It doesn’t matter, In which business you are in. Every business in this world requires accounting. Business financial reports of business provide full insight of the business that helps businesses to take drastic decisions to accomplish business goals. After the VAT introduction in UAE, Maintaining an Account and filing VAT is a must for every small business owner and also for shopkeepers. When you search for the best accounting firm in Dubai, you see plenty of accountancy firms and get confused about which is best for your business. Today, we are going to share some tips to hire the best accounting firm in dubai, UAE.

Tips to hire the best Accounting and bookkeeping firm in dubai.

1. Understand your requirement - often an accountant works independently to serve their service to several clients. You have to understand the requirements based on your business size and business financial health.
   
   
2. Location - With the help of accounting software you can share your business accounting with anyone in the entire world. But meeting with your accountant or bookkeeper is important rather than telephonic interaction. So, we recommend you to hire nearby best accounting and bookkeeping firm in the dubai.
   
   
3. Fees -  You can easily hire the highest priced firm but if you don’t feel comfortable while discussing your finance, it means you will not get the service which you want. So, you should meet as many firms as you can. And choose only which firm makes you feel comfortable while discussing finance.
   
   
4. Experience -  You should check that the accounting firm which you are going to hire has working experience in your business industry. To check, Ask them question-related your industry accounting. If you will be satisfied with the answer then you can trust them.
   
   
5. Check out the reviews -  Today every business is online. Check out the social reviews on LinkedIn, Dubizzle, and other social websites.
   
   
6. Reference -  Mouth to mouth reference is an old fashioned and loving way. Ask your friends, family, and business associate to find the best trusted and reputed accounting firm for you.
   

Why you need a Bookkeeping and Accounting Firm?

1. Save you time and money -  In Business, We do sales and purchases of products every day. Bookkeepers keep records of every single financial transaction and also maintain the assets and liabilities balance sheet of the business. The Main Important thing is that they also fill the VAT and well know how to treat with transactions. Accounting Book or balance sheet shows financial health that helps in further action for growth. Maintaining accounting books is a time taken process. By outsourcing, we save time and money and get the accounting book maintained effectively.
   
   
2. Advice - A good Bookkeeping and accounting firm first studies the business deeply and then forecasts related to the business with keeping in mind business financial health to provide you strategic advice for business growth.
   
   
3.  Cash Flow - They help in managing the cash flow and offer valuable service when it comes to fixing issues related to the annual return and tax issues. They well know the strategy from us on how to save money on tax and expensive. They keep their eyes on the accounts that will help in keeping cashflow under the control.
   

What You Need?

Hiring accounting is like hiring any other professional. Before hiring any firm you have to know the requirements of the business. Specialist bookkeeping firms aid in a way to use your assets to get the best and how to redeem expenses and losses. You are good in your business but it’s not necessary that you will be good at accounting. 

. That’s why Owners take the help of an accountant because the accountant has the experience to give valuable information that explains the way for managing and gathering money to start healthy growth. You have to think about the following things are:- 

1. Type of business you are driving. Retail businesses need different bookkeeping in comparison to manufacturing businesses, trading, etc.
2. How much is the size of my business? With this, you can determine the accounting needs.
3. How many does a business make daily, weekly, and monthly? It will consider the required time for accounting.
4. Which accounting software you preferred. Accountants know well how to use all kinds of accounting software. You have to select one software that keeps more clear accounts for you. Easy for use to you.
5. What will be my last date? Your selected last date will be for payrolls, filing tax returns, meeting with an accountant and etc.  On the last date you want, Accounts will be kept up to date. Check the performance of the business and consult to boost business performance.
   
   
6. Some accounting firms help their client’s in setting the goal and monitor financial progress. It will be very helpful if you just began business. The firm delivers you a company policy, goal setting, and strategy to accomplish the goal, but they charged an additional fee for this service. 

We hope this short Information helps you. If you seriously looking for an accounting and bookkeeping firm in dubai, Risians accounting is one the best trusted and reputed accounting firm located in the heart of dubai, offers accounting service, VAT and Excise tax service, Auditing and assurance, economic substance report, Business consultancy, and Organizational consultant. Risians Accounting has a certified white-collar chartered accountant team, have 10year + working experience in different industries and projects, By using their experience our team provides a tailor-made strategy for business growth. We are proud of ourselves because we get most clients by reference from the existing clients. If you have any doubt and queries related to accounting and business consultants feel free to contact us. 

