Filing of VAT returns is extremely important for a business entity in the UAE. It is one of the must-do activities that businesses cannot simply afford to miss in the land. The VAT return is an official document pertaining to VAT or Value-Added Tax that is to be submitted with the Federal Tax Authority. As per taxation laws in UAE, the VAT return has to be submitted every quarter by registered business enterprises and taxable persons and that too before the due date.
Typically the VAT return document would explicitly display the tax due output and the tax recoverable input and the net VAT applicable. As per the existing laws, the document can be filed by a taxable person or a person appointed or authorized by the taxable person. This means that valid and registered Legal agents or Tax representatives can also file the VAT return on your behalf. Since it is legal to hire the services of an authorised tax agent, is it not better to go ahead with a firm that offers VAT return services at affordable prices and also has the know-how to compile relevant documents and information for VAT return filing as per the VAT laws of UAE?
Benefits of Hiring a VAT Return Service Provider
The biggest benefit of outsourcing vat return services to an experienced service provider is that your business can take advantage of the knowledge base of the service provider. Since providing assistance with VAT return is their core area of work and specialization, they would be informed thoroughly about the latest laws pertaining to VAT and filing returns. Trying to file the returns on your own or using the services of an inexperienced service provider means risking a lot due to lack of requisite information and hands-on experience.
The second benefit of outsourcing the work to an authorized person is that it will help save your time and effort which you can utilize to grow your business. Let people who specialize in VAT return services do the return compilation and filing on your behalf while you focus on your core areas of work.
Another advantage is that these representatives are well aware of the due dates and other required guidelines for VAT return submission. Hence they will work in a way – either visit your office physically or work remotely – that the deadlines are always met and the correct documents and supporting are submitted thereby preventing you from paying hefty penalties and fines that you would have to incur in case you were to file the returns on your own without proper knowledge about the complex process of VAT return filing.
All in all, it is a win-win situation when you entrust the work of VAT return filing to an experienced and qualified professional offering affordable and comprehensive VAT return services. The leading service providers or VAT agents would have a robust setup equipped with the latest and advanced hardware and software to support multiple clients with their VAT return filings. They would ensure faster and systematic processes and procedures to compile and file the returns on time while validating the records and data provided by the business entities for compliance with the rules of the Federal Tax Authority. Professional VAT return service providers ensure that their clients are always kept up-to-date on the status of the return filing through extensive reports and customized formats.
The biggest plus point is that it is a cost-effective method of having your VAT returns filed on time. The best in the business would but obviously hire thoroughly qualified taxation specialists and accountants to do the work – affording such experts on the payroll may not be practically possible for all kinds of business entities.
Good accounting can stimulate the growth of a company in ways more than one. An amalgamation of big-picture strategic thinking with detailed financial expertise can lead any organization, big or small, to achieve a steady rate of growth. Therefore, it is essential to hire an accounting firm, which is at the top of its game. Read on to know more about how a competent accountant can contribute to the growth of your company and how you should select one!
Benefits of Outsourcing Accounts and Bookkeeping Services
Ensure Productivity of the Company Owners: The owners of the company can concentrate on growing their company rather than being involved in maintaining the account books and keeping a track of the financial expenses. They can focus on increasing their company’s manufacturing capacity, hire better, more proficient man-power, using better machinery for better finished goods and ability to generate new idea, which will fruitful for company’s growth and prosperity.
Set the Financial Goals for Your Company: The virtual accounting services knowledge is solely fixated on bookkeeping best practices to ensure consistency and proficiency of the business process. These process, arrangements and strategies will depend on the special needs of the business with compilation on an inside CPM (Corporate performance management), containing point by point guidelines for the short and long term budgetary objectives of the business.
Use of up to date and latest Software Programs: To impact your virtual bookkeeping services to encounter strong, error-free, paradox-free and broad scoped numerous transactions, using the latest version of a competent accounting software can give you an upper-hand in your business/organization.
Find Key Performance Indicators in Your Business: Identifying and monitoring the key performance indicators of KPIs that affect your business in a great way can be really beneficial for the business and your accountant can help you with it. For instance, if you are in retail you could use inventory turnover; in construction business the cost of the job, in manufacturing reviewing the direct costs can lead you to find out opportunities that you should focus more on. You accounting service provider would be able to help you out with identifying these indicators and consequently you can work on them.
