XERO Accounting Software Dubai

XERO Accounting Software Dubai UAE

XERO Accounting for your business in Dubai, UAE

We have been awarded XERO Gold Champion Partner status by XERO; the world’s leading cloud accounting software for SMEs.

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Xero Dubai – Taking care of all your accounting needs

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In the last few years, the way our workplaces operate has undergone a drastic transformation. With work from home or remote working becoming a widely accepted norm, and businesses across the globe going geographically agnostic, things in the physical workspaces have had to adapt to the changing dynamics.

This has enforced offices to become anytime, anywhere ready in their approach – both in terms of workforce and infrastructure. This changing environment has brought about rising demand for cloud-based software systems that can be accessed seamlessly irrespective of time zones and geographical boundaries.

One such software that has gained immense popularity in the accountancy world is Xero, an accounting platform known for its safety, ease of use, and accessibility. So, if you need to streamline your accounting needs in Dubai, let Xero Dubai handle the requirements while you concentrate on your business. 

XERO

So, what is Xero?

Xero is an extremely useful and cost-effective tool, specially designed for small and medium-sized businesses. It helps companies with manpower constraints to get accounting work done through automation and AI-based inputs. As Xero is a cost-effective solution, it comes in handy for businesses that might not have the economic strength to have a separate accounting department.

It also makes handling accounting rather easy because of its cloud-based nature, which means that organizations can work with accounting professionals from anywhere. Xero implementation gives businesses a lot of freedom and independence to handle their accounting needs without having to spend a bomb.

Benefits of Xero Implementation

Any software is developed to make the workflow easier, and that’s exactly what Xero does.

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Unlimited creation & sending of invoices

It is rather difficult to keep a check of invoices from various platforms. Connecting Xero with your account allows you to categorize and import your latest bank, credit, and PayPal transactions.

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Automates manual tasks

Xero automates several manual tasks like data entry that require long man hours. With Xero, you can work smarter and faster without having to spend time and effort on time-consuming tasks.

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Auto updates, for free

Xero upgrades itself at regular intervals so that you don’t have to worry about keeping the software in sync with the latest accounting trends.

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Xero Implementation – Easy, simple, and effective

As software that has been developed to better streamline accounting work, Xero implementation is just what you expect it to be – easy, simple, and effective.

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Highest level of security

Security is one of the biggest concerns for businesses in today’s time when online threats are becoming more and more common. Xero Software Dubai provides bank-level security to ensure that your important data is safe and secure at all times.

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Collaborate with Xero team Dubai

Xero makes it easy to collaborate with service providers so that your accountants and bookkeepers can view your accounts and provide real-time inputs. It also gives you the option of controlling each team member’s access.

Why collaborate with a Xero Dubai service provider

Accounting is a serious business and small and medium-sized businesses often find themselves struggling to keep their finances in place in the wake of limited manpower. As Dubai makes hefty inroads into the startup and entrepreneurship environment, there are several such small and medium-sized businesses looking for accounting and bookkeeping support, which is what a Xero UAE service provider can deliver.

These are firms that have partnered with Xero and hence have the rights, knowledge, expertise, and extended support to operate the software. Such firms have the right wherewithal to handle accounts of any size and provide assured, safe, and quick services so that you don’t have to worry about your accounts. It is always better to let an expert handle your accounts; this is where all the money lies.

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How it’s works

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Provide Info

Xero implementation begins with providing the required information and filling up the form. This allows your accounting partner to understand your business and chart out a plan

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Actual implementation

Implementing the software is the next step which requires a couple of weeks to incorporate your unique business requirements

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Training

This step is all about finding your feet by using the powerful features that Xero provides. Getting familiar with them so that you can make the most of them

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Set & support

Your collaborator will provide extended and ongoing support to help you sail through any issues that you might face

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Xero is a cloud-based accounting software which supports accountants and bookkeepers to collaborate with their small business clients via online.

