Accounting & Auditing services for real estate in UAE
Whether you’re a property management firm, real estate investor, developer, or an individual property owner, real estate our audit and accounting services provide you with peace of mind, knowing your financial affairs are in capable hands.
It’ll be when hell freezes over before the real estate business in Dubai will see a slump. No wonder, the real estate sector is now acknowledged as one of the major contributors to the UAE’s national economy. If you think a real estate audit is for big companies only then think again. It can benefit small investors as well. How? We’ll see you later! For now, let’s learn what a real estate audit is and if can we help you with that.
Know Real Estate Audit
Allow us to bring back the term “audit” to enlighten you about real estate audits. Ordered by the Internal Revenue Service (IRS) or another external agency. The absolute objective of the audit is to verify the validity of all the company’s income, losses, and transactions during the given audit period. This includes compliance with state and local regulations for each asset or the management of the assets and compliance with payments to any lenders or interested parties. An IRS audit addresses an individual’s or company’s tax filings. On the other hand, a real estate audit looks at a company’s overall financial and operational standing, including its compliance and record-keeping for each real estate asset and transaction. It’s quite common for an audit in real estate to be conducted routinely as a way to implement risk management tactics to assess compliance within a real estate company, but there are events in which an audit is required, such as pending litigation.
RERA approved auditors
Incepted in 2007, the Real Estate Regulatory Authority (RERA) of UAE oversees all the legal considerations connected with it. RERA audit in Dubai is imperative for all the real estate businesses and projects registered with RERA. The governing body shoulders the responsibility of formulating rules and regulations for a wide range of real estate activities in Dubai. The regulatory arm of Dubai mandates all developers, registered with RERA, to have an ESCROW account and conducts an independent audit to determine the completion status of the project regarding the progress of construction. Every year RERA-registered developers have to submit an audit report for all completed projects to RERA. Operational Audit, Financial Audit and Compliance Audit are the three segments of RERA audit.
Importance of Real Estate Accounting
The real estate industry in Dubai throwing its weight around. And we won’t ask why? But still, would you believe we say no one in the real estate industry is bothered to undertake a real estate audit? The audit is an essential function to keep your real estate business in good shape. The life cycle of the real-estate company has 4 phases – Acquisition & Construction, Lease or Sub-leasing, Management, and Sale or Demolition. The accounting records in each phase are to be maintained properly for the proper sustenance of the industry however difficult it might be. Laying your hands on your real estate business accounting and booking can be anything but easy. You are also required to apply the relevant Accounting Standards like IAS 40 Investment property, IAS 16 Property plant and equipment along with numerous new standards, interpretations or amendments to the existing standards. If you are associated with this industry then you must be knowing that the profitability of your real estate business is directly linked to organized, timely, and completed accounting. Being abreast of the changes is always necessary and the guidance of professional experts who will assist in sustaining and growing your business is what the doctor ordered. Find one of the best business consultancy firms in Dubai such as Adam Global for your Dubai-based real estate business. The professional experts of Adam Global provide remarkable auditing and accounting services for the real estate sector.
Real Estate Audit & Accounting Services in Dubai
With numerous regulations to comply with, tons of financial transactions, myriad business to-dos, and a bucketful of pressure to stay relevant in the market, being in a real estate business, you definitely require an accounting service provider in Dubai who provides client-focused quality services, interprets every big little real estate finance problem and proffers uncomplicated accounting solutions. With us, all your real estate accounting hurdles will disappear in a wink and you can focus on the growth of your business. We all know, specialization ensures quality and commits efficiency. If the accounting & bookkeeping of your real estate business is being taken care of by the field experts, you can have a clear picture of where your business today is and where it could be tomorrow. Outsourcing your real estate accounting and audit to an expert in the field like us enables you to:
Real Estate Audit & Adam Global
Whether established in Dubai or any part of the world, hospitality or real state sector, it takes a village to run a business. Some things you and your partners manage while a lot of others you delegate to your employees. But you still have a lot on your plate and you don’t want to bite off more than you can chew. You require the support of a trustworthy firm that can offer you an array of services covering all the business aspects that are paramount not only to keep the wheels turning but also to pace up to outshine your competitors. Most real estate businesses in Dubai are hiring real estate accounting and auditing experts. we recommend don’t be late in the game.
Adam Global is an ever-growing business setup consultancy that conducts almost every kind of audit that your business needs to run smoothly and flawlessly. A real estate audit is one of them. One of the rapidly growing businesses in Dubai, real estate business simply means property management which is not a piece of cake.