VAT (Value Added Tax)

On 1st Jan. 2018 VAT was Introduced in UAE. VAT is a new source of income for the UAE government. Generally, The VAT rate is 5% and applies one of most goods and services and for a few goods and services VAT rate is 0%. VAT Income is used to provide high-quality service in public.

It also helps the UAE government to accomplish the vision and minimize the dependence on oil, other hydrocarbons, and etc. VAT is a common indirect tax that is imposed in many countries. VAT is imposed in each stage of the supply chain. VAT is not borne by the businesses because they claim the Tax. It is bear by the end-user of the goods and services. Businesses collect the VAT from the customers and remit the same to the UAE government.

Importance on VAT

VAT is collected at every stage of selling goods and services. VAt is a must to charge on every transaction but In some goods and services vat rate is charged 0%. VAT reduces the operation of the black market in the UAE.  After the implementation of the  VAT, the UAE Government earns an extensive amount through the VAT.  After this tax, Every business has become accountable, which positively affects the economy.  Business should follow the rules and regulation of regarding the vat otherwise have to meet with the plenty.  VAT is very important for a better economy in the UAE and the development of the emirates.

Registration For VAT In Dubai

Businesses that have a turnover exceeding Dh375,000 must register for VAT. Which businesses have a turnover below Dh375,000 but have a turnover exceeding Dh187,500 can register for VAT as a voluntarily.  VAT is applied equally on the UAE mainland and in the free zone on the tax registered businesses. Tax registered businesses can recover the VAT  from the government that they have paid to their suppliers.

How to register for VAT In Dubai?

Businesses can easily register for VAT online by FTA online portal. FTA (Federal Tax Authority) invites the business to register VAT online. Before applying and starting registration, Businesses should know how to apply for VAT registration and understand the about details required to complete the process online. Online Vat registration helps businesses to prepare themselves in advance.

First, step for VAT Registration

You have to log in to your e-Service Account. If you have no you can create your e-Service Account. Click Here to sign up.

After logging in to your e-Service Account.  You are able to see VAT Registration, As we mentioned below.

Then click on the Register for VAT, After that You will go through the Registration guide.

The Guide helps you in the understanding of important aspects in a proper way for online VAT registration online in the UAE. It guides how to register and what is important and how to register. So you should read all sections of the starting guide carefully. So, You can understand all the steps. After reading the guide, you will click on Proceed. After clicking, You will navigate to the VAT registration form.

The online VAT registration form has 8 sections, that are mentioned below.

1. About the Applicant
2. Details of the applicant
3. Applicant Contact Details
4. Applicant Bank Details
5. Business Relationship
6. About the VAT registration
7. Declaration
8. Review and Submi

After completing all the 8 Section. Hit the submit button for Approval. After getting approval, congratulations you have successfully registered.

List of the VAT Rate in different industries.

In the UAE, VAT has three different Categories.

1. 5% VAT
2. Exempt VAT
3. 0% VAT

VAT Rate On Education Industry.

VAT Rate On Oil And Gas Industry

VAT Rate On Healthcare Industry

 VAT Rate on the Real Estate Industry

VAT Rate on the Gold, Silver, and Platinum Jewelry Investment.

VAT Rate on the Insurance and Reinsurance.

VAT Rate on the Transportation

VAT Rate on the Financial  Services

VAT Rate in Telecommunication and Electronics Services.

VAT Rate on the Govt. Activities.

VAT Rate on NGOs

VAT Rate on Free Zones

VAT Rate on Others

In today's busy world, It’s very difficult for business owners to manage business and business accounts simultaneously. In every kind of business, Accounting plays a vital role. Accounting provides the business financial reports along with revenue, expenditures, assets, etc. Business financial reports present how the business is going and helps in making effective decisions for business future growth. It is used by the management, stakeholders, shareholders, Government, Tax’s authorities, etc. Business financial report for business is essential to fix the financial problems and issues and also helps in making strategic and tactical decisions. Creating a financial report for a business is easy but analyzing the data and communicating with data for better decisions is the hard part. If business owners have good accounting information then they can make effective decisions otherwise only the same industry-experienced accountants can help in taking an effectively tailor-made decision or strategy. Hiring accounting services is essential for each business.

