Small and medium-sized businesses often choose to outsource accounting and bookkeeping services in Dubai due to the procedural nature of these departments and the regulatory parameters involved, outsourcing to local experts is a preferable choice.
This allows businesses to benefit from the expertise of professionals who are familiar with local regulations and can efficiently manage these critical financial functions.
Effective accounting and bookkeeping are crucial for the financial health and legal compliance of companies in Dubai. Poor practices in these areas can result in significant financial and legal liabilities, potentially leading to hefty penalties or even the suspension of your business license. It is imperative for businesses to prioritize accurate and compliant accounting and bookkeeping practices to ensure smooth operations and regulatory adherence.
Our accountants will take away the burden of recording and updating all your daily financial transactions and performing bank reconciliations.
We will help you ensure the figures in your general ledger are correct and up-to-date and that the balances match.
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).
We generate financial reports to help you determine how your business is performing. These include the following:
• Trial balance
• Profit and loss statement|
• Balance sheet
• Cash flow statement
• General ledgers
The UAE adheres to its own set of Generally Accepted Accounting Principles (GAAP), and these principles are maintained by the International Federation of Accountants (IFAC). These standards are applicable to all UAE government entities and state-owned companies.
The accounting standards in the UAE are based on the following principles:
Recognition of Income: Income is recognized when it is realized or realizable. Expenses are recognized when they are incurred. Revenue is recognized when it is earned.
Measurement of Assets and Liabilities: Assets and liabilities should be measured at fair value, with the exception of financial instruments and leases, which are measured at amortized cost using the effective interest rates.
Octa Consult provides accounting services that adhere to International Financial Reporting Standards (IFRS) and are managed by a team of highly qualified certified accountants.
Octa Consult's accounting services aim to help businesses maintain accurate and up-to-date records of their financial transactions. This is crucial for various aspects of business management, including decision-making and performance measurement.
Following the International Financial Reporting Standards (IFRS) ensures that the accounting practices align with global standards. This is important for transparency, comparability, and compliance with international financial reporting norms.
Octa Consult's accounting services are managed by a team of highly qualified certified accountants. This indicates a commitment to professionalism and expertise in handling financial matters for clients.
In summary, Octa Consult’s accounting services aim to provide businesses with accurate financial records, support decision-making, assist in cost planning, and adhere to international accounting standards. This comprehensive approach helps businesses manage their finances effectively and make informed strategic decisions.
It helps you to streamline your financial transaction and dissolve financial complexities
It depends on the service provider, the transactions your business has, how much your business needs etc.
Yes, definitely. You will have more time to make informed decisions on all the financial aspects once accounting and bookkeeping are handled. As an investor, you can focus on growing your business.
The services offered can be tailored to include almost everything an in-house accounting department does and provide useful financial information that can benefit your company’s growth.
Books of Accounts should be maintained for a period of 5 Years from the end of the financial year.
Get in touch with us today to assist in helping you pave the way for your new business journey.