Accounting & Bookkeeping Archives | Page 3 of 5

AML-CFT Suspicious Transaction Indicators for Auditors

by admin with No Comment Accounting & Bookkeeping

Criminals’ money laundering techniques are continually developing, and they are often tailored to the characteristics of a particular market or type of commercial activity. Auditors must be able to determine if a possible transaction is suspicious or not as part of their DNFBP. This is not an exhaustive list of red flags that suggest possibly suspicious transactions. Compliance officials at Auditors might utilise the list to judge whether or not a transaction is suspicious. Continue to the next section.

Client-specific personal information

When a client refuses to give personal information, or when the auditor has reasonable grounds to assume that the information provided is erroneous or incomplete, the auditor will conduct a risk assessment. This raises the alarm about money laundering, and AML compliance officers in the UAE should do thorough due diligence on such customers.

Refusal to divulge information about the business

If the client can’t or won’t submit the following information, that’s a red flag:

Corporate history and business activity

Identity of the beneficial owner

Wealth or financial resources

Why are things done the way they are?

They know who they’re dealing with.

The nature of business relationships with foreign parties, particularly those based outside the United Arab Emirates

Clients’ Suspicious Behavior

If the client avoids personal contact for no apparent reason, due diligence is required. Also, if the client is under investigation, has ties to criminals, has been charged with a crime, or has been accused of corruption or criminal conduct in credible publically available information sources, audit experts should be on high alert. Transactions involving politically exposed persons (PEP) require a thorough investigation.

Requests and unusual activities

Following the initial consultation, the client is usually asked to communicate with the audit firm. However, if the client avoids this without good reason, the risks of money laundering increase dramatically. Keep an eye out for the following as well:

Refuses to cooperate with the audit or give the necessary information, data, and documents.

Requests strange things from the audit company or its workers.

Show an unusual interest in compliance-related issues, such as customer due diligence or transaction reporting requirements, or ask excessive questions about them.

Attempts to keep the beneficial ownership of the company hidden from the authorities.

Opaque Client’s Personal History

An audit firm does not require all clients to have a clean and transparent past. A thorough background investigation is required if the client’s background or history looks to be shady.

Some red flags in this category include the following:

Companies who are unable to demonstrate a track record of successful operations

After a long time of slumber, it reactivates for no apparent reason.

Can’t be found on professional social networking sites like LinkedIn.

Uses sloppy email addresses like Hotmail, Gmail, and Yahoo.

Changes in ownership that aren’t explained

Legal arrangements alter frequently.

Signals of trouble Transactions pertaining to the client

Suspicious transactions could take any of the following forms:

There’s a lot of money at stake.

There are people involved that have shady connections.

Involvement of relatives who don’t have a valid business reason to be involved

Loans from private third parties with insufficient supporting agreements/documents/collateral, and so on.

Frequent high-value transactions involving a limited group of closely linked natural or legal people

People from tax havens or high-risk countries are involved.

Payment Methods Issued Red Alerts

Money laundering strategies linked to the payment method may be used by criminals. If it looks like this, a savvy AML compliance officer will be able to see it right away:

Using cash or negotiable instruments without identifying the genuine payer

The payment is broken down into smaller chunks with a short gap between each one.

The payment raises questions about the authenticity of the documents supplied in conjunction with the Transaction.

A loan is issued, or an attempt is made to acquire a loan, using cash collateral, particularly when the collateral is deposited abroad.

There is no clear relationship or reasonable explanation for the payment, which is made with third-party funds.

Auditor selection

Given the auditor’s size, location, or speciality, this is unreasonable and without a convincing rationale.

Has changed several times in a short period of time (i.e., the client has changed or hired multiple auditors) without good justification.

Is as a result of another auditor refusing the business relationship or terminating the agreement without appropriate explanation.

Threats of Major Concern

Audit experts are in a unique position to uncover potentially suspicious conduct or transactions because of the nature of their work, which includes checking their clients’ accounts, books, records, transactions, and documentation. As a result, auditors must be aware of the major ML/FT threats that their UAE-based customers face. Threats of ML/FT are linked to the predicate offences listed below:

Product Piracy, Fraud, and Counterfeiting

Money laundering services provided by a third party

Insider trading and market manipulation are two terms that come to mind when thinking about insider trading and market manipulation.

Fraudulent taxation (related to direct taxes and indirect taxes)

During the audit, there were a number of red flags that were raised.

Customs, excise, and value-added taxes, as well as any other type of tax fraud, are all involved in these transactions.

Loans or other financings from private third parties that do not have proper supporting agreements, collateral, or regular interest or principal repayments.

Uses professional intermediary services that give or rely on more anonymity than is typical in the circumstances.

Include contracts with strange or nonsensical clauses for the parties involved.

Funds received from a legal entity that goes into liquidation, receivership, or is stricken off the register (either voluntarily or compulsorily).

Frequently involve intercompany loan transactions or repayment, as well as multijurisdictional wire transfers, especially when there is no obvious legal or commercial purpose.

Payments of “consultancy fees” to shell corporations based in foreign jurisdictions or jurisdictions with a history of forming a large number of shell companies.

AML Compliance Services can be by us:

The Ministry of Economy regulates audit companies as Designated Non-Financial Businesses and Professions (DNFBP) for AML/CFT compliance. The auditors must comply with AML / CFT duties as DNFBPs, such as registering in the goAML system. Failure to comply with necessary AML / CFT duties can result in heavy penalties of up to AED 1 million, necessitating the aid of top AML experts in Dubai.

We have a highly qualified team that can assist DNFBPs such as auditors, real estate brokers, gold and precious metal merchants, trusts, and corporate service providers in putting in place a solid anti-money laundering system. We can help with designing compliance policies and procedures, assessing current AML policies, implementing AML/ KYC/ CFT plans and frameworks, AML auditing and reporting, assisting with due diligence frameworks, and giving AML training to staff, among other things. Hire our AML compliance services in Dubai to combat money laundering using the most up-to-date regulatory standards.

Top 20 Accounting Services in Dubai 2024: A Comprehensive Guide for Businesses

by admin with 16 Comments Accounting & Bookkeeping

Dubai, a thriving city full of potential and energy, has made a name for itself as a major international centre for trade and business. Navigating the challenges of starting and maintaining a successful business in Dubai can be intimidating due to the city’s diverse economy and constantly changing legal and financial landscape. This is when a trustworthy accounting service in Dubai, UAE and its experience comes in very handy.

Selecting the correct accounting service in Dubai, UAE can mean the difference between success and stagnation for companies of all kinds, from growing startups to well-established multinationals. An assiduous and knowledgeable accounting partner can offer crucial assistance in areas like:

Financial Reporting and Auditing: Making sure that financial statements are prepared accurately and on time, following accounting guidelines, and abiding with local laws.

Tax Planning and Compliance: Managing the complex tax system in the United Arab Emirates, reducing tax obligations, and guaranteeing adherence to tax laws.

Bookkeeping and Payroll Management: Ensuring timely payments to vendors and employees, as well as preserving correct records of financial activities.

Business advisory services: provide insightful analysis and strategic counsel on financial issues, company expansion, and risk mitigation.

It can be difficult to choose wisely when there are so many accounting service providers in Dubai. We have put together a list of the best 20 accounting services in Dubai, each with its own specialisations and capabilities, to aid you in navigating this complicated terrain. This all-inclusive book will provide you the knowledge you need to choose wisely for your company and guarantee its financial success in Dubai’s fast-paced business environment.

1. Pwc

Global leader in professional services PwC provides an extensive range of accounting services to enable companies of all sizes and in all sectors of the economy. PwC assists companies in streamlining their financial operations, achieving compliance, and opening up new growth opportunities. The company is dedicated to quality, innovation, and client service.

Core Services:

Audit and Assurance: PwC offers impartial financial statement verification, guaranteeing adherence to regional and international laws as well as International Financial Reporting Standards (IFRS). Their audit teams provide incisive findings and recommendations, improving financial transparency and reducing risk, by utilising cutting-edge technology and techniques.

Tax Planning and Compliance: Businesses are guided by PwC’s tax experts through the intricate world of international tax, value-added tax (VAT), corporate tax, and other pertinent tax problems. To reduce obligations and guarantee adherence to constantly changing legislation, they formulate well-thought-out tax planning plans.

Accounting and Bookkeeping: PwC provides a full range of accounting and bookkeeping services in Dubai & UAE, such as financial reporting, processing accounts payable and receivable, payroll administration, and general ledger management. They use state-of-the-art technology to guarantee timely financial reporting, increase accuracy, and automate procedures.

Business Advisory Services: On a variety of financial issues, such as business growth plans, risk management, digital transformation, and mergers and acquisitions, PwC’s team of advisors offers insightful analysis and strategic direction. Their knowledge aids companies in making wise choices and achieving long-term success.

With more than 158 locations worldwide, PwC provides companies with access to a vast network of knowledgeable experts. This network offers its clients:

In-depth local knowledge: PwC professionals are aware of the unique laws and commercial environment in every nation where they conduct business.

Global best practices: Customers get knowledge and experience from a variety of international markets.

Smooth service: No matter where your company is located, PwC provides dependable and constant service.

PwC offers more than just accounting and bookkeeping services in Dubai. Serving as a reliable partner, they are dedicated to assisting companies in realising their full potential and reaching their financial objectives. Their extensive service offering, specialised knowledge of the sector, and worldwide presence make them the perfect option for companies looking to streamline their financial operations and promote long-term expansion.

Check out PwC’s website or get in touch with your nearby PwC office to find out more about their accounting services and how they can help your company.

2. KPMG

As one of the “Big Four” accounting firms, KPMG International Limited (KPMG) provides a full range of accounting services aimed at empowering companies of all kinds and in all sectors of the economy. With more than 145 countries and a global network of over 265,000 professionals, KPMG has the knowledge and resources to confidently guide you through the constantly changing financial landscape.

Core Services:

Audit & Assurance: KPMG offers impartial financial statement verification, guaranteeing adherence to regional and international laws as well as International Financial Reporting Standards (IFRS). Their audit teams provide incisive findings and recommendations, improving financial transparency and reducing risk, by utilising cutting-edge technology and techniques.

