Dubai Accountant Firms Directory – Accountants, Auditors & Bookkeepers in Dubai. Search for the top best accountant or bookkeeper in Dubai. If you’re in need of financial support, search our network to be connected with a professional accountant or bookkeeper. Accounting is the process of organising, regulating, documenting and evaluating an individual’s or business’s financial records.
The Dubai Accountants Directory is the most comprehensive directory to Accountants in Dubai.The Dubai Accountants Directory helps the public find accountants firms in Dubai by their Location, as well as by accountants in Dubai type of services. The public can also find an accountant by type of service the accountants firm offers, such as accounting for small business or corporate accounting. Accountants firms can add a Feature Page describing their services, thereby providing more information to the public looking for an accountant in their location and area of service.
Feature Page accountants can also be found by Qualities, such as CPA or Chartered Accountants and if they have a free first consultation or competitive rates.
It also helps Accountants promote their services to the public.
Some major firms recognized globally are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG. Most accountants perform different kinds of accounting like cost accounting, financial accountancy, and management accountancy. Accountants are skilled professionals and are an integral part of the modern economy.
An accountant is a person who manages financial issues, including the preparation of financial plans and budgets, as well as the management of accounts and staff welfare. An accountant is a person who manages financial issues, including the preparation of financial plans and budgets, as well as the management of accounts and staff welfare.
The main responsibilities of accountants are to create financial reports and to undertake day-to-day bookkeeping for managers, regulators, and shareholders. Accountants manage a double-entry bookkeeping system wherein there are two entries for every transaction are made, one to a debit account and one to a corresponding credit account. As per accounting rules, the sum of the debit and credit figures should be equal and any discrepancy in the total means that there has been an error. An accountant also audits and inspects the financial records of individuals or businesses, along with preparing financial and tax reports.
On a personal level, accountants can advise on financial decisions such as investments, loans, savings or potential salaries. On a professional level, accountants can deal with payroll, audits and tax obligations for businesses of any size, from sole proprietorships to large multinational corporations.
Accounting is widely referred to as the “language of business”. Just as language allows humans to communicate ideas to one another, accounting allows businesses to communicate certain financial data (such as profit or debts) to other entities, such as investors, competitors and authorities.
This stream of information feeds the economy. The economy is constantly moving and shifting due to the constant flow of money pumping in and out. An accountant’s job is to record and communicate each separate flow to the market systematically.
Some accounting decisions have significant and wide-spread effects on the whole of society. For example:
Government – Accounting decisions within the government can determine where tax-payers’ money is invested, whether it be in the education system, the NHS, the army or any other public sector. Where money is spent determines the quality of the service we receive.
Banks – Banks use accounting information to make decisions about granting loans or mortgages. On a domestic level, these decisions can effect whether or not you get the loan you want for starting a business, buying a car or taking a holiday. On a broader scale, bank decisions essentially determine the course of economic growth or decline.
Influential corporations – Large corporations can use accounting advice to decide whether or not to buy out other businesses. Due to their size and wealth, mergers can affect the direction of the market and ultimately shift the distribution of corporate power across the globe.
The importance of accounting is not only confined to large-scale corporations and governments. Every monetary transaction made, however big or small, will have some kind of effect on the overall balance of the economy.
You don’t have to be the director or proprietor of a business to benefit from an accountant’s services. Hiring an accountant can benefit anybody who wants advice about money management.
Accounting terminology – In accounting there can be a fair amount of terminology and financial jargon. To get your head around some of the terms commonly used, please see our accounting glossary.
What will an accountant need to know about my finances? In order for an accountant to gain a comprehensive idea of your or your business’s financial state, you will need to provide certain information. Accountants handle 5 main parts of a business’s finances:
1. Assets – An asset is anything directly owned by a business. It could be in the form of cash, equipment, property or investments (shares etc).
2. Liabilities – A liability is anything a company owes. This could be a loan or a mortgage, or taxes owed to HM Revenue and Customs like VAT, NI, income tax etc.