Being in the most successful industry in Dubai, you may come across a cartload of challenges while running your real estate business especially when you are thinking of:
Frequently Asked Questions
What are the common types of market research?
There are eight types of market research that organizations perform before introducing their products or services to their customers – Primary Research, Secondary Research, Qualitative Research, Quantitative Research, Branding Research, Customer Research, Competitor Research, and Product Research. With the help of various research methods, you can reach the desired results. Some of the most commonly used ways to conduct market research are surveys, interviews, focus groups, and customer observation.
Marketing research is a vast field, where should I focus when doing market research?
Market research is the process of checking the viability of a new service or product through research conducted directly with potential customers. Market research helps you to dig into the target market and get opinions and other feedback from consumers about their interest in your offerings. You may perform this kind of research either in-house, by your company itself, or by involving a third-party company that specializes in market research. It can involve various tools such as surveys, product testing, face-to-face interviews, questionnaires, and focus groups. No matter what method or technique you choose to research your target market, quality research provides you with a fair idea about the demand, market size, economic indicators, location, pricing, and market saturation. Research conducted using the right techniques is able to answer all your questions necessary to devise a perfect business plan. The basic ones are mentioned below:
Is your product or service desired in the market?
If yes, then how many people would be actually interested in what you are offering?
What is the purchasing power of the potential buyers?
What are the income range and employment rates in the region?
Where do your customers live, and where can your business reach?
How many similar alternatives are already available to consumers?
How much do potential customers fork out for these options?
What your potential competitors or partners within the industry currently are doing? How successful have they been?
Can you improve upon their offerings?
What are the popular tools for making a business plan?
If you are a DIY entrepreneur in search of some useful tools and resources to put together your business plan, you are in luck! You have plenty of them at your disposal. With the right business plan tool, you will get an edge, since it lets you tap into the general knowledge in the field. From the tried-and-true deep dive into the industry to simple, one-page documents that outline the essentials, business plans can take many forms. Slidebean, Lean Canvas, LivePlan, Mindup, 99designs, Bizplan, Enloop, Lunchclub, A Trusted Mentor, and The Scrum method are some of the millennial entrepreneurs’ favorite tools for drawing up those business plans, no matter the style.
Suggest some great methods and strategies to come up with an exceptional business plan.
Drawing a business plan can be tiresome and requires sound business-writing skills. There are numerous methods and strategies that can make your task a lot easier, viz. SWOT analysis, industry websites & associations, Microsoft Word, a legal pad & pen, and many more. Remember, your business plan doesn’t have to be 100 pages long. No need to overcomplicate things. You can’t go wrong by adopting quick and informal ways to get a business model, target markets, and revenue streams on into a plan without splurging a ton of time on useless projections and models. Knowing how others have managed to come up with a solid plan is outstandingly helpful. Even if you don’t follow their steps exactly, you still get a much better sense of the framework you need, as well as a look at any potentially unseen hurdles ahead.
How can a business setup consultant help me in writing a business plan for my organization?
Your entrepreneurial journey begins with an almighty and persuasive business plan. You can reduce the time and effort it takes to write a comprehensive business plan by hiring a pro-business plan writer in Dubai, UAE. Your hand-picked Dubai-based business plan writer will first evaluate the business idea you will present and then will collect data about your new venture before developing a solid financial model. Once the financial model is ready, they put it to the test to challenge it and then optimize it as required. After getting approval from all parties only, the experts build your detailed business plan in Word and provide you with the final documents within 6 to 8 weeks, depending on the complexity of the business model.
What are the main ingredients of a perfect business plan?
A business plan is nothing but a written outline of where you currently are and how your business will develop. This plan revolves around the framework of your organization along with the history and goals of your business. A complete business plan should act as a guide to how you operate the business and as a proposal to potential investors. A full-fledged business plan starts with the Title Page and ends with the Financial Picture (business funding). In between, you mention Mission Statement, Executive Summary, Market Strategy, Competitive Analysis (SWOT), Design & Development, and Disaster Management. These are some other vital components of the blueprint of your business plan.
While your business plan is a reflection of your business, you must ensure you sum it up in a way that does not look too bulky or equivocal. You’ll also have to modify the plan as your business evolves since the business plan is a living strategic document for your organization.
Contact Us for A Free Consultation!
Don’t wait until it’s too late. Contact Adam Global Auditing & Accounting today to learn more about how we can help your business comply in the UAE and maximize your savings.
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