 This accounting software provides number of features like paying bills, claiming expenses, accepting payments, capturing data, reporting and many more. Xero is also one of the fastest growing SaaS companies globally.  

Furthermore, it also gives you accessibility to real-time account information and business tools from your own device. Which enables you to make decisions faster.

Xero for Accountants and Bookkeepers – Xero allows you to Collaborate with the clients, automate the tasks and access client record any time making the work easier and faster.

XERO Data Security

The data that is shared with Xero accounting software will be 100% secured even if your device is lost by any chance. Data security is ensured via the accounting consultants in Kloudac.

Accounting Firms Recognized by Xero in Dubai, UAE

Xero and Kloudac is in partnership since 2017. Kloudac is a fast-growing accounting firm in Dubai that provides Bookkeeping, VAT consultancy, and many more facilities by giving hand to hand support to SMEs.

Xero being one of the top recognized accounting software globally, has given approval and recognition for Kloudac accounting firm in Dubai, UAE.

Kloudac has won the gold champion partnership with Xero.

Certifications

  • Kloudac has won the certification of Xero Payroll which certifies that it has the experience and knowledge of setting up payroll proficiently and running the payroll process smoothly.
  • It has also won the Xero advisor certification which ensures that Kloudac has a solid understanding and realistic knowledge of how to use Xero with clients.
XERO Accounting Software KLOUDAC Dubai
KLOUDAC is a XERO Gold Champion Partner

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VAT Related Services in Dubai, UAE

Value Added Tax (VAT) is an indirect tax which was introduced in 1st of January 2018 at a rate of 5% in Dubai, UAE. And it has an involvement on the individuals and businesses throughout the UAE.

The Federal Tax Authority

Furthermore, The Federal Tax Authority (FTA) manages the administration and collection of income taxes and other fines. It also distributes tax-generated revenues and applying the expense related methodology in the UAE.

VAT Consultancy in Dubai, UAE

The impact of vat will have a significant effect on the productivity of a businesses in Dubai UAE, and there is a risk when the complexity of the transactions increases the taxpayers find it more difficult to fulfill their tax payments on time.

This complication can be overcome by the VAT consultancy services provided by the VAT consultants in Dubai, UAE.

Kloudac in one such recognized Accounting firm in Dubai consisting leading, UAE which provides VAT consultancy for the companies or Organizations.

VAT Registration Services

*Kloudac guides step-by-step on registration process. visit the link Kloudac.

VAT Registration is a procedure where a person registers to the FTA (Federal Tax Authority).

To register with the FTA, a person should satisfy a set of conditions. If the person satisfies those conditions, that person could register to the FTA and then receives a TRN (Tax Registration Number) issued by the FTA in UAE. A person who owns a TRN has the permission to collect and remit tax in UAE.

Moreover, there are 2 types of VAT registrations in UAE. They are Mandatory VAT registration and Voluntary VAT registration.

Mandatory VAT Registration is when a person who make supplies or sales of more than AED 375,000 in the past 12 months should mandatorily do VAT registration (in Dubai, UAE).

Apart from that, Voluntary VAT Registration is when a person makes supplies or sales which exceeds AED 187,500 but less than AED 375,000 for the past 12 months. That person can do voluntary VAT registration in Dubai, UAE (It is optional).

Registration Process for VAT in Dubai, UAE

Registration process for VAT via FTA is an easy task. Since the whole process is done online.

Step 1: Create an account in FTA.

Step 2: Log in to e-services account in FTA.

Step 2: Continue the registration process by submitting the required documents. Some of the required documents are stated below:

  • Details of the bank
  • Company Trade License
  • Certificate of Incorporation
  • Expected turnover in the next 30 days.
  • Documents for the authorization process

Step 3: Finish Registration

VAT Return Filing Services

All the tax registrants should submit details of supplies and purchases to the Federal Tax Authority (FTA) in Dubai, UAE.

VAT Return documenting in the UAE relies upon the expense time frames allocated to your business by FTA upon VAT Registration.