Before the Importance of accounting let’s go through the basics of accounting

What Is accounting?

Accounting refers to the recording of each business financial transaction systematically.You can assume the accounting is a big machine, put raw financial repost, and get a well-maintained and organized business accounting report.  Accounting reports show how many assets we have, how many liabilities we have, How much we are generating revenue on a particular product or service, or project. Helps in determining the current financial position of the company and also aid in taking a step for what will be the financial position for the selected particular time. It provides a company balance sheet, profit and loss accounts,  company cash flow statement, etc. In short, Accounting helps companies to run a business effectively and efficiently and drive a business towards growth., etc

Importance Of Accounting

Record Transaction

The business needs to record each business financial transaction to create financial reports and other financial sheets and accounts for communication with business finance. Recording each transaction is a key of business and helps in driving business smoothly.

Reporting

Everyone in this world runs a business to earn money. An accounting report is made to ascertain that the business is generating profit or loss and how much. It helps in making a strategy for business growth. It doesn’t matter, How much is the business size? 

Helps In Planning The Budget. 

Every business owner runs their business along with a selected budget. It saves money and helps in taking drastic strategies and with the help of budget business owners keep observation on the expenses, Sometimes due to some expenses business owners have to exceed the budget.  To select the best budget for business growth, businesses should have maintained previous accounting records. 

For Banks

If you need a loan to expand your business from banks and other financial institutes. Business owners have to give them accounting statements.  To make a financial statement business should have a proper accounting system and proper balance sheet, profit and loss account, etc.  Every bank and financier wants to check the accounting statement before proceeding with the loan processes. 

Taking Any Decision

Accounting plays a very important role in making decisions. Because accounting shows the full insight of finance such as monthly earning, expenditures,  current assets, and liabilities. If the business does not have financial reports it would be difficult for the management in making decisions in any regard and may be impossible to achieve a business objective. To achieve business objectives businesses should maintain proper financial records.

Investors

There is no investor in this world who doesn’t ask for the financial statement of the business. Investors always want to check the statement, current working status, No. of employees and customers, and government taxes before investing. If an organization doesn’t have a proper accounting system investors go away and invest their money in other companies.

Cash Flow

Proper and well-maintained accounts help the business to keep an eye on cash flow. Businesses easily define monthly expenses and how much we can save from expenses and generate more revenue.

Manage Time 

Accounting determines the liabilities of the business and the paid time of the liabilities such as pension of retired employees, government taxes, provident fund, etc.

Detection and Prevention of Fraud

If a company doesn’t record each financial transaction they can’t detect and prevent fraud inside of the company. If in a company a proper accounting system takes place then the owner can easily detect and prevent the frauds because accounts provide the full details about each financial transaction. With help of the property accounting system owner can see each transaction information like with whom the transaction has been made, how much it’s cost, etc. accounting is the best way of Detection and prevention fraud.

Stock Exchange and Tax Authorities

Companies must submit their business accounting details to list in the stock exchange and fill both direct and indirect taxes to tax authorities.

Forecasting And Planning

Every Business Owner wants to expand their business, to expand the business they need some funds. The accounting Statement provides the exact information like, how much to be paid to the investor, debtors, other regular expenses, and how much funds we have, and how much funds will be received by the creditors.  Accountant statement plays an important role in making a decision, owners can easily consider how many funds we need for a particular part for expanding business.

Payment Cycle

It’s another important reason for a proper accounting system in the organization or company. We can easily monitor the cash flow such as how much and when we are receiving and giving.

Transparency
Accounting keeps and clears business finance for easy to understand financial health that helps the stakeholders in making decisions. Via the accounting system, stakeholders can monitor all financial transactions such as profit, daily wages, Taxes, profit, and loss, etc. These kinds of information keep transparency among the stakeholders of the company.

If you have any doubt and queries related feel free to contact one of the best leading accounting firms in Dubai.