Accounting and Bookkeeping Services in Dubai, UAE

In simple words, accounting is the recording of monetary dealings concerning a company or business concern. The process of accounting comprises summing up, evaluating and disclosing of the monetary or financial dealings to supervising bodies, regulating agencies, and authorities that accumulate tax. A financial statement is a common term connected to accounting. The financial statement is an abstract of monetary transactions associated with a business establishment for a period of time. It gives various vital information regarding economic status, operations, and net transactions of the business. It is mandatory for a business establishment to keep a record of the accounting data for a period of 5 years in the Emirates. Kiltons provides a wide range of accounting and bookkeeping services in Dubai to clients of diverse domains. The accounting-related aspects play a significant role in the overall working of a business establishment irrespective of the business domain or size. Dubai is one of the most sought after business destinations in the world and therefore the need for cost-effective and efficient accounting services is very essential.

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Advantages of Accounting Services

Maintain transaction records

Effective Accounting helps business establishments keep the record of all monetary transactions in the most systematic and professional manner.

Understand the sales-related aspects

Accounting helps the management in understanding matters related to pricing parameters. The management attains control over important business parameters like selling rate, price reduction, rise in sales.

Has legal relevance

the accounting-related data can be produced before a legal authority as evidence. This comes in handy at the time of financial disputes.

Compliance with rule of the land

The business establishments are required to file tax returns to various government authorities. Accounting helps in pursuing the whole process, thereby promising compliance with legal formalities.

Comparing profit and loss incurred

Systematic accounting helps the business establishment compare the net profit and net loss incurred during a particular period of time. These comparisons help the business gain performance-related insights. The business attains a precise understanding of the areas that require more focus and dedication.

Accounting checks misappropriation of funds

Systematic accounting helps the business check misappropriation of funds and fraudulent transactions. Accounting also helps in avoiding non-remittances of funds.

Enhances financial decisiveness

Accounting helps the management take decisive decisions on matters related to money. The detailed understanding of the financial resources guides and assists the management on all matters related to expenditure, buying inventory etc.

Outsourcing of accounting-related tasks

Outsourcing the accounting-related tasks to a qualified and experienced service provider helps the business establishment concentrate on the core company matters. This saves a significant amount of time, energy and workforce.

  • Why Outsourcing Accounting in Dubai, UAE?

    Many investors who start a business in Dubai or UAE without a prior experience prefer to outsource the accounting task to an external agency. Accounting is fully based on following certain procedures and practices irrespective of the type of business. It can be an uphill task for investors who lack the required business establishment experience in the Emirates. Therefore, entrusting the job to a qualified team of accounting professionals can make procedures a lot easier. It also helps the newly-formed business venture focus on core issues. Here are some of the major benefits of outsourcing accounting services in Dubai to an expert team:

    Feasibility and affordability factor – As mentioned earlier, entrusting the accounting task to a qualified team is the most feasible option if you are a first-time investor. Hiring a full-time employee for the purpose can become an expensive option due to the multiple expenses that accompany the same. The expenses include the monthly salary of the employee, travel expenses, visa expenses, employee-related benefits and allowances and many others. The clients may opt for the Kiltons customized Accounting service options in order to meet the specific and unique requirements. And yes, it’s far more affordable than recruiting a full-fledged team.

    Professional assistance - Kiltons team of accounting professionals have years of experience serving clients across the length and breadth of the UAE. Qualification, experience and diligence really matter when it comes to accounting and bookkeeping. Being one of the prominent accounting and bookkeeping firms in Dubai, Kiltons offers seamless services with regard to business accounting, auditing and other financial services.

    Business expansion and diversification – the business saves valuable time, money and energy by handing over the accounting requirements to Kiltons professionals. The business can also avoid the huge operation cost connected with managing a full-fledged team. In business time is money. Therefore, the establishment can invest their valuable time in achieving critical business goals. Kiltons professional accounting services shall assist the business in key areas like expansion and diversification in the UAE.

  • Kiltons Accounting Services in Dubai, UAE

    Kiltons offers a wide range of accounting services in Dubai to help businesses with financial tasks. The accounting services that we offer are listed below.

