Manage your accounting, payroll, and financial reports efficiently

Accounting and Bookkeeping Policies in Dubai

The UAE follows accounting standards aligned with IFRS and UAE GAAP principles, which apply to both government entities and private companies. These principles ensure that income is recognized when earned, expenses when incurred, and assets and liabilities are measured at fair value.

Key Policies to Follow

To ensure your accounting practices are legally compliant in Dubai:

• Record Keeping: Financial records must be kept for at least five years, with the Ministry of Finance recommending ten years for tax purposes.
• Cash Receipts: All transactions over AED 1,000 must be supported by official receipts, detailing the transaction and signed by authorized personnel.
• Bank Transactions: Keep all bank statements on record, ensuring that each transaction is traceable with date, amount, and relevant business details.
• VAT Returns: Businesses operating in the UAE must comply with VAT regulations. Our team can help you manage and submit VAT returns in compliance with local tax laws.
• Supporting Documents: Keep original supporting documents like invoices, credit notes, and contracts to maintain accurate records for audits and tax submissions.

How We Keep Your Business Accounting Records in Order

Many businesses attempt to handle bookkeeping internally, only to find it overwhelming. Let Rhodes & Collins take this burden off your plate. Instead of spending countless hours managing financial records, we offer two options:

Hiring In-House Accountants

For businesses with more complex accounting needs, we assist in hiring qualified in-house accountants. Our recruitment process ensures you hire professionals experienced in reconciliation, bookkeeping, and financial reporting.

Outsourcing Accounting Services

Outsource your entire accounting department or specific tasks like payroll, tax preparation, or accounts reconciliation to Rhodes & Collins. Outsourcing not only saves you time but also cuts overhead costs, allowing you to focus on running your business.

Benefits of Outsourcing Business Accounting Services in Dubai

Cost-Effective

Outsourcing eliminates the need to hire a full-time accounting staff, significantly reducing overheads like salaries, health insurance, and training costs.

Expertise

Our team of certified accountants ensures your business stays compliant with UAE regulations and provides expert advice on financial management and tax strategies.

Focus on Core Business

By outsourcing accounting, you can focus on your core business operations without being bogged down by the complexities of bookkeeping and payroll.

Compliance with UAE Laws

Stay ahead of evolving UAE tax and legal requirements. We help you meet deadlines, avoid penalties, and ensure your business remains compliant.

Access to Latest Technology

At Rhodes & Collins, we leverage cutting-edge accounting software and cloud technology, allowing you to benefit from the latest advancements without costly investments.