A sneak peak into different types of accounting in Dubai


 

Accounting functions can’t be ignored if an entrepreneur is running a small business in Dubai. Accounting is considered as a lifesaver for a business in both the cases of building an in-house accounting team or if an entrepreneur is outsourcing the process to accounting firms in Dubai. An Entrepreneur cannot ignore accounts in any case as accountants show the mirror to the entrepreneur and the term accounting informs us whether our company is making a profit or running in loss, also helps them to evaluate the value of the company’s assets and liabilities, etc.

Mentioning below the different types of accounting in Dubai :

  • Financial Accounting: Financial Accounting refers to an accounting process that is mostly done by accountants. A process of keeping a track of a company’s financial transactions is known as Financial Accounting. Financial Reports are produced by the accountants by using specific procedures by local or globally accepted accounting standards.
  • Accounting Management: As the accountants track the company’s financial position and make reports so the Management accounting shares close similarities with financial accounting. But in Management Accounting the reports which are created are to be used internally. Management accountants also use statistical tools and techniques to present data that may help in decision-making.
  • Tax Accounting: The process of determining a company’s tax liabilities such as how much they should pay and the reason for paying is known as Tax Accounting.
  • Cost Accounting: The process of analyzing all of the costs associated with producing an output such as input cost, fixed cost, etc is known as Cost Accounting. This type of analysis helps an entrepreneur to make better decisions about pricing, spending, and inventory. In this type of accounting process, the accountants will first evaluate the costs and then they will compare them with the actual cost.
  • Forensic Accounting: Forensic Accounting is an accounting that helps in analyzing financial evidence to detect fraud and embezzlement in a business firm in Dubai.

                  Hence, These are some important accounting terms that are mostly used by the different firms in Dubai.  TGS Koya is one of the most experienced chartered accountant firms in Dubai with more than 15 years of providing amazing service. Apart from providing accounting services in Dubai, TGS Koya also helps companies with VAT registration, VAT return filing.

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