BRING YOUR FINANCES UNDER ONE UMBRELLA
ACCOUNTING & BOOKKEEPING SERVICES
Let our experts handle the company registration in Dubai for you.
LEAVE YOUR ACCOUNTING TO THE EXPERTS
Why Do You Need Accounting Services for Your Business in the UAE?
Accounting plays a key role in the ability of an enterprise to measure its financial health and overall performance and make informed decisions. While the UAE government is strict about tax compliance in the country, it becomes essential to have a complete understanding of your taxes along with all the legal, and financial aspects of your business.
Now imagine a scenario where you don’t work with a reliable accounting consultant, and have to do it all by yourself!
With all the responsibilities in mind, you might face challenges focusing on your business. After all, you don’t want to lose track of your money.
With us assisting you with your business accounting, you get complete guidance on all the do’s and don’ts regarding the tax and legal structure of the country. Let our team handle the numbers and keep a track of all your transactions as well as your day-to-day records. We will monitor your financial records, budget overheads, invoice management, income tax, and VAT.
TRACK YOUR BUSINESS FINANCES WITH EASE
What are Bookkeeping Services in the UAE?
Bookkeeping is the process of keeping track of all the financial transactions of a business. This would cover things like consumer receipts & invoices, supplier payments, staff wage distribution, and more. Bookkeepers are responsible for ensuring that all financial records are accurate and up-to-date.
LET US MAKE BOOKKEEPING ORGANIZED FOR YOU
Why Do You Need Bookkeeping Services for Your Business in the UAE?
Bookkeeping is another vital aspect of a business, it helps you make your financial transactions more organized and simplified. It also ensures faster audits and analysis, which is very important when you want to have 360-degree awareness of your business finances.
It also forms the backbone of the business, especially when it comes to paying taxes, because it makes sure that even a minute detail is not missed in the company ledgers, as it may cost you later.
So why go through all the inconvenience? Speak to our experts at First Idea Consultancy, who have expertise in the domain and can assist you with organizing the financial data for your business and making sure you have accurate records of all transactions.
CHOOSE THE RIGHT SERVICE FOR YOUR BUSINESS
Accounting vs Bookkeeping | How Do They Differ?
In simple words, maintaining, and recording all financial transactions in a company’s entry book is referred to as bookkeeping. On the other hand, accounting refers to the process of interpreting, analyzing, summarizing, and reporting a business’s financial transactions using the data from the entry books.
Moreover, the sources for bookkeeping are invoices, bills, receipts, and other transaction evidence, whereas accounting uses the reports and data given by a bookkeeper.
Major Reasons to Choose us | Our USP
Are you worried about the hassles of accounting and bookkeeping services in the UAE? Don’t be!
Rich experience
- The in-house team at First Idea Consultancy comprises finance controllers and CAs with a rich experience of 15 years.
Routine Synchronization
- We constantly remain in sync with you and send reminders so that you don’t miss the deadlines for filing taxes.
Compliance checks
- We ensure that you meet all compliance checks and fulfill the requirements as per UAE laws and regulations.
Virtual CFO
- First Idea Consultancy offers ideal virtual CFO solutions. We focus on cash flow, accounting, and financial advisory to help you make better monetary decisions.
UAE to Introduce the Federal Corporate Tax law From 1st June 2023
The UAE government announced the introduction of the federal corporate tax law in January 2022. This launch will be a significant change to the existing law of the country since it has been attracting several foreign investors with the ‘Zero tax’ structure.
So, what is the new law that will be implemented on June 1, 2023? Currently, the government intends to impose a 0% company tax on taxable income up to AED 375,000. This tax rate is further intended to assist emerging start-ups and small businesses in the UAE.
Therefore, taxable income over AED 375,000 will be subject to a tax rate of 9%.
When foreign businesses conduct their activities in a regular manner in the UAE, they will be subject to corporate tax. Furthermore, all sorts of profits reflected in financial statements prepared in accordance with generally accepted accounting principles are subject to corporate tax.
Frequently asked questions
FAQ
Well, hiring one will surely help you get along with all the legal requirements, taxes, and other financial aspects of your business. This will also help you save time and let you focus on the essential phases of the business.
As of now, the free zones will be allowed to work as per the previously existing zero-tax laws. The government will give more updates in the due course of time.
Yes absolutely, it is extremely safe to outsource your accounting and bookkeeping services in the UAE. When you work with us, we will ensure the credibility and security of your data at all times.
The cost of our accounting and bookkeeping services depends on the nature of your business and the requirements that you will have from us. Speak to our experts today to get an estimate of our service.