy – from oil to real estate and tourism – and home to major multinationals make Dubai another big-money, big-business growth name. Dubai is a city whose residents live in luxury, have huge spending power and are used to spending big every day. With the recent opening of the Nasdaq Dubai Growth Market, Dubai is becoming a haven for entrepreneurs and SMEs. This trend can be seen in all cities and countries where business is growing and booming at an ever-faster pace. This is also the case for businesses operating in Dubai.
Remember: the growth of a business always stops by the time it takes to function. You are the expert when it comes to understanding the needs that drive your business, but unless you are a small business, it is just impossible to keep up with every function. Entrepreneurs like you are very creative people, full of great ideas, but less focused on the day-to-day aspects of the business. They readily recognize that even if they can do the work themselves, their valuable time would be better spent building the business. To that end, they seek out experts and delegate tasks. One of those tasks is bookkeeping and accounting services, and there is no better company to outsource this process than Bestaxca Chartered Accountants, named one of the best accounting and bookkeeping companies in Dubai by Entrepreneur.
Does my competitor outsource?
Yes, they do. This is because they want to invest in building their business instead of raising an army of accountants. The world has changed. The idea of buying a selection of music in a “record store” that can only be played on a household “record player” now seems ridiculous. Our music is digital and instantly accessible anywhere, anytime.
For the same reason, companies no longer bother to hire in-house accounting staff. AaaS (Accounting as a Service) is a unique technique used by accounting firms to eliminate all overhead costs, including salaries, office space, equipment, supplies, travel, visas, staff bonuses and more. You will save even more by eliminating sick days, vacation and pay days, holidays and countless other costs. Our goal is to provide you with a customized service and accounting system that fits your business perfectly.
Accounting and bookkeeping are basic requirements for any business, large or small. You cannot function without reliable, accurate and timely financial information. It is essential to track the performance of your business and enable you to make the right business decisions. Our professional and fully qualified accountants understand its importance, which is why they work tirelessly to ensure that this vital information is available when you need it. We select carefully to ensure that our staff is the best; we assure you that they are talented, up to date on the latest regulations and always completely accurate. Nothing is more important than managing our clients’ finances and accounts.
Backup and archiving of data files
Our accounting services in Dubai and the rest of the UAE are supported by state-of-the-art artificial intelligence (AI), which can instantly identify and bring to human attention errors in your company’s accounts. This is a significant improvement over waiting for a company’s monthly or quarterly accounting report to find a thousand-dollar error.
You have to ask yourself, “Why would you want to work with a company that is afraid to embrace the latest technology to give you the best service possible?” Artificial intelligence is the way of the future; it is too important to ignore. Check out our blog article on the importance of this amazing AI technology!
The benefits of outsourcing by Bestaxca
At the core of our accounting outsourcing services is the concept of perfect customization to the needs of each client. Achieving this goal provides our clients with the following benefits.
Access to expertise
We offer professionally qualified accountants with experience in various sectors and industries. We also have a dedicated accounting partner who can provide technical assistance as needed. This gives you access to excellent accounting knowledge, unbeatable prices and an unmatched level of expertise.
We stand by our promise to you and will build a long-term relationship with uninterrupted accounting services throughout the UAE. This ensures that your records are up-to-date and completely accurate for the duration of our business relationship.
We don’t just sell words. We provide results-driven services for local outsourced accounts, which is why we pride ourselves on offering our clients 100 percent satisfaction. That’s why we have a high client retention rate and have established ourselves as a market leader. You can read what our customers are saying about our excellent service on our Testimonials page. We’d also love to hear your story.
Of course, we don’t just plug the books. We offer a wide range of products, including key items you won’t find anywhere else.
We make it work for you
In addition to accounting outsourcing services, we can help you set up the most common accounting software, including SAP, Zoho Books, Xero, Tally. ERP 9, QuickBooks and Sage. We have authorized partners of all of these high-quality accounting software providers. In addition, our dedicated accounting staff is experienced in installing, training, and customizing these software packages to ensure your business needs are met.
The prices for these accounting packages are unbeatable. As an authorized partner and distributor, we offer top-notch accounting packages at affordable and economical prices, providing the best value for our customers.