So you’ve started a business in Dubai and it’s going great. Orders are flowing in, clients are happy, and profits are up. Fantastic! But in the excitement of growth, bookkeeping, and accounting often get pushed to the back burner. Now tax season is looming and you realize you have a mess of receipts, invoices, and financial records but no clear picture of your cash flow or tax liability.

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Whether you engage an accounting firm in Dubai or you maintain in-house; your books must be in order. Here are the most commonly asked questions about keeping books of accounts

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Accounting principles and accounting standards are different, but dependent on each other, and together they provide a framework for preparing financial statements and reports. Read further to learn more about how these two differ from each other.

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