Benefits of Opting for an Accounting Firm in Dubai, UAE

Accounting is a broad concept and has many aspects to look into. An organization usually takes care of its accounting procedures with the help of an in-house accountant, but now, to make things easier and professional, entities seek the assistance of a reputed accounting company. There are numerous accounting firms in Dubai, to which you can outsource your accounting procedures.

Every business entity irrespective of its size requires accounting. There may be several questions that arise when you enter into a business and the most common one is about the importance of accounting. Accounting helps in tracking your incomes and expenses and every other financial transaction while running a business. It can be done either by an in-house accountant or through outsourcing.

Why choose an accounting firm in UAE?

An experienced accounting firm in UAE will know the ins and outs of accounting in the country and can help your business to maintain proper books of accounts and track all the transactions. There are certain financial statements that help you to assess your records; any information on the profit and loss can be identified through the “income statements”. A “balance sheet” will allow you to look at the financial position of the company on a specific date and the “cash flow statement” acts as a mediator between the income statement and the balance sheet and lets you know the cash raised and spent during a particular period of time. Apart from the financial statements one should also know the importance of accounting and they are:

• It helps you to evaluate the overall performance of your business. The financial record helps to determine the financial position of a business. It also helps you to keep track on all the transactions taking place in the organization and allows you to stay within the budget.
• Accounting helps in keeping the statutory compliances intact. Every government taxes and liabilities will be prompt when proper accounting is maintained.
• It is crucial for businesses to follow a budget and accounting makes it easier to create a budget and plan things accordingly. Accounting helps in sticking on to those plans and to make new ones as required. It also aids businesses to file all the necessary financial statements as well.

In UAE, most of the businesses, whether small or large, are required to audit their accounts every year. The books of accounts will allow the auditor to make proper audit reports; only then the management will get an exact idea about the overall position of the organization.

Maintaining proper accounting determines the future of any business. Accounting can be done within the organization, but outsourcing your company’s accounting will ensure you with accurate results. Accounting firms in Dubai will provide you with professional assistance and contribute their experience to support your business. By choosing an accounting firm in Dubai for outsourcing your accounts, the organization can focus more on the other functions taking place within the entity which will boost your business.

Accounting principles one must be aware of

In order to run a company one must know about the basic things about accounting too. What is accounting? What are the principles in accounting and so? There are mainly five principles in accounting and to name them, they are:

• Revenue recognition principle:
  The revenue recognition principle allows you to recognize the revenues through your organization’s income statements. The principle states that “the revenue of a business is earned and recorded during the time of sales”, i.e., the revenue is generated at the point where a consumer possess the product or service and not during the time of money transaction.
• Expense principle:
  According to the expense principle, “an expense occurs at the time when the business accepts goods and services from another entity.” That is when an accountant records a transaction as an expense in the books.
• Matching principle:
  The matching principle states that every item of revenue should match one from the expense list. This is an important principle in accounting and every organization should follow this while entering their accounts.
• Cost principle:
  The cost principle lays down the rule that while computing the cost of an item, one must consider the historical cost of it and not the current market value of the item when entering in the book of accounts.
• Objectivity principle:
  According to the objectivity principle, one must provide the evidence to support the data, like vouchers, receipts or invoices and there is no scope for personal opinion in accounting.

These are the major accounting principles used. It is not necessary for everyone to know these, but it will surely help you to keep yourself educated. Accounting can be done by any professionally qualified accountant, but nowadays people opt for outsourcing accounting procedures as it will help the records to be free from personal interests and will result inaccurate outcomes. One should also be extra cautious while outsourcing matters like accounting as the date must be kept confidential. It is an internal activity, which is why it is important to choose a reputed accounting company in Dubai to look into your needs.

HLB HAMT: A Renowned accounting firm in Dubai

HLB HAMT is a leading accounting firm in Dubai and we offer diverse accounting services that range from online or cloud-based accounting and onsite accounting to accounting system setup training, accounting secondment and many more. Our highly qualified and well-experienced team will handle your data with utmost care and security and ensure to provide you with the best quality services available.

HLB HAMT promises to keep your data safe and we deal our client’s records with high security.

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HLB HAMT - Audit, Tax, Accounting and Business Advisory

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Varun R Chandra

07:38 25 Apr 21

HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.

Giuseppe Assi

06:20 31 Jan 21

I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more

Mohamed Sheriff

16:16 28 Jun 20

Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more

218141 JOSEPH THOMAS

16:20 23 Jun 20

Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more

PMI

07:14 23 Jun 20

In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more

RAVI CHOKSI

08:28 21 Jun 20

Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more

Maharajan Subramaniam

18:17 06 Jun 20

High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more

Mohammed L

08:07 05 Jun 20

We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more

ROY ROSHAN VIVIAN

06:32 04 Jun 20

Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more

Basil Daniells

05:55 03 Jun 20

I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more

Amar Kashyap

19:28 02 Jun 20

Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more

Radz de Jesus

16:03 02 Jun 20

We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more

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