Spectrum

  Audit Firms in Dubai Accounting firms offer a range of services that assist business owners in maintaining financial organisation, tax compliance, and readiness for company growth. Accounting companies should be considered important business partners rather than just an outsourced cost for accounting. Business owners should interview audit and accounting firms to identify which firm is the best match for their specific needs because not all  auditing firms in Sharjah and Dubai   offer every type of service. If you want one of the leading audit firms in UAE to take care of all your accounting needs, contact Spectrum Accounts today. Services Provided By Audit Firms in Dubai Accounting Services Like bookkeeping, accounting entails identifying and documenting every financial transaction an organisation does. Bookkeeping stops with recording, but accounting interprets these records to provide a financial statement for the firm. This is the main difference between bookkeeping...

  The UAE released the Economic Substance Regulations (Cabinet of Ministers Resolution No. 31 of 2019), also known as the “Regulations,” on April 30, 2019, as part of its commitment to the OECD Inclusive Framework and in response to the European Union Code of Conduct Group on Business Taxation’s assessment of the UAE’s tax framework. The Regulations are applicable for fiscal years beginning on or after January 1, 2019. In addition to completing and submitting an Economic Substance Report to the same Regulatory Authority within 12 months of the end of their fiscal year, organisations subject to the Regulations are obliged to submit an annual Notification form to their Regulatory Authority (e.g. 31 December 2020 for entities with a financial year ending 31 December 2019). For any financial period in which it did not generate revenue from a Relevant Activity or in which it satisfies the requirements for exemption, a company is not required to satisfy the Economic Substance Test and pr...

  Services Provided by Audit Firms in the UAE Bookkeeping Services: A basic yet crucial financial service typically offered by accounting firms is bookkeeping. It requires documenting every internal transaction as well as doing company appraisal. It is crucial to determine which account each transaction affects because the organisation may have numerous accounts. The accountant or bookkeeper assesses these transactions while maintaining records. Every organisation needs bookkeeping to function, as none can succeed without keeping track of all financial transactions. However, not all bookkeepers are required to be certified public accountants. Bookkeeping services in Dubai Accounting Services: Like bookkeeping, accounting entails identifying and documenting every financial transaction an organisation makes. Bookkeeping ends with recording, whereas accounting interprets these records to provide a financial statement for the business. This is the main difference between bookkeeping an...