Moreover, registrants’ tax dates are determined by the FTA during the approval stages of VAT registration. The period can be monthly or quarterly as determined by the authority. VAT Return filing process is more convenient since it is an online process. During this process, registrant is required to submit only the most relevant document and does not require to submit tax invoices. But should maintain all the documents related to the business in an organized manner (in order to submit them to FTA if required). 

VAT Accounting

Kloudac is an accounting firm in Dubai, UAE which manages and give solutions for VAT Accountancy issues faced by SMEs.

VAT consultancy is a mandatory for growing organizations. Kloudac assists you to maintain Vat Records and footpath all the details related to VAT payment.

We also assist you regarding unnecessary tax payments and manage all your tax related issues.

Kloudac also furnish you with:

Audit guide Dubai Free Zone

An Important Audit Guide for Companies Dubai Free Zones

Most of the entrepreneurs in Dubai start-up their companies in Dubai free zone to take the advantage of unrivaled benefits such as fast permits, complete foreign ownership, tax benefits, and low-cost incorporation. Investors should, however, take care not to forget the necessary criteria when enjoying the various benefits. Since many free zones have made it mandatory for their approved businesses to file annual reports.

Conducting audit via approved auditors in UAE

Auditing can be conducted via recognized and approved auditors in Dubai, UAE. Kloudac is a highly reputed and recognized accounting firm in Dubai, UAE which helps with internal audit services, external audit services as well as forensic audit services. Companies who fail to provide this requirement on time will have to face difficulties and penalties such as the loss of their trade license.

Free zones in Dubai who consider auditing to be a legitimate obligation

Some of the reputed free zones in Dubai, UAE require auditing as an obligatory function. Some of the free zones are,

Dubai Multi Commodities Centre – DMCC
Dubai Airport Free Zone – DAFZ
Dubai International Financial Centre – DIFC
Jebel Ali Free Zone – JAFZA

The aim of this article is to provide you with information on auditing in Dubai free zones.

Book-keeping in Dubai free zones

The aim of start-up companies is to maximize their profit by evaluating business performances. That is the place where accounting and book-keeping plays a major role for the organization’s success.

Now we will draw our attention to financial record maintenance / book-keeping services in Dubai free zones for the audit purposes.

Companies in the UAE are required to keep financial reports for at least five years. This condition has been specified in several free zones’ implementing regulations. But JAFZA, one of the free zones in Dubai, has stated that the Free Zones companies (FZCO) and Free Zone Establishments (FZE) must maintain financial documents for a minimum of six years.

The books of accounts must be held at the registered office or another venue decided upon by the Board of Directors. And at the time of the audit, authorized auditors in Dubai should have access to the financial statements. Meanwhile companies must also hold books of accounts in accordance with UAE tax rules. Furthermore, companies working in Dubai free zones will request advice from the best audit firms in the region. One such audit firm is Kloudac.

Failure to submit audit reports,

The financial statements of businesses registered in the Free Zones must be audited every year. Failure to comply with the regulation by free zone companies in Dubai can result in severe penalties.

Non-compliance can impact the renewal of a trade license because most free zones require regular audit reports to be submitted at the time of renewal. Furthermore, Companies must employ a certified auditing company.

Kloudac as an approved auditor in Dubai Free Zone

It is a must for the companies to maintain financial records for minimum of five years and get them audited by approved auditors in Dubai, UAE. Since, Companies authorized by and working in Dubai free zones must have their accounts audited on time.

Kloudac is one such authorized auditing firm in Dubai, UAE.

Our internal audit services provide:

  • Setting up Internal strategical and Tactical Audit Function
  • Providing support to existing Internal Audit Function
  • Internal Audit Quality Assurance Reviews

and many more. Whereas external audit services provide:

  • Financial statement Audits
  • Advice on the application accounting policies, accounting, and auditing standards
  • Accounting System and Control reviews

These are some of the auditing services provided by Kloudac. Having 15 years of experience and 500+ customers were handles over the period. Kloudac as a leading audit firm in Dubai, UAE will help you with dealing audit issues in Dubai Free zone.