Tax & Legal: Businesses may negotiate the intricate local and international tax environments with the assistance of KPMG’s team of tax and legal professionals. In order to help firms reduce liabilities and guarantee legal compliance, they provide knowledgeable advise on tax planning, compliance, transfer pricing, indirect tax, and legal issues.

Advisory: KPMG provides strategic direction and experience in areas including digital transformation, risk consulting, business valuation, and mergers and acquisitions. Its advisory services extend beyond traditional accounting. Their advisers collaborate closely with customers to find opportunities, create solutions, and put plans into action that promote value creation and sustainable growth.

KPMG gives its clients the best of both worlds with local offices spread throughout more than 145 countries and a broad global network:

Global best practices: You can stay ahead of the curve by having access to knowledge and insights from a variety of international marketplaces.

Local knowledge and expertise: Being aware of the particular laws, business climate, and cultural quirks of your place of operation.

Seamless service: Regardless of the location in which your organisation works, consistent and dependable service that instills confidence and peace of mind.

KPMG is a reliable counsel to companies all around the world because of its dedication to quality, innovation, and client service. They can assist you in reaching your financial objectives and navigating the difficulties of the global business climate with their extensive accounting services, industry-specific knowledge, and extensive global network.

Visit their website or get in touch with the KPMG office in your area to find out more about their accounting services and how they can help your business.

3. EY (Ernst & Young)

With its extensive range of accounting services, EY (Ernst & Young), a leader in the world of professional services, supports companies of all sizes and in all sectors. They are a reliable partner for businesses looking to achieve sustainable growth and navigate the intricacies of the financial world because of their dedication to innovation, quality, and client service.

Core Accounting Services:

Assurance: To guarantee adherence to local laws and International Financial Reporting Standards (IFRS), EY offers impartial audits and reviews of financial statements. Their sophisticated techniques and in-depth knowledge provide insightful analysis and helpful suggestions that improve financial transparency and reduce risk.

Tax: Businesses can navigate the complex local and international tax environments with the help of EY’s team of tax professionals. They assist companies in minimising obligations and navigating constantly changing legislation by providing strategic tax planning, compliance, and advising services.

Transactions: From mergers and acquisitions to divestitures and initial public offerings (IPOs), EY’s transaction consulting services assist companies at every stage of the deal cycle. Their knowledge aids clients in maximising value, controlling risk, and producing positive results.

Consulting: With experience in areas including digital transformation, company strategy, risk management, and technological solutions, EY’s consulting services go beyond traditional accounting. Their advisors work together with customers to create creative solutions and accomplish their strategic objectives.

Local Knowledge and a Worldwide Network:

With more than 312,000 experts spread across more than 150 countries, EY provides customers with a number of unique benefits.

worldwide insights: availability of state-of-the-art information and industry best practices from various global marketplaces.

Local knowledge: A thorough understanding of the unique laws, business climate, and cultural quirks of the area in which you operate.

Seamless service: Regardless of location, consistent and dependable service that instills confidence and peace of mind.

Because of their dedication to quality, innovation, and customer service, EY is a respected advisor to companies all over the world. Their extensive accounting services, sector-specific knowledge, and worldwide network can assist you in reaching your financial objectives and prospering in the dynamic business environment.

Visit their website or get in touch with the EY office in your area to find out more about their accounting services and how they can help your company.

4. Deloitte

Global leader in professional services Deloitte provides an extensive range of accounting services to enable companies of all sizes and in all sectors of the economy. Deloitte is a reliable partner for businesses looking to accomplish their financial objectives and successfully negotiate the intricacies of the constantly changing financial landscape. The company is dedicated to innovation, quality, and client service.

Core Accounting Services:

Audit & Assurance: Deloitte offers impartial financial statement verification, guaranteeing adherence to regional and international laws as well as International Financial Reporting Standards (IFRS). Their highly qualified experts provide perceptive assessments and recommendations, improving financial transparency and reducing risk, by utilising cutting-edge procedures and technologies.

Tax & Legal: Businesses are guided through the complex local and international tax environments by the tax and legal professionals at Deloitte. In an ever-changing regulatory environment, they assist firms in minimising liabilities and ensuring legal compliance through strategic tax planning, compliance, and advice services.

Financial advising: Deloitte provides experience in areas including mergers and acquisitions, restructuring, valuation, and forensic accounting. Its financial advising services extend beyond standard accounting. Their advisers collaborate closely with customers to find opportunities, create solutions, and put plans into action that promote value creation and sustainable growth.

Risk advice: Businesses may identify, evaluate, and manage risks throughout their operations with the aid of Deloitte’s risk advice services. They enable firms to make wise decisions and develop resilience by providing expertise in fields including enterprise risk management, operational risk, cybersecurity, and regulatory compliance.

Local Knowledge and a Worldwide Network:

With more than 345,000 professionals spread across more than 150 countries, Deloitte provides a distinct advantage to its clients.

Global best practices: Having access to state-of-the-art information and experience from a variety of international marketplaces can help you stay ahead of the curve.

Local knowledge and expertise: a thorough comprehension of the unique laws, commercial climate, and cultural quirks of your place of operation.

Seamless service: Regardless of location, consistent and dependable service that instills confidence and peace of mind.

Deloitte is a respected counsel to companies all over the world because of their dedication to quality, innovation, and client service. Their extensive accounting services, industry-specific knowledge, and worldwide network may assist you in reaching your financial objectives and confidently navigating the challenges of the international business climate.

Visit their website or get in touch with your neighbourhood Deloitte office to find out more about their accounting services and how they can help your company.

5. ebs Chartered Accountants

ebs is a top accounting firm in Dubai that provides companies of all kinds with a wide range of accounting, auditing, and tax services. ebs has established a reputation for offering dependable and efficient solutions catered to your unique requirements. This is due to its team of seasoned professionals and strong dedication to quality and customer care.

Among ebs’s primary services are:

Audit & Assurance: An impartial assessment of your financial statements’ adherence to regional and international laws as well as International Financial Reporting Standards (IFRS).

Tax: To reduce your liabilities and guarantee compliance with intricate tax legislation, we offer strategic tax planning and compliance services.

Accounting & Bookkeeping: Professional support for managing the general ledger, financial reporting, processing accounts payable and receivable, and managing payroll.

Business Advisory: Priceless counsel on financial issues, risk management, company expansion plans, and mergers and acquisitions.

With a commitment to staying ahead of the curve, ebs has a deep awareness of the business environment in Dubai. They use technology to expedite procedures and provide effective solutions, all the while keeping a personalised touch to guarantee you get the best possible assistance and service.

ebs Chartered Accountants can assist you in reaching your financial objectives and navigating the challenges of conducting business in Dubai, regardless of how long your company has been in operation.

6. Ethics Plus Public Accountants

A Dubai-based company called Ethics Plus Public Accountants provides excellent accounting, auditing, and advising services to help businesses grow. They have been providing services to a wide range of clients in different industries for almost 20 years, including startups and global organisations. Their group of knowledgeable experts, committed to moral behaviour and client fulfilment, offers customised solutions for any demand. To safeguard your financial stability and legal compliance, they provide a wide range of services, such as audit and assurance, tax planning and compliance, accounting and bookkeeping, and business advisory. Ethics Plus is a reliable business partner for companies looking to navigate the ever-changing Dubai business scene and achieve sustainable growth, with an emphasis on quality and client service.

7. Kreston Menon

Leading accounting and audit company in Dubai, Kreston Menon, provides a wide range of services to businesses of all sizes, enabling them to find value and trust in their financial endeavours. As a member of the extensive worldwide Kreston network, they provide clients specialised solutions and unrestricted access to a multitude of resources by fusing their rich local knowledge with their international expertise.

Core Services:

Audit & Assurance: Kreston Menon offers unbiased financial statement verification, guaranteeing adherence to regional and IFRS laws. Their dedication to excellence and openness aids customers in establishing confidence and bolstering their financial legitimacy.

Tax & Consulting: Their group of tax specialists guides you through Dubai’s complicated tax system by providing compliance services, strategic planning, and insightful guidance on reducing obligations and maximising tax efficiency.

Accounting & Bookkeeping: Kreston Menon provides end-to-end accounting solutions, guaranteeing accuracy, promptness, and effective financial administration, from general ledger management to financial reporting and payroll processing.

Business Advisory: Their group of seasoned experts offers insightful advice on a range of topics related to company expansion, such as corporate governance, risk management, and strategic planning.

Kreston Menon is a respected counsel for companies in Dubai because of their dedication to quality, customer service, and innovation. Their extensive accounting services, sector-specific knowledge, and worldwide network enable clients to confidently traverse the intricacies of the Dubai business climate and accomplish their financial objectives.

Go to their website or get in touch with them directly to find out more about Kreston Menon and how they can help your company.

8. HLB HAMT

Leading accounting and advising firm HLB HAMT provides businesses with complete accounting services that are customised to meet their unique requirements. From start-ups to well-established businesses, they offer a variety of solutions, such as:

Audit & Assurance: Providing accurate financial statements and local regulatory compliance; increasing investor trust and openness.

Tax Planning and Compliance: Handling the intricate tax environment in the United Arab Emirates, reducing obligations, and maximising tax effectiveness.

Accounting & Bookkeeping: Ensuring timely and accurate financial information by providing professional support with general ledger administration, financial reporting, and payroll processing.

Management accounting: offering insightful analysis and tactical direction on budgetary control, cost containment, and corporate expansion plans.

Financial Reporting: Increasing stakeholder financial communication by accurately and promptly preparing financial statements that adhere to IFRS standards.

HLB HAMT UAE uses its extensive network throughout the world and its in-depth knowledge of the regional business climate to provide clients the following:

Industry-Specific Expertise: Personalised accounting solutions for real estate, healthcare, and technology, among other industries.

Technology-Driven Solutions: Making use of cutting-edge technologies to boost productivity, automate procedures, and obtain insightful financial data.

Personalised service and a single point of contact for all accounting needs are provided by committed client teams.

For companies looking for financial stability, expansion, and success in the fast-paced UAE market, HLB HAMT UAE is a reliable partner because of its dedication to quality, customer service, and innovation.

