Accounting and Bookkeeping Services in Dubai
Silver Oak Accounting and Bookkeeping Services in Dubai offers businesses premium accounting and bookkeeping solutions, ensuring compliance with local regulations and sustaining growth through accurate, efficient, and reliable services.
Why Choose Silver Oak Accounting and Bookkeeping Services?
Our Services
Our team offers business consultation services to help you develop effective financial strategies, improve cash flow management, and enhance overall financial health.
Our Process
Book Your Service
*Fill out the form and leave the rest to us for your success
Best Accounting Firm in Dubai
We’d love to hear from you! Whether you have questions about our accounting and bookkeeping services, need assistance with financial compliance, or want to discuss your business needs, our dedicated team is here to help. Please fill out the form below with your details, and we’ll get back to you as soon as possible. Your inquiries are important to us, and we look forward to collaborating with you to achieve your financial goals. We also offer free Corporate Tax Services in UAE and Business Setup Services in Dubai.
FREQUENTLY ASKED QUESTIONS
Do you have any question? Find answer here
Some frequently asked questions about logisco’s cargo services from logisco transportation.
What are the accounting requirements for businesses in Dubai?
Businesses in Dubai are required to maintain proper accounting records that reflect their financial transactions. This includes preparing financial statements, maintaining a general ledger, keeping records of income and expenses, and adhering to the UAE’s VAT regulations. Companies must also comply with International Financial Reporting Standards (IFRS).
How can small businesses manage their bookkeeping effectively?
Small businesses can manage their bookkeeping effectively by:
- Implementing accounting software like QuickBooks or Xero to automate processes.
- Keeping track of all receipts and invoices digitally.
- Regularly reconciling bank statements and accounts.
- Hiring a professional bookkeeper or an accounting firm to assist with compliance and financial reports.
What is VAT, and how does it affect businesses in Dubai?
Value Added Tax (VAT) is a consumption tax levied on goods and services in the UAE at a standard rate of 5%. Businesses must register for VAT if their taxable turnover exceeds AED 375,000 annually. We must charge VAT on their sales, keep proper VAT records, and submit periodic VAT returns to the Federal Tax Authority.
Do I need an accountant if I am a freelancer in Dubai?
While hiring an accountant as a freelancer in Dubai is not mandatory, it is highly recommended that you do so to manage finances and tax obligations and ensure compliance with local regulations. An accountant can help with bookkeeping, filing taxes, and providing financial advice.
What are the benefits of outsourcing accounting and bookkeeping services?
- Outsourcing accounting and bookkeeping services provides several benefits:
- Cost-Effectiveness: It eliminates the need for in-house staff and associated training costs.
- Expertise: Access to professionals with specialized knowledge of local laws and regulations.
- Focus on Core Activities: Allows business owners to concentrate on growing their business instead of managing financial tasks.
- Scalability: Providers can offer support as the business grows without the hassle of hiring additional employees.
What should be included in an annual financial statement?
- An annual financial statement should typically include the following:
- Balance Sheet: Snapshot of assets, liabilities, and equity at a specific date.
- Income Statement: Summary of revenues and expenses over a specific period.
- Cash Flow Statement: Overview of cash inflows and outflows during the period.
- Notes to Financial Statements: Additional information explaining accounting policies, contingencies, and other relevant data.
What accounting software is commonly used in Dubai?
Standard accounting software used in Dubai includes:
- QuickBooks: Popular for its user-friendly interface and comprehensive features.
- Xero: Known for its cloud-based flexibility and integration capabilities.
- TALLY ERP: Widely used among small to medium enterprises for its robust functionality.
- Zoho Books: Provides various tools for invoicing, expense management, and reporting.
How often should I review my financial statements?
It is advisable to review your financial statements at least monthly. This frequency allows you to monitor cash flow, track expenses, and make informed decisions. However, some businesses may benefit from weekly reviews depending on their activity level.
What is the role of an accountant in Dubai?
- Accountants in Dubai are responsible for:
- Maintaining financial records and ensuring accuracy.
- Preparing financial statements and reports.
- Advising on tax compliance and planning.
- Assisting with budgeting and forecasting.
- Helping businesses adhere to local accounting regulations and standards.
How can I prepare for an audit in Dubai?
To prepare for an audit, businesses should:
- Keep comprehensive and organized financial records.
- Ensure all transactions are accurately recorded and supported with documentation.
- Review internal controls to minimize errors.
- Collaborate with your accountant or auditors for guidance.
- Prepare a comprehensive list of assets, liabilities, and equity for the auditors.
