Running a business in Dubai involves more than tracking sales and expenses. Maintaining organised financial records helps business owners monitor performance, prepare for tax obligations and make informed decisions.
Whether you operate a mainland company or a free zone business, a consistent monthly accounting process provides a clearer view of your finances.
What should your business maintain every month?
1. Sales and expense records
Record invoices issued, supplier bills, business expenses, credit notes and payments received. Keep supporting documents organised so transactions can be traced and reviewed when needed.
2. Bank reconciliation
Compare bank statements with your accounting records. Investigate unmatched payments, bank charges, duplicate entries and outstanding receipts. Regular reconciliation helps identify discrepancies before they accumulate.
3. Accounts receivable and payable
Review unpaid customer invoices and supplier balances. Following up on overdue receivables and planning upcoming payments helps maintain working capital and reduces the risk of unexpected cash shortages.
4. Cash flow and financial reports
Review available cash, expected income, upcoming commitments and significant changes in expenses. Monthly profit and loss reports and balance sheet reviews help identify trends that may require attention.
5. VAT records and tax obligations
VAT-registered businesses should maintain records of relevant taxable supplies, purchases, tax invoices and supporting documents. VAT return filing depends on the tax period assigned by the Federal Tax Authority, so not every business files monthly.
Businesses subject to UAE Corporate Tax must also maintain records supporting their tax returns and retain relevant records for at least seven years after the end of the relevant tax period. Corporate Tax returns and payments are generally due within nine months after the end of the tax period.
6. Payroll and employee-related records
Reconcile salary payments, approved expenses and employee-related liabilities with the accounting records. Keep payroll documentation organised and ensure applicable employment and payment obligations are handled on time.
Why professional accounting support matters
Accounting is most useful when records are accurate, current and connected to business decisions. Incomplete entries, unreconciled accounts and poorly organised invoices can make it harder to assess performance or prepare information for tax filings.
Bexford supports UAE businesses with accounting and related corporate services, helping business owners organise financial records and manage their ongoing administrative responsibilities.
Build a clearer picture of your business finances. Contact Bexford to discuss accounting support suited to your company's activities and compliance needs.
Official references: Federal Tax Authority: Corporate Tax record retention · Federal Tax Authority · UAE Government Portal
