If you have never liked accounting, just hearing the word is enough to make you want to run away from the scene. It’s because you find accounting to be difficult. You find it repetitive and probably think that accounting is better suited to old people.
Trust me, you are partially wrong. If you try a little harder, accounting can be engaging. Accounting majorly teaches you the art of making more money. And no one wants to miss out the fun process of making money. Here is the list of Leading Accounting Firms in Dubai.
What is Accounting
Accounting can be explained as the generation of monetary details. It simply means that accounting enables us to observe stuff like your total income, your worth in the market, your expenditures and steps you can take to make more money.
Role Of Accounting Firms
Accounting firms offer innumerable services that help business owners stay financially organized, tax compliant and that help prepare for business growth. Business owners shouldn’t look at an accounting firm merely as an outsourcing cost for bookkeeping but as an integral business partner. Some of the important roles discharged by accounting firms are as follows:
Tax Planning and Preparation
There is much more to tax planning and preparation than completing tax returns, although accounting firms prepare both state and federal corporate tax returns. Additionally, business owners need to establish business entities that create the most favorable tax scenarios. Accounting firms help identify the best solutions and that aid in the creation of entities that make the best tax sense for the company.
Some estate planning needs are unique to many business owners, and an accounting firm helps identify these. By looking at the big picture of a business and its key owners, the accounting firm can help develop the right mix of business entity creation and family trust establishment. Firms will work with estate planning attorneys, financial planners, and insurance agents to implement long-term strategies for business transfers and to mitigate estate taxes.
Operational Bookkeeping and Payroll
Many business owners excel at rendering the product or service that is the cornerstone of the business. But business owners aren’t always specialist at the monetary aspects of running a business. Accounting firms can come to aid in such cases. Copies of business bank accounts can be sent to accounting firms that work with bookkeepers to maintain accurate cash flow records. Accounting firms also create profit and loss statements that break down key areas of costs and revenue streams.
Accounting firms also may help with accounts receivable and manage outgoing monies that include vendor payments and payroll processing. Accounting firms can also help ensure that required federal paperwork for on-boarding employees and independent contractors is completed so that the company can issue year-end payment documents properly.
Business Development and Valuation
Accounting firms are crucial when a business strives to create valuation reports or to obtain audits that financing firms require. When a business needs a loan or funding from a private investor, this transaction needs to be legitimately and accurately valued. It is also necessary for potential mergers or purchases. Accounting firms can look at previous years’ revenues, the book of business and growth patterns to determine a reasonable value of the company to give to potential investors or buyers.
Accounting Firms In Dubai
List of top 5 accounting firms in Dubai is as follows:
- CDA Accounting & Bookkeeping Services LLC
- Jaxa Chartered Accountants
- Emirates Chartered Accountants
- KBA Accounting & Bookkeeping Services
- HLB HAMT
1. CDA Accounting & Bookkeeping Services LLC
They have a team of highly skilled individuals specializing in Management Consultancy and Accounting. We provide the following services:
- Advisory Services or CFO Services
- Management of Accounting & Bookkeeping
- Internal Audit & Restructuring Corporate
- VAT Consultancy & Tax Audit
- Accounting Software Support
- Due Diligence & Valuation Services
CDA has a team of dedicated professionals for Auditing and Assurance, Accounting and Advisory, and Business and Management Consultancy
2. Jaxa Chartered Accountants
Need for every business is different. Every business requires is expert financial advice. They are a team of experienced accountants and auditors. They provide the following services:
- Audit & Assurance Services
- Accounting Services
- Tax Services
- Payroll Services
- Corporate Finance Services
Their head office is in Dubai with branch offices in Abu Dhabi, Jebel Ali, Sharjah, SAIF Zone, and Ras Al Khaimah. They work in the following areas:
- Business advice
- Financial Planning.
3. Emirates Chartered Accountants
They are a team of highly qualified professionals from Business Management and Chartered Accountancy. They provide the following services:
- Audit & Assurance
- Company Setup
- Other services such as CFO services, etc.
Their head office is in Dubai with branch offices in Sharjah, Abu Dhabi, London, India, and Bahrain. They work in the following areas:
- Management Consultancy.
4. KBA Accounting & Bookkeeping Services
They strive hard to render best and satisfactory services to their clients. They provide the following services:
- CFO Services
- Internal Audit
- Accounting and Bookkeeping
- VAT Consultancy
- TAX Agent
Their head office is in Dubai. They offer their services in the following areas:
- Hospitality & Healthcare
- Dealership & Logistic
- Manufacturing & Distribution
5. HLB HAMT
Their tech-driven professionals ensure that they make use of the latest technologies to provide accurate and effective results to clients, irrespective of the field. They provide the following services:
- Audit & Assurance
- Payroll & Accounting
- Business Incorporation
- IT Services
- ERP Implementation
- Corporate Finance, etc
Their head office is in Dubai. They offer services in the following areas:
- Retail sector
- Hospitality & Healthcare
- Manufacturing and Distribution
- Construction Real estate
Benefits of Hiring an Accounting Firm
Saves your time
As a small business, you will be faced with different operational challenges and takes a lot of time to deal with a given issue. Having someone else take care of something will free you a lot of time to focus on other problems that need your attention. The time you free up will be priceless, especially if it is a small business.
Instils you with confidence and certainty
A small business can carry out the work that an accounting firm offers, but achieving the same level of focus by the accounting company will not be easy. By hiring an accounting firm, you will buy yourself some peace of mind and certainty that your accounting needs are being handled consistently by experienced accountants.
Connects you to new clients
Small businesses need new clients in order to keep rolling and keep developing and growing. The process of drawing new clients is not that easy, but an accounting company can be a good source of potential leads because they work with different businesses in different fields.
If you are looking for accounting services in Dubai, contact CDA Accounting & Bookkeeping Services LLC. CDA cater to every need of our client. You will be benefitted by engaging our services for financial consultancy. You can either ring up or reach out via mail. If you want to grow your small business, book a consultation with CDA Accounting & Bookkeeping Services.