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Accounting Service in Dubai For your Business Growth - Risians Accounting
Accounting 2021-05-17 From: Mr. Abbas

Accounting is the measurement of all financial records of any business and the key form of communication to measure financial or non-financial information. Most small business owners create business models based on business competition, products, and services. They gather all the resources and plan to grow their business accordingly. Business owners are very good in business but not so in accounting. They generally don’t have sufficient accounting and financial experience to make effective financial decisions regarding business growth, keeping business accounts updated as per law, and point out errors in accounting.

If you are also a business owner and are seeking to find the best accounting companies in Dubai to outsource your financial operations, be assured that you have taken the right step towards an informed way of keeping your finances in check. It is much easier to hire an accounting agency to keep your financial records than setting up an entire accounting system in the business itself. 

While searching you will come across hundreds of accounting firms in Dubai but you should hire the best one that is fit for your business needs. To hire the top accounting firm for your business you have come to the correct place, Hire The Best Accounting Firm In Dubai. I’m not saying hire the expensive service, top means the firm suitable for your business which has working experience in your business niche.

In the Accounting Firm, Certified Chartered Accountants deal with each monetary transaction of the business and individuals. It’s one of the main factors to run a business towards success. They provide a business balance sheet, cash flow statement, financial statement, and fill the vat returns. With the help of business accounting, you can make better returns out of your business. Business accounts ensure what is your current financial position and determine further steps for growth. 

It has been mandated for the 2015 commercial companies to maintain the proper accounting books at least for five years as a legal requirement. As you know VAT is also mandatory and VAT and tax returns are now too important otherwise you can get the penalty from the FTA. That’s why accounting and bookkeeping services in Dubai are advised by experts. There are a lot of things to be done in the business and it is not easy to comply with the legal requirement and keep business strategy running on track continuously in this competitive race.  It’s very difficult to manage business accounting along with business accounting. That's the biggest reason, accounting services in Dubai UAE are offered by many various companies as an outsource. 

Accounting service outsourcing has become highly recommended since it helps the business especially when service provider companies use the latest accounting software and technology like Risians Accounting. Accounting software makes the work easy. It is more effective and fast in recording transactions. 

 

Get The Service From The Best Accounting Firm In Dubai 

Risians Accounting is an FTA-Approved accounting firm located in the heart of Dubai. Risians Accounting offers accounting and bookkeeping, advisory, VAT Consultant, Tax Consultant, Tax agent, VAT return services, etc. We have a certified team of chartered accountants who have 10+ years of working experience in different industries and projects.

At Risians Accounting, We provide you with the best strategies. Our expert team first understands the accounting requirements of the business and discusses each step, process, and aspect based on the client’s business needs. Our Chartered accountants reduce the owner's burden and financial costs wherever possible. We count our success when we are able to carry out successful decision-making and tasks for our clients.

Risians Accounting is considered amongst the top accounting service providers and prominent accounting firms in Dubai, UAE.  Our business auditors and consultants keep your business’s financial records up to date and financial statements that help you coordinate well with the law and regulation. They concentrate on the risk areas and improve the company performance with flexibility to grow business and accounting requirements.

We give the tailoring service and fee package based on your activity and requirement. We also provide full-time support to fulfill your requirement on time and with utmost efficacy.

Bookkeeping Service

In bookkeeping, bookkeepers record all the financial transactions appropriately and summarize the records. In the old times when computers weren't born these entities were recorded in the book that’ why it’s called bookkeeping. 

Currently, we are managing the bookkeeping service of various industry clients. Our Bookkeeping Service in Dubai Includes

  1. Recording all business transactions.
  2. Vendors bills payments
  3. Make ledger
  4. Reconciliation of Accounts, Bank statements, and passing.
  5. Include receipts & payments & income & expenses or other adjustments for recording transactions.
  6. Create and prepare the invoices.

VAT Tax Service

1st Jan 2018 UAE government has introduced the VAT with a 5% rate of interest. It became a new source of income in the UAE. We prepare and fill the VAT return on time and fulfill the FTA requirement on the behalf of the client's business. Save the unnecessary amount on the VAT Tax.

Audit And Assurance Service

The financial statement audit means reviewing the business accounting books to make sure that all financial records are in the right place as per rules and regulations. It increases the value and credibility. We provide full support during the auditing by giving full support to the Auditors and prepare the requirements. 

