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Do You Really Need an Accountant for Your Dubai Company? · GENZONE

• 0:00
  SPEAKER_00: Do you actually need an accountant for your Dubai company?
• 0:02
  SPEAKER_00: Because if you opened a company in the UE, you've probably already paid for your license, your visa, your ID, maybe even an office, maybe insurance, maybe banking assistance.
• 0:11
  SPEAKER_00: Now somebody is telling you you need an accountant as well.
• 0:13
  SPEAKER_00: So is this genuinely necessary or is it just another service?
• 0:17
  SPEAKER_00: And the short answer is whether or not that means hiring an accountant or outsourcing it or doing it yourself, it needs to be done.
• 0:23
  SPEAKER_00: You need to do this properly.
• 0:24
  SPEAKER_00: A lot of people think, oh, my company is small, so I'll worry about accounting later.
• 0:28
  SPEAKER_00: But just because your company is small, it doesn't mean you don't have accounting obligations.
• 0:32
  SPEAKER_00: It doesn't mean you have to do less.
• 0:33
  SPEAKER_00: You have to do the exact same thing that another bigger company has to do.
• 0:36
  SPEAKER_00: And your accounting records need to be maintained for seven years, the previous seven years.
• 0:40
  SPEAKER_00: So if you're trading today and you're doing things today, you need to keep track of that for seven years so that in the case you need to provide it, you can give it.
• 0:47
  SPEAKER_00: Now, if you have a small company, that's great.
• 0:48
  SPEAKER_00: Your accounting would be relatively simple, and you're probably going to pay a lot less for that accounting.
• 0:53
  SPEAKER_00: Imagine you're a consultant, every month you send five invoices, you pay for software, you run ads, you have some travel costs, you pay a contractor, you're transferring money between accounts, and occasionally you pay something personally and want the company to reimburse you.
• 1:07
  SPEAKER_00: Individually, none of this sounds complicated, but after 12 months, you'll have like hundreds of transactions, it'll be really confusing.
• 1:13
  SPEAKER_00: And you know, now it all needs to be categorized properly, supported correctly.
• 1:18
  SPEAKER_00: For UE resident businesses, VAT registration is required after you pass 375,000 Durham in revenue.
• 1:24
  SPEAKER_00: And of course, if you don't register, you're gonna get penalties, you're gonna get fined for late registration.
• 1:29
  SPEAKER_00: And you know, these things you may not see coming if you're just running your business, you forget about accounting, and you know, you're trying to do things properly later.
• 1:35
  SPEAKER_00: Not a good thing.
• 1:36
  SPEAKER_00: At least you're trying to do it properly later, but you know, it might come with fines and penalties because you did it late.
• 1:41
  SPEAKER_00: Even corporate tax registration, you need to do that within 90 days of the license being issued.
• 1:45
  SPEAKER_00: A lot of people will forget about that.
• 1:46
  SPEAKER_00: Of course, here at Gen Zone, our clients do not.
• 1:48
  SPEAKER_00: We've never gotten one penalty for that, and that's where accountants come in and actually help you, right?
• 1:53
  SPEAKER_00: Determine that taxable income.
• 1:55
  SPEAKER_00: And your accounting records and financial savings form a critical starting point for your business as well.
• 2:01
  SPEAKER_00: Like, just to say, Oh, I don't need an accountant, I'll just file it.
• 2:04
  SPEAKER_00: That's that's kind of dangerous.
• 2:05
  SPEAKER_00: Like, if you're gonna do it yourself, it needs to be done right.
• 2:07
  SPEAKER_00: And it's also really good to have things done properly, it gives you a deeper understanding of your financials.
• 2:11
  SPEAKER_00: Like, what are your profit levels?
• 2:13
  SPEAKER_00: Like a lot of businesses, they just run a business and say, Well, I'm just gonna keep doing my thing and hopefully I make money, right?
• 2:19
  SPEAKER_00: You need to accurately keep track of it to see if you're actually making money in some cases.
• 2:23
  SPEAKER_00: You might be losing money.
• 2:24
  SPEAKER_00: You don't know, you spent 20k on ads.
• 2:25
  SPEAKER_00: What was your actual profit?
• 2:26
  SPEAKER_00: So keeping track of that is super important, actually helps you make decisions and can consult with the accounting team to say, Hey, how much did I spend on this?
• 2:33
  SPEAKER_00: And they can actually tell you with the clarity.
• 2:35
  SPEAKER_00: And of course, if you're growing quickly, professional accounting sport makes a ton of sense.
• 2:39
  SPEAKER_00: And if you're busy, it makes a ton of sense.
• 2:41
  SPEAKER_00: If you don't want to do it yourself or don't know how, it makes a lot of sense.
• 2:44
  SPEAKER_00: And if someone does use AI, they need to make sure that it's being reviewed by an accountant at least to make sure that it's done properly because a lot of mistakes do happen.
• 2:51
  SPEAKER_00: You can collect information with AI, but actually categorizing it properly and making sure that everything is done correctly, that's a totally different situation and submitting it properly as well.
• 3:00
  SPEAKER_00: You may even want someone to be hired under your team to prepare invoices for your clients.
• 3:05
  SPEAKER_00: Maybe you're really busy, you receive like 200, 300 payments per day.
• 3:08
  SPEAKER_00: Well, who's creating your invoices?
• 3:10
  SPEAKER_00: If it's not you, then you should have someone create that for you.
• 3:13
  SPEAKER_00: If you're too busy, you can definitely hire you know one of our team members to get that done for you.
• 3:17
  SPEAKER_00: So to answer this, yes, you should have an accountant, or if you know how to do it yourself, you don't need an accountant.
• 3:22
  SPEAKER_00: Simple as that.
• 3:23
  SPEAKER_00: Of course, if you want an accounting team that knows how to do everything properly and is proactive, and of course, that is with you from the beginning to the end, from the company setup to the accounting and compliance for the ongoing years.
• 3:34
  SPEAKER_00: That's where Gen Zone comes in.
• 3:35
  SPEAKER_00: We assist with a complete setup, we give you the complete picture rather than you just handling it yourself.
• 3:40
  SPEAKER_00: We help you with everything the renewal, the audits, which of course, you know is required in some cases.
• 3:45
  SPEAKER_00: We can connect you to the auditors to help you.
• 3:47
  SPEAKER_00: These things can all be done.
• 3:48
  SPEAKER_00: Of course, book a call with our team.
• 3:50
  SPEAKER_00: You can use the link down below to get started.
• 3:52
  SPEAKER_00: If you have any questions, you can also message us and ask us the questions directly.
• 3:56
  SPEAKER_00: And of course, if you're ready to get started, you can use the links down below.