Selecting the Service Provider
Once you are convinced that you need a specialized company to handle your bookkeeping and accounting needs, you need to following:
The first step is to check the past record of the firm, which is usually done by relying on the customer’s reviews. The same gives you a greater insight of the software and program they use for accounts and book keeping, efficiency of the staff members, their capacity to meet the deadlines and most importantly, their sincerity toward work. The reviews from previous customers of a company also help in finding about the accuracy of their service because they are true and unbiased.
Another important deciding factor is the qualifications of the accountants of any firm. The professionals must possess the required certifications, which would ensure that they are capable enough of doing their job well.
The most essential point is the budget that you have set for these services. The accounting firm you intend to hire must offer its services at the budget set by you.
Every business owner wants his organization to flourish and hiring a top-rated accounting firm can definitely drive your business toward fast-paced growth. If you are looking for Accounting and Bookkeeping Services in Dubai, get in touch with Authentic Accounting and Bookkeeping LLC, which is a renowned name in the field.
Business is basically the rendering of goods and services, to make profit. Long gone are those days, when a service or good was exchanged in lieu of another good or service! Every business now finds its roots in monetary terms.
If finance has become such an integral part of human lives, then it is absolutely vital to have a proper system of accounting and book keeping. If a business owner wants a strong accounting system, then he has two options. Either he can go for an in-house accounting team or simply outsource the whole accounting operations, to a firm that specializes in handling accounts to get the best possible outcome.
The process of outsourcing, in layman terms is, sending some of the business functions, outside the office to the specialists, who are well versed in handling particular functions. Nowadays, most of the big as well as small firms are turning towards outsourcing as a medium to make their business grow, to cut down on costs and to harvest the best output from the best in the business professionals.
To have an in-house accounting system, proves much more expensive than the outsourcing one because as a company owner, one need to formulate all the policies, which are a part of a company’s framework such as retirement plans, pension plans etc. Secondly, a constant inspection of their work needs to be done to ensure that everything is done in a proper manner.
Outsourcing- A Better Option
When you decide to outsource your accounting solutions, a lot of your tension, regarding the finances is out and the responsibility of catering the best services to the clients rests with the company. Outsourcing the accounting process, just for having a hassle free service ensures that it an enhancer of the worry-less approach in business.
This is certainly a time-saving technique, when there is no burden on you to handle accounts, you can focus on the more core things of your business like the development of the parent product, expansion of business etc.
If a company is equipped with adept accounting personnel, it will minimize the chances of accounting hiccups because a failure to get in terms with new legislations will induce an unnecessary fine and thus cutting-short the profit margins. If a nice playing around of the accounting tricks is done, it can save you from huge amount of taxes.
An associate accountant can act as a valuable asset for your business by providing objective input from somebody who is very well aware of your business, however doesn’t have the same emotional attachment. By helping you to make the correct judgments, he will assist you to grow your business. Accountants’ posses a deep insight to most of the financial issues that can suddenly spring out from thin air and can drain the finances, just as a leech would drain out the blood. So by fixing such loopholes, problems could be taken care of, before they become monstrous and start haunting your pockets.
What you need to keep in mind?
Outsourcing, no doubt has become a ladder, using which a business can fulfill its wish of the rapid growth. But before exploring the ocean of outsourcing, one has to keep certain things in mind.
The competency of an outsourcing firm- One has to be doubly sure about the competency of a firm, to which the work is to be outsourced.
Reputation Check- The reputation of a firm can be ensured by checking with the other clients that what words are spread about it in the business circuit.
Cost factor- It is perhaps the most important factor, which is to be taken care of with outsourcing is that how much load it would put on your pocket to get a certain work to be outsourced.
The Last Entry
After some intense brainstorming on accounting outsourcing, the conclusion drawn is much in favor of outsourcing than against it. If you are looking for an accounting outsourcing firm in Dubai, then Authentic Accounting and Bookkeeping is a one-stop solution provider for all your accounting ins and outs.