Financial Statement Or Financial Position.

It's a formal record of financial record of a business. It presents the financial position of the business. It’s mandatory for business because With the help of the financial statement business makes decisions for future growth. 

We provide proper business accounts statements along with recommendations to improve the business. We offer:-

  1. Profit and loss account.
  2. Cash flow statement
  3. Balance sheet

Monthly, Quarterly, And Yearly Reviews

For business security and accuracy of your financial records and accounts, we review your entire business in order to mitigate risks and harms. We share the review report along with suggestions and recommendations and discuss with clients ways on how to grow their business.  We help businesses realize their full potential and reap the benefits of informed decision-making and smart execution of their finances. 

 

Why Choose Risians Accounting Firm?

Accounting is a major part of any business. Our business consultant and Chartered accountants give you full support in your business accounting and bookkeeping services. They have the caliber to take care of your business accounts & finance and know how and where you can save money without any further harm. We have decades of working experience in different industries.

Our aim is just to take care of the client's business accounts and finances along with full transparency. Our accounting service business growth is after your business success. We provide tailor-made strategies with tailor-made quotes or packages.

 

 

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What is the difference between Accounting And bookkeeping.
Accounting 2021-04-26 From: Mr. Abbas

In Accounting or financing language,  the term accounting and bookkeeping are almost used interchangeably because they both deal with business accounts. However both concepts are different but if someone asks about the difference between accounting and bookkeeping it becomes taught to describe because both support the business finance in different stages and ways. Let's take a look at the difference between Bookkeeping and accounting.

What is Accounting?

Accounting is high level work that uses the financial information that is accumulated by the bookkeeping and business owners. Accounting is the process of systematically recording, communicating and measuring about business finance and financial transactions. It determines the business finance position & health and Position of the stakeholders. It plays a vital role in decision making for a short and term period and passes the reliability of the company in the market.

The main purpose of accounting is to provide a clear view of the finance with the full insight for the business users like owners, stakeholders, employees, government and etc that’s why it’s more subjective in comparison to bookkeeping. In accounting, an accountant converts the information into ledgers and then into statements that present the business financial situation and how business is going. 

What is Bookkeeping?

Bookkeeping is the essential key to building a successful business. Bookkeeping is a process of the classification and recording of each transaction of the business consistently. 

It's said to be basic accounting. The importance of bookkeeping is that it maintains each record of the monetary transaction. Businesses use this information for business financial statements and investment decisions. 

The complexity of the bookkeeping is dependent upon the business size and how much financial transaction is done weekly, daily or monthly.  All the sale purchase transactions are recorded in the bookkeeping book. 

To be a successful bookkeeper we don’t need  any formal education. We can become experts in bookkeeping easily. Bookkeepers always work under the eye of either accounting or business owners. Keep in mind bookkeepers can’t call themselves accountant. 

The bookkeeping process contain:-

  1. Identifying a financial transaction
  2. Recording a financial transaction
  3. Preparing a ledger account
  4. Preparing trial balance

 

What Is the Difference Between Bookkeeping and Accounting?

 

 

Particular

Accounting

Bookkeeping.

Definition

Accounting means summarizing the data and communicating with business financial information to make financial statement, preparation for tax returns.

Bookkeeping means identifying each transaction to record systematically only.

Decision

We all know that a business financial statement and balance sheet is prepared by the accountant, Based on the financial statement and balance sheet business management take important steps for the business growth.

Bookkeepers just record the  transaction and provide trial balance which is not helpful for decision making. It’s used by the only accountant.

Financial Preparation

Financial report is very important and created by the accountant. 

Financial report is not prepared by the Bookkeepers.

Analysis

To create insight, accountants have to analyze the data for financial statements and balance sheets.

For Bookkeeping, we don’t need any kind of analysis. 

Persons

A person who takes care of business accounts is known as an Accountant.

A person who only records the transaction is known as bookkeepers.

Determine the Financial Position of the business

Accounting presents the clear picture of the business financial positions.

Bookkeeping of the transaction does not show the financial position of the business.

Learning

Required the higher qualification to analyse and understand the accounting concepts.

Not required for higher qualification. 

 

 

We hope this short information helps you  to understand the difference between bookkeeping and accounting. To get tailor-made accounting and bookkeeping service contact risians accounting and auditing firm in dubai, leading firm in dubai who has practically working experience in different industries, shops, malls and Projects.