9.PKF

As a member of the extensive PKF International network, PKF Dubai provides businesses with a full range of accounting services that are optimised for expansion and prosperity. Because of their dedication to innovation, quality, and customer service, they are a reliable partner for companies of all kinds.

Core Services:

Audit & Assurance: PKF offers impartial financial statement verification, guaranteeing adherence to regional and IFRS laws. Their sophisticated techniques and in-depth understanding produce insightful analysis that improves financial transparency while lowering risk.

Tax & Legal: Businesses are guided through the intricate tax and legal structure of the United Arab Emirates by the team of tax and legal specialists at PKF. They provide compliance services, strategic planning, and professional guidance on minimising risks and managing constantly changing rules.

Accounting & Bookkeeping: PKF provides a comprehensive solution for precise and timely financial management, including general ledger management, financial reporting, and payroll processing.

Business Advisory: On a variety of financial issues, such as corporate finance, risk management, and business growth strategies, their team of knowledgeable experts offers insightful analysis and strategic advice.

Local Knowledge & Worldwide Network:

PKF Dubai, a division of PKF International, provides customers with the best of both worlds:

Global reach: Availability of state-of-the-art information and industry best practices from various global marketplaces.

Local knowledge: Extensive familiarity with Dubai’s unique laws, business climate, and subtle cultural differences.

Seamless service: Regardless of location, consistent and dependable service that instills confidence and peace of mind.

With a proven track record and a dedication to client satisfaction, PKF Dubai is a reliable partner for companies looking to meet their financial objectives and prosper in Dubai’s dynamic economic environment.

10. Crowe Horwath Chartered Accountants

Leading accounting and consultancy firm in Dubai, Crowe Horwath Chartered Accountants, provides businesses with a full range of accounting services that are customised to meet their unique goals and needs. They assist companies of all sizes in navigating the difficulties of the Dubai business environment and achieving sustainable growth by utilising their knowledge and experience in the area.

Core Accounting Services:

Audit & Assurance: Crowe Horwath offers impartial financial statement verification, guaranteeing adherence to regional and IFRS laws. Their dedication to excellence and openness aids customers in establishing confidence and bolstering their financial reputation.

Tax & Consulting: Their team of seasoned experts helps companies navigate the intricate tax system in the United Arab Emirates. They provide strategic planning, compliance services, and insightful guidance on reducing liabilities and maximising tax efficiency.

Accounting & Bookkeeping: To ensure accurate, timely, and effective financial administration, Crowe Horwath provides end-to-end accounting solutions, including general ledger management, financial reporting, payroll processing, and accounts payable & receivable management.

Business Advisory: Their group offers insightful analysis and strategic direction on a range of business development topics, such as financial modelling, corporate governance, and risk management.

Dedicated to the Success of Clients:

Because of their dedication to quality, customer service, and innovation, Crowe Horwath is a reliable partner for companies looking to succeed in the fast-paced UAE market and achieve financial stability. They guarantee that every client gets the consideration and knowledge they merit with their tailored approach and emphasis on client-centric solutions.

Visit Crowe Horwath‘s website or get in touch with them to find out more about how they can help your company.

11.KGRN Chartered Accountants

A well-known company in Dubai, KGRN Chartered Accountants, provides a full range of accounting services that are customised to meet the specific requirements of companies of all sizes. By fusing in-depth local knowledge with global competence, they help clients navigate the complexity of the Dubai business environment and achieve long-term success.

Core Services:

Audit & Assurance: KGRN offers impartial financial statement verification, guaranteeing adherence to regional and IFRS laws. Their dedication to excellence and openness cultivates confidence and strengthens their clients’ financial reputation.

Tax & Consulting: With extensive experience navigating the complex tax environment in the United Arab Emirates, KGRN’s team provides strategic planning, compliance services, and insightful guidance to maximise tax efficiency and minimise penalties.

Accounting & Bookkeeping: To ensure accurate, timely, and effective financial administration, KGRN provides end-to-end accounting solutions that include general ledger management, financial reporting, payroll processing, and accounts payable & receivable management.

Business Advisory: Their staff helps clients make wise decisions by offering insightful analysis and strategic direction on a range of business development topics, such as risk management, corporate governance, and financial modelling.

Dependable partner

Businesses looking for financial stability, expansion, and success in the fast-paced UAE market may rely on KGRN as a reliable partner because of their dedication to quality, customer service, and innovation. They guarantee that every client gets the consideration and knowledge they merit with their tailored approach and emphasis on client-centric solutions.

Visit the KGRN website or get in touch with them directly to find out more about the company and how they can help your business.

12. Farahat & Co

Founded in 1985 in Dubai, Farahat & Co. is a reputable accounting and auditing company that provides a wide range of services to companies of all sizes in a variety of industries. Farahat & Co. has established a reputation for offering superior, dependable, and morally-compliant services. It operates in accordance with UAE financial authorities’ standards and is registered with pertinent governmental agencies.

Core Services:

Farahat & Co. offers impartial audits and evaluations of financial statements to guarantee adherence to both local and International Financial Reporting Standards (IFRS) regulations. Their skilled staff delivers incisive reports and recommendations, improving financial transparency and reducing risk, by utilising cutting-edge procedures and technologies.

Tax and Legal Consulting: Their group of tax and legal specialists helps companies navigate the complicated world of international tax, value-added tax (VAT), corporate tax, and other pertinent tax issues. They provide well-thought-out tax planning techniques to reduce liabilities and guarantee adherence to changing requirements.

Accounting and Bookkeeping: Financial reporting, accounts payable and receivable processing, payroll management, general ledger management, and end-to-end bookkeeping are all provided by Farahat & Co. They use state-of-the-art technology to guarantee timely financial reporting, increase accuracy, and automate procedures.

Business Advisory: The team of seasoned advisors at Farahat & Co. offers insightful analysis and strategic direction on a variety of financial issues, such as mergers and acquisitions, risk management, digital transformation, and business growth plans. Their knowledge aids companies in making wise choices and achieving long-term success.

Value Added Services

Farahat & Co. provides more than just standard accounting services. They provide extra value-added services like these:

Supporting companies experiencing financial challenges, including insolvency and liquidation processes.

Assisting companies with the establishment and registration of their activities in Dubai and other free zones inside the United Arab Emirates.

HR and Payroll Management: Providing HR advice and assistance with employment law, as well as outsourcing payroll services.

Trademark Registration and Protection: Helping companies register their trademarks to safeguard their intellectual property.

Services for Employee Relocation: Enabling workers to relocate to Dubai and other UAE regions.

Local Knowledge and a Worldwide Network:

Farahat & Co. gives clients access to a robust local network and a thorough grasp of the business climate in the United Arab Emirates by having a presence in Dubai and other significant locations in the country. In order to provide clients worldwide perspectives and assistance, they also take advantage of their collaborations with international networks of advisers.

Numerous companies in Dubai and abroad have come to rely on Farahat & Co. as a reliable partner because of their dedication to quality, customer service, and innovation. They can assist organisations in navigating the intricacies of the financial landscape and achieving their financial objectives because to their extensive portfolio of accounting services, industry-specific expertise, and global reach.

Please visit their website or get in touch with them directly to find out more about Farahat & Co. and how their accounting services may help your company.

13.Emirates Chartered Accountants Group

Founded in 1995 in Dubai, Emirates Chartered Accountants Group (ECAG) is a renowned accounting and advising company. With offices around the UAE and a staff of more than 200 specialists, ECAG offers a wide range of services to companies in a variety of sectors and sizes. Acknowledged for its dedication to excellence, novelty, and customer support, ECAG has established a standing as a reliable associate for companies attempting to handle the intricacies of the Dubai commercial landscape.

Core Services:

Audit & Assurance: In compliance with local laws and International Financial Reporting Standards (IFRS), ECAG provides independent audits and reviews of financial statements. Their team delivers informative reports and recommendations, improving financial transparency and reducing risk, by utilising state-of-the-art technologies and sophisticated processes.

Tax & Consulting: Businesses are guided through the complex world of corporate tax, Value-Added Tax (VAT), international tax, and other pertinent tax matters by ECAG’s team of tax and legal professionals. They provide well-thought-out tax planning techniques to reduce liabilities and guarantee adherence to changing requirements.

Accounting & Bookkeeping: ECAG provides full-scope bookkeeping and accounting services, including financial reporting, processing accounts payable and receivable, payroll administration, and general ledger management. They use state-of-the-art technology to guarantee timely financial reporting, increase accuracy, and automate procedures.

Business Advisory: On a variety of financial issues, such as business growth plans, risk management, digital transformation, mergers and acquisitions, and corporate finance, ECAG’s team of knowledgeable advisors offers priceless insights and strategic counsel. Their knowledge aids companies in making wise choices and achieving long-term success.

Local Knowledge and a Worldwide Network:

ECAG provides customers with access to a robust local network, a comprehensive grasp of the business climate in the UAE, and global insights and support through its locations throughout the country and strategic collaborations with international networks of advisers.

Due to their commitment to quality, client satisfaction, and innovation, Emirates Chartered Accountants Group is now one of Dubai’s top accounting and advising firms. They are able to assist businesses in reaching their financial objectives and confidently navigating the complexity of the ever-changing Dubai market because of their extensive portfolio of services, industry-specific experience, worldwide reach, and dedication to exceeding client expectations.

Visit Emirates Chartered Accountants Group‘s website or get in touch with them to find out more about how their accounting services may help your company.

14. Kudos PRS Chartered Accountants

A Dubai-based company called Kudos PRS Chartered Accountants provides a full range of accounting services to businesses, enabling them to flourish and expand. Because of their dedication to innovation, quality, and customer service, they are a reliable partner for businesses of all kinds.

Core Services:

Audit and assurance: ensuring accuracy of financial statements and adherence to regional laws, improving openness, and cultivating investor confidence.

Tax & Consulting: Using compliance services and strategic planning to minimise liabilities, maximise tax efficiency, and navigate the complicated tax environment in the United Arab Emirates.

Accounting & Bookkeeping: Ensuring timely and accurate financial information by providing professional support with general ledger administration, financial reporting, and payroll processing.

Business advisory: Offering insightful analysis and strategic direction on a range of topics related to the expansion of businesses, such as financial modelling, corporate governance, and risk management.

