Accounts and Bookkeeping
Documenting financial transactions through accounting and bookkeeping is crucial to any organisation. Hiring the professional services of our in-house accountants, who will handle the bookkeeping, reconciliation, financial reporting, payroll, VAT reports, and audit support for your business, can help you avoid having a full-time employee, which can drive up costs.
Things to know about Accounting policies in UAE
A methodical, error-free accounting and bookkeeping procedure reduces the stress of audits and guarantees that the final statistics are correct and adhere to UAE legal standards. With Virtue, you can make sure that the top UAE accountants are responsible for maintaining the operational, routine, and end-of-year financial accounts and statements. Our accounting and bookkeeping packages have been carefully designed to meet the needs of all types of organisations, from start-ups to established groups of firms. No matter how big or small your business is, by outsourcing accounting and bookkeeping services, you will have access to a team of experienced accountants, enabling greater performance for the company and allowing you to concentrate on essential business needs.
Government Guidelines on Accounting and Bookkeeping
According to the 2015 UAE Commercial Company Law, businesses must keep accurate books of accounts for at least five years. Many free zones in the UAE have made it mandatory for their businesses to keep their books up to date and have audits performed by certified and listed accounting and audit firms in Dubai and the UAE.
With the implementation of IFRS, financial accounting and bookkeeping have become more simplified globally, but this has also made them more complex and difficult. If the last five years are any indication, there will be more rules, specifications, and compliance standards in the future. UAE is a business centre that is expanding daily thanks to new business prospects. A company’s financial statements and reports must be produced in accordance with international standards in order to compete in the market and stand out in the sector.