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Best Tips For Small Business Bookkeeping
Accounting And Bookkeeping 2021-04-25 From: Mr. Abbas

A business book is a scorecard of your business that defines how you are doing. Being a good business, it’s your responsibility to stay one step ahead in the industry. Having accurate and up-to-date accounting records is the sign that shows the business is on track of success.

 

Small Business Bookkeeping Tips

Tips will help you to be skill full to manage the business process and increase the ability and knowledge to operate your business skill.

 

  1. Separate Personal And Business Bank Account:- The business owner must have separate accounting for their business and personal account so that we can separate the business fund from the personal amount. Recording personal expenses transactions is a waste of time and energy. It becomes worse when you outsource for bookkeeping and get mixed with personal expenses. Always use the separate account and only record the business account transaction so that you can track your business cash flow easily. If you want money in your personal account then make the bulk transaction from your business to your personal account on a monthly and weekly basis.

  2. Identify The Personal And Business Expenses - The business owner withdraws the money from the business account to the personal account to fulfill their needs, wants, and desires. The best practice is to choose the one fixed amount to transfer from the business account to the personal account on a weekly or monthly basis.  By doing this business account will be clean and tidy with only business transactions. It will avoid confusion between personal and business transactions.


    To reduce tax business owners should know and recognize what types of expense transactions can be claimed against the profit. 
    1. Those expenses that directly related to the business operation and producing income.
    2. Owner personal Expenses and etc.

    To know more about these types of transactions contact risians accounting and auditing firms.
     
  3. Make Automate As Much As Possible.
    Use accounting software to save time and money. With software, you can goodbye the putting data into spreadsheets and manually action. The software records the transaction automatically in the right manner. While selecting the software, look at the storage, accessibility, and security. you must make a list of things that software must-have for your business. Don’t rush to buy the software and first perform your homework to find what software should be fit for my business.
    Applying automation in business means you are saving your time and energy by automation process. After automation, you will have time to focus on the business. Putting data into a spreadsheet and crunching numbers manually is an old and time taken method.

  4. A Regular Check of Business Books -  Business owners should check the business book on a regular basis such as weekly and monthly in order to confirm that transaction is recorded accurately and timely.  Up to date information on accounts defines the business health, how business is going and etc.

  5. Reminder for Deadlines - It’s possible for business owners to miss the due and last date of tax filing.   To avoid this, the business owner should set the reminder, can use the google digital calendar and any other preferred calendar, and fill the tax return on time. A business owner also uses reminders also for other important works. Complete work on time it’s a sign of success.

  6. Track Business Expenses - We can forecast some expenses but it’s very difficult to predict unexpected expenses. But if you plan and plan for the expected and unexpected expenses then it will be beneficial for the business’s health. With the help of bookkeeping records, such as supplies, inventory, insurance, and utilities. We can easily predict the expenses that will happen in the future and prepare ourselves for them.

  7. Give Priority To Your Accounting Books - As business owners, we have lots of tasks to do for running the business and forget to update the business books. To keep business on the success road we should give top priority to maintain the books.

    From day one we should record each and every transaction and organize the books in a proper manner.  If we avoid maintaining records timely and accurately then we push our business towards failure.  We should give priority to business accounts to keep them updated and keep reviewing the transaction for accuracy and transparency.

  8. Ask From Accountant - Take assistance from your accountant to figure out this. Your accountant gives you advice on how to do it and also helps in setting up software and customize software as per your business needs.

If you have any doubt and query feel free to contact Risians Accounting. We will help you to set up a cost effective tailor made business accounting system for your business from which you can record each and every transaction systematically and focus on the business.

 

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Economic Substance Regulations In UAE
Accounting 2021-04-07 From: Mr. Abbas

The European Union (EU) has blacklisted those countries that don’t have criteria to meet with EU fair taxation, tax transparency, and measurement of the (BEPS)   base erosion of profit shifting.

Economic Substance Regulations: In 2019, the UAE government has introduced the Economic Substance Regulation (Cabinet of Ministers Resolution No. 31 of 2019), in UAE for un-blacklisted from the list of EU.  After implementation of the Economic Substance Regulation (ESR) system, UAE has been removed from the list of blacklisted countries by the EU. On 10 August 2020, UAE cabinet Minister issued Cabinet Resolution No. 57 of 2020 Concerning Economic Substance Requirements. Which gives the revision set of  Economic Substance Regulations. For the implementation of the provisions of the economic substance requirement and Ministerial Decision No. 100 of 2020 on the Issuance of Directives was introduced on 19 August 2020. This decision also repeals and replaces Cabinet of Ministers Resolution No. 31 of 2019 and Cabinet of Ministers Resolution No. 58 of 2019. 

