Accounting & Payroll
Accounting Services & Payroll Efficiently Manage Your Accounting, Payroll, and Financial Reports
Our team of highly qualified accountants is here to help you handle your finances smoothly and accurately. We provide comprehensive services, including bookkeeping, reconciliations, financial reporting, payroll, VAT reports, and audit support. Get started today and streamline your financial processes.
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Our accounting services support you in maintaining precise, up-to-date records of your company’s financial activities. Whether you’re a small startup or a large enterprise, accurate accounting is essential for decision-making, cost planning, and evaluating economic performance. Our services follow International Financial Reporting Standards (IFRS), handled by our team of certified, skilled accountants.
Our Accounting Services Include:
- Bookkeeping: Leave the recording and updating of daily transactions and bank reconciliations to our professionals.
- Payroll Management: From generating monthly payroll reports to gratuity calculations and pay slips, we’ve got your payroll covered.
- Account Reconciliation: We’ll ensure your general ledger is accurate, up-to-date, and balances correctly.
- Audit Support: Our team will guide you through the audit process, ensuring compliance with IFRS and maintaining impeccable records.
- Financial Reporting: Comprehensive financial reports, including trial balance, profit and loss statement, balance sheet, cash flow statement, and general ledgers, are generated to give you insights into your business’s performance.
The Ultimate Guide to Business Accounting Services in Dubai
Are your business’s financial records accurate? Are they compliant with UAE accounting standards? Proper accounting is critical to avoid fines and business license suspension. Outsourcing has become the go-to solution for many companies, enabling them to handle accounting without the stress of in-house management. Learn more about outsourced business accounting services in Dubai here.
Key Accounting and Bookkeeping Policies in Dubai
The UAE follows a set of GAAP principles maintained by the International Federation of Accountants (IFAC). Here’s an overview of the policies you need to follow to stay compliant:
- Record Keeping: Businesses must retain financial records for at least five years (ten years is recommended).
- Cash Receipts: All transactions above AED 1,000 require proper documentation.
- Bank Transactions: Bank statements must be kept to support each transaction, enabling accuracy in budget and profit assessments.
- VAT Returns: Businesses must register for VAT if eligible. Staying VAT-compliant helps you avoid legal issues.
- Supporting Documents: Retain original forms of documents like invoices and credit notes as evidence.
Tips for Keeping Your Business Accounting in Order
Managing accounting on your own is challenging. Consider these options instead:
- Hiring Accounting Staff: For larger firms, an in-house team may be ideal, though the recruitment and retention process can be time-consuming.
- Outsourcing Accounting Services: By outsourcing, you can delegate tasks like bookkeeping, payroll, and financial reporting to experts. This approach provides flexibility and professional oversight, especially valuable for accounts payable, accounts receivable, and budgeting.
Benefits of Outsourcing Business Accounting Services in Dubai
Outsourcing business accounting is a strategic choice that brings numerous advantages:
- Cost Efficiency: Avoid overhead costs associated with full-time employees and reduce salary expenses.
- Expertise: Gain access to accounting professionals with experience in business growth, cost reduction, and strategic planning.
- Focus on Core Operations: Free up time to concentrate on other important areas of your business.
- Regulatory Compliance: Ensure statutory requirements are met to avoid penalties.
- Labor Shortage Solutions: Access skilled accounting professionals without the hassle of hiring in a competitive market.
- Access to Advanced Technology: Benefit from the latest accounting software and cloud technology without additional investments.
Work With a Trusted Accounting Outsourcing Company
Outsourcing is only effective when you work with a reliable partner. At Virtuzone, we provide comprehensive business support services that enable you to reach your business potential. Our specialists can help with accounting, bookkeeping, payroll, and VAT, while also offering advisory support to help you focus on growing your business.
Book a free consultation today with one of our company specialists to get started.
Contacts
- Meydan Grandstand, 6th floor, Meydan Road, Nad Al Sheba, Dubai, U.A.E
- 2102, Damac Business Tower, Marasi Drive, Business Bay, U.A.E
- M1 Floor, Twin Towers, Fujairah, United Arab Emirates
- info@theaskconsultancy.com
- +971505046763
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