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Anti money laundering Act UAE , DDL 31st March 2021

Deadline for Registration

You are required to register on goAML system before 31st of March 2021.

Why is it necessary to register on goAML?

To file a Suspicious Transactions Document, it is compulsory to first register on the goAML system.

Failure to Register

To file a Suspicious Transactions Document, it is compulsory to first register on the goAML system. Failure to do so would result in a failure to establish procedures for detecting fraudulent transactions.

Furthermore, under UAE policy, failure to disclose evidence of money laundering or terrorism financing is a criminal offense. Resulting administrative penalties for each offense which includes, but are not limited to, a financial penalty of AED 50,000 and a limit of AED 5,000,000 for each violation.

Instruction from the MOE

MOE (Ministry Of Economy) has provided instructions for the goAML pre-registration and registration processes.

The 04 Main Categories Which the Law is Valid For:

There are 04 main categories that the law of UAE is applicable for Businesses. They are: brokers and real estate agents, dealers of precious metals and gemstones, auditors, and corporate service providers.

How Kloudac Helps You?

Kloudac basically helps you with everything. It assists you with the investigation of fraud which prevents financial loss, compliance and regulatory violations and even criminal activities.

Your company and your business would be secure and protected from regulatory fines levied by UAE policies by avoiding fraud transaction mechanisms.

Accounting and Bookkeeping

Importance of Accounting and Bookkeeping Dubai

“SMEs have always been the backbone of the UAE economy,” says Mohsin Aikal, head of liabilities, payments & bancassurance at Noor Bank. The main factor which determines Small and medium enterprises (SMEs) are the staff headcount and whether they are either turnover or balance sheet total.

According to a strategy provided by SMEs in Dubai, it states that SMEs contribute approximately 50 percent of Dubai’s gross domestic product while it accounts for 52 per cent of the total workforce in the UAE. Thus, many audit firms in Dubai successfully address audit issues, provide quality financial reporting, and stand to achieve international credibility.

Why you need a VAT consultancy in UAE?

The UAE Minister of State for Monetary Affairs introduced Valued Added Tax (VAT) in Dubai from January 1,  2018 at a standard rate of 5%.

A traditionally TAX-FREE territory carries with it a plethora of benefits as well as a slew of difficulties. The Ministry of Finance mandates a 5% VAT on a variety of transactions for varies goods and services, as well as on the employment of public facilities and utilities used.

Dubai, as a part of UAE, is going to be involved in establishing a legal mechanism for the tax, in collaboration with other Gulf Cooperation Council (GCC) countries, to ensure that the levy supports and diversifies the local economy as expected. This is where your company requires a Dubai VAT consultant.   With the help of a VAT specialist in Dubai, make sure the company is prepared for the legislation’s economic effect.

What are the 5 affordable accounting Software in UAE?

  1. Xero

Xero is a leading provider of accounting and deployment services. It is a cloud-based accounting platform that enables companies to make real-time adjustments, monitor, and updates to their accounts. The Xero app is synchronized so that it is constantly updated, giving accountants immediate access to a company’s financial statements. Xero is a completely free software tool.

  • Wave

Wave is a software used to manage income and expenses. It keeps track of everything and integrate with other Wave items like accounting, payments, and invoicing. It is a software which is automated into one perfect bundle. It also provides a 30-day free trial.

Quickbook is an accounting software build for small businesses. It tracks expenses, customize invoices, keep track and manage sales tax, track inventory, run reports and many more features are available. It also provides a 30-day free trial.

Tally is a powerful business management software build for Small and medium enterprises (SMEs). Through Tally your business data is safe and secure. Report maintenance, data entry and recording are some features of Tally software. Tally is a 30-day free trial.

