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IMC Group is a leading provider of Accounting and Bookkeeping Services in Dubai. With a team of experienced professionals, IMC Group is well-equipped to provide the support and guidance that entrepreneurs need to succeed.
The following are some of the frequently asked questions from our clients regarding Accounting and Bookkeeping Services in Dubai.
Accounting and Bookkeeping Services in Dubai – FAQs
Dubai UAE Ministry of Economy is the accounting regulatory body. There are other professional bodies, e.g., UAE AAA, UAE National Accountants, and Auditors Association.
Look no further than our consultancy firm in Dubai, UAE. We have a team of experienced auditors and business consultants who maintain accurate and up-to-date financial data to ensure that you comply with regulations.
Our comprehensive range of services includes VAT consultancy, bookkeeping and accounting, internal auditing, CFO services, business setup, due diligence, GRC, and global mobility services. Choose us for reliable and professional accounting services that will help you achieve your business goals.
Businesses used to hire bookkeepers to manage finances, but in today’s competitive markets, they should streamline processes and outsource tasks like accounts payable processing. Our skilled accountants offer periodic accounts payable processing services while keeping creditor data secure. Outsourcing reduces personnel expenses and frees up time and resources for businesses to focus on increasing profits. It also eliminates many stresses associated with running a small business. Accounting outsourcing provides the freedom and flexibility not typically available in traditional business management.
From 1st January to 31st December is the accounting or financial year in Dubai.
Books of Accounts are typically maintained for four main reasons, e.g., Legal Requirements, Management control of Businesses, informing investors and shareholders on the organization’s financial health, and other third party requirements, e.g., Banks, Municipalities, or Financial Institutions.
Startups need to infuse a lot of money as working capital in their business initially and for the most effective use. Choosing an in-house accounting involves a lot of money typically and even then doesn’t always guarantee the desired output due to the lack of expertise. Outsourcing bookkeeping and accounting companies become cheaper, more value-creating, more flexible, and negotiable based on business needs and expert training for internal employees.
Businesses operating within Dubai Freezones mainly aim to cater to international markets. However, they can also engage in limited trading within the UAE market by joining hands with distributors, wholesalers, or local agents. It is important to note that selling directly to the local market may require additional approvals and compliance with local regulations.
You can access the latest smart technologies that can assure more reliable support without increasing your fixed cost. E-Commerce businesses handle big data that is a large collection of information used to determine price, product and promotional priorities.
Qualified accountants are in short supply due to an abundance of fresh graduates in the market. Small and medium-sized businesses can’t afford experienced professionals since their accounting needs are not as complex. On-call experts are a more practical choice than hiring a full-time accountant. Our affordable outsourcing services fill this gap. We offer feasible solutions to our clients with pride.
As per Dubai UAE Commercial Companies Law, Federal Law No. 2 of 2015, Article 27 Chapter 2, every company needs to appoint a licensed Auditor registered under the Ministry of Economy for auditing its Books of Accounts.
Bookkeeping and Accounting can help you manage your business better and more profitably. Bookkeeping and Accounting helps a company or industry in the following manner
- It helps you identify your budgetary requirements for your business
- It helps your company to prepare timely tax returns
- It helps you to comply with mandatory legal requirements
- It helps you to analyze your financial data and make informed business decisions for competitive advantage
- It also helps in future business planning by analyzing past business data
- It helps you to report the business health to concerned investors and shareholders and raising funds for your business
- It supports other business processes like operations, marketing and sales, and HR and used for identifying process inadequacies and improvement opportunities
- Bookkeeping helps you identify debtors and creditors and can be used for better cash flows
- It also helps in tracking business growth and accordingly decides on future business strategies
Yes, we can. Our team of experienced accountants will assess your current accounting system, gather information from all relevant departments, and create a personalized solution for your business needs.
Dubai Freezone is a foreign investor-friendly area in the city with complete ownership, tax exemptions, and simplified regulations. It’s perfect for global companies to establish their presence in Dubai and access regional markets.
Foreign investors who wish to set up their businesses in many Dubai Freezones can attain complete ownership, without the need for a local partner or sponsor. This unique ownership framework is a significant advantage that attracts international entrepreneurs to establish their businesses within these zones.
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