Our Services
We provide complete accounting solutions including bookkeeping, VAT and tax filing, payroll management, and audits from start to finish. Our team ensures timely reports, full compliance, and transparent pricing so your business runs smoothly. With our expert accountants, managing your accounts becomes simple, accurate, and stress free.
Accounting in UAE
Accounting is a methodical procedure of recognizing, documenting, assessing, categorizing, authenticating, abridging, construing and conversing pecuniary information. Proper accounting divulges profit or loss for a given period, and also the value and nature of a firm’s assets, liabilities and owners’ stake. It includes custom and body of knowledge related to methods for recording transactions, keeping financial records, performing internal audits, reporting and analyzing monetary information to the management, and counselling on taxation matters. Accounting provides information on the assets available to a business, the means employed to finance those assets, and the consequences attained through the use of these assets. Accounting firms play a crucial role in helping businesses enhance in terms of the company’s goodwill, financial stability, credit management, auditing, financial reporting, etc. The Accountax is one of the leading accounting firms in UAE, which helps businesses with excellent accounting and bookkeeping services. The Accountax has a team of expert financial advisors and accounting professionals in UAE to help you manage your business, taking care of auditing, bookkeeping, VAT, business, and accounting services in UAE.
Main Areas of Accounting
Usually, accounting is perceived as a mere recording of business transactions. However, accounting goes beyond financial recording or bookkeeping and it includes various branches. Take a look at the various branches of accounting, where you need help.
- Forensic Accounting
Forensic accounting handles court and litigation cases, fraud investigation, claims and dispute resolution, and other legal matters.
- Auditing
External auditing is the examination of financial records by an independent party. Internal auditing refers to the examination of issues regarding business practices and risks.
- Financial Accounting
Financial accounting includes footage and classification of business transactions, and preparation and presentation of financial statements to be used by internal and external clients.
- Cost Accounting
Cost Accounting refers to the footage, presentation, and analysis of manufacturing costs. Cost accountants examine definite and standard costs to help directors conclude future courses of action concerning the business’ operations.
- Fiduciary Accounting
Fiduciary Accounting means the handling of accounts administered by a person empowered with the supervision and management of the property of or for the benefit of another person. Trust accounting, receivership, and estate accounting are some examples.
- Accounting Information Systems
Accounting information systems or AIS occupy the expansion, fitting, execution, and supervision of accounting procedures and systems used in the accounting process.
- Tax Accounting
Tax accounting involves the planning of tax and preparation of tax returns, ascertainment of income tax and other taxes, tax advisory services such as ways to reduce taxes lawfully, assessment of the consequences of tax decisions, and other tax-related issues.
- Management Accounting
Management Accounting focuses on the needs of the management. It includes financial analysis, budgeting and forecasting, cost analysis, evaluation of business decisions, and other similar areas.
Services Provided by Bookkeepers
- Settle bank accounts.
- Account economic dealings.
- Administer bank feeds.
- Organize financial accounts.
- Control accounts receivable payable.
- Undertake some payroll and human resource functions.
- Work with the tax preparer and help out with tax compliance.
- Preparation of Chart of Accounts
- Billing for services or goods sold
- Keeping the records of receipts from customers
- Allocate the account entries
- Value-added bookkeeping and month-end or year-end closing
Daily Bookkeeping will enable you to identify any problems early and solve them before they become worse. You can identify any deceitful activity and correct it before it causes irreparable damage to your business
Relevance of Accounting Firms in UAE
A reliable accounting firm can help a business to boon through the subsequent approaches:
Bookkeeping Advice: Offer timely recommendations to an organization to maintain the details in time and to avoid any future issues or delay.
Business Advice: Make strategic plans for the growth of a business. They team up with the clients to help them solve their multifaceted industry issues and make the most of the opportunities to grow, optimize and protect their business.
Cash-Flow Advice: Give solutions to improve overall cash flow management and prepare you to solve cash flow problems before they happen in the future.
Cost Control: Predict future costs and revenues, and check for compliance with financial regulations. It can help a business to avoid the risk and costs of hiring more employees.
Tax Advice: Help an organization to avoid tax penalties. Any mistake while preparing or filing taxes is costly and attract penalty. These issues can logically be handled by expert accounting firms who stay updated and acclimatize to all changes and guarantee complete precision and compliance with the presently applicable policies.
It may be difficult for a business to manage the Accounting Activities within when competing with others and to comply with the legal requirements in the fast-growing economy of the region. When it comes to accounting firms in UAE, The Accountax is one of the most preferred names for excellent accounting services across the UAE. The Accountax A can save your time and assist you in your business in reducing the company’s operating costs, increasing profits and establishing yardsticks for superior ascendancy and consistency to regulations.
Benefits of Outsourcing Accounting Services in UAE
The UAE Commercial Company law made it mandatory for a company to maintain proper books of account for a minimum of five years. To comply with these legal requirements, small companies, go for outsourcing the accounts for result-oriented functioning. The Accountax follows online & onsite working with the latest accounting software and indorsed strategies.
The major benefits of outsourcing accounting services in UAE are:
- Companies can focus on their core activities of the business.
- Usage of advanced technologies and software to maintain financials.
- Expertise supervision on the accounting transaction and report preparation.
- Enhance the efficiency and productivity of the business.
- Maintains confidentiality of the financial records.
- Cost-effectiveness; professional service at low cost and their on-call availability.
- Highly experienced professionals who handed in a wide market portfolio.