Local Knowledge & Worldwide Network:

Because Kudos PRS is a member of the Kudos International network, its clients have access to:

Global reach: State-of-the-art expertise and industry best practices from various global marketplaces.

Local knowledge: Extensive familiarity with Dubai’s unique laws, business climate, and subtle cultural differences.

Seamless service: Regardless of location, consistent and dependable service that instills confidence and peace of mind.

Businesses looking for financial security, growth, and success in the fast-paced UAE market may rely on Kudos PRS Chartered Accountants as a reliable partner because of their dedication to quality, customer service, and innovation.

15. Jitendra Chartered Accountants

Founded in 2001 in Dubai, Jitendra Chartered Accountants (JCA) provides businesses with all-inclusive accounting services that are customised to meet their unique goals and requirements. Companies looking for sustained success in the fast-paced Dubai industry may rely on them as a reliable partner because of their dedication to quality, innovation, and customer service.

Essential Services:

Audit & Assurance: JCA offers impartial financial statement verification, guaranteeing adherence to regional and IFRS laws. Their sophisticated techniques and in-depth understanding produce insightful analysis that improves financial transparency while lowering risk.

Tax & Business Advisory: Their group of tax experts helps companies navigate the intricate tax system in the United Arab Emirates. In addition to compliance services and professional guidance on reducing obligations and maximising tax efficiency, they provide strategic planning.

Accounting & Bookkeeping: To ensure accurate, timely, and effective financial administration, JCA provides end-to-end accounting solutions, including general ledger management, financial reporting, payroll processing, and accounts payable & receivable management.

Management Consulting: Their group offers insightful analysis and strategic direction on a range of business development topics, such as financial modelling, corporate governance, and risk management.

Local Knowledge & Worldwide Network:

Jitendra Consulting Group member JCA provides clients with the best of both worlds:

worldwide insights: availability of state-of-the-art information and industry best practices from various global marketplaces.

Local knowledge: Extensive familiarity with Dubai’s unique laws, business climate, and subtle cultural differences.

Seamless service: Regardless of location, consistent and dependable service that instills confidence and peace of mind.

For companies looking for financial stability, expansion, and success in the dynamic business environment of Dubai, Jitendra Chartered Accountants is a reliable partner thanks to its solid track record and dedication to customer satisfaction.

16. Grant Thornton

Grant Thornton, a leader in accounting and advisory services globally, offers a full range of accounting solutions that enable companies of all kinds. Because of their unwavering dedication to quality, innovation, and customer service, they are a reliable partner for businesses looking to maximise their profits and successfully negotiate the always changing business landscape.

Core Services:

Audit and Assurance: Grant Thornton offers unbiased financial statement verification, guaranteeing adherence to regional and international laws as well as International Financial Reporting Standards (IFRS). Their group produces informative reports and recommendations that improve financial transparency and reduce risk by utilising cutting-edge approaches and technologies.

Tax & Legal: Businesses are guided through the complex local and international tax environments by their team of tax and legal specialists. They assist companies in minimising liabilities and guaranteeing legal compliance by providing strategic tax planning, compliance services, and legal guidance.

Accounting & Bookkeeping: Grant Thornton provides end-to-end accounting solutions, including financial reporting, processing accounts payable and receivable, payroll administration, and general ledger management. They make use of state-of-the-art technology to guarantee timely financial information, enhance accuracy, and streamline procedures.

Business Advisory: On a variety of financial issues, such as corporate finance, risk management, and business growth strategies, their team of knowledgeable advisors offers insightful analysis and strategic recommendations. Their knowledge enables companies to succeed over the long run and make wise judgements.

Local Knowledge and a Worldwide Network:

With more than 58,000 specialists spread throughout more than 140 countries, Grant Thornton provides clients with a number of unique benefits.

worldwide insights: availability of state-of-the-art information and industry best practices from various global marketplaces.

Local knowledge: A thorough understanding of the unique laws, business climate, and cultural quirks of the area in which you operate.

Seamless service: Regardless of location, consistent and dependable service that instills confidence and peace of mind.

Because of their dedication to quality, innovation, and client service, Grant Thornton is a respected advisor to companies all over the world. Their extensive accounting services, industry-specific knowledge, and worldwide network may assist you in reaching your financial objectives and confidently navigating the challenges of the international business climate.

Visit the Grant Thornton website or get in touch with your nearby Grant Thornton office to find out more about their accounting services and how they can help your company.

17. BDO

Global leader in professional services BDO provides a full range of accounting solutions to businesses in Dubai, regardless of size. Their dedication to excellence, novelty, and customer support establishes them as a reliable associate for enterprises aiming to manoeuvre the ever-changing Dubai commercial environment and accomplish enduring expansion.

Core Services:

Audit & Assurance: BDO offers impartial financial statement verification, guaranteeing adherence to regional and IFRS laws. Their skilled experts provide perceptive assessments and recommendations, improving financial transparency and reducing risk, by utilising cutting-edge procedures and technologies.

Tax & Legal: Businesses are guided through the complex local and worldwide tax landscape by BDO’s team of tax and legal specialists. They assist clients in minimising liabilities and ensuring legal compliance by providing strategic tax planning, compliance services, and legal guidance.

Bookkeeping and Accounting: BDO provides end-to-end bookkeeping and accounting services, including financial reporting, processing accounts payable and receivable, payroll administration, and general ledger management. They use state-of-the-art technology to increase accuracy, expedite procedures, and deliver financial data on time.

Business Advisory: BDO’s group of knowledgeable advisors offers insightful analysis and strategic direction on a variety of financial issues, such as corporate finance, mergers and acquisitions, risk management, and business growth plans. Their knowledge enables companies to succeed over the long run and make wise judgements.

Local Knowledge and a Worldwide Network:

BDO provides clients with several benefits because to its extensive worldwide network of over 97,000 professionals across 167 countries and territories:

worldwide insights: availability of state-of-the-art information and industry best practices from various global marketplaces.

Local knowledge: Extensive familiarity with Dubai’s unique laws, business climate, and subtle cultural differences.

Seamless service: Regardless of location, consistent and dependable service that instills confidence and peace of mind.

Because of their dedication to quality, innovation, and client care, BDO is a respected adviser to companies in Dubai. Their extensive accounting services, industry-specific knowledge, and worldwide network may assist you in reaching your financial objectives and confidently navigating the complexity of the business environment in Dubai.

Check out BDO’s website or get in touch with their Dubai office to find out more about their accounting services and how they can help your company.

18. Baker Tilly

Leading worldwide accounting and advisory network Baker Tilly provides businesses in Dubai with a full range of accounting services that are intended to promote growth and financial stability. They are a reliable partner for businesses navigating the ever-changing business landscape of Dubai because of their dedication to quality, innovation, and client service.

Core Services:

Audit & Assurance: Baker Tilly offers unbiased financial statement verification, guaranteeing adherence to regional and IFRS laws. Their skilled staff uses cutting-edge procedures and tools to produce perceptive reports and suggestions that improve openness and reduce risk.

Tax & Consulting: Their group of legal and tax specialists handles the complex tax environment in Dubai. They provide professional guidance on reducing liabilities and maximising tax efficiency, as well as compliance services and strategic tax planning.

Accounting & Bookkeeping: To ensure accurate, timely, and effective financial management, Baker Tilly provides end-to-end accounting solutions, including payroll processing, accounts payable & receivable management, general ledger management, and financial reporting.

Business Advisory: Their group offers insightful analysis and strategic direction on a range of business development topics, such as digital transformation, corporate governance, risk management, and financial modelling.

Local Knowledge and a Worldwide Network:

As a member of the Baker Tilly Worldwide network, Baker Tilly Dubai provides customers with:

Global reach: Availability of state-of-the-art information and industry best practices from various global marketplaces.

Local knowledge: Extensive familiarity with Dubai’s unique laws, business climate, and subtle cultural differences.

Seamless service: Regardless of location, consistent and dependable service that instills confidence and peace of mind.

Businesses in Dubai looking for financial stability, expansion, and success may rely on Baker Tilly as a reliable partner because of their unwavering dedication to quality, customer service, and innovation. Their extensive accounting services, sector-specific knowledge, and worldwide network enable clients to confidently traverse the constantly changing business environment.

Visit Baker Tilly Dubai‘s website or get in touch with their Dubai office to find out more about the company and how they can help your business.

19. N R Doshi & Partners

Renowned accounting and consultancy firm N R Doshi & Partners in Dubai provides businesses with a full range of accounting services that are customised to meet their unique requirements. Acknowledged for their dedication to excellence, novelty, and customer support, they are a reliable associate for businesses of all kinds aiming to achieve fiscal stability and expansion in the ever-changing Dubai industry.

Core Services:

Audit & Assurance: To ensure adherence to local laws and International Financial Reporting Standards (IFRS), N R Doshi & Partners offers impartial financial statement verification. Their knowledgeable staff uses cutting-edge procedures and tools to produce perceptive reports and suggestions that improve openness and reduce risk.

Tax & Legal Consulting: Their group of experts in tax and law helps companies navigate the intricate tax system in the United Arab Emirates. They provide professional guidance on reducing obligations and guaranteeing legal compliance, as well as compliance services and strategic tax planning.

Bookkeeping and Accounting: N R Doshi & Partners provides end-to-end bookkeeping and accounting services, including financial reporting, processing accounts payable and receivable, payroll administration, and general ledger management. They make use of state-of-the-art technology to guarantee timely financial information, enhance accuracy, and streamline procedures.

Business Advisory: Their group of knowledgeable advisors offers insightful analysis and tactical direction on a variety of financial issues, such as corporate finance, mergers and acquisitions, risk management, and business growth plans. Their knowledge enables companies to succeed over the long run and make wise judgements.

Local Knowledge & Worldwide Network:

Because N R Doshi & Partners is a member of DFK International, it provides clients with access to:

Global insights: State-of-the-art information and industry best practices from various global marketplaces.

Local knowledge: Extensive familiarity with Dubai’s unique laws, business climate, and subtle cultural differences.

Seamless service: Regardless of location, consistent and dependable service that instills confidence and peace of mind.

