1. Accounting and Bookkeeping in UAE
Accounting and bookkeeping are the most significant functions in a business
that helps in generating accurate financial reports. Bookkeeping is the process
of recording an entity’s monetary dealings into organized accounts.
A deep understanding about the financial position of the business you are
doing is mandatory as it not only helps being compliant with the regulations,
but also gives the required data to measure the performance of your business.
Bookkeeping boosts the financial foundation of any business, which
eventually helps in making business decisions.
Prior to commencing with bookkeeping operations, businesses must consider
certain areas of their business, specifically the volume of daily transactions
and the amount of revenue made. For smaller entities, a complex
bookkeeping method might bring in unnecessary problems and in the case of
larger corporations, less robust methods may not be sufficient.
Organized, reliable and updated recordkeeping are mandatory for the smooth
functioning of an organization. Hence, only the right team or company can
ensure this is accurately taken care of. Business owners find it really difficult
to keep up with the various accounting and bookkeeping tasks, as they have
numerous other functions going on at the entity. As a result, the most
preferred method organizations opt for is outsourcing accounting and
bookkeeping services. The advantages of outsourcing accounting and
bookkeeping are many. It helps in/ with;
· Reducing cost
· Ensuring accuracy
· Focusing on the core area
· Reducing administrative burden
· Assurance on continuity of service

2. · Increasing flexibility to respond to growing business requirements
Accounting and bookkeeping in UAE
There are primarily 4 reasons for maintaining books of accounts. These are
legal requirements, management control of businesses, informing investors
and shareholders about the monetary condition of the entity, and other third-
party requirements, e.g., banks, municipalities, or financial institutions.
The UAE Commercial Companies Law, Federal Law No 2 of 2015, mandates
every organization in the UAE to maintain proper books of accounts and to
hire a registered auditor to audit its books of accounts annually.
Administrative penalties will be charged if books of accounts with supporting
documents are not properly maintained. It can range from AED 10,000 to AED
1, 00,000.
Accounting services in UAE
Online or cloud based accounting
In cloud based accounting, all the information is stored on a cloud server,
which makes it possible to access financial information from anywhere, at
anytime. It is usually preferred by SMEs and startups.
Onsite accounting
Mid-sized and larger organizations usually opt for onsite accounting, wherein
the person employed to carry out the bookkeeping process will be physically
present at the place of business.
Accounting system setup and training

3. Accounting system setup and training involves examining and evaluating the
existing accounting system of an enterprise and based on this, developing the
most appropriate accounting configuration for the entity.
Accounting secondment
Sending employees from one company to another temporarily for a specific
period of time, to carry out a certain work is termed as accounting
secondment.
Receivable and payable management
This primarily includes developing POs/Invoices, electronic delivery of the
same and sending periodical status report to the management.
Budgeting and forecasting
Budgeting and forecasting is all about preparing periodical budgets like
revenue and expenditure and cash flow forecast.
Data entry or transaction processing
Data entry or transaction processing services help entities reduce the delays
and errors while dealing with large volume of data.
Reconciliation assignments
The reconciliation service generally includes cash/bank Reco, inventory Reco
and receivables & Payables Reco.

4. Management reporting
This includes providing customized reports to the management on time to help
in the process of decision making and analyzing the performance of the
business.
Accounting supervision
The accounts prepared by the client are thoroughly reviewed and corrections
to enhance the reliability of financial information are provided.
Accounting is an integral part in the functioning of an organization and it is a
complex process too. Outsourcing the process comes with numerous benefits.
One should always be vigilant while outsourcing your accounting in the UAE,
as there are numerous accounting and bookkeeping consultancies in the
UAE, but not many can provide accurate and timely services. HLB HAMT has
been providing accounting and bookkeeping services to entities from different
vertical for more than two decades.
Accounting and Bookkeeping Services
Dubai UAE | Bookkeeping Dubai
Level 18, City Tower-2,
Sheikh Zayed Road
PO Box 32665
Dubai – United Arab Emirates. Tel: +971 4 327 7775
E-mail: dubai@hlbhamt.com
www.hlbhamt.com