Iron and Steel Casting Industry

INTRODUCTION

The second-largest contributor to economic growth is the manufacturing domain. Let’s put light on a sub-sector of this domain.

In the iron and steel casting industry, the process of producing manufactured iron and steel goods involves utilizing molds to mold the molten metal is known as Iron and steel casting.

The Iron and Steel Casting Market size was estimated at USD 145.97 Million in 2020 and is anticipated to increase to USD 221.90 Million by 2028, expanding at a CAGR of 5.40% from 2021 to 2028.

Whereas the UAE's industrial industry is expanding and the UAE Ministry of Economy recently declared that the nation aims to boost the manufacturing sector's contribution to GDP to 25% by 2025.

Dubai's Department of Finance established the National Industrial Coordination Council (NICC), with the goal of helping the UAE improve its position in the global manufacturing indexes.

The necessity for surveillance in the iron and steel casting sector is perpetual because of the numerous changes in the business environment, and its volatility.

A comprehensible, effective, reliable, and timely accounting and bookkeeping can help the iron and steel casting business in many ways.

However, it’s difficult to run an iron and steel casting business and keep track of the accounting at the same time.

Is It Important To Maintain Bookkeeping And Accounting Records In The UAE?

With the transforming scenarios in UAE, bookkeeping and accounting are now more essential than ever.

According to the UAE Commercial Companies Law, Federal Law No. 2 of 2015, every business must maintain accurate books of accounts and engage a registered auditor to have those books of accounts examined annually.

The new tax system, the implementation of VAT, and many other compliances are to be taken care of which shifts standards for maintaining the financial data one step up.

What Important Role Does Accounting Play In The Iron And Steel Manufacturing Sector?

Accounting is necessary for the iron and steel manufacturing industry in part because of the wide range of operations and sales activities.

Implementing a well-organized accounting system benefits industrial businesses in:

• Tracking production-related earnings and costs and preparing SOA for suppliers
• Helping to manage the payroll file and process salaries
• Offer price-gouging recommendations for the goods based on the various expenses incurred, and reporting of monthly costs and reconciliation.
• Use of a perpetual inventory system to reduce overstock and bottlenecks.
• Internal control measures are put in place to prevent fraud and mistakes.

Why Should One Outsource Bookkeeping And Accounting Services Of The Iron And Steel Casting Industry In Uae?

1. Reduces administrative burden
2. Cost reduction
3. Accuracy
4. Compliance with the law
5. Saves time and resources
6. Compliance with IFRS
7. Professional approach
8. Expert’s opinion
9. Custom-tailored services
10. Helps in decision making

Every firm, regardless of size, must have accounting and bookkeeping systems in place. Without trustworthy, accurate, and timely financial information, you cannot function.

In order to make prudent business decisions, it is vital to keep track of your company's performance and bookkeeping and accounting services in UAE are topnotch.

Every service offered in the context of bookkeeping and accounting in Dubai, United Arab Emirates, provides tailored solutions to your demands and comfort level.

The outsourced organization not only provides a wide range of bookkeeping and accounting services throughout the United Arab Emirates but foreign entities too.

For your specific accounting and bookkeeping needs to be met, our technology-driven specialists endeavor to comprehend the intricacies of your firm.

What Services Do We Provide?

• Financial accounting & data entry.
• Management accounting & report preparation.
• Payroll accounting.
• Training & accounting supervision for existing accountants
• Managing payable & receivables
• Finalization of accounting & backlog completion.
• Preparation of financial statements
• Audit assistance for closing books periodically in compliance with IFRS

We as the outsourced organization not only provide a wide range of bookkeeping and accounting services throughout the United Arab Emirates but to foreign entities too.

For your specific accounting and bookkeeping needs to be met, our technology-driven specialists endeavor to comprehend the intricacies of your firm.

Every service offered in the context of bookkeeping and accounting in Dubai, United Arab Emirates, by us provides tailored solutions to your demands and comfort level.