Types Of Accounting Firms Your Business May Need
Accounting firms have an essential part to play in business settlement. They handle important accounting and financial tasks, regardless of the size of the business. Management of taxes, acquisitions and mergers, forensic accounting are a few essential functions that accounting firms perform.
As the UAE’s corporate circle expands to accommodate growing businesses the importance of accounting firms and accounting policies have become more prominent. Hiring specialized accounting firms performing the right function, according to the financial needs of a specific business or service providers has become critical.
Once the core financial requirements have been recognized, it critical to opt for the best accounting firms in Dubai for your organization. The following article highlights the different types of accounting firms and what tasks they can perform for your business.
Types Of Accounting Firms
Just like other service providers specializing in different genres, specialized accounting firms also have expertise in various disciplines. Depending upon the needs of your organization, the choice of the right accounting firm is more natural to make in the presence of the best ones in Dubai. Read on to know the different types of accounting firms in Dubai:
Bookkeeping
An accounting firm that provides these services is usually a small company that has only a few employees. It is a relatively small company that works on minor accounting tasks for firms.
These small-sized firms help clients with basic accounting. The accounts are then handed over to the CPA (Certified Public Accountants) firms for further, more complicated tasks. Services that a bookkeeping company may provide include:
- Accounts receivable
- Accounts payable
- Preparation of financial statement
- Account write-ups
- Reconciliation of banks and credit sales
- Tax preparation for small businesses
- Payroll handling and preparation of loan packages
Forensic Accounting
By implementing accounting skills and legal policies, forensic accounting firms assist in uncovering fraudulent and illegal activities. Although they work with federal and law agencies, private firms may also hire them. In case employers file a case against their employees, speculating fraudulent activity, forensic accountant are hired to look into the matter.
Along with the determination of the trails, they also testify in court and present evidence of any ill deed or practices performed by the employees.
Tax Accounting Firms
Catering to companies of all sizes, a tax accounting firm has specialties in the calculation of taxes. Tax accounting firms need to ensure that the employees they hire are CPAs and should be up to date with UAE’s tax laws both past and current.
Employers often require their accountants to stay up to date with the tax laws, accounting software and any tax planning policies and strategies being implemented.
Public Accounting Firms
These firms work in the domains of audit, management and consultation of taxes and hire CPAs (Certified Public Accountants) for the work. Accounting tasks are completed by public accounting (the big 4) and other firms depending on where you’re located. Local and regional accounting firms can handle audits and accounting tasks for their clients.
Take Away!
Whether you’re a big firm or a small one, you’re short on time! Considering the time constricted needs of organizations today, accounting firms are working to bring different services under one roof. Opt for the best accounting firms in Dubai, and they can offer you comprehensive accounting services for your business! Save time and resources with the best firms in the UAE!
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