Accounting services in UAE for Startups
As a professional accounting and auditing firm, we have experiences in various fields, especially with budding start-ups. Start-up businesses are more prone to financial issues and shortages due to higher exposure to capital expenses & lower popularity. We help these entrepreneurs in covering these dilemmas by providing the following services:
- Bookkeeping and Data entry services.
- Managing payables and receivables.
- Preparation of periodic financial reports.
- Measuring performance analysis.
- Initial investment analysis.
- Arrangement of Bank facility.
- Feasibility study.
- Helping in setting up of Internal control Procedures.
- Provide advises on financial strategies and plans.
- VAT filing.
- Provide compliance services with standards.
- Budgeting the expenses and planning on fixed asset expenditures.
We help start-ups in UAE with cost-effective and expert accounting services. For any start-up, outsourcing the accounting service is a time and cost-saving process so that they can focus on the core activities of the business. An inhouse accounting error can cost a higher loss than that of an outsourced one. It brings damage to the public image as well as fines. An expert like The Accountax can help you to come out of all these issues by the following contributions:
- Budgeting the costs and business needs a valuation.
- Provide support to make smart informed decisions.
- Maintaining healthy cash flow within the business.
- Tracking the filing of records and VAT return.
- Enables efficient use of investment capital.
- Measure the progress of the business and takes corrective actions.
- Financial discipline by controlling the cost.
- Setting up of organizational hierarchy.
Relevance of Accounting Firms in UAE
A reliable accounting firm can help a business to boon through the subsequent approaches:
Bookkeeping Advice: Offer timely recommendations to an organization to maintain the details in time and to avoid any future issues or delay.
Business Advice: Make strategic plans for the growth of a business. They team up with the clients to help them solve their multifaceted industry issues and make the most of the opportunities to grow, optimize and protect their business.
Cash-Flow Advice: Give solutions to improve overall cash flow management and prepare you to solve cash flow problems before they happen in the future.
Cost Control: Predict future costs and revenues, and check for compliance with financial regulations. It can help a business to avoid the risk and costs of hiring more employees.
Tax Advice: Help an organization to avoid tax penalties. Any mistake while preparing or filing taxes is costly and attract penalty. These issues can logically be handled by expert accounting firms who stay updated and acclimatize to all changes and guarantee complete precision and compliance with the presently applicable policies.
It may be difficult for a business to manage the Accounting Activities within when competing with others and to comply with the legal requirements in the fast-growing economy of the region. When it comes to accounting firms in UAE, The Accountax is one of the most preferred names for excellent accounting services across the UAE. The Accountax A can save your time and assist you in your business in reducing the company’s operating costs, increasing profits and establishing yardsticks for superior ascendancy and consistency to regulations.
Why The Accountax for Accounting Services in UAE?
The Accountax is a committed squad and an effective Accounting Machine. We lead Outsourced Accounting and Bookkeeping services and transform your finance function. The Accountax accounting services in UAE are beneficial for businesses to keep a record of all your business financial transactions, leaving no chance of any trickery, and ultimately contributing to the growth of your company. As a team of highly qualified professionals, The Accountax analyses your problems and strives hard to progress your business and make you gallop.
We are the leading service providers in UAE and provide following services in the field of Accounting & Bookkeeping, VAT consultancy, and other business-related areas. When accounting and CFO services are combined together the owner gets more flexibility and clarity in taking decisions after considering the financial reports. Our priority is CFO services and scope of our accounting service is purely depending on the client preference and industry type. We not only maintain your accounting, but also provide a podium to drive profits, improve cash flow, and grow your business. Our clients stay in peace of mind as we assure efficiency and actionable financial astuteness they need to succeed.
Acclaimed as one of the leading accounting firms in UAE, The Accountax helps our customers with optimal accounting services that clearly depict the financial picture of their business. Our accounting specialists are highly competent in providing the best accounting services that comply with the UAE laws and rules. An association with The Accountax accounting experts helps you ensure exceptional accounting services in UAE while managing all your transactions in the most transparent way. We also offer Financial Advisory Services, Tax Consulting Services, Management Consulting Services, VAT Registration, VAT Deregistration, Internal Audit For Company, Business Advisory Services, etc., in UAE.
The Accountax Accounting Services
The Accountax is a family of well-highly qualified experts in the field of business services and provides proper and timely accounting services in UAE for business to grow and flourish. For any business, we:
- Strategize our operations based on our clients’ needs.
- Analyse the business needs and organise them for our work support.
- Choose the best accounting system, the software required and structure the setup.
- Maintains bookkeeping, billing, payroll, and other ERP functions.
- A highly qualified staff is appointed for supporting the system and design.
- Timely preparation, submission and interpretation of the reports.
- Channelize the communication system and deliver the information’s at right time parting in the decision-making process.
- Customer satisfaction is our motto, we prepare management reports based on top management convenience.
The major services provided by The Accountax for businesses in UAE are mentioned below:
- VAT Consultancy – services for VAT implementation, impact analysis, changes to be adopted in the accounting records and systems, training the accountants in the organisation etc.
- TAX – we have a team of experts who have in-depth specialized knowledge of the latest tax laws. An expert team of tax professionals provide legal solutions for the tax issues.
- Bookkeeping – we offer a full suite of accounting and bookkeeping services.
- Financial Services – we help our clients to focus on the organization’s growth and manage the limited resources.
- Management Accounting – we advise on business planning, financial management and performing financial analysis in order to help companies to make a correct business decision.
- