Accounting in UAE is the process of keeping track of all financial transactions within a business, such as any money coming in and money going out. It’s not only important for businesses in terms of record keeping and general business management, but also for legal reasons and tax purposes.
Accounting in UAE is extremely important and mandatory for all the businesses in Dubai irrespective of the size of the company.
As per the UAE government, it is mandatory for all the businesses in UAE to maintain the books of accounts in a proper and standard way. All the financial transactions of the company must be recorded in a systematic and comprehensive method.
Accounting in UAE help to record and maintain the day-to-day financial operations of the company. Accounting and Bookkeeping assist the company’s management to easily understand and monitor the motion of the money before making any financial decision.
Detailed and accurate financial documents such as profit and loss statements, balance sheets, and trial balances can be prepared with the help of systematic accounting and bookkeeping.
As one of the top chartered accountant firms in MENA , AHG Dubai Office became part of our bold regional expansion.
Since 2014, AHG became a business pioneer, as an accounting and audit firm in the UAE, Federal Tax Authority (FTA) approved as an official tax agency. Our expertise at the service of your vision, for we are ISO 9001:2015 certified company. This makes us proficient Quality Management Systems (QMS) Lead Auditor to be able to:
- Plan, conduct, and close an ISO 9001 compliance audit, in accordance with ISO/IEC 17021-1 requirements, ISO 19011 guidelines, and other best practices of auditing.
- Manage an ISO 9001 audit program
What Is Accounting? The Basics Of Accounting in UAE
Accounting is the process of recording, classifying and summarizing financial transactions. It provides a clear picture of the financial health of your organization and its performance, which can serve as a catalyst for resource management and strategic growth.
Why Accounting Is Important ?
Accounting information exposes your company’s financial performance; it tells whether you’re making a profit or just running into losses at the end of the day.
This information is not just available to you, but also to external users such as investors, stakeholders and creditors who would want to be enlightened about your business, to figure out whether it’ll be a good choice to invest in and what they can expect in returns.
Accounting is the part and parcel of any business. Ensure financial management by tracking the income and expense of your company. Accountants in Dubai use this step by step accounting cycle to provide better insights to the stakeholders. Entrepreneurs across UAE ensure compliance with universal accounting standards for accurate financial records with higher transparency.
What is the importance of accounting for small business?
- -Transparency in accounting records
- -Estimate the result of your business
- -Keep the records of receipts, payments, and expenses
- -Have a base for internal and external reports
- -Keep the trust of shareholders
- -Follow the latest accounting practices
- -Keep track of old records and compare with current records.
Accounting Methods
Accounting in UAE method is a practice used by an industry to account income and expenses. Officially there are two Accounting methods: Accrual Accounting and Cash Accounting.
Accrual Accounting in UAE – It’s that form of accounting that accounts revenues and expenses when they are incurred, notwithstanding when cash is exchanged. Here, businesses are obligatory to make sensible estimates against a bad debt expense.
Cash Accounting in UAE – It’s a straightforward method of accounting that accounts all revenues and expenditures at the time when expenses are actually received or sent. This method of accounting is apt for small or new businesses that conduct business on a cash basis or that don’t carry catalogues.
How AHG in Dubai can help you?
AHG is proud of delivering a quality independent statement Audits. We aim at providing insight and strategic advice to clients, helping them maximize internal audit efficiency. Our service customized to the needs of various, using the latest technologies and innovations which can help you turn critical and complex obstacles into opportunities for growth. We offer you the experience, know-how, and the strategic planning that lead to better decisions.
AHG is an expert audit firm in Dubai and Egypt in financial/controls audits, compliance audits, operational audits, construction audits, integrated audits, special investigations, follow-up audits and validation testing, and due-diligence.