When starting a commercial project or set up a business in Dubai, it is essential to learn to keep the business accounts. This will not only allow you to have greater and better control of almost all the accounting aspects, but also helps to save and avoid tax events before tax inspections.
Although the laws of each country vary, virtually all share tax determinations and it is applied in Dubai as well. That is why it is necessary to keep the accounting of a business properly, as it allows you to follow the trail and verify all the purchases and sales made in an orderly and legal manner, and also to project the future growth of the business, as well as its categorization from the income and investment.
This point is of vital importance since in most countries the businesses are located in certain categories based on their level of income. This determines the relevant taxes as well as exemptions and tax benefits. Of course, a business should comply with the law and it is proven and verified with proper business accounting system.
Each company or business determines its own accounting system based on its availability and practicality and the ideal option is to let the accounting system remain in charge of a professional individual or firm and the finest accounting firm in Dubai.
There are those who prefer to do it on paper, with notebooks and folders, and those who choose to use a computer system, with specially designed software. In the first case, it is convenient to carry separate notebooks for the different areas, or categorize the contents in well-marked colored folders. A computer system simplifies this whole procedure and you can find one to your measure with great facility on internet since some are free.
Once you have registered the business, with everything and your billing is ready, you can take the accounting very easily. Firstly, it is necessary to have a control of all the sales of the day to know the daily income. Then, keep track of all expenses such as purchases to suppliers, rents, consumption of services and others as this will go in the expense part. At the end of each day or every week, you can take stock. Thus, on the last business day of the month, you can make the general balance between income and expenses, keeping records of invoices or tickets issued, so you can easily contrast them if out of necessity.
Other details that you can carry in the accounting of your business is the inventory of products and inputs. To do this, you can follow the model of income and expenditure of money.