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
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
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, specialisation 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:
Keep an eye on key performance indicators such as profit/loss, cash flows, net worth, to name a few
Avoid mismanagement of cash
Analyse rental properties upon performance
File tax returns in a timely manner
Claim legitimate tax deductions
Keep at bay extra time and distress during audits from tax authorities
Timely pay bills or clear financial obligations
Utilise past performance data to raise capital from lenders and partners
Free yourself from dependency on internal accountants
Figure out whether your business strategies are succeeding or not!
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:
Bringing down the operating and capital expenditure
Beefing up the cash flows
Boosting your profitability
Battling cut-throat market competition
And of course, managing accounting & bookkeeping
Let’s Make Things Happen
Are you looking for an expert opinion on your company’s financial health?
Our team of auditing and accounting specialists can provide you with a thorough and comprehensive assessment. They will review your financial records, identify areas for improvement, and provide you with a personalized action plan to optimize your financial performance.
To get your personalized consultation, simply click the “Get a callback” button and schedule a call with one of our specialists.
Let us help you take control of your finances today.