Looking for accounting firms in Abu Dhabi? Well, you certainly need to know what and where to look for before you hire a company.

Find the right firm and you could find your potential financial partner. Seriously, hiring the right accounting firm is so much important for any business. They should meet their budget and criteria, working styles and expectations. Depending on the firm and package you choose and the services they offer, accounting firms in Abu Dhabi may do anything from offering detailed insight into your precise financial position to advising you about your available alternatives for financing an upcoming project or your kid’s higher education.

While you are in the hunt for the perfect and one of the top accounting firms in Abu Dhabi, you should have a clear idea of the types of accounting companies and the various services that they provide. That is exactly what we’ll be discussing in this article here.

Types of accounting firms in Abu Dhabi

These classifications are made on the basis of the kind of accounting services that they offer and the area of expertise or specialization of the firm. Not just for the accounting companies in Abu Dhabi and other parts of UAE, this classification can be applied to accounting firms across the globe, following international accounting standards.

Business advisory/ financial consultancy firms: Business advisory accounting firms or financial consultancy firms, as the name itself, suggests, assist their clients by offering thoughtful advice for whatever financial situation they seek help for. It can be anything from business or personal insurance to best means of getting financial aids for the expansion of your business. They can throw a new perspective and show you where you truly stand in your financial matters. The insight you get from them can be quite valuable.

Forensic accounting firms: These are accounting companies which are tasked with uncovering any form of fraudulent activities or practices taking place in respect of any business and accounting. These companies can be hired by private as well as public entities for investigating financial records of the business. Also, without much surprise, these type of firms may also work with the law enforcement body or the government for uncovering corporate frauds, tax frauds, stock rate manipulations, identity thefts, embezzlements and other illegal practices by businesses in the region.

Tax accounting firms: Again, as you can infer from the name, firms that offer specialized services in planning, preparation, and management of the tax-related formalities and liabilities for the firm are tax accounting firms. Auditing firms may not really help with the tax preparation and planning part as much as a tax accounting firm would. They might know the tips and tricks of saving you the extra money which you had been unknowingly paying in taxes. It is normal for people to overpay taxes due to lack of awareness, frequent changes in laws, lack of standardized tax laws in different countries, etc. That’s where tax accounting firms in Abu Dhabi comes to rescue.

Auditing firms: Getting the accounts and financial records audited is a basic requirement from legal as well as goodwill’s point of view. Especially in case the business is in the process of getting finance from banks for expansion or for a new project, auditing would be a must. Usually, auditing firm employs certified public accountants who will take care of all the auditing as well as tax-related requirements of your business. CPAs are well-qualified finance professionals who get the title only after passing a long, rigorous examination. Many times, auditors can offer financial advice and suggestions you need.

The Big Four accounting firms are largely in the public domain. You can also get recommendations from bankers or other financial institutions of CPAs. Also, you can inquire in the society of certified public accountants.

Bookkeeping and financial accounting firms: The most common types of accounting companies in Abu Dhabi. They provide bookkeeping and other specialized accounting services which may involve anything from financial statement preparation to internal audits to preparation of financial reports and statistics. Of course, these are the most basic and equally important tasks in any business. Many of the good bookkeeping and accounting firms also offer bookkeeping or accounting software installation for easing up the accounting process as your business grows.

Many of the top 10 accounting firms in Abu Dhabi are a combination of the above-mentioned categories of accounting companies. This is because they offer more than one or a few related categories of accounting services.

Services offered  by accounting companies in Abu Dhabi and other Emirates

• Recording, summarizing and organizing financial transactions inappropriate or standardized (generally accepted) formats
• Creating and maintaining invoices, bills, and other related documents or records
• Payroll management
• Financial statement preparation and analysis
• Preparation and presentation of financial reports
• Tax planning and preparation, filing for tax returns and meeting formalities
• Internal and annual auditing of the accounts
• Loan preparation
• Financial consultancy services
• Meeting legal formalities related to finance and accounting
• Assistance with budgeting