N R Doshi & Partners, with its steady track record and dedication to customer satisfaction, is a reliable business partner for companies looking for growth, success, and financial stability in Dubai’s dynamic commercial environment.

20. Escrow Consulting Group

Renowned Dubai company Escrow Consulting Group provides a full range of accounting services that are customised to fit the demands of companies of all kinds. By fusing in-depth local knowledge with global competence, they help clients navigate the complexity of the Dubai business environment and achieve long-term success.

Core Services:

Audit & Assurance: ECG offers unbiased financial statement verification, guaranteeing adherence to regional and IFRS laws. Their dedication to excellence and openness cultivates confidence and strengthens their clients’ financial reputation.

Tax & Consulting: ECG’s skilled staff negotiates the complex tax environment in the United Arab Emirates, providing compliance services, strategic planning, and insightful guidance to maximise tax efficiency and reduce liabilities.

Accounting & Bookkeeping: To ensure accurate, timely, and effective financial administration, ECG provides end-to-end accounting solutions that include general ledger management, financial reporting, payroll processing, and accounts payable & receivable management.

Dependable partner

Because of their dedication to quality, customer service, and innovation, ECG is a reliable partner for companies looking to succeed in the fast-paced UAE market and achieve financial stability. They guarantee that every client gets the consideration and knowledge they merit with their tailored approach and emphasis on client-centric solutions.

Visit the website or get in touch with Escrow Consulting Group to find out more about what they can do for your company.

Conclusion

Businesses are able to acquire essential insights into reliable financial solutions by reading our comprehensive guide to the top 20 accounting services in Dubai for the year 2024. With services ranging from auditing to tax advice, the list highlights companies that are at the forefront of Dubai’s dynamic financial landscape. These companies provide businesses with the skills they require to achieve lasting success in the always shifting economies of Dubai. To take the next step towards financial success and discover tailored solutions for your business needs , Contact us Today.

Important FAQs

How do I choose the right accounting firm in Dubai?

The needs should be defined, experience should be checked, qualifications should be verified, local knowledge should be considered, communication should be evaluated, fees should be clearly understood, and a client-centric approach should be prioritised.

How much do accounting services in Dubai cost?

The costs of accounting services in Dubai vary depending on the firm’s reputation, the services that are required, and the complexity of the business. It is possible for monthly prices to range anywhere from a few hundred to thousands of dollars, although one-time services may have particular costs that are based on the project. In order to get personalised estimates from potential accounting firms that are tailored to your needs, it is recommended that you gather them.

What are the benefits of using an accounting firm in Dubai?

Utilising the services of an accounting firm in Dubai gives expertise in the local legislation, guarantees correct financial reporting, makes it easier to comply with tax regulations, provides suggestions for businesses, and improves efficiency. The utilisation of professional services can result in time savings, the reduction of risks, and a contribution to the overall financial health and success of an organisation.

What are the specific requirements for accounting in Dubai?

In Dubai, the criteria for accounting include adhering to the United Arab Emirates Commercial Companies Law, keeping accurate financial records, complying with VAT in a timely manner, conducting annual financial audits for specific businesses, and adhering to the International Financial Reporting Standards (IFRS). Depending on the type of business and the sector, particular regulations could be different.

Do accounting firms in Dubai offer free consultations?

For the purpose of discussing your objectives, gaining an understanding of the requirements of your organisation, and providing information about their services, numerous accounting firms in Dubai offer free initial consultations. Before committing to a professional relationship, this gives companies the opportunity to evaluate compatibility and make decisions based on accurate information.

Why Are Financial Statements Crucial For Businesses?

4 Reasons To Move Your Business To A Cloud Based Accounting System

Different Types Of Accounting Practices

Internal Auditors Play A Key Role In Fraud Risk Management

Top Insights From UAE Accountants To Make Budget For Startups

Different Types of Accounting Practices

by admin with One Comment Accounting & Bookkeeping

Accounting practises are used around the world, and most businesses follow their own set of regulations for keeping track of their finances.

Public accounting, for example, is one of the accounting concepts.

Accounts, records, and associated services are outsourced by public accounting companies to private firms. Since certain financial paperwork and other data must be made public. All accounting records are audited by CPAs (certified public accountants) in the UAE.

Private

Individual accountants in Dubai are hired by businesses to keep track of their accounting and other data. Because an expert accountant has been hired, the expert is in charge of all internal controls.

Government

Governments typically hire state auditors who are qualified to record, plan, and develop budgets under this accounting approach. They project financial, accounting, and other data. Personnel hired by government agencies are in charge of all accounting records controls.

Procedures for Auditing

External accountants are commonly referred to as professional accountants or auditors in Dubai. The auditors examine the accounting methods used and assess the degree to which accounting records are relied upon. The final audit report is then produced.

Financial

Financial accountants are typically in charge of keeping track of the company’s finances. They are accounting professionals such as company secretaries, stock brokers, chartered accountants, or anyone with a background in finance. Accounting firms prepare financial reports for tax authorities, shareholders, the company law board, SEBI, the general public, and the government. Financial accountants are in charge of all accounting controls.

Management

Business managers can rely on management accounting for timely financial and statistical data. They work on all management documents, such as decisions, reviews, presence, appraisal policies, and top management’s implementation of plans. Professional accounting services are used by management accountants for audits, controls, and monitoring. Internal decisions and decision-making are based on the accounting reports.

Forensic

Forensic accountants look at data to figure out where the money went missing and how to get it back. They check accounting records for fraud and misstatements, as well as for controls. Forensic accountants are hired by businesses to investigate any management fraud.

Accounting for managers.

Managerial accounting focuses on identifying, measuring, and interpreting accounting data to assist managers in making operational choices. Managerial accountants in Dubai share confidential data within their scope of practise. They collaborate with managers to examine and develop a budget that is tailored to your short- and long-term objectives.

Keeping track of costs

Another type of managerial accounting is cost accounting, which seeks to capture a company’s overall cost of production. The total cost is calculated by adding up the variable and fixed costs. Small business cost accounting enables managers to make more informed financial decisions and precisely calculate budgets.

Accountancy for tax purposes

The preparation of tax returns and tax payments falls under the scope of tax accounting. Individuals, enterprises, corporations, and other organisations can all benefit from this sort of accounting. Tax accountants make sure that businesses follow the law and avoid future tax liabilities. Large corporations, in most circumstances, use tax accountants to handle their financial records’ intricacies.

Systems for accounting data

Transactional data is collected and processed by accounting information systems, or AIS. They also inform interested parties of the financial information. Employees choose the ideal time to introduce new technologies and track the development of existing systems to see if productivity improves in the period allotted. To maintain continuity in the technological process, AIS can make decisions in collaboration with the IT department.

Accounting certification

A member of a professional accounting organisation is known as a chartered accountant. Dubai’s professional accountants are capable of working in a variety of fields, from management to auditing. They usually concentrate on a single area of accounting specialisation.

Controls not listed here

Only authorised individuals have access to the accounts department and tangible records such as bank statements, bill books, and checks.

Access to the data and reports should be restricted to authorised workers only. Data entry is done by data entry workers authorised by a senior staff member, and authorization is confined to specific employees.

Controlling the process – each accounting firm has its own way of capturing bills and other data. For example, a bill may be issued first, followed by the delivery of goods to the debtor. Following approval of the goods, sales entries must be completed. This guarantees that accounting records are processed correctly.

In the United Arab Emirates, for example, qualified accountants can demonstrate accounting principles.

Keep track of employee information such as attendance, in-time and out-of-time, salary, overtime, and so on.

Maintain the fixed assets register, the investment register, the cancelled cheques register, the inventory records register, the cancelled cheques register, the records of checks issued and deposited, the shareholders register, and so on.

Keep track of creditor payments and debtor revenues.
Keep track of all receipts, purchases, expenses, sales, and other payments.
Perform a depreciation calculation by hand on a test basis.
What role does accounting play in a small business’s success?
Accounting records with transparency
Calculate your company’s profit.
Receipts, payments, and costs should all be kept track of.
Establish a foundation for both internal and external reports.
Maintain shareholder confidence.
Maintain up-to-date accounting standards.
Keeping track of old records and comparing them to new ones is a good idea.

What are the ways in which we may assist you with your accounting?

Accounting is carried out in accordance with generally accepted accounting principles and current legal practise. Accounting firms use cutting-edge technology to implement a variety of controls to ensure the accuracy of their accounting records.

We have a team of competent accountants in the UAE who can provide you with high-quality accounting records. The company’s management uses these records as a foundation for numerous internal and external decisions.

We engage in accounting outsourcing and other related services that support your company’s growth and, of course, help it reach new heights. Our auditors give the accounting records a level of trustworthiness. We make sure that businesses keep track of their accounting records as a matter of good practise. Our Chartered accountants take care of a company’s most basic needs by keeping track of its finances and records.

We excel at providing proper accounting methods with great transparency, whether it’s for a little business or a major corporation. To survive in the long run, keep proper accounts.

Internal Auditors Play a Key Role in Fraud Risk Management

by admin with No Comment Accounting & Bookkeeping

Globally, corporate fraud is on the rise, with insiders accounting for roughly 70% of all fraud. Corporate fraud has the potential to bring a company to its knees in numerous situations. In Dubai, both senior management and internal auditors play an equal responsibility in reducing fraud risk. Internal auditors, according to some organisations, are ultimately in charge of detecting and preventing fraud. Another group believes that the first line of defence against fraud should be top management.

Internal auditors’ perception of themselves as fraud investigators has led to excessive expectations in the business world. Businesses must have effective anti-fraud control frameworks to detect and prevent fraud as fraudsters use increasingly sophisticated strategies. Internal auditors’ roles in assisting an organisation in detecting, responding to, and avoiding fraud must, however, be well defined. Here are some significant takeaways on the subject:

Internal Audit’s Role in Detecting and Preventing Fraud

Every organisation, according to the Institute of Internal Auditors (IIA), should prepare an anti-fraud response strategy that outlines key rules and investigation methods. When management suspects fraud and similar control failures in the organisation, the strategy should make it clear what role internal audit will play. The following are the basic responsibilities of an internal auditor, according to the IIA’s ‘Fraud and Internal Audit Position Paper’:

Recognize warning signs of possible fraud.

