Owing to robust financial growth, the UAE government has made significant strides to support small businesses by launching several programs and initiatives dedicated towards their development. From the uptick in startup incubators and the introduction of golden visas for entrepreneurs, the business setup cost for SMEs has been significantly reduced and the UAE has recognized the potential of small businesses in a country’s socio-economic trajectory.
Following the government’s footsteps, accounting firms in UAE are actively working towards supporting small businesses by offering them the best-quality accounting and auditing services. This is a major game-changer for SMEs, as they often struggle with navigating bookkeeping and reporting functions in a cohesive manner. Since small businesses also play multiple roles, accounting firms in UAE can save them from this hassle, specifically in terms of accounting and financial management.
Underscoring SMEs need for accounting services in UAE
Breaking all misconceptions, accounting encompasses more than bookkeeping and adhering to regulations; it focuses on applying financial knowledge in an intelligent manner to help companies make informed decisions. As a result, accounting becomes a strategic imperative for small businesses, helping them maintain strong financial health, adhere to legal obligations, and monitor cost and income streams. That said, accounting activities such as careful recording, reporting, and tax preparation, further help SMEs reduce expenses, whilst empowering them to create alternate plans to increase profits. In a nutshell, accounting services provide crucial insights about the financial data which serves as the key for making important decisions, as well as helps SMEs secure funding as investors appreciate such transparency.
Support for small businesses
As part of this ongoing pursuit to support small business growth, accounting firms in UAE can help them by offering an extensive array of services focused on optimising their finances.
● Help with bookkeeping
Accounting services in the UAE provide small businesses with streamlined bookkeeping operations. This includes an organised method for recording everyday transactions, reconciling cash books and bank statements, precise recording of each transaction, as well as maintaining reserves which allow continuity during periods of financial crunches.
● Guiding through financial analysis
As per this accounting service, small businesses receive assistance in the analysis and interpretation of monthly accounting information. This provides crucial components which are then used in the creation of financial statements such as general ledger balance sheets and customised reports with insights into the financial performance.
● Auditing assistance
Taking a step further, auditing firms in UAE provide SMEs help during annual audits. Given that auditing is a key element of accounting practices, auditing firms take the responsibility to prepare audit-ready financial records in order to ensure a smooth reviewing process. In addition, assisting with the auditing possess also takes into account fixed asset management.
● Preparation for tax planning
Irrespective of whether it’s a small business, compliance is equally important for all. This is where auditing services in UAE come into play. They ensure compliance for small businesses by helping them prepare and submit monthly or quarterly VAT returns, manage accounts payable and receivable balance, and create tax credit reports.
● Support for payroll services
In addition to helping with tax planning, accounting services extend their support towards payroll services. As a result, small businesses are not only able to leverage precision and compliance, but also get the opportunity to benefit from streamline payroll processes.
Benefits of seeking accounting services for SMEs
For a small business, maintaining an internal accounting department is costly especially when one factors in the training expense, salaries, and other benefits. In tandem, it is best to outsource these services to a reputed accounting firm in UAE, as it will lower the overhead expenses which will lighten the financial burden. Also, small businesses only have to pay for the service required, and that too is available at an affordable cost.
Small businesses seeking the help of external accounting service providers are also able to focus on core business operations, such as building customer relationships, improving services, launching new products, etc. At the same time, during expansion periods, hiring an outside accounting firm can prove to be especially beneficial, thanks to the flexibility and reliable support offered by them.
Your small business accounting partner – A&A Associate
We understand that accounting services are crucial for the growth and expansion of your small business. As a result, our skilled accountants offer complete accounting services in UAE, ranging from bookkeeping, cash management, tax planning to auditing. We go above and beyond to deliver the best accounting services, taking immense pride in our
✓ Expertise
✓ Technological Prowess
✓ Communication
✓ Certifications
✓ Affordability
Call us to book accounting services for your small business.
