No matter the type, size, and industry you operate in, maintaining the book of accounts properly and accurately is crucial to ensure the smooth financial operation of your business. However, to sustain the dynamic economy and complex regulations,businesses need a strategic approach to find the right accounting firms in Dubai. Improper accounting practices can expose businesses to a wide array of economic, financial, and operational risks over time.
Here’s a guide to help you find the best bookkeeping and accounting firms in Dubai and the key factors to consider while making an informed decision for your company.
Benefits of engaging with accounting firms in Dubai
The below points will help you understand the advantages of hiring bookkeeping and accounting firms in Dubai:
- Cost-effectiveness: Hiring accounting firms in Dubai can help reduce the cost, compared to employing an in-house accounting team. Besides, opting for service packages such as audit and assurance services, tax consultancy services, payroll and compliance services, business setup services, etc. can be more cost-effective.
- Accurate financial statements: Bookkeeping and accounting firms in Dubai help companies secure their profit and loss statements and maintain accuracy. Their efficient team performs accounting and auditing tasks in a pleasant environment while ensuring adherence to the accounting principles.
- Compliance with the accounting standards: Bookkeeping and accounting firms in Dubai always stand by the regulations. This quality facilitates businesses to carry out their transactions, accounting procedures, and related tasks in line with the accounting standards and regulations.
- Optimal utilization of time: The audit firms in Dubai follow an optimal and prompt approach that reduces the burden for businesses of handling all business activities together. While accounting firms manage the financial tasks of the company, business owners can sit back and relax.
- Specialized knowledge: Accounting firms are usually equipped with a group of experts that have specialized expertise in the field of accounting and auditing, that help businesses manage their finances appropriately.
- Risk and fraud protection: The professionals at audit firms likeShuraa Tax support companies in process guidelines meetings, and feasibility studies, and offer specialized advice for every new endeavour. Their auditors ensure that the procedures are done effectively and the company follows a risk protection approach while managing its financial records.
Things to consider while choosing an accounting firm in Dubai
Audit and accounting services in Dubai ensure that the financial records and statements of the company are accurate and in compliance with specific rules and regulations. It safeguards the financial health and integrity of the business, offering reliability, transparency, and accountability to investors, regulatory authorities, and shareholders.
Here are some tips that will help you find the best accounting and audit firm for your venture in Dubai:
Shortlist the best firms – The initial step is to identify the potential accounting firms in Dubai that have the expertise, reputation, and portfolio you are looking for.
Research the selected firms – Once you have shortlisted the best accounting firms, conduct in-depth research to assess their reliability and reputation in the market. Compare their size, industry expertise, and specialization to choose the best among them.
Evaluate expertise and experience – While exploring the accounting firms in Dubai, consider their expertise and experience. Make sure they have a proven record of working with businesses similar to yours. Also, ensure that they have expertise in tax planning, compliance, risk management, and internal audit services.
Range of services offered – Accounting firms in Dubai offer a comprehensive array of services including financial advisory, financial consulting, tax consulting, audit and assurance, business setup, and more. Assess your business requirements and accordingly determine the services you will need. Choose a firm that offers the right guidance and assistance.
Assess the professional certifications and accreditations – The accounting firms you choose must be highly professional and competent. Therefore, check their accreditations and certifications and see how many CAs (Chartered Accountants) or CPAs (Certified Public Accountants) are employed in the firm. This will reveal their proficiency and commitment to adhering to the standards.
Evaluate reputation and references – The reputation of the firm is vital when choosing one for your business. Get recommendations and referrals from reliable sources, and connect with their previous and existing clients to earn insights into their satisfaction and the firm’s quality.
Review the pricing structure – The pricing structure of the firm is another significant consideration when choosing the best accounting firms in Dubai. Evaluate their pricing model and see whether they add additional charges for any services offered beyond the usual audit. Furthermore, compare the pricing structure and services of different audit firms and choose the best yet affordable one that will provide you with the best value for your investment.
List of top accounting firms in Dubai
Accounting and bookkeeping is a significant challenge for businesses, especially in a place like Dubai where tax regulations and laws are constantly evolving. In addition, ensuring compliance can be intricate and costly for startups and small ventures. Hence, to combat this challenge, businesses must consider seeking expert services and professional assistance from reputable accounting firms in Dubai.
Here’s a list of leading accounting companies that are known for offering the best financial services in Dubai –
Shuraa Tax
Shuraa Tax Consultants and Accountants have been serving businesses in the UAE for years, offering a comprehensive package of services including accounting and bookkeeping, VAT services, audit and assurance, tax advisory,financial consultancy, payroll management, and many more.
A&A Associate LLC
A&A Associate LLC holds over 15 years of experience in offering tailored services to clients in bookkeeping, tax services, internal audits, and more. Their team of chartered accountants offers a free consultation to businesses to help them analyze whether or not their services would benefit them.
Aviaan Accounting
Aviaan Accounting is renowned for working with companies in retail, trading, oil & gas, construction, and healthcareacross countries like the US, Europe, the Middle East, and India. From basic bookkeeping and financial statement reconciliation to tax filing and audit preparation, they offer a wide range of services.
BMS Auditing
BMS Auditing is an international accounting firm that has its base in Dubai as well. The company has experience working with clients in various industries, including construction and financial services. Moreover, they provide 24/7 customer support and free resources covering the latest business news about the region.
Creative Zone Tax & Accounting
This accounting vertical of Creative Zone, a Dubai-based company formation specialist, offers a wide variety of financial reporting services including basic accounting and bookkeeping, VAT registrations, tax filings, and company audits.
Emirates Chartered Accountants Group (ECAG)
Primarily headquartered in Dubai, the Emirates Chartered Accountants Group has branches located in the UK, Bahrain, and India. From backlog accounting and fixed asset management to standard operating procedures and inventory verification, it has been offering its services to SMEs in various industries for nearly two decades.
HLB HAMT
Established in 1999, HLB HAMT is known for offering onsite bookkeeping along with cloud-based accounting. The firm offers accounting system setup and training services to businesses across industries including logistics, retail, healthcare, manufacturing, construction, and real estate.
Pick only the best for your company
Shuraa Tax is a trusted partner with a team of approved auditors who help businesses fulfill their financial goals. To learn more about their services, visit www.shuraatax.com
