Starting a business is everyone’s dream nowadays as people struggle to diversify their sources of income. For some, it is a burning passion for others who are seeking a way out of their low pay and highly stressful jobs. Starting and running a business is easier said than done with lots of people struggling to come up with enough capital to complement their ambition. If you run a business on a shoestring budget, you are most likely looking for ways to cut on costs in order to boost your profit margins. A lot of money can be saved when you find accounting firms in Dubai.
If you possess proper accounting and bookkeeping skills due to an accounting background, then you are well placed for more savings since you do not need to hire someone or outsource these services. If there are a knowledge and experience gap, however, your best bet would be to seek the services of a qualified and experienced accountant. Accountants are useful in three phases of a business which are; the startup, regular operations, and business development or growth. If you are not sold on the idea of having an accountant around, here are a number of reasons to reconsider.
How They Help During the Starting Process:
●They advise you on the best business structure to establish depending on the nature of your business. This can be an LLC, corporation partnership, or a sole proprietorship
●They help you set your financials straight on your business plan
●They suggest the proper accounting software to invest in for best financial analysis and financial reporting
●They are best placed to advise on the type of business bank account to set up
●They help keep you on the right side of the law by observing proper accounting practices
●They help prevent the business from losing track of day to day expenses
●An accountant can explain the need to separate personal from business expenses
How They Help During the Day to Day Business Operations:
●Intervenes to make sure the IRS classifies independent contractors differently from your employees
●An accountant is helpful in explaining your financial statements to you so that you can learn goings on of your business
●They handle payment and payroll procedures of the company
●They help figure out the amounts of tax to be paid yearly
●Advice when and where to send 1099 and w2 forms
●They close your financial books and create annual reports
●They help compile and submit your tax returns to the IRS
How They Help During the Business Growth Stage:
●Help you determine potential growth areas
●Offer insights on whether to lease or purchase property
●They work to get the IRS off your back by preventing an audit
●They help in audit preparations and help guide through the process
●They are best placed to produce financial forecasts that will inform your business decisions
●They help you create a business budget that’s good enough to support your business goals
Accounting is also beneficial in helping you sell your business. Hence, you need to find accounting firms in Dubai that can assist you with all things related to numbers and more.
If you are looking for recommendations on Accounting Firms In the UAE, the author of this article suggests Aviaan Accounting.