Accounting and Bookkeeping in the UAE
In the dynamic and legally challenging market in the United Arab Emirates (UAE), keeping track of finances has become an integral part of managing a business.
Accounting standards have been defined in the UAE Corporate Tax Law as follows:
- For the purposes of Clause 1 of Article 20 of the Corporate Tax Law, a taxable person shall apply the International Financial Reporting Standards (“IFRS”).
- Without prejudice to the provisions of Clause 1 of this Article, a taxable person deriving revenue that does not exceed AED 50,000,000 (fifty million United Arab Emirates dirhams) may apply International Financial Reporting Standards for small and medium-sized entities (“IFRS for SMEs”).
- For the purposes of paragraph (a) of Clause (5) of Article (20) of the Corporate Tax Law, a person may prepare financial statements using the cash basis of accounting in any of the following instances:
- Where the person derives revenue that does not exceed AED 3,000,000 (three million United Arab Emirates dirhams).
- In exceptional circumstances and pursuant to an application submitted by the person to the authority
A complete set of statements as specified under the Accounting Standards applied by the Taxable Person, which includes, but is not limited to, a statement of income, a statement of other comprehensive income, a balance sheet, a statement of changes in equity, and a cash flow statement.
All the taxable companies in the UAE are required to maintain a record of their accounts for a minimum of seven years from the end of the tax period.
This is when professional accounting and bookkeeping companies in the UAE, like Gatestone Group, are required. We understand the critical role that accurate accounting and bookkeeping services in the UAE play in sustaining the financial health of businesses. Gatestone Group has experience providing accounting and bookkeeping services in Dubai and the UAE to small, medium, and large enterprises with our credible staff and use of advanced platforms.
Our Services
At Gatestone Group, we redefine financial excellence through our premier accounting services. Recognising that accurate and strategic accounting is the backbone of any successful enterprise, our dedicated team is committed to delivering comprehensive solutions that go beyond traditional financial practices. Below are the main reasons for businesses requiring accounting and bookkeeping services in Dubai and the UAE:
- Maintain updated records of your company’s finances.
- Prepare financial statements, expense records, etc.
- Provide key information with regards to tax return filing.
- To generate financials and determine business results
- Help with preparing a budget and allocating funds
- Strategic planning
- Manage your cash flow better.
- Fulfill your payment obligations on time.
- Preventive control over any financial malpractices
- Financial forecasting and decision-making
Industries We Serve
- Advertising
- Arts and Events
- Architecture and technology
- Audio and visual
- Business and communications
- Consultancy
- Design
- E-Commerce
- Trading and manufacturing
- Logistics and supply chain management
- Financial services
- Information technology
- Media and entertainment
- Textile
- Paper and packaging
- Chemical industry
- Sports
- Automotive
- Food and beverages
- Construction
- Oil and gas
- Health and beauty
- Education
- Agriculture
- Marine
- Jewellery
Advantages of Outsourced Accounting and Bookkeeping Services in the UAE
The benefits of outsourced accounting and bookkeeping services in Dubai include, but are not limited to:
- Removes the administrative burden of maintaining in-house
- Enhanced productivity
- Cost effectiveness: access to experts at a fraction of the cost compared to an in-house accounting function
- High level of accuracy
- Saves time
Why choose us?
Why choose Gatestone Group for accounting and bookkeeping services in the UAE?
At Gatestone Group, we redefine excellence in accounting and bookkeeping services in Dubai and the UAE to empower your business with financial resilience. Here’s why choosing us is your strategic advantage:
1. Our exceptional team of experienced accountants and financial experts has a thorough understanding of UAE standards and regulatory requirements.
2. Provide tailored solutions for your business needs to align with your industry and goals.
3. Streamline the financial processes of your business to ensure efficiency and accuracy with advanced technology and attention to detail.
4. Detailed financial data allows for improved decision-making, growth opportunities, and addressing potential challenges.
5. Performing compliance and regulatory checks.
6. Providing scalable services for future growth.
7. Providing exceptional value and maximising efficiency with cost-effective solutions.
Unlock Financial Excellence with Gatestone Group
Choose Gatestone Group for bookkeeping and accounting in Dubai and the UAE that go beyond mere numbers—partner with us to transform your financial processes into a strategic asset for long-term success.
At Gatestone Group, our expert accounting and bookkeeping services in the UAE are tailored to ensure precision, compliance, and strategic financial insights for your business. Whether you’re a startup, SME, or large enterprise, our dedicated team is committed to delivering accurate financial reporting, streamlined bookkeeping processes, and proactive financial strategies.
FAQs
Bookkeeping is essential for recording and tracking all financial transactions, ensuring transparency and aiding in informed decision-making.
Timely reports enable businesses to react swiftly to financial changes, make informed decisions, and identify opportunities or threats.
Accuracy ensures that businesses pay the right amount of taxes, represent their financial standing correctly, and make decisions based on valid data.