 

UAE Regulation Authorities 

 

?Federal Entities

Ministry of Economy

Central Bank

Insurance Authority

Security and Commodities Authority

?Free Zones

Abu Dhabi

Abu Dhabi Global Market

Media Zone Authority Dhabi

Abu Dhabi Airports Free Zone

Abu Dhabi Ports

MASDAR City

Dubai 

Dubai Airport Free Zone

Dubai Healthcare City Authority

Dubai International Financial Center

Meydan

Dubai South / Dubai Aviation City 

Jebel Ali Free Zone Authority/ DP World

Dubai World Trade Center

International Humanitarian City?

Dubai Development Authority

Dubai Silicon Oasis

Dubai Maritime City

Dubai Multi Commodities Centre

?Sharjah

Sharjah Airport International Free Zone Authority

??Hamriyah Free Zone Authority

Sharjah Media City (Shams)

Sharjah Publishing City

Sharjah Research Technology and Innovation Park

Sharjah Healthcare City  

Ajman

Ajman Free Zone Authority

Ajman Media Free Zone Authority

Ras Al-Khaimah

RAK International Corporate Centre

Ras Al Khaimah Economic Zone

RAK Maritime City 

Um Al-Quwain

UAQ Free Trade Zone

Fujairah

Fujairah Free Zone

International Free Zone Authority 

Fujairah Creative City?

??

Above table source link here.

 

Scope of the Economic Substance Regulation

Natural persons, sole proprietors, trusts, and foundations regulations do not apply. It’s applied to:-

  • Any incorporated legal person.
  • unincorporated partnership registered in the license of the following activities.

 

  1. Banking Business
  2. Insurance Business
  3. Investment Fund Management Business
  4. Lease Finance Business
  5. Headquarters Business
  6. Shipping Business
  7. Holding Company Business 
  8. Intellectual Property Business
  9. Distribution and Service Centre Business

Relevant business should obey the Economic Substance Regulation requirements:-

  1. Manage all income-generated activities as per ESR.
  2. Activities that directed and managed in the UAE
  3. Consideration level of the activities functions. (i) Businesses should have sufficient full-time qualified employees, (ii) Have sufficient and property physical assets in the UAE. (iii) Bear the amount of the operation expenditure in the UAE.

 

Penalties in Economic Substance regulation (ESR)

Businesses will be penalized if they fail in complying with ESR in UAE.

  1. Businesses get penalized from AED10,000 to AED 50,000 If businesses fail to present adequate ESR and also fail to provide accurate and complete information for the relevant year.
  2. Businesses can get a penalty of AED10,000 to AED 50,000, what if the business is failed to provide accurate and complete information about the exchange with a foreign parent company or ultimate beneficial ownership.
  3. If the business is failed in the second financial year in the above two things then the license could be canceled, not renewed, and withdrawn. Also, get a penalty of AED100,000 to AED 500,00.

 

What is the Economic Substance in Accounting?

All the transaction that has a purpose or related to the reduction of tax liability.  It’s used to evaluate and examine tax to see if there is anything that is abusing the tax law. If tax abuse is found then it will be penalized by the IRS. ESR is most important because in the Substance report we provide full and accurate information about the tax transaction and other transactions in which ESR is applied during the financial year. To get more details about it Feel free to contact us, we will be happy to hear you directly. The main purpose of the Economic substance report is to provide the 

National Assessing Authority with the information of license, assets, income & expenditure, employees, and governance-related to its Relevant Activities in the UAE.

If you have more than a license then you have to provide a report for each license. The Economic substance report is submitted online on the Ministry of Finance portal.

Here is the MOF guide on ESR click here. Hire the best economic substance reporting service and save your business from the penalty and any other harm.

 



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Guide For VAT Deregistration UAE Under VAT Law
VAT 2021-03-31 From: Mr. Abbas

VAT Deregistration means to cancel their VAT registration with FTA.  I noticed in the market there is a lot of confusion going on related to vat registration. Let’s understand about Deregistration. Suppose Business is registered under the VAT but businesses stop making taxable transactions. Then it’s mandatory for a business to cancel their registration with FTA (Federal Tax Authority). The business has to submit the application for deregistration  With the required documents to FTA, then FTA will cancel the registration. 

