Accounting Services in UAE
Managing your company’s finances requires precision, compliance, and a clear strategy. Under UAE Federal Law, businesses are required to maintain accurate accounting records for at least five years, while the Ministry of Finance recommends ten years for tax compliance. Failure to maintain proper records can lead to penalties, legal risks, and financial inefficiencies.
At PartnerWize, we help you stay compliant with International Financial Reporting Standards (IFRS) and UAE tax regulations, while ensuring
your financial data is organised, transparent, and ready for audits.
Our Accounting Services
1.
Bookkeeping
Our accountants handle all daily financial transactions and bank reconciliations, removing the administrative burden so you can focus on growing your business.
2.
General Ledger & Reconciliation
We ensure your general ledger is accurate and up-to-date, with all balances properly reconciled for reliable financial reporting.
3.
Financial Reporting & Analysis
We provide comprehensive financial reports to give you clear insights into your business performance. Our reporting includes:
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Trial Balance
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Profit & Loss Statement
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Balance Sheet
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Cash Flow Statement
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General Ledgers
These reports help you make informed decisions, plan costs effectively, and monitor your company’s financial health.
4.
Payroll Management
We manage your company’s monthly payroll, handling everything from pay slip generation to gratuity calculations and detailed payroll reports, ensuring accuracy and compliance.
5.
Audit Preparation & IFRS Compliance
We assist with your annual audit, ensuring all financial records are accurate and fully compliant with International Financial Reporting Standards (IFRS).
The Ultimate Guide to Business Accounting
Services in Dubai
Accurate financial records are the backbone of every successful business.
At PartnerWize, we help companies maintain compliant, up-to-date, and reliable accounting systems.
From day-to-day bookkeeping to payroll, financial reporting, and audits, our experts ensure your business stays financially healthy and fully aligned with UAE accounting standards.
UAE follows its own set of Generally Accepted Accounting Principles (GAAP), maintained by the International Federation of Accountants (IFAC).
These standards apply to government entities and state-owned companies, ensuring transparency and consistency in financial reporting. Key accounting principles in UAE include:
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Income Recognition – Income is recorded when it is realised or realisable.
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Expense Recognition – Expenses are recognised when incurred.
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Revenue Recognition – Revenue is recognised when it is earned.
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Asset & Liability Measurement – Most assets and liabilities are measured at fair value, while financial instruments and leases follow amortised cost using the effective interest method.
Running a business in Dubai can be exciting, but compliance with these accounting principles is crucial to avoid penalties and maintain financial health.
How to Keep Your Business Accounting Records in Order
Many businesses attempt to handle accounting internally to save costs. However, this often leads to errors, missed deadlines, and unnecessary stress. Instead, you can choose one of the following approaches:
1. Hiring In-House Accounting Staff
This option involves recruiting full-time accounting professionals to manage your books, reconcile accounts, and prepare reports. While effective, it comes with additional expenses such as salaries, benefits, recruitment, and training.
2. Outsourcing Accounting Services
Outsourcing to a professional firm like PartnerWize offers a cost-effective and efficient alternative to hiring permanent employees. We handle all your accounting operations while you focus on growing your business.
Benefits of Outsourcing Accounting
Services in Dubai
Are Your Business Finances Fully Compliant and Accurate?
Are your financial records precise? Do your accounting practices comply with UAE standards? Are your VAT and other tax filings correct?
Many businesses in Dubai face challenges with accounting and bookkeeping. Inaccurate records or non-compliance can lead to penalties, fines, or even suspension of your business license.
The Solution: Outsourcing your accounting and bookkeeping.
Outsourcing involves delegating some or all accounting functions to a professional third-party firm. These services can include bookkeeping, tax preparation, financial reporting, payroll management, and budgeting.
Whether you need full-service accounting or support for specific tasks, outsourcing offers a flexible and cost-effective solution.
PartnerWize gives you access to industry experts and cutting-edge technology, ensuring your financial operations run smoothly and in compliance with UAE laws.
Key benefits include:
Cost-Effectiveness
Hiring full-time accounting staff in Dubai can be costly, with expenses such as salaries, benefits, and training. Outsourcing eliminates these overheads, offering a scalable solution that fits your budget.
Access to Experts
Outsourced firms employ certified accountants with specialized industry knowledge. They ensure accurate financial reporting, efficient tax planning, and compliance with UAE regulations.
Time-Saving
Accounting is complex and time-intensive. Outsourcing allows you to focus on core business activities while professionals handle the numbers.
Compliance & Risk Reduction
Stay aligned with VAT, corporate tax, and financial regulations without the stress of audits or penalties. Professional firms keep your accounts updated and compliant.
Advanced Technology
Outsourced firms leverage cloud-based accounting systems and automation tools, giving you access to real-time data and enhanced security, without investing in costly software.
