ACCOUNTING AND
BOOKKEEPING

• What is the size of your inventory?
• How many people work for you?
• What do you do for a living?

1. Accountants are needed in industries that deal with sophisticated financial systems and high-volume transactions, such as government agencies, colleges, and hospitals.

2. When it comes to expertise, a seasoned bookkeeper with years of experience is likely to be more suited to manage your company's finances than a fresh-out-of-college CPA.

3. When sifting applications, keep this in mind: don't assess an applicant solely since their schooling.

Many regular accountants or an inexperienced accounting business to whom you have outsourced your bookkeeping and accounting services in Dubai or any other Emirate of the UAE cannot substitute the job of a well-paid expert accountant. You can never be sure of the decisions you make based on the accounting records kept by a regular bookkeeper. Intelligent businessmen do not cut corners when it comes to the quality of their accountants, just as they do not cut corners when it comes to their own lifestyle. They want to ensure that the data they're using to make critical business choices is "exact, complete, and trustworthy."

• Compliance regulations in the UAE are becoming more stringent by the day, and no business owner wants to be saddled with huge fines for failing to comply.
• The way great accounting firms or Smart Accountants build accounting records has a big impact on how well they defend themselves from non-compliance with the law in today's complex world of constantly changing rules and regulations.
• Consider the recent improvements brought about by the UAE Government, as a member of the OECD Inclusive Framework, by enforcing the UAE's Economic Substance Regulations.
• If a corporation based in the UAE engages in any of the relevant activities listed in these regulations, it must notify the government authorities.
• The flow of accounting transactions of the Company with third parties, connected parties inside UAE or overseas connected parties, will play a vital role in the ESR Compliance Assessment to determine if a Company is undertaking the required activities of "Distribution and Service Centre Business."
• Only a Smart Accountant understands how to handle and record the flow of transactions, as well as how to properly format the accounts for such a critical review.
• A poor compliance evaluation here might land the Entity in serious danger, with significant fines and penalties.

The UBO proclamation is in the same boat. How would a typical accountant realize that a single-owner business is likewise subject to the Ultimate Beneficial Owner declaration? Except for government-owned enterprises and financial free zones, this declaration applies to all organizations registered in the UAE mainland and free zones (Dubai International Financial Center and Abu Dhabi Global Markets).

It doesn't stop there. As a business owner, how would you verify that your accountant is meticulously logging business activities in order to maintain VAT compliance? Can you avoid VAT penalties if your bookkeeping and accounting are incorrect? It is not uncommon for many businesses in the UAE to face fines in the millions of dirhams simply because their accounts team was unaware of the voluntary and mandatory VAT registration thresholds.

Due to its strategic location, varied economy ranging from oil to real estate to tourism, and home to a large number of big-scale international enterprises, Dubai has earned a reputation for creating vast amounts of wealth and drastically growing businesses. Dubai is a city where citizens live in luxury, have a lot of money, and have a tendency of spending a lot of money every day. Dubai has recently become a haven for entrepreneurs and SMEs, thanks to the opening of the Nasdaq Dubai Growth Market. Businesses always expand and prosper swiftly in such a trend in any city or country, and the same is true for enterprises doing business in Dubai.

1. Due to its strategic location, varied economy ranging from oil to real estate to tourism, and home to a large number of big-scale international enterprises, Dubai has earned a reputation for creating vast amounts of wealth and drastically growing businesses.

2. Dubai is a city where citizens live in luxury, have a lot of money, and have a tendency of spending a lot of money every day. Dubai has recently become a haven for entrepreneurs and SMEs, thanks to the opening of the Nasdaq Dubai Growth Market. Businesses always expand and prosper swiftly in such a trend in any city or country, and the same is true for enterprises doing business in Dubai.

3. Your company's growth is constantly hampered by the amount of time you spend on operations. You're the expert when it comes to understanding the needs that drive your firm, yet monitoring every function is impractical unless it's a tiny operation.

4. Entrepreneurs like you are extremely creative individuals with a wealth of brilliant ideas, but they are less concerned with the day-to-day operations of their businesses. They openly admit that, even if they are capable of doing the work themselves, their time is better spent growing the firm.

5. To that aim, they hire specialists and then assign work to them. Accounting and bookkeeping services are one of those duties, and there is no better firm to outsource this process to than Dhanguard's Accountants, which has been named one of the finest bookkeeping and accounting firms in Dubai by Entrepreneur.

Accounting and bookkeeping are essential functions for any company, big or small. Without dependable, accurate, and timely financial data, you can't function.

• It is critical to keep track of your company's performance in order to make informed business decisions. Our fully qualified, professional accountants recognize the value of this, and they work relentlessly to ensure that this critical information is available when you need it.

• We hire carefully to ensure that we have the best additions to our team; you can rest assured that they are talented, knowledgeable about the newest legislation, and always entirely correct. When it comes to our clients' financial and accounting management, nothing is more crucial.

• We have diversified our financial services into distinct packages in order to achieve maximum client pleasure for every dollar spent. This provides a wide range of service optimization options, depending on how much money you want to invest.

• Accounting and bookkeeping are essential functions for any company, big or small. Without dependable, accurate, and timely financial data, you can't function. It is critical to keep track of your company's performance in order to make informed business decisions.

• Our fully qualified, professional accountants recognize the value of this, and they work relentlessly to ensure that this critical information is available when you need it. We hire carefully to ensure that we have the best additions to our team; you can rest assured that they are talented, knowledgeable about the newest legislation, and always entirely correct. When it comes to our clients' financial and accounting management, nothing is more crucial.

• We have diversified our financial services into distinct packages in order to achieve maximum client pleasure for every dollar spent. This provides a wide range of service optimization options, depending on how much money you want to invest.