Zoho Book is an online accounting software built for businesses. It manages finances, automates enterprise workflows, and facilitates cross-departmental coordination. Zoho Book allows collaborations where your colleagues can access your account, view reports, or manage the account. It is an integrated platform which has built numerous apps to help customers manage their business. Zoho is a 14-day free trial accounting software.

Why choose Kloudac?

Kloudac is a 15-year experienced accounting firm in UAE. It provides wide range of accounting services in Dubai for Small and medium enterprises in order to ensure your company meets an accounting software to assist you manage your company with VAT consultancy, Sales Invoice Processing, Expense Bills Processing, Monthly Finance Meetings, Audit assurance, Payroll Processing, Business Consultancy and many more.

Kloudac accounting firms in Dubai provide accounting services not only for large firms but also for small businesses in Dubai which release you from sparing your valuable time on account and finance handling. Therefore, you have the ability to focus on your main business without having to be concerned on maintaining accounting records and bookkeeping. Furthermore, poorly structured and maintained or outdated documents will adversely impact the success of the company, which is why Kloudac provide accounting services to busy business owners with all the powerful facilities.

Tax-Consultants-In-Dubai

Filling Tax On Time With The Tax Consultants In Dubai

Filling taxes is not a simple job at al. It can be tiresome and often tough to know. The question that lots of small business owners are asking is whether or not they should hire Tax consultants in Dubai to deal with the filing of their taxes. Small Business Experts offers tips for hiring Tax consultants in Dubai versus filing by yourself.
There are lots of advantages to filing taxes all alone without the assistance of a tax professional. For one, filing by yourself is usually a cheaper option. It is also quick because you don’t have to wait for others or file the taxes for you. Often, it can be an easy procedure if you have all of the required documents straight from the start. However, this procedure can be misleading when handling a small business. You might not be saving as greatly as you might be if you were to hire a tax consultant.
Also Read :- Bookkeeping And Accounting Firms In Dubai
Hiring small business consulting firm Xero Dubai is always better than trying to file on your own just because their software is usually better and highly developed. They can maintain with small changes in the scheme which let them to offer you savings proposals that you might not have consideration of alone. There is an advantage to working with a Tax consultants in Dubai when it comes to taking tax decisions because they know right situations. They can suggest that will work better with your personal situation and assist you maximize it. Tax consultants tend to create filing easy on small businesses because they are available continual to respond any questions. They are professionals in the tax planet just as you are a professional in your business. Hiring a tax consultant will give you peace of mind understanding that your small business’s taxes were filed accurately and lawfully

Accounting-Companies-In-Dubai

Hiring Accounting Companies In Dubai

Everyone would like to know that their money is safe and that their finances are organized properly. Hiring Accounting companies in Dubai can assist you make financial decision visibly and independently. An accountant can assist you invest your money into firm stocks and investments with regular returns to make it less of a danger for customers. An accountant can assist you decide which business ventures will be a great option for their customers to follow and might even assist their career route. They can assist you to plan your finances for the future and save more money in the procedure. Let’s talk about in more detail the major benefits of hiring an accounting firm.

Also Read :- Accounting Services In Dubai

You Need a Professional to Weigh in On Financial Decisions

Often people who are not in the fiscal or accounting businesses as they don’t have the inside knowledge to put together an accurately sound financial choice. Accounting Companies In Dubai – It can really assist you to have a professional as a sounding board to make a decision if certain buying or careers moves are accurate for you. This goal approach can be a really great assistance when the emotional side of our mind acquires business decisions. Your accountant’s only objective is to defend their client’s wealth, and develop that wealth.

Financial and Tax Knowledge

Bookkeeping services Dubai have proper education and progressing professional development opportunities to keep them updated with existing tax laws. The best exercises when it comes to defending and augmenting their client’s assets. This is important because tax laws are continuously altering and not everyone understands. The most excellent way to manage their finances to maintain what they make, and then influence it to make more and more. High income people require the professional knowledge of a CPA to get and keep their finances organized and get it working in their top priority.