Deregistration is important as VAT registration and businesses should have a good understanding of which circumstances they should apply for deregistration otherwise they will get heavy plenty from FTA for late application for VAT deregistration. Businesses must apply for VAT deregistration within 20 business days of becoming eligible for  VAT deregistration. If a business gets late then has to pay AED10,000 plenty that is charged by the FTA.

The Tax payable business must know all the procedures of the  Deregistration. The expert advice of the best VAT consultancy services should be taken to know how to register or deregister. On time deregistration and in the right way prevents the plenties.

 

VAT Deregistration Eligibility

It is an online process. Businesses and individuals who are registered can apply for deregistration in two situations.

  1. After registering with VAT If the business annual turnover is not above AED 187,500, They can apply for the Deregistration.
  2. If a business is no longer dealing with the taxable supplies then they have to apply for the deregistration.

Under FTA guidelines Deregistration there are two norms for deregistration.

  1. Compulsory VAT-Deregistration
  2. Voluntary VAT Deregistration

Compulsory VAT-Deregistration

The business tax payable transactions are below the voluntary registration threshold limit. In this condition, the registered business and individuals become eligible for the Compulsory VAT-Deregistration. Businesses must apply for the deregistration to avoid the plenties.

Voluntary VAT Deregistration

The business applied for the Voluntary registration on 1st April after 12 months on 31st March business not made tax payable transaction equal to AED 187,000, The business and individuals shall analyze and evaluate the tax payable transaction for the next 30 days if the taxable supplies will exceed then they can apply for VAT Deregistration in the next 20 days.

 

Guide To Apply For VAT Deregistration

It’s an online process and easily accessible with the FTA portal. To apply for the VAT deregistration, Companies and individuals have to submit the application form to FTA along with required documents and the valid reason then FTA will verify the reason and documents and If the reason is valid then FTA will approve the Deregistration. FTA approves the status of the return, Outstanding tax Payment, and any plenty that is pending. If FTA found any outstanding and plenty then you have to clear them otherwise FTA will not approve the deregistration.

 

Deregistration For VAT Group

The Group vat deregistration is similar to the individual’s deregistration. There only Criteria apply for it.

  1. VAT Deregistration approves when the group is no longer meets the considered conditions.
  2. The tax status of the group may lead to tax evasion then the FTA approves the Deregistration 
  3. If the constituent member of the company is no longer financially associated with the group.

 

Procedure of the VAT Deregistration

Step 1- You have to login into your FTA account. On the homepage, you can see the option of Deregistration.

Step 2 - Click on the Deregistration button then the form will open. Fill the form correctly and send it for review and approval.

Now you have applied for the  VAT Deregistration successfully. FTA will review the application and then confirm it. When FTA approves the Deregistration, you can check the status there will be pre-approved status at the place of the VAT Deregistration. Now you have to submit the final return, after that, you have to clear all the outstanding liabilities in order to complete the VAT Deregistration process. 

Hope this short guide helps you. If you have any questions and doubt feel free to reach risians accounting. Risians accounting is a certified and FTA-approved accounting firm in dubai. Allow us to take care of your business accounting, VAT registration and deregistration, auditing, and other accounting work.

 

 

 

 

 

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My experience in working with this team is very much a positive one. Their professionalism is refreshing. Thank you for making the process a very pleasant experience.

Ms. Arshameh Parmoun Tag Properties

We have been working with RISIANS Chartered Accountants on a couple of assignments. At all times they are professional, organized with whatever assignments we have entrusted with them. Being a approved audit firm they are well aware with the regulations and compliances. I will recommend the team highly enough and shall certainly be engaging with them again and again in future assignments.

Moin Abbas Al Ajwad Auto Works

I would overall rate team RISIANS work as exceptional. The team was successful in delivering quality audit, irrespective of the tight deadline and it was way better than the predecessor. We can definitely build more knowledge for future.

Ajit G Vernekar AL SHAFAF REPACKING SERVICES

RISIANS proactiveness and precision towards managing our accounts and helping us constantly whenever we are in need of is a dynamic quality that makes us want to recommend to any company or an individual. Looking for a great accountants without any hesitation.

Aqeeb Aqeeb Internstional
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