- November 19, 2020
- Posted by: Dhivya Krishna
- Category: accounting
Bookkeeping and accounting are essential components of running any business. Hence, accounting firms in the UAE are integral parts of the business ecosystem as they help companies maintain their financial records. The top accounting firms in Dubai, UAE enable businesses to assess their financial position and make the best business decisions. The step-by-step process of evaluating, processing and analyzing financial transactions helps companies maintain compliance and grow organically. Let us now take a look at the advantages of leveraging accounting services in Dubai and how KGRN can help.
How do accounting companies in Dubai help?
Accounting services in UAE help companies with the following activities;
- Firstly, track their expenses
- Helps ensure effective financial management
- Provides better insights regarding the company’s position
- Puts stakeholders, investors, and consumer at ease
- Provides quantitative information regarding the company’s assets and liabilities
- Helps with maintaining compliance with Emirati laws
- Aids in tax management and filing of IT returns
What are the accounting standards?
Accounting standards are a set of rules that determine how financial reporting is to be done. Accounting firms in the UAE follow specific protocols when drafting financial statements for companies. Since most authorities within the UAE ask for such statements for various purposes, they must be uniform and standardized. They also come in handy when applying for loans or asking for an extension of credit. Hence, accounting firms in Dubai must follow the required accounting standards.
The two most popular accounting standards from around the world are as follows;
- Generally Accepted Accounting Principles by the Financial Accounting Standards Board
- International Financial Reporting Standards by the International Accounting Standards Board
KGRN Chartered Accountants is one of the top accounting firms in UAE with decades’ worth of experience dealing with companies of all types. Partner with us and never worry about your accounting needs again.
For enquiries, call +971 45 570 204 / E-mail: email@example.com