Glimpse at different types of accounting in Dubai



 If an entrepreneur is running a business in Dubai then accounting functions can’t be ignored. Accounting is considered as a lifesaver for a business in both the situations if he is building an in-house accounting team or if an entrepreneur is outsourcing the process to chartered accountant firms in Dubai.

Following are the various types of accounting in Dubai :

1. Financial Accounting: It is basically an accounting process that is mostly done by accountants. Financial Accounting is a process of keeping a track of a company’s financial transactions. All the financial reports are produced by the accountants by using specific procedures by local or globally accepted accounting standards.

2. Accounting Management: Managers use accounting information in decision making and also assist in the management . They also use statistical tools and techniques to present data that help in decision-making.

3. Tax Accounting: Tax Accounting refers to determining a company’s tax liabilities such as how much they should pay and the reason for paying.

4. Cost Accounting: Cost Accounting is a process to analyze all of the costs associated with producing an output such as input cost, fixed cost and other related expenses. This analysis helps an entrepreneur to make better decisions about pricing, spending, and inventory.

5. Forensic Accounting: It is an accounting process that helps in analyzing financial evidence to detect fraud and embezzlement in a business firm in Dubai.

Therefore, these are some of the most important accounting terms that are used by the different firms in Dubai.  TGS Koya is one of the best accounting and auditing Firms in Dubai with more than 15 years of experience.

Comments

  1. Anonymous16 August 2022 at 05:49

    For those who want to know about accounting services in Dubai and various types of accounting in Dubai. This blog provides complete information on it.

    ReplyDelete

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