Businesses in Dubai are required to keep a consistent Book of Accounts. If your company lacks a professional team to manage its records and finances, you may get charged with incorrect Bookkeeping and VAT return filing. Regardless of your business size, accounting is critical for decision making, budget and cost planning, and monitoring economic performance. And hence you need Accounting Firms In Dubai.
What are the Accounting Procedures?
There are two main types of accounting:
1. The Accrual Accounting Method
Revenue is recognised as it is earned, and expenses are recognised as they are incurred. The accrual method is considered the most theoretically correct, but it requires extensive accounting knowledge, so it is more likely to be used by larger organisations. Nevertheless, this method is ideal for publicly traded companies and businesses that want to have their financial statements audited.
2. Cash Accounting Method – Revenue is recognised when customers pay in cash, and expenses are recognised when suppliers pay in cash.
There is also a hybrid accounting method, which combines the accrual and cash methods. In exceptional circumstances, this may be acceptable, but it will not result in auditable financial statements.
Why Choose RBS Auditing Firm?
inexpensive Services – When you hire Accounting Services In Dubai, you will only have to pay a fixed monthly fee that is tailored to your company’s specific needs. This is more cost-effective than hiring a dedicated or full-time accountant in-house. You will spend this money on their monthly salary, travel expenses, OT benefits, etc.
Adaptability and time savings – By outsourcing your accounting and bookkeeping functions to RBS Auditors, you can focus on more important tasks like business development, saving you valuable time. In addition, we can come to your office and work on your book of accounts based on your preferences and schedule.
Advantage of Expertise – You benefit from the expertise of RBS’s team of professionals who are certified accountants.
scalability – When faced with increased production, your company can grow within the context of business strategy without being hampered by its structure or available resources.
Contact us if you are professionally or personally considering a thriving future. Regarding Audit Firms In UAE, accounting, taxes, or business consulting, we have a team of dedicated accounting specialists on hand, and one phone call can make all the difference.
