Organizational Financial Management through accounting professionals
When it comes to managing your company finances, there are a lot of things that you need to consider. Many companies in UAE and Dubai utilize comprehensive bookkeeping and accounting services from specialized Institutions who have a dedicated team of accounting experts and bookkeeping professionals. This article focuses on the importance of bookkeeping and accounting for a company in order to make sure it meets the legal criteria of a certain business zone.
Risks of Non-compliance to Bookkeeping requirements
Before we go any further, here are the things that you should know regarding bookkeeping:
- According to the UAE law for Accounting Records (Article 348), a company that fails to keep accurate and transparent records will have to pay a fine up to AED 50,000.
- Failure to maintain records for 5 consecutive years can cost non-compliant establishments up to 100,000 in fine.
4 reasons why you need a professional for bookkeeping
During company formation in Dubai, you will be required to adhere to the legal requirements of the business zone where you wish to establish your business. Bookkeeping professionals and certified accountants offer you a tremendous advantage regarding business finances. Peruse the benefits below:
- Extensive Domain Knowledge: Accounting experts usually have an extensive knowledge regarding bookkeeping that allows you to utilize expertise that you or your team does not have. Most accounting professionals in Dubai have advanced accounting certifications that empower them to understand the complexities of the financial information in order to make better decisions.
- Relative experience: When starting up a business in Dubai, it is extremely crucial to ensure that you have the right finance team who understands the importance of transparency in all financial record keeping. Another important thing that many auditors in Dubai possess is the experience regarding the bookkeeping that you may not have.
- Financial forecasting: Qualified auditors do more than just keep the records straight; they offer financial forecasting that allows you to make wise decisions regarding the company’s cash outflows. Seek to hire accounting experts who have ample experience in accounting and bookkeeping in order to ensure that you have the right resource to manage day-to-day bookkeeping activities.
- Financial Transperency: As mentioned-above professional bookkeeping experts and accounting professionals understand the importance of record transparency that builds a transparent record for all your financial inflows and outflows, making it much more convenient for the external auditing process. In fact, it would not be wrong to say that accounting professionals essentially supplement the overall auditing process by contributing towards transparent record keeping.
If you are looking to set up a business in Dubai, make sure that you have a qualified bookkeeping expert on board to see the accounts related events. You can always hire a business management agency to ensure that all your organizational booking is done in a legalized and appropriate way that ensures compliance to UAE’s laws. Finding the right accounting and bookkeeping expert can be an overwhelming task in the beginning, but with the right research you can shortlist the candidates who seem to go well with your required expertise.