Learn about the different types of fraud, as well as the different strategies, schemes, and scenarios that fraudsters employ.

Examine the signs of fraud and determine whether or not further action or investigation is necessary.

Evaluate the effectiveness of fraud prevention and detection controls.

This means that, while internal auditors are not required to serve as fraud detectives, they will utilise their data analysis skills to spot trends and patterns that may indicate fraudulent conduct. Internal audits’ specific function in fraud prevention is determined by a combination of external standards and an anti-fraud policy, as a general rule.

Internal auditors in Dubai are frequently called upon to assist businesses in reducing the financial and reputational costs of fraud. They can also help businesses overcome roadblocks to achieving their goals. Here are some ways internal audit might respond to the challenge of fraud risks more precisely as the first line of defence against all kinds of company risks:

Examine the detecting mechanisms.

Management should consider whether they are confident in the ability of the organisation to detect fraud early on. If they aren’t sure, they should examine their annual plans to ensure that the measures in place to detect fraud are just as effective as the ones in place to prevent it. This is critical since fraud can be detected through tests like reconciliations and management monitoring.

Whistle-blowing provisions, in which any employee can submit a tip to stop a crime in its tracks, can also be included in detection protocols. Internal auditors can collaborate with senior managers to ensure that whistleblowing provisions do not prevent employees from reporting misconduct at critical times. To conduct an internal control review, it is recommended that you use the services of top internal audit firms in Dubai.

Controls in High-Risk Areas Are Being Audited

Internal auditors will examine the areas of the organisation where fraud is a danger, as well as the controls in those areas. They will analyse how the organisation manages the risk of fraud through risk assessment and assess the possibility for fraud to occur.

Data and Trends Should Be Analyzed

Entities’ internal audit teams should share their data analytic knowledge in order to spot trends and patterns that could indicate fraud or misuse of funds. However, not every company will be able to build a strong internal audit staff with this level of knowledge. Internal audit services in Dubai, for example, can help such businesses find resources with necessary knowledge and competence.

Controls and risk assessment

When the responsibility for fraud risk management is devolved across all levels of the company, it becomes more effective. Internal auditors assist companies by encouraging and enabling periodic risk assessments. Risk assessments add value to the business by recognising hazards and reducing the likelihood of losses. The outcomes of these risk assessments are subsequently included into the audit plan by internal auditors. The risk assessment allows Dubai auditors to identify high-risk locations and do proactive anti-fraud activity by focusing on such areas.

Internal auditors’ responsibilities vary by industry and organisation, but they are primarily expected to provide objective assurance that adds value and improves an organization’s operations. Internal auditors in Dubai are responsible for evaluating the design and effectiveness of controls in an organisation, such as fraud risk management controls. Companies can entrust the top internal audit firms in Dubai, such as ours, if their internal audit staff lacks the experience and competence needed to handle fraud risk management. We have provided outstanding service in the UAE for the past two decades and has a long list of well-known clients. Our internal auditing services in Dubai will assist you in implementing fraud prevention strategies that follow best standards.

Top Insights From UAE Accountants to Make Budget for Startups

by admin with One Comment Accounting & Bookkeeping

Every firm, including startups, needs to have a sound budget in place to be successful. In essence, a budget serves as the cornerstone for your business’ financial operations. It provides you with a tool to forecast fiscal years, or a specific time, with a focus on assets, income, and expenses, based on prior performance. Accounting firms in Dubai can assist businesses in developing an appropriate budget for their operations.

Startups require budgets to determine goals, priorities, and spending limits. A detailed budget shows where money comes from and where new revenue-generating initiatives should be implemented. Outsource budget preparation to the best accounting firms in Dubai if your startup lacks an in-house accounting team. In the meanwhile, this article will provide you with important budgeting information. Let’s go ahead and investigate.

Business Strategy’s Performance Indicators

High-priority areas, such as revenue streams and various forms of expenses, will require the most funding in your firm. These things necessitate meticulous record-keeping and act as performance indicators for the company’s overall strategy. These factors should be considered when creating a budget with the assistance of the best accounting firms in Dubai.

Budget Masterplan

A budget should break down revenue and planned expenses by month, quarter, or fiscal year, according to the finest accountants. Each department of the startup should have its own budget. It is, however, dependent on the company’s size. Budgets for individual departments should be split down by month or quarter.

Your master budget will be comprised of all of these departmental budgets. The master budget is a detailed financial plan that is based on your company’s overall strategy. The operations budget and the financial budget are two sub-budgets that make up this budget. Accounting firms in Dubai can assist you in creating a budget for your company that is more manageable.

Budget for Company Performance Evaluation

Budgets can be used to assess your company’s financial performance over time. There are a variety of budgets that may be used to assess your company’s performance. It’s as follows:

Budgets set in stone

These are operating budgets that use historical financial data to forecast revenue and expenses for the coming period. The majority of small businesses employ static budgets.

Budgeting for results

To achieve maximum efficiency, a performance-based budget takes into account the inputs and outputs per unit of product or service.

Budgeting on a 0 basis

Every period, a zero-based budget begins at zero and builds a new budget depending on the current circumstances. The budget is created by combining internal and industry financial data.

Analyzing variance

For each revenue and spending item, the accountants calculate actual and predicted numbers in this budget. To establish strong variance analysis budgets, you can enlist the help of the best accounting and bookkeeping services in Dubai.

To receive financing, you’ll need to set aside money.

The most crucial goal for any firm that is still in the pre-funding stage is to secure money or investments. Entrepreneurs will have less difficulty if investments are made quickly. Startups that have a track record of developing sound, precise budgets and sticking to them are more likely to convince lenders or possible investors that they can put together a good business plan and make it work.

The Advantages of Budgeting in a Business

A business that neglects to develop a budget is doomed to fail. If you don’t know the company’s important characteristics, such as how much income to expect or how much money to set aside for expenses during a specific period, you’ll be flying blind. If you ignore budgets, your company will close shop in Dubai inside the first two years.

Business budget planning, on the other hand, has numerous advantages. Some of the most important benefits are listed below:

Your startup’s financial health can be determined by a budget.
Budgets aid strategic planning, such as determining when to expand your company.
To attract investors, you’ll need a solid budget.
Budgets aid in tax compliance preparation ( VAT)

We can assist you in the following ways.

A well-thought-out and reasonable budget is a powerful tool for propelling your startup forward. A well-prepared budget provides crucial information that will help your startup to operate within its budget, deal with unexpected obstacles, and make a profit. You might not be able to come up with solid budgeting solutions as a busy entrepreneur. Accounting firms in Dubai, like ours, can help you with this.

We have a staff of capable accountants who will put your business on the right track. Our experts will not only assist you with budgeting, but will also guarantee that your financial records are kept up to date and in accordance with UAE legislation. You won’t have to worry about VAT returns, Economic Substance Requirements, or maintaining real beneficiary registries if We are on your side. If your ultimate goal is business success, We can help you get there sooner.

Why Should You Rely on an Auditor’s Due Diligence Report Before Purchasing a Business?

by admin with No Comment Accounting & Bookkeeping

You can be an entrepreneur by purchasing an existing business. Purchasing a business saves you the time and effort of starting a company from scratch, but it also comes with a number of significant problems. When they learn that the company they bought isn’t performing the way they expected it to, many businessmen in Dubai grow disappointed. When purchasing a business, appropriate due diligence is essential, and speaking with the best audit firms in Dubai may assist you with this.

You can end up paying more for a business than it’s worth if you don’t use the top audit services in Dubai to conduct due diligence. You can also misjudge the amount of money you’ll need to get the firm up and running after you’ve bought it. If you’re still not sure why you need an auditor’s support when buying a firm, keep reading to find out.

An excellent auditor tells a tale with data.

When you’re ready to buy a firm, your auditor will assist you in gathering all of the relevant information. The auditor will transform the essential material into a narrative, which may include financial records, customer information, performance records, and sales history.

A skilled auditor will look over all of the financial information, like balance sheets and profit and loss statements, and compare it to the communication you and the seller had. Any unusual or extraordinary events will be picked up by Dubai’s auditing firms. Analyzing the figures will reveal if revenue is increasing or decreasing, as well as whether costs are increasing or decreasing.

Legal and other regulatory checks are made easier by auditors.

You must perform various legal checks before purchasing a business, including:
Is it possible to hold two licences at the same time?
Is VAT properly recorded and reported to the authorities?
Is there any sort of fine from the various government departments, as well as any outstanding legal cases?
Was the business in compliance with the Economic Substance Regulations?
Is it true that if you hire existing employees, they will be paid up to the date of their dues in accordance with labour law?
Do you have any utilities that have been overdue for a long time?

Auditing organisations in Dubai can assist you in doing such a background check. If the business you want to purchase has

To assist you in comprehending the business’s basic drivers.

After you’ve found a firm that has the potential to be purchased, you’ll need to look for the aspects that contribute to the business’s profit margin. The seller and agent make every effort to portray the company in a positive light. Instead of believing their story, you should question why profit margins are higher than the industry average or have recently increased.

Auditing firms in Dubai can assist you in delving into the company’s financials and figuring out what went wrong. An auditor can help you perform proper financial and commercial due diligence to understand cash flow characteristics and spot anomalies like fraud, earnings management, and why a company has a competitive advantage. The auditor will also assist you in drafting your ‘first 100-day implementation plan.’

Ascertaining that the seller’s story and the numbers are in sync

The seller’s stated reason for selling the business will be questioned by good auditors in Dubai. The reason will be verified by the account to see if the seller’s story matches the numbers. If financial stress is the true reason for selling the company, most sellers will be hesitant to admit it. For example, a seller may claim that the business is being sold because of family problems, but when the auditor examines the financial records, you may discover that the company has been losing money for some time.

Financial stress, rather than family or other factors, will be the real reason for selling in such cases. That isn’t to say you shouldn’t go ahead and buy the company. Finding out the true reason, on the other hand, will give you more leverage to negotiate a better deal. The auditor assisted you in obtaining the necessary information about the company, making the purchase worthwhile.

Estimation of Running Costs & Realistic Valuation

Most entrepreneurs are finding it more and more difficult to master the art of business valuation. Most of the time, they don’t know which key parameters to use when valuing a business. Many investors and business owners overlook future capital costs such as investments, machinery and equipment, maintenance, and working capital requirements.

