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BOOKKEEPING AND ACCOUNTING SERVICES IN DUBAI

No matter what line of business you have, keeping the company’s accounts in order is a mandatory requirement. With UAE becoming the top-most choice as a business destination, many business or company owners select Dubai as a location to expand their whole business in UAE.

Advantages of Opting for Our Accounting and Bookkeeping Services in Dubai

Cost effective services

If you hire a dedicated or full-time accountant in UAE can cost a lot and has associated expenses such as monthly salary, travel cost like visa, tickets etc, Emirates ID and labour contract fee, gratuity provisions, mandatory medical insurance, annual leaves, training expenses and overtime benefits. In case you decide to hire our services, we give you an option of a fixed monthly fee that is tailored according to your specific requirements and hence that becomes a more cost-effective and affordable choice.

Bringing the benefits of expert knowledge

We, at IMC, boast of a team of expert professionals who are experienced and qualified accountants. When you outsource your accounting and bookkeeping services in Dubai, you get services from expert professionals in this field. Therefore, you can expect better quality and timely completion of the tasks.

Flexibility and saving time

Specific to your requirements and preference, our team can plan to visit your office on a regular basis – may be fortnightly, monthly basis to work on your books of accounts. We can also assist you remotely in completing your accounting work. By outsourcing your accounting and bookkeeping functions to an agency helps you to focus on bigger tasks like business development and saves your precious time.

Scope of scalability

When you outsource your accounting and bookkeeping services in Dubai, you have more chances and scope for scalability. When there is more demand for accounting tasks, you can amend the work given to us and in the same, when the volume of your accounting tasks goes lower than usual, then you can re-negotiate your payment options and the service charges you pay to us can be slashed down and your business can save money.

However, it’s important to understand that Accounting and Bookkeeping are not the same and are different processes. Every business and entity which is operating not-for-profit has to maintain a consistent bookkeeping system that is based on some recognized accounting principles. However, it’s important to note that Accounting is a broader term when compared to Bookkeeping. Bookkeeping essentially entails the record-keeping part of accounting; it is the process of keeping a record of all the data and financial information about the transactions and any financial activities carried by a business.

Business Accounting

So why is an efficient accounting practice imperative for a business? An effective and streamlined accounting process helps in providing all the necessary information that the management and the stakeholders of the company ask for. Though, the dynamic business ecosystem has made the accounting practice more complex than before and managing this function without any professional help could be a very daunting task. We can pitch in at this juncture and our mission is to help professionals and companies in taking care of their end-to-end accounting and reporting needs through IMC’s outsourced accounting services in Dubai. We not only help you to deal with your accounting challenges such as lack of specific accounting expertise, shortage of staff, and operational roadblocks, but our team of qualified and experienced professionals help you to enhance the overall quality and efficiency of your entire accounting function. We also provide solutions to any issues or inefficiencies we spot in the process. IMC also provides custom and tailor-made solutions and accounting services in Dubai for our clients. We offer our services in the following areas:

Business accounting services:

Bookkeeping Services in Dubai

  • Journal Entry
  • General Ledger
  • Assets /Equipment Ledgers
  • Expenses Ledger
  • Accounts Receivables
  • Accounts Payables Ageing Report & Summaries
  • Bank Reconciliation
  • Financial Statements preparation
  • Trial Balance
  • Income Statement (Profit & Loss)
  • Balance-sheet
  • Cash Flow Statement
    • Compilation Services
    • Preparation of Tax Returns
    • Quarterly and Yearly Reporting
    • PDC Management
    • Design & Documentation Services
    • Management Reporting
    • Record Reconstruction
    • Choosing Computer & Accounting System

Why should you outsource to accounting services in Dubai?

As per the UAE Commercial Company of 2015, there is a legal requirement that all the businesses should maintain their proper books of accounts for a minimum of five years. Also, as per the VAT in UAE next year, all the books of account must be maintained for at least five years.

As there are different priorities for all organizations at different times, it’s not simple to keep a track of all this and comply with so many legal necessities while taking care of your competition as well. Considering this, the accounting function becomes quite challenging to manage and which is why so many firms offer accounting services in Dubai as outsourcing is a good business proposition for most companies these days. Outsourcing a company’s accounting services in Dubai is a better and profitable proposition because it enables companies in a big way.

Bookkeeping Services in Dubai

IMC also offers best-in-class accounting and bookkeeping services in Dubai and we also use one of the best accounting software. Highlights of the services we offer are:

Cleaning up the Books
If your company’s records are not clear, your financial transactions are in a mess, and nothing seems to make sense when you see your books of account; then, it’s time you sought our help!  We, at IMC, can help in doing a cleanup of your financial books by organizing the records in an order to ensure that you business is on the right track. Our experienced and expert chartered accounts help you in sorting any issues you might have regarding your financial books. Just get in touch with us and let us look for the best solution for your problems and manage your books of accounts.

Responsibility of all your reviews – Monthly, Quarterly, and Year-end
It is important to know where you stand in your business and what’s your financial position. Therefore, it’s important that your company’s financial reports are accurate. Towards this object, we conduct reviews for your business at regular intervals such as monthly, quarterly, and year-end reviews for your organization. We conduct precise reviews for your company which will help your business in every sphere.

Financial Statements
To analyze your organization’s performance also to forecast numbers for the future, you would need precise and trustworthy data about your company’s financials. We, at IMC, ensure to make accurate financial statements so that your documents such as income statements, balance sheets, and cash flows are in accordance with the Generally Accepted Accounting Principles (GAAP). We are one of the top accounting firms in Dubai and promise to provide you accurate financial statements and manage them properly throughout the year in compliance to the GAAP so that you do not experience any challenges or concerns.

Bookkeeping Services in Dubai: We manage bookkeeping services in Dubai for various clients, including big multinational companies and even start-up enterprises. We match up our pace with you and extend our support matching your requirements and needs. Our bookkeeping services help in sorting and taking care of the following tasks for you:

  • Recording and monitoring all the financial transactions in compliance with IFRS
    Please note: All financial transactions include all the business income and expenses, the receipts, payments and other adjustments.
  • Posting the general ledger and other required ledgers
  • Reconciling the bank statements
  • Managing the accounting reconciliations
  • Generating the sales invoices
  • Managing the vendor bills and also the payments

Preparing Financial Statements in UAE: A financial statement is a formal and written record, which convey the financial performance and activities carried out by a business or entity and usually consists of four main components. Financial statements present the financial status and information of an enterprise very clearly and concisely. Any company’s financial statements typically include their balance sheets, income statements, and statements of retained earnings and their cash flows. However, at times an entity may also need some additional disclosures in detail depending on the pertinent accounting framework. These financial statements are at times, audited by accountants, firms, or government agencies, to make sure that they are accurate for taxation or other purposes such as financing or investing. Due to various global and UAE jurisdictions, preparing financial statements is a mandate for all businesses. IMC offers to take care of preparing your financial statements including the following:

  • A Balance Sheet or Statement of Financial Position
  • Income Statement or a Profit and Loss Statement (Statement of Comprehensive Income)
  • Cash Flow Statement

Audit and Assurance in UAE: The process of an audit is an unbiased and independent verification of the company’s financial statements, which enhances the worth and the credibility of these statements. We, at IMC, get your audits done based on your specific requirements and budget.

Tax Compliance Services in Dubai: We also help various businesses in duly completing and submitting the annual accounts and tax returns for all companies and professionals in UAE.