What is Importance of Accounting and Bookkeeping in Dubai World Trade Centre?
Setting up a business in Dubai is a very lucrative prospect and a profitable one too. In order to diversify the economy of the country, the government of Dubai has taken various steps that allow a foreign company to be established in the United Arab Emirates without much hassle. One such effort made by the government is the establishment of free zones all across the country.
These free zones welcome people in business and entrepreneurs from all across the globe with open arms and even help them establish a company in the free zone. The free zones are usually independent and have their own sort of rules and regulations. One of the lesser-known free zones in Dubai is the Dubai World Trade Centre, better known by the name as DWTC.
Dubai World Trade Centre Free Zone
Dubai World Trade Centre Free Zone located very consistently in the heart of the Dubai Central Business District and provided easy access to the region and markets at a local as well as a global level. The competitive and very well regulated business environment allows companies from all across the globe to come to the free zone and register a company in the Dubai World Trade Centre Free Zone.
This free zones comes under the DWTC Authority, which is a public corporation which came into existence by the combined order of High Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai, Vice President, and the Prime Minister of the UAE.
The need for Accounting in DWTC with the presence of so many companies in the free zone with numerous companies still coming in, there is a demand for proper accounting and bookkeeping services in the free zone. The various benefits of availing the accounting services in the Dubai World Trade Centre Free Zones are:
- Understand the Present Situation of the Company
This is one of the most basic functions of accounting. By recording all the financial transactions of the company, the management will be going to have a better understanding of the present condition of the company that will help to make better and efficient decisions.
- Budget Preparation
After all the records of the company are in hand, the management needs to allocate the resources, both financial and physical, in such a way that the company will be efficient and effective. This will also help in the reduction of any wastage of resources.
- Monitoring and Controlling the Company
By correctly utilizing the accounting services, we can track and keep a record of all the transactions made by the company in real-time. This will keep in keeping a check on the spending of the company and will bring the company to the correct path if there is any deviation.
- Forecasting the Future
Having all the data will help in making decisions about the future. Once all the data of the company and the business environment in which it operates is known, then the management will be in a better position to forecast the future and make decisions based on these forecasts.
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