Consult with top auditing firms in Dubai to learn more about the costs of running a business beyond the purchase price. You’ll also know how much of each of those costs you’ll have to factor in when purchasing the company. You can also get a good idea of how much money you’ll need to buy the business and how much money you’ll need in the future.

We can help you make a wise decision.

When it comes to buying a business, auditors can assist you in making an informed decision. You can use their guidance and due diligence checklist to determine the veracity of the seller’s motivation for selling, the true value of the company, and future operating costs. The advice of an auditor will prevent you from overestimating the business’s value and give you the leverage to negotiate a better deal. The best audit firms in Dubai, such as ours, can help you make better decisions.

You get to work with a team of qualified professionals if you use our audit services in Dubai. We have assisted clients from a variety of industries, regardless of the size of their business, in making the best decision possible when purchasing an existing business. We can assist you in making the best business purchase decision and prevent you from wasting money on a business that isn’t worth it.

How Do Accounting Firms Help When Selling a Business in Dubai

by admin with No Comment Accounting & Bookkeeping

In order to do business in Dubai, you must have a solid exit strategy in place. One of the most typical ways for entrepreneurs to exit is to sell their company. Retirement, the lack of heirs, a desire to seek new prospects, financial difficulties, or personal obligations are all possible reasons for selling a firm. Furthermore, many entrepreneurs launch a business with the intention of selling it to investors at a later date. Although there are a variety of reasons for selling a business, it is unavoidable to seek the help of accounting firms in Dubai.

Doing everything by oneself isn’t a viable choice because a strong approach is required. To make sure the exit is worth the money, you’ll need the top accounting services in Dubai.

Consider the following features to see how an accounting firm can assist you:

Calculating Your Company’s Actual Value

The first and most crucial question to ask when selling a business is, “How much is the business worth?” You’ll have some preconceived notions or a number in mind. You should, however, consider whether your company is worth the price you’ve set. You must evaluate the assets you possess, the liabilities you owe, and what will be included in the sale in order to calculate the value of your business.

You’ll also need to figure out how much each asset and liability are worth. As a busy entrepreneur, you may overlook significant liabilities and forget to evaluate your company’s performance in light of market conditions. You won’t be able to sell your firm for a good price if you make these blunders. Accounting businesses in Dubai can work as your financial advisors and assist you in establishing the truth.

Organize and Plan the Deal

In the corporate world, the selling of a company can take many various forms. It could be a merger of two comparable businesses, the acquisition of one by a huge multinational corporation, or the establishment of a new company. Your business’s assets, such as intellectual property and equipment, may be included in the sale, as well as majority stock ownership, equity, or a mix of the three.

You’ll need to figure out what kind of agreement structure will enable you to get the best price with the least amount of hassle. If you are unfamiliar with such complex financial problems, this will be a difficult process. Because of your ignorance, the purchasers will take advantage of you, leaving you with a less profitable bargain. Accounting services in Dubai can save you money by preventing costly mistakes and assisting you in making well-informed decisions.

Streamline Your Taxes

When it comes to selling a business, tax liabilities can be a pain. For example, a taxable person’s sale of assets is considered a taxable supply and is thus subject to VAT at the applicable rate in the UAE. The supply of specified assets may, however, be free from VAT in certain circumstances.

Accounting firms in Dubai can assist you in accurately estimating taxes, organising VAT records and paperwork, examining tax return filings, and ensuring that everything is in conformity with the law. You can’t afford to make a tax mistake when selling a firm worth millions of dirhams.

Potential Buyers’ Risk Assessments

Negotiation isn’t the only metric to consider when it comes to selling your firm. You must know to whom you are selling your business. To ensure that you are selling your company to the proper people, thorough due diligence is essential. Due diligence is something that accounting firms in Dubai can help you with.

You’ll be able to measure and assign measurable numbers to each of the risks associated with the selling process with the help of robust accounting services. You can avoid difficulties that may occur as a result of emotional decisions if you do an assessment quickly. The perspective of an accountant can assist you in making sound decisions that are in your best interests.

With our Accountants, make your exit profitable.

To sell a company that you built from the ground up, you’ll need a solid strategy. While the process may take time and energy, engaging the help of accounting firms in Dubai will make it go more smoothly. A reputable accounting firm, such as us, can function as your financial and legal advisor as well as provide after-sale services.

We can assist you in strategizing your selling strategies to secure a profitable exit strategy. Connect with our accounting and bookkeeping specialists if you’re considering selling your business or need assistance with financial management. We will handle your tax filings, accountants’ records, and audits to keep your business in good standing.

Importance of Accounting For Hospitality industry

by admin with No Comment Accounting & Bookkeeping

Accounting For Hospitality industry

The hospitality industry is a fast-growing industry,so having a thorough understanding of your company’s financial health keeps you on track. Accounting is critical in the hotel business for keeping track of transactions. Mismanagement and inefficient tracking are avoided with a well-organized accounting system.

Accounting is important in the hospitality sector since it examines the fundamental expenses, income, profit, loss, assets, and liabilities. Any business that deals with cash flow, such as the hospitality industry, should have a system in place to track all transactions. Improve every part of the industry using basic accounting principles and a profit-generating mindset.

What is the significance of accounting in the UAE’s hotel industry?

For recording financial transactions, hospitality accounting is critical. It’s difficult to gauge the financial health of your company without this accounting. It makes business processes run more smoothly. Accounting was once seen as a growth or development of ecommerce and travel in medieval times, but today it is necessary in all businesses.

Hospitality accounting, in particular, entails a wide range of financial statement components and compilations. The hotelier can plan budgets and save money for business growth if financial records are kept in a methodical manner. Accounting is viewed as a way for the Dubai hospitality business to forecast profits and maintain a positive growth trajectory. The bottom line will develop and flourish if the hotel accounting system is effectively managed and centralized in one area.

A tailored manner of offering service to guests or tourists is referred to as hospitality in Dubai. Hospitality encompasses both travel and tourism, with hotels, restaurants, assembly, and other related services all falling under the umbrella of hospitality. In general, hotel accounting maintains track of how much money is spent or made in the business, and it also examines revenue, equity, and liabilities.

Accounting services are necessary if banks or stakeholders are required to provide financial support. All costs, expenses, assets, and liabilities should be submitted by the industry. With the aid of a good accounting system, this is feasible. Companies can estimate profitability, financial soundness, and current performance of their businesses with the help of accounting software. Also, be aware of the cost of the services provided, as well as the most profitable section.

The UAE’s hospitality industry uses modern accounting software to automate the accounting process, which benefits hotel management.

Some of the advantages of accounting outsourcing in the United Arab Emirates include:

With the help of accounting software, you may achieve excellent precision in hotel administration. Invoices, pay slips, account statements, and much more are all simple to prepare using the hotel accounting system. Errors in manual activities can be avoided, and mathematical calculations can be performed with remarkable precision.

Access — Your hotel accounting system is simple to use from any location, at any time, and on any device.

Accounting in the hospitality business provides financial data with a real-time picture of cash flow, accounts receivable, accounts payable, and other financial data.

Simple to use – The data entering process is straightforward, and online updates are simple. The ability for specific users to share information is facilitated by ample data storage.

Accounting software is more efficient and faster than manual methods. Additionally, improve task efficiency!

In the hospitality industry, accounting’s goals are as follows:

Find and keep track of transactions.
Maintain a cash book.
Asset and liability management are under control.
Supply business economic data.
Contribute to tax reform
Accountability

How will a pandemic affect the hospitality industry?

Covid-19 has dealt a major blow to the hospitality industry due to several restrictions imposed by the authorities. To prevent the corona virus from spreading rapidly, many protocols and laws were implemented in several nations, making travel a distant dream and reducing hotel and restaurant occupancy. It was an unexpected setback that had a negative impact on the organisations’ revenue and cash flow.

How is the accounting profession dealing with the present pandemic?

Covid-19 has had a significant impact on both international and domestic tourism, and as a result, business has become monotonous. To meet this challenge, every company is concentrating on cost reduction and preserving sustainable cash flow. Accounting services enable businesses to identify costs and eliminate unnecessary expenses, which is why accounting is so important in the hospitality industry.

Accounting software that is automated will eventually replace accountants; it will merely record transactions in a professional and error-free manner. Many countries adhere to social separation and other standards by hiring fewer people and paying them less. Accounting assists in determining the payment reduction and accurately calculating wages or salaries in such a situation. Accounting outsourcing is a good option if you don’t have the skills to handle the necessary accounting software.

For lower costs and better service, businesses might use a part-time accounting firm. Due of the pandemic, Dubai’s tourism and visitor numbers were significantly reduced. Due to constraints and social distance, the hotel sector had to lay off a large number of employees. Although the protocols have resulted in lower compensation, accounting continues to play an important function in keeping track of current employees’ salaries and records.

Although there were few visitors during the pandemic, Dubai’s hospitality business helped them feel at ease by providing online invoices and other services to prevent physical touch. Hire part-time accounting services to help with pandemic tactics by evaluating hotel management’s performance.

What services do we provide to the hospitality accounting industry?

We recognise the value of accounting in the hospitality business and offer excellent accounting services. Our clients’ success will be aided by the advantages of efficient accounting.

Cost of total sales
Utilization of revenue
Planning for the future
Cash flow tracking
Investing in assets
preparing a budget
Functions pertaining to payroll

In the hospitality industry, we offer the previously mentioned accounting services. These services would provide a comprehensive picture of your company’s financial health. Our automated accounting software will assist our clients with effective planning and forecasting in order to increase their profits.

Consider us as your accounting firm for highly professional services if you’re looking to create a presence in the Dubai hospitality business.

How Much Does Accounting Services Cost in the UAE?

by admin with No Comment Accounting & Bookkeeping

Keeping your accounting in order is a must no matter what kind of business you have. Because the United Arab Emirates is the most popular place to start a business, selecting accounting services is a crucial decision. Small and medium-sized businesses have recognised the need for accounting services in the UAE since the implementation of VAT and tax legislation.

