BUSINESSUnderstanding IFRS For Accounting

The International Financial Reporting Standards (IFRS) are mandatory for accounting and bookkeeping in UAE companies. The IFRS defines rhetorical principles governing the preparation and presentation of organisation-wide financial statements. Understanding these principles is a challenge because sometimes, you may come across contradictions that can be resolved only by hiring accounting companies in UAE.

Accounting services in Dubai are different from accounting services essential in other parts of the world. Generally, accounting and bookkeeping requirements differ in different countries. In UAE, accounting is not required for tax filing requirements. It is needed for corporate law as there are no taxes on income and wages in UAE. It doesn’t always mean that the accounting requirements are fewer. There is no demand for accounting services during the tax filing period as in other countries. However, you need accounting and bookkeeping services in Dubai year-round to ensure compliance with corporate financing requirements.

Accounting Services Dubai Essentials

When you establish a company in UAE, either in the mainland or free zone, your company management must maintain accurate account statements for the shareholders to view. Audited financial statements are an integral part of company licensing and renewal requirements, and UAE companies must file their financial accounts and statements with the regulator, quarterly or annual.

Monthly bookkeeping

When you hire bookkeeping services in UAE, you will get professionals to prepare sales, purchases, and other types of journals. Proper records for all funds and payments received must be maintained. Accounts payables and receivables must be recorded. As a part of monthly bookkeeping, your financial auditors should keep track of all assets purchased and their depreciation. Prepayment and accruals records must be recorded monthly.

Financial reporting

Maintaining monthly financial reports is essential for compliance with financial regulations, and it is also vital to define important business strategies that improve profitability. When you hire accounting and bookkeeping services in Dubai, you can expect monthly financial reports, including balance sheets, trial balances, income statements, general ledges, bank reconciliation statements, cash reports, expenses schedules, and other business-specific reports.

Accounting services without a UAE bank account

As a foreign-owned company, it is not mandatory to have a UAE bank account to manage payables when operating a UAE company. However, you must maintain proper accounting and bookkeeping for all your bank accounts associated with your UAE company. The firm providing bookkeeping services in UAE will help you with invoice preparation and review documents. Opening a business bank account will make your business operations run smoothly. The accounting services partner can help you set up payment in the appropriate banking system. You will also get professional help for payment reconciliation and professional correspondence.