Bookkeeping for small Business in Dubai
For us Dubai is an omphalos to business, as a land of prosperity. Dubai welcomes all the business intents to start-up their dreams. For any successful business, bookkeeping services are very crucial. Booking the economic activities of the business in summarized entry format is the major part of bookkeeping. Bookkeeping services in Dubai are provided by certified accountants with due care and professionalism. Maintaining books of accounts can leverage your business with taxation and legal implications for smooth running. Keeping the track of business transactions is a challenging task in this race of business era. To meet these challenges, you need to hire experts who can handle the tracking in a well sensed manner, by complying with the latest technology innovations and softwares. Under this aspect, we would like to suggest few measures to do bookkeeping in small businesses in Dubai:
Manage your income and expenses
Best part of this management is creation of a budget plan. A few steps to be followed while managing your fund includes:
- Listing your expenses and allotting expected costs can help you to compare with actual results.
- Systematic documentation of bills and invoices helps you to track the receivables and payables in process.
- Emergency fund maintenance is always a lifeline option during hard times to meet the ends.
- Maintain a credit report on all your business credit expenses and avoid unnecessary spending.
Hiring a certified bookkeeper can help you to manage your accounts. We, CDA provide highly certified professionals with workmanship to your demand.
Eye on your cash flows
Even if you find your cash position showing positive nature, be vigilant - enough things can get haywire in seconds. Market is always unpredictable, missing a loan payment can make your credit rating fall and call off your investments. Frequent analysis of cash position weekly and monthly can help you to find the errors. Make sure you adopt the latest technology for improving your efficiency in evaluating your operations at lower costs. Prompt sending of bills and invoices can track the records and settle disagreements among the customers. Our experts can keep an eye on your cash flows and maintain transparency in the statements.
File your Tax returns promptly
A VAT return is paid quarterly in a year with the Federal Tax Authority in Dubai. To file tax, you need to maintain the systematic records of:
- Documents on sales and purchases of standard rated supplies.
- Tax invoices of imported and exported goods.
- Credit notes issued for supplies
- Records of any purchases where input tax not recovered.
- Tax due statements of errors, if any.
CDA VAT experts help you to maintain all the above records through our efficient accounting software and timely management in VAT filing, protects you from penalties and wrong filings.
Smart Payroll Processing
Payroll processing is associated with employee salary and compensation. Accuracy and consistency in preparing the payrolls considering the gross pay, hours worked, and deductions if any are the primary facets. Hiring an accountant can help you to process the payroll in timely and efficient manner. Online payroll processing software are also available these days. Considering lower costs and productivity, CDA assures you the best service of our experts in payroll management.
Sustain bank feeds
Automated recording of sales and purchase transactions in the bank account. It shows the list of invoices to be received and bills to be paid under one click. It helps in reconciliation of accounts and saves time from manual data entry. It's most suitable for small businesses for accurate evaluations on business and to make smart decisions. Maintaining bank feeds through our CDA accounting software and experts can take your business to the next level of success.
Build a digital presence
Consider social media platforms to establish yourself a space in the virtual market. Using online accounting softwares helps in cloud computing of the data to a large user at any time. As today everything is computerised and focuses on online data management than desktop accounting. Our CDA experts can suggest you the best accounting software and also handle them with due diligence. Timely report preparation and submission to the management for quick decision making. Advertising, maintaining names in business directories can create a good image of your business in the minds of people.
Compliance with accounting standards
Accounting standards are the set of principles to be followed while preparing financial statements. In Dubai, Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) are used for bookkeeping. It leverages uniformity among the financial statements across the world and maintains financial stability. CDA experts help to prepare the financial statements in accordance with standards and principles. Prevention of errors and creative accounting are the main concerns in our work hood.
Plan your Auditing Schedules
Auditing schedules are planned for the purpose of maintaining transparency and accuracy in financial statements along with enhancing the financial stability. The schedules includes:
- Fixed asset schedule: it consists of the balances of all fixed assets in the general ledger, mentioning the asset identification number, accumulated depreciation and net cost. It is used by the auditors to monitor the existence of the fixed assets and their impairment cost.
- Gratuity schedule: it depicts the basic salary of the employees and stipulated years of working and other provisions and facilities provided to them. Auditors can verify the employer employee contributions for arithmetical accuracy.
- Prepaid Schedule: it maintains the record of all expenses and income paid or earned in advance. Listing the prepaid expenses and incomes and allocating them to the ledgers and creating general ledger balance. It maintains the track and amortises the expenses.
Our internal auditors help to maintain the schedules on time and generate reports to make smart decisions.
Why choose CDA?
CDA is a dedicated Accounting & Bookkeeping Service Firm with more resources to meet your needs. We can provide you with better support and guidance on procurement, cash flow management, marketing, risk management and many other tasks you need to fulfill while galloping. Other than the Accounting & Bookkeeping Services, CDA offers a wide range of Business Services in Dubai and UAE, like VAT Consultancy Services, CFO Services, Due diligence services and many more related to your business.
If you have any queries, feel free to contact us. Our experts are at the receiving end to attend your call and answer to your queries. CDA offers one-hour free consultation.