Hiring an accounting team has a number of benefits. It should be cost-effective when selecting the best accounting services in Dubai. If you want to engage expert accounting services in Dubai, make sure you know how much it will cost. Entrepreneurs should consider the costs associated with any service before investing in it.

What influences the price of accounting services in the United Arab Emirates?

A year’s worth of accounting services in the United Arab Emirates might cost you 60,000 AED. There are a slew of elements to consider before investing, all of which have an impact on the cost. On the basis of these considerations, the rate of selecting an accounting firm in Dubai may vary.

Your organization’s size

Recognize your company’s size and operational complexity. This has a significant impact on the accounting rate charged by Dubai’s professional accounting services. The sum quoted to an entrepreneur with simple transactions will differ from the amount quoted to a company that operates internationally.

Several transactions happen depending on the size and structure of an organisation. Analyzing and summarising the records involves additional effort and skill. Furthermore, larger businesses require more reports and statistical data from the accounting firm they engage. The cost will be higher in such a circumstance.

The amount you must pay is determined by the firm you choose. Accounting firms with a broad client base will charge significantly more depending on the amount of work they are assigned. On the other hand, for equivalent services, a small accounting firm will charge you less.

The cost of outsourcing accounting and financial tasks varies by business. Choose accounting businesses that provide competitive quotes and compare a few accounting firms to find the best accounting service provider in the UAE. Locate services that are available at a reduced price.

Services available

The cost of services may vary depending on the nature. Accounting responsibilities might be outsourced in full or in part by corporations. Internal auditing, financial statement preparation, and analysis services may result in a lower estimate because you’re only requesting a few services. Expect a higher quote if you want the accounting company to handle everything from bookkeeping to legal procedures to audits and anything else related to accounting.

Transactional volume and turnover

Accounting charges will obviously be high if transactions and turnover are high. The amount of VAT and other taxes levied is determined by the size of the business, total revenue, and number of transactions. The cost of accounting services in Dubai is determined by this component as well. Costs rise with the number of transactions.

Hiring full-time workers or outsourcing

Entrepreneurs may contemplate hiring a full-time bookkeeper or accountant, but given the nature of their business and the costs involved, hiring an accounting firm in Dubai is preferable. However, outsourcing will save you money in the long term. Outsourcing will save you money on initial in-house training, compensation, and other benefits that full-time employees receive.

Why are accounting services required in the United Arab Emirates?

Accounting services are necessary for keeping a proper track of transactions, and entrepreneurs should consider using one of the professional accounting services in Dubai to avoid confusion.

Accounting services for businesses are in high demand.In order to maintain the company’s structure, Financial evaluation in its entirety, Keep an eye on your spending, Choose the accounting software that best suits your needs.

Accounting services for small business include the following:

Your cash flow will improve.
Workload reduction
Keep an eye on your long-term growth.
Obtain useful business guidance
Keep up with the times.
Increase the effectiveness of your business.
Payroll Processing
Calculate your company’s success.

How can you get accounting services in the UAE at a reasonable price?

We established ourselves as one of the most cost-effective accounting firms in the UAE. Any business’s principal goal is to maximise profit while putting in the least amount of money possible.

We rise to the occasion and offer a cost-effective accounting system. We’ve reduced the cost of accounting by offering attractive packages after conducting extensive research. We’ve done extensive research and developed cost-effective packages that include accounting, bookkeeping, auditing, tax services, and much more.

We use cutting-edge technology to keep you ahead of the pack.

Advantages of Using Our Accounting Services

Accounting may appear to be a difficult task, but we make it simple for you. Expect excellent service to help your company achieve its full potential.

Accounting software that is tailored to your company’s needs.
All aspects of business are covered by our expertise.
Service of the highest calibre
At ease Access to professional knowledge and full audit support

Why should you hire Dubai’s top accounting firm?

Whatever your budget, it’s critical to hire one of Dubai’s top accounting firms. Many business owners are unsure whether or not hiring an accounting firm is worthwhile. Yes, employing the services of an accounting firm is worthwhile, and there are numerous advantages to doing so. Outsourcing is a cost-effective strategy that, of course, ensures that your accounts are handled professionally. Financial strategies, useful suggestions, and relevant reports are all available to the company.

If your business suddenly grows, don’t waste time hiring a bunch of people; instead, hire an accounting firm, and a team of professionals will meet your needs right away. It’s an excellent way to save time while keeping an eye on the finances.

With expert professionals and a cost-effective approach, we provide one of the best accounting services in Dubai.

Which Accounting Standards Deal With Fixed Asset Accounting?

by admin with No Comment Accounting & Bookkeeping

In the United Arab Emirates, fixed assets are among the most poorly managed corporate assets. Many businesses make the error of neglecting to keep clear records of their assets, making it difficult for regulators to assess the business and appropriately balance the fixed asset register. The International Financial Reporting Standards (IFRS), which governs firm assets, including fixed assets, in the UAE, are set by the International Financial Reporting Standards (IFRS).

Assets that cannot be moved

The UAE has strict accounting regulations. Accounting agencies in the UAE must follow certain guidelines to ensure appropriate asset management. Here are a few examples:

Fixed asset records include information on their purchase, maintenance, and disposal.

A fixed assets manager’s job is to keep track of a fixed asset’s acquisition, maintenance, and disposal. This comprises everything from the initial planning and budgeting to the final disposition of the asset. As a result, the Fixed Asset Manager should examine the fixed asset’s worth on a regular basis to make it easier to calculate its current value in the event that it needs to be sold soon.

Reasons to Outsource Accounting-Related Tasks are something you should be aware of.

Physical verification is carried out on a regular basis.

Many businesses in the United Arab Emirates lose track of their fixed assets because no one notices the old ones once the new ones arrive. While it may not have a direct impact on your firm’s operations or output, if your assets continue to vanish, your organisation will suffer losses. There have been instances where goods have been misplaced in an office and have gone unnoticed until it is too late. A fixed asset manager should be able to maintain track of all fixed assets and avoid loss by undertaking an occasional physical verification.

Examine any obsolete or inactive fixed assets.

When a corporation buys new computers, the old ones are usually stored in a store and deteriorate. Monitoring and managing such corporate assets should be the responsibility of a good fixed asset manager. Although most no longer in use, fixed assets are intended to be disposed of or donated, fixed asset standards require that these assets be documented in some form so that they may be tracked in some way. The worst thing that can happen to assets that aren’t being used is for them to vanish completely.

Putting a stop on the movement of certain assets

Some permanent corporate assets remain with the company indefinitely, possibly because they are bespoke equipment developed for a specific function and so cannot be disposed of. However, there comes a point where these assets are no longer valuable and are mistreated as a result.

Employees have gotten their hands on firm property without following any clear protocols, which is bad for business. The company asset should be transferred on to the employee (who is now its custodian) and their information should be entered in the company records, according to proper processes. Fixed assets may be fitted with tracking devices to prevent them from being unlawfully disposed of or moved outside of a defined area.

Fixed asset registration services provide a number of advantages.

Reduced losses due to theft, fraud, or conspiracy is one of the key reasons fixed asset management services are vital. Furthermore, because fixed assets are known to deteriorate over time, it is ideal for keeping track of an asset’s worth.

Fixed asset monitoring can also be used to determine whether an asset requires replacement or repair. As a result, it’s safe to conclude that a fixed asset registrar can assist you in keeping your assets in good shape. All information is recorded for accountability in the case of any repair or maintenance costs.

We can assist you in managing your fixed assets while adhering to the IRFS requirements, as we have decades of experience. Our professionals will gladly manage your fixed assets so that there are no gaps in determining your company’s genuine value.

Please contact us right away if you have any questions about audits or to schedule an initial consultation.

Client-specific personal information

Refusal to divulge information about the business

Clients’ Suspicious Behavior

Requests and unusual activities

Opaque Client’s Personal History

Using cash or negotiable instruments without identifying the genuine payer

Auditor selection

Threats of Major Concern

AML Compliance Services can be by us:

1. Pwc

2. KPMG

3. EY (Ernst & Young)

4. Deloitte

5. ebs Chartered Accountants

6. Ethics Plus Public Accountants

7. Kreston Menon

8. HLB HAMT

9.PKF

10. Crowe Horwath Chartered Accountants

11.KGRN Chartered Accountants

12. Farahat & Co

13.Emirates Chartered Accountants Group

14. Kudos PRS Chartered Accountants

15. Jitendra Chartered Accountants

16. Grant Thornton

17. BDO

18. Baker Tilly

19. N R Doshi & Partners

20. Escrow Consulting Group

Conclusion

Important FAQs

How do I choose the right accounting firm in Dubai?

How much do accounting services in Dubai cost?

What are the benefits of using an accounting firm in Dubai?

What are the specific requirements for accounting in Dubai?

Do accounting firms in Dubai offer free consultations?

Related Info

Public accounting, for example, is one of the accounting concepts.

Private

Government

Procedures for Auditing

Financial

Management

Forensic

Accounting for managers.

Keeping track of costs

Accountancy for tax purposes

Systems for accounting data

Accounting certification

Controls not listed here

What are the ways in which we may assist you with your accounting?

Internal Audit’s Role in Detecting and Preventing Fraud

Recognize warning signs of possible fraud.

Evaluate the effectiveness of fraud prevention and detection controls.

Examine the detecting mechanisms.

Controls in High-Risk Areas Are Being Audited

Data and Trends Should Be Analyzed

Controls and risk assessment

Business Strategy’s Performance Indicators

Budget Masterplan

Budget for Company Performance Evaluation

Budgets set in stone

Budgeting for results

Budgeting on a 0 basis

Analyzing variance

To receive financing, you’ll need to set aside money.

The Advantages of Budgeting in a Business

We can assist you in the following ways.

Consider the following features to see how an accounting firm can assist you:

Calculating Your Company’s Actual Value

Organize and Plan the Deal

Streamline Your Taxes

Potential Buyers’ Risk Assessments

With our Accountants, make your exit profitable.

What is the significance of accounting in the UAE’s hotel industry?

Some of the advantages of accounting outsourcing in the United Arab Emirates include:

In the hospitality industry, accounting’s goals are as follows:

How is the accounting profession dealing with the present pandemic?

What services do we provide to the hospitality accounting industry?

What influences the price of accounting services in the United Arab Emirates?