Accounting Services
The United Arab Emirates is a diverse, multicultural and fascinating refuge for exceptional entrepreneurial prospects. The country offers a pleasant and comfortable lifestyle and is a popular destination with visitors, company owners, and investors alike.
The Middle East, just like any other region in the world, has identical accounting-related challenges that business owners have to overcome. The best way to move toward success is to collaborate with our local specialists. In the UAE, accounting is more of a legal obligation than a need when filing tax obligations.
The UAE does not levy a federal tax on personal income or salaries but has recently introduced a minimal corporate tax. Hence, there are less stringent accounting regulations set down by the government compared to other nations. Nevertheless, it is crucial to establish an accounting system that generates reliable data for strategic decision-making, even in a low-tax environment.
Legal Requirement
According to current corporate regulations in the country, every company’s management is responsible for maintaining financial records that present an accurate financial picture of the organisation. An increasing number of agencies have enforced the necessity to provide audited financial statements as part of the business licence renewal criteria.
Companies with regulated operations in the UAE, such as those governed by the Central Bank or DFSA, an independent regulator of financial services, must provide regular reports of their financial status to the regulator. This may occur on a quarterly or yearly basis.
Financial Reports
Don’t hesitate to get in touch with us with your requirements, and we’ll put up a reporting package that meets them. If all required data and documentation are ready and made accessible to us in a reasonable time frame, the completed report package will be delivered to you as soon as possible..
Payable Services for Accounts
We also assist clients who do not have a UAE bank account manage accounts payables as part of our accounting services.
Reviewing invoices and generating payment records.
Administration of payment documents and comparison with the accounts payable list
Client and supplier communications; and more.
Bookkeeping and Reporting Services
Given the complexity of a corporation’s operations, relevant monthly bookkeeping services are necessary.
Accounting for each month following local GAAP and IFRS, with any appropriate local changes
Making regular financial reports
Monthly Bookkeeping
Make sales, purchases, and other daily entries.
Keep records of all purchases and cash flow.
Keep track of all payable and receivable transactions.
Document every asset you acquire, along with the accompanying depreciation.
Keep track of payments and accruals.
