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Our expert team of certified accountants ensures your business stays compliant with International Financial Reporting Standards (IFRS) while keeping your books up to date.

No matter the size of your business, professional accounting is essential for financial decision-making, cost planning, and performance measurement. We provide tailored corporate accounting solutions to help you streamline your financial operations and enhance profitability.

  • IFRS-compliant accounting
  • Accurate financial reporting
  • Cost planning and budgeting
  • Expert certified accountants

Enhance your business growth with our trusted accounting services today

Our Accounting Services

Bookkeeping

Our accountants will take away the burden of recording and updating all your daily financial transactions and performing bank reconciliations.

Payroll Management

We will manage your company’s monthly payroll, including generating reports, gratuity calculations and pay slips.

Account Reconciliation

We will help you ensure the figures in your general ledger are correct and up-to-date and that the balances match.

Audit Support

We will assist you in completing the auditing process for your financial year and ensure your records are maintained per International Financial Reporting Standards (IFRS).

Financial Reporting

We generate detailed financial reports to help you assess your business performance and make informed decisions. Our reports provide valuable insights into your company's financial health, ensuring accuracy and compliance with accounting standards.

The Ultimate Guide to Business Accounting Services in Dubai

How Accurate Are Your Business Financial Records?

Are your accounting practices compliant with UAE accounting standards? Do you file your VAT and taxes correctly? Many companies in Dubai struggle with accounting and bookkeeping, which can lead to financial and legal issues. Poor bookkeeping practices can result in hefty penalties or even suspension of your business license.

How Do You Avoid That?

Outsourcing accounting and bookkeeping services has become the ideal solution for many businesses. By hiring an external accounting firm, you can ensure compliance with UAE regulations while focusing on growing your business. Keep reading to learn how GoGulf Consultancy can help with outsourced business accounting services in Dubai.

Accounting and Bookkeeping Policies in Dubai

The UAE follows its own GAAP accounting principles, maintained by the International Federation of Accountants (IFAC). These standards apply to all government entities and state-owned companies. Key principles include:
  • Revenue recognition when income is earned and realizable.
  • Expense recognition when costs are incurred.
  • Asset and liability measurement at fair value, except financial instruments and leases, which use amortized cost.
Running a business in Dubai is exciting but managing accounting policies can be complex. Here are five key policies you must follow:

Record Keeping Policy

Under UAE Federal Law, businesses must maintain financial records for at least five years. The Ministry of Finance recommends keeping records for ten years to ensure compliance with tax regulations.

Cash Receipts

Transactions above AED 1,000 require a receipt with:
  • Business name
  • Date of issue
  • Issuer’s signature
  • Recipient details
  • Transaction amount and purpose

Bank Transactions

Bank transactions must be supported by bank statements that include:
  • Transaction date
  • Business details of the recipient
  • Amount and nature of the transaction
Keeping digital records helps in budgeting and preparing financial statements accurately.

VAT Returns

Since January 1, 2018, businesses in Dubai must comply with UAE VAT laws. Companies meeting eligibility criteria must register for VAT. Having a VAT return policy aligned with industry best practices ensures tax compliance.

Other Supporting Documents

Businesses must maintain original documents, including:
  • Invoices
  • Credit notes
  • Contracts
  • Bank statements (for non-VAT registered businesses)

How to Keep Your Business Accounting Records in Order in Dubai

Small businesses often attempt bookkeeping in-house, but this can be time-consuming and stressful. Instead, consider these options:

Hiring Accounting Staff

Hiring an in-house accountant ensures daily financial operations are managed. When recruiting, look for experience in:
  • Reconciliation
  • Accounts payable and receivable
  • Bookkeeping
  • Financial reporting
Alternatively, outsourcing can be a cost-effective option.

Outsourcing Accounting Services

Accounting outsourcing transfers financial tasks to third-party firms specializing in:
  • Bookkeeping
  • Tax preparation
  • Financial reporting
Businesses can choose to outsource some or all accounting operations. Commonly outsourced services include:
  • Payroll Management: Ensuring salaries, bonuses, and deductions are processed accurately.
  • Accounts Payable: Managing supplier payments and tax compliance.
  • Accounts Receivable: Tracking and collecting payments from clients.
  • Bookkeeping: Recording financial transactions digitally.
  • Budgeting: Planning financial goals and expenditures.
  • Tax Accounting: Preparing and filing VAT and corporate tax returns.

Benefits of Outsourcing Business Accounting Services in Dubai

Cost-Effective

Outsourcing saves money compared to hiring full-time employees. A permanent accountant can cost up to AED 293,638 per year, including:
  • Pension
  • Health insurance
  • Training costs
With outsourcing, you only pay for the services you need, reducing overhead expenses.

Work With Experts

Partnering with professional accountants gives access to specialized knowledge in:
  • Financial model development
  • Operational improvements
  • Business process reengineering
Outsourced accounting firms ensure compliance with UAE regulations and help optimize your financial performance.

Stay Focused on Your Business

Accounting and bookkeeping are time-consuming. Outsourcing allows business owners to focus on customer service, partnerships, and growth, while professionals handle financial records.

Meet Statutory Requirements

Dubai’s VAT and corporate tax laws require accurate financial records. Outsourced accountants help businesses:
  • Avoid penalties
  • Meet tax filing deadlines
  • Reduce legal risks

Address Labor Shortages

Dubai faces a shortage of skilled accounting professionals. Outsourcing gives businesses access to qualified accountants without recruitment challenges.

Leverage the Latest Technology

Accounting firms use advanced technologies, including:
  • Cloud-based accounting for secure financial record storage
  • Automated invoicing systems to streamline payments
  • Inventory management tools for financial tracking
Instead of investing in costly software, businesses benefit from the latest accounting tools without additional expenses.

Work With the Best Accounting Outsourcing Company

Outsourcing business accounting services in Dubai is a smart move, but choosing the right partner is crucial. GoGulf Consultancy provides reliable business support services, including:
  • Accounting & bookkeeping
  • Payroll processing
  • VAT registration & filing
  • Tax advisory services
Book a free consultation with our experts today and take control of your business finances with GoGulf Consultancy.