    • Daily account management
    • Formulation of Financial statement
    • Setting up Accrual plan
    • Maintaining supplier invoice 
    • Preparing consolidated financial statement
    • Forecasting in connection with planning
    • Conducting financial projection
    • Accounting software related installation and maintenance
    • Gathering, maintenance and evaluation of fixed assets
    • Inventory valuation and authentication
  • Bookkeeping services in Dubai, UAE

    Bookkeeping is the process of listing the monetary transactions of an organization in suitable account books. Many websites publish the definition of Bookkeeping and Accounting almost in the same manner. Both processes appear to be the same, but they have evident differences. The fact is that Bookkeeping is an aspect or facet of Accounting. Accounting is a broader subject and requires in-depth understanding due to its analytical scope and relevance. Bookkeeping professionals make use of either a ledger book or dedicated software for the purpose of listing monetary transactions. Kiltons team have compiled an Evaluation table to understand the basic concepts and differences between Accounting and Bookkeeping. Kindly go through the table.

    Evaluation table

    Evaluation aspect

    Bookkeeping

    Accounting

    Definition

    Systematically listing the monetary transactions of an organization in suitable account books

    Recording of monetary dealings concerning a company or business for a period of time

    Distinguishing feature

    Considered as a facet of accounting

    One of the most crucial aspects of conducting a business

    Formulating Financial statement

    Not applicable in bookkeeping

    Integral aspect of Accounting

    Decision taking capacity 

    Bookkeeping is not sufficient for taking crucial decisions

    Accounting data is sufficient for the purpose of taking crucial business-related decisions

    Financial status of the company

    Cannot be determined via bookkeeping

    Accounting clearly reflects the financial status of the company

    Expertise needed

    Bookkeeping does not demand any unique expertise

    Demands expertise and analytical skills

    Mechanisms employed

    Ledger books, Journal

    Balance sheet, statement of cash flow

  • Advantages of Bookkeeping Services in Dubai, UAE

    Understand the financial status – Recording the financial transactions helps in the smooth functioning of the business establishment. The organization gains better control over its expenses and income generated.

    Perform Financial evaluation – Comparing different financial aspects for a particular period of time is possible with bookkeeping. This helps in regulating the spending in favour of the business establishment.

    Check financial misappropriations – Systematic bookkeeping prevents the chances of financial frauds and malpractices. One of the main reasons for cheque bounce is the lack of funds. Bookkeeping avoids these unpleasant scenarios to a great extent.

    Budget evaluation – Bookkeeping helps in the process of evaluating the budget projections with real outcomes. This helps the business establishment understand the areas of shortcoming and make the necessary changes.

    Filing tax returns - Systematic bookkeeping assists in the filing of tax returns. It can also determine tax exemption scenarios.

  • Kiltons Bookkeeping services in Dubai, UAE

    Kiltons offers a wide range of bookkeeping services in Dubai for the systematic documentation of financial aspects of your business transactions in suitable books of account.

    • Documenting financial dealings based on IFRS 
    • Maintaining accruals and ledgers
    • Trial Balance
    • Assets or Equipment ledgers
    • Preparing sales invoices
    • Monitoring Accounts payable and Accounts receivable
    • Cash flow statement
    • Profit and Loss statement
  • Have plans to outsource Bookkeeping services in Dubai, UAE?

    Outsourcing bookkeeping services in Dubai will not only help you maintain your business and financial transactions but to ease your organisational burden and keep your financial expenses in check. Businesses in Dubai prefer outsourcing bookkeeping tasks to qualified professionals due to the following reasons.

    • Flexibility and alertness associated with an outsourced job are beneficial for the business establishment when it comes to scalability. The flexibility aspect associated with outsourced job helps the business entrust certain unique tasks which are tailored to meet specific requirements. 
    • Entrusting the Bookkeeping job to a credible agency helps the business establishment save time. The business may make use of this time on core company issues that really matter for growth and expansion. 
    • Handling the bookkeeping job demands adequate experience and qualification. Therefore, the business needs to hire apt and able individuals to perform the task. Hiring experienced professionals can be costly, especially when it comes to a small business. Outsourcing eliminates this requirement and becomes an economical approach. 
    • Highly skilled professionals work with the established Bookkeeping companies in Dubai and UAE. These professionals offer timely and expert consultation on all Accounting and Bookkeeping related matters. This helps in the overall business expansion and growth of the business.
  • Kiltons Accounting and Bookkeeping Services

    Kiltons has a team of experienced professionals adept in providing accounting and bookkeeping services in Dubai and across the UAE. Our accounting and bookkeeping consultants are well-trained and qualified individuals who handle various finance tasks for diverse companies in various Emirates. By getting rid of the responsibility of hiring and managing an in-house team of accounting professionals, the business gets ample time and confidence to invest in core business concerns. For all your Accounting and Bookkeeping related requirements in Dubai and UAE, get in touch with our consultants as early as possible.

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