Bookkeeping and Accounting Services in Dubai

Accounting is a function no business can avoid. A well-paid expert accountant’s work cannot be replaced by many ordinary accountants or an inexperienced accounting firm to whom you have outsourced your bookkeeping and accounting services in Dubai or any other Emirate of the UAE. You will never be certain on your decisions made on the basis of the accounting records maintained by an ordinary bookkeeper. Intelligent businessmen do not compromise on the quality of their accountants just like they do not compromise on their own lifestyle. They want to make sure the data they are using to make important business decisions is “accurate, complete, and reliable”.

In the UAE, compliance requirements are increasing every passing day and no business owner wants to carry the burden of hefty fines due to non-compliance.

The way great accounting companies or Smart Accountants structure the accounting records also goes to a great deal in determining how it protects itself from non-compliance with the laws in the challenging world outside with ever-changing laws and regulations. Consider the recent changes brought by the UAE Government, being a member of the OECD Inclusive Framework, by enforcing the Economic Substance Regulations in the UAE. These regulations require a company based in UAE to notify the Government Authorities if they carry out any of the relevant activities provided in these regulations. For example, to identify if a Company is performing the relevant activities of “Distribution and Service Centre Business”, the flow of accounting transactions of the Company with third parties, connected parties within UAE or foreign connected parties, will play a major role in the Compliance Assessment of ESR. And only a Smart Accountant knows how to manage and record the flow of transactions and structure the accounts appropriately for such an important assessment. A wrong compliance assessment here can put the Entity in a lot of trouble including substantial fines and penalties.

The same goes for the UBO declaration. How would an ordinary accountant know that a single owner company is also subject to Ultimate Beneficial Owner declaration? This declaration applies to every organization registered in the UAE mainland and free zones except entities owned by the government and financial free zones (Dubai International Financial Center and Abu Dhabi Global Markets).

And it does not end here. How would you, as a business owner, ensure that your accountant is carefully recording business transactions to ensure VAT compliance? Can you avoid VAT Penalties as a result of incorrect bookkeeping and accounting? It is not uncommon that countless amount of businesses in UAE are facing millions of dirhams of fines only because of late VAT registration as their accounts team was not even aware of the voluntary and mandatory threshold for VAT registration.  

These are some of the many reasons hundreds of companies have outsourced their accounting and bookkeeping services in Dubai and other Emirates of the UAE to Push Digits Chartered Accountants. We hire ACCAs, CPAs, and CAs for our clients and then continuously train them in our Push Digits Global Academy to ensure they are up to date with market requirements, the latest accounting and audit tools, integrated business process automation, and the ongoing trend of artificial intelligence in the accounting profession.

Dubai – An Oasis of Commerce

Dubai is a second name for making a massive amount of wealth and drastically grow your business due to its strategic location, the diversified economy from oil to real estate to tourism, and home to a massive amount of large scale multinational organizations. Dubai is a city where residents have a luxurious lifestyle, significant buying power, and a habit to spend a lot of money every day. With the recent launch of the Nasdaq Dubai Growth Market, Dubai has become a heaven for Entrepreneurs and SMEs. With such a trend in any city or country, businesses always grow and prosper very quickly and the same is the case with companies doing business in Dubai.

Remember: Business growth is always halted due to the time you spend in operations. You’re the expert when it comes to understanding the needs that drive your business, but unless it is a small scale business, monitoring every function is simply impossible.  Entrepreneurs like you are highly creative people, full of great ideas, but less focused on the day-to-day aspects of the business.  They readily acknowledge that even if they can do the work themselves, their valuable time is better spent building the business.  To that end, they find experts and then delegate the tasks. One of those tasks is accounting and bookkeeping services and no better firm to outsource this process than Push Digits Chartered Accountants which has been featured in Entrepreneur as one of the best bookkeeping and accounting firms in Dubai. 

Is my Competitor Outsourcing Accounting Function?