3. Equity – Equity is a company’s total assets minus liabilities, or in other words, the sum of what a company owns without owing to creditors.
4. Expenses – Expense is the cost of goods or services provided by another company or organisation.
5. Income – Income is the excess of revenue after expenses for an accounting period.
Are there different types of accounting? Yes, there are two main types of accounting:
1. A financial accountant will gather financial data into financial statements. These statements will be used to organise all records required by internal and external stakeholders.
2. A management accountant will use a business’s financial information to aide managers with any business decisions such as expansion, change of direction, merging, collaborations etc.
Am I legally required to have an accountant? Having an accountant is absolutely not a legal requirement for small companies in Dubai, so hiring one is not a necessity. Providing detailed and accurate records of your business, however, is. The only time there is a legal requirement is if the company is big enough to require an audit.
What are the benefits of hiring an accountant company in Dubai? If you are struggling to keep up with your business’s financial accounts, or wish to focus more on other aspects of your business, then you may want to consult an accountant for help. An accountant will undertake all accounting duties and remove the responsibility of tax deadlines from your shoulders, freeing up your time and energy so that you can concentrate on other parts of your business. There are three important reasons why you may wish to consult an accountant:
1. An accountant firm in Dubai could prevent you from getting into legal trouble. Businesses must provide records of their accounts by law. It is a requirement for companies to report their financial performance to the market systematically, informatively and consistently. These rules are instigated so that business performance can be compared in an unbiased way across the market.
Because business is about balance in relation to all other businesses, inaccurate or misleading financial information about one company could have a domino effect on the market-place. According to a survey by Accounting Age, one in 10 accounts filed to Companies House is rejected due to mistakes. Mistakes, such as miscalculations on crucial figures, can result in business having to pay more tax than they really owe.
There are numerous tax deadlines throughout the financial year that, if missed, will result in a penalty. One error or a single delay could result in businesses having to pay interest on top of late fees. It may be worthy to note, however, that the HMRC reward good organisation skills. If you are prepared to pay your tax early, then you could earn interest.
It takes a lot of time, patience and a certain amount of mathematical ability to produce good account records. Managing accounts for limited companies can be particularly complicated. HM Revenue and Customs suggest that Limited Companies seek a solicitor or accountant for help with Corporation Tax.
2. An accountant could help you make profitable business decisions. Accurate accounting is not only a legal requirement, it is essential for the proper functioning of the business world. Experts commonly refer to accounting as the “language of business”. Just as language constitutes the framework of civilization, accounting constitutes the main driving force behind commerce. Accounting is the bridge, the method of communication between business and market.
A single bad business decision is often enough to secure your business’s failure. In order to make a good business decision, you will need to have a detailed knowledge of your business’s financial history, current state and future forecast – otherwise your business could end up losing more than it could ever hope to make. An accountant will use this information to predict the most profitable path to take, potentially determining the success of your business.
How could an accountant help my start-up business in Dubai? Starting a new business can be a monumental task. A start-up involves, along with a million other tasks, market researching, choosing a company name, designing logos and business cards, branding, networking and product sourcing. It’s easy to get carried away with aesthetics and forget about the numbers. An accountant can get your business running, show you the ropes, free up your time and avoid any mistakes that that could be detrimental to a young business.
How regularly will I need to see my accountant firm in Dubai? This is entirely up to you. How often you see your accountant will depend on your personal or business requirements. If you are an individual seeking personal finance advice, you may only want to see an accountant once a year. Similarly, if you are the proprietor of a small business, you may only require an accountant to help with your annual tax returns. If you wish to have absolutely no hand in your accounts, you may want to be in contact with an accountant on a more regular basis. When you contact an accountant, be sure to state your exact requirements and they will be able to predict the length of the job and how often you will need to be in contact.
How do I know which accountant to choose in Dubai? Handing over your business’s sensitive financial information can be a delicate process that involves a lot of trust. It is advisable to take your time over your decision and find out as much as possible about the services different accountants offer before deciding. Here are 5 tips for choosing a good accountant for your business:
1. You are generally advised to contact at least 3 different accountants in Dubai before you decide on who to go with. All professionals work in different ways and you may find that you prefer one to the other. Giving yourself the luxury of choice is the first step towards finding an accountant who suits you and your business.
2. If possible, start looking for an accountant in Dubai before you start your business. An accountant can help with financial planning and budgeting before there are even any assets to account for. Starting your business relationship early will build trust and loyalty and ensure your accountant holds values and goals that resonate with your own.
3. Ensure your accountant in Dubai is fully qualified. If they are registered with an accountancy body, you can be assured that they have passed certain examinations or worked a certain number of hours to the required standard.
4. Ask about your accountant’s previous experience in Dubai. It may be beneficial to choose an accountant who has previous experience working with a business similar to yours. If your needs are more complex than anything your accountant has ever dealt with, you may prefer to hire someone with more appropriate experience.
5. Often you can ask to speak to an accountant’s existing clients in Dubai to get an idea of the kind of service you can expect to receive. The research and effort will pay off in the end. When it’s something as important as accounts, it’s best not to take short-cuts.
How much should I expect to pay for my accountant firm in Dubai? Accounting costs in Dubai can vary widely depending on the practices of the firm or individual you choose, along with the nature of your own accounting needs. For larger businesses with more complex financial accounts, it will cost much more. Although many people in Dubai are drawn to DIY accounting because they’re put off by the costs, it is widely thought that businesses eventually recoup the cost of a good accountant in the amount of tax and fees accounting expertise can save.
How do I search for an accountant firms in Dubai? To search for an accountant firm in Dubai, simply locate the search tool at the side of this page and type your postcode, town or county. One you’ve clicked ‘search’, a list of accountants will appear. To find out more about an accountant, click on their name or picture. This will take you to their profile. Here you will find information detailing who they are, how they work, the fees they charge, where they are based, and how they can be contacted.
Accountancy refers to a process of disseminating financial information about a corporation to shareholders, board of directors and other important users. The process is carried out via accounting services. These services are provided by highly qualified human resources called accountants. Most of them are recognized worldwide, including the Certified Public Accountants or CPAs. These professionals communicate information that has been analyzed and interpreted in form of financial statements.
The financial statements represent the real monetary value of assets and liabilities administered by a given company. Accounting services involve three main divisions: bookkeeping, accounting and editing. Each division is carried out by qualified professionals who are specialized in it. Big, medium or small-scale businesses can hire one company that provides all the three divisions. It can also hire an accounting firm that offers one or two divisions.
Some business owners fail because of making a bookkeeper do auditing and accounting as well. Buying accounting services from qualified professionals is the only prudent solution that companies have. Prior to buying any service business proprietors should know how to choose the right accountant. First, a company should decide if it wants to employ an outside or in-house accountant. The former is usually an accounting firm that has a data entry centre with adequate staff, equipment and accountancy tools.
It can be used to prepare tax returns, financial statements, payrolls and budgets among other things. A firm can offer other accounting services too, such as business consulting, Information technology advice, networking and financial advisory. A typical accounting firm will mainly propose an hourly rate contract. The rate can vary depending on the complexity of each bookkeeping function as well as the expert who is asked to do it.
Since firms specialize only in the above-mentioned three divisions of accountancy they are very flexible when it comes to different industries. They do equally good in each field because their key goal is to reconcile various journals and ledgers to release useful financial reports. Accounting services delivered by firms expose business proprietors to diverse talents and skills. They also help them focus their time and attention to other sections of their businesses.
A firm’s staff works remotely under strict supervision by managers. In-house accounting services are provided by an employee. He or she performs work in an office that is equipped and paid by the organization owner. This professional may do the duties of a bookkeeper, an auditor and accountant simultaneously. This means that he or she would be required to enter and update various journals every day and later on use them to create financial statements.
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