Yes, they are. Because they want to invest in building their business rather than building an army of accountants.  The world has changed. The idea of shopping in a “record store” to purchase a musical selection that can only be played on a home-based “record player” seems ridiculous now. Our music is digital and instantly available anywhere, anytime.

For the same reason, companies no longer bother building an in-house accounting staff.  AaaS (Accounting as a Service) is a unique technique used by accounting and bookkeeping companies, such that it eliminates all the overheads including salaries, office space, equipment, supplies, travel expenses, visas, employee gratuities, and so much more. It saves even more money by eliminating sick days, vacation days & pay, holidays, and innumerable other expenses. Our objective is to provide you a customized accounting service and a system that integrates perfectly with your business.

Accounting Packages

Accounting and bookkeeping are fundamental requirements for every business, large or small.  You cannot function without reliable, accurate, and timely financial information.  It is crucial to monitor your company’s performance, and essential so you can make appropriate business decisions.  Our professional, fully-qualified accountants understand the importance of this, so they work tirelessly to make sure this vital information is available when you need it. We hire judiciously to make sure we obtain the very best additions to our staff; we assure you that they are talented, familiar with the latest regulations, and always completely accurate.  There is nothing more important when it comes to the management of finances and accounts for our clients.

To attain maximum client satisfaction for every penny spent, we have divided our financial services into different packages.  This provides broad classes of service optimization, which can be based on how much you wish to spend. 

Package 1 –  Cloud-based Accounting

Widely used by SMEs and freelancers. Financial information can be viewed from anywhere around the world with internet access. You can e-mail, courier, or even use ordinary mail for sending the documents to us and our accountants will update your books online.  The electronic collection is by far the easiest, fastest, and most economical method.

Package 2 – Onsite Accountant 

If you require all the work to be completed on your own premises, our accountant will visit your office, compile the financial information, and complete the accounting. This service is regularly used by mid to large-sized companies. 

Package 3 – Back office Financial Support

One of the widely used options is Back Office support. This package is very popular due to its affordability and access to the best talent at a fraction of the cost. Our back offices in Pakistan and Philipines are supporting local as well as international clients round the clock. They are also excited to welcome you and serve you. 

Package  4 – Project Accounting

A huge number of our clients demand project accounting services on a regular basis which is why we started providing project accountants to existing as well as new clients on a regular basis. A project accountant works specifically on a given project e.g. bank reconciliation, financial data migration, retrospective accounting, or general accounting for a specific number of data, etc.

Package 5 – Receivables & Payables Management 

Accounts receivables management and accounts payables management are not uncommon among large organizations. Our team covers the following in such an assignment: 

• 3-way verification of purchase/sales invoices (Quote > PO > Invoice) before recording them in the accounting software
• VAT compliance
• Pay supplier invoices only when due and chase customer receivables before due dates to ensure business cashflow is managed properly
• Pushing overdue receivables to debt collectors and further to the legal
• Debtors and creditors status report to management

Package 6 – Account Reconciliation Assignments 

Reconciliation is a common problem in big organizations due to the massive volume of transactions. Our clients normally request the following coverage in account reconciliation services: 

• Bank/Cash reconciliation
• Stock reconciliation
• Debtors and/or Creditors reconciliation

Package 7 – Accounting Review 

Accounts are prepared by the client’s in-house finance team and then reviewed by our expert accountants. Our rigorous review of books ensures that financial data is accurate, complete, and reliable for decision making.

Bespoke Accounting Package

And of course, we can combine any or all of the above in a way the makes perfect sense for you. 

Whether you need us daily, weekly, monthly, or on a month-to-month basis, it can all be arranged to specifically suit your needs.  We are just as comfortable with handling your part-time or full-time needs.  All you have to do is call, suggest a schedule that will be useful to you, and we will do the rest!

Our representatives would be pleased to visit, discuss the assignment, and develop a deep understanding of your business so we can customize your service precisely to your requirements.  Rest assured in all of Dubai you won’t find a more dedicated group of people that make you feel like our number one priority.

Key Elements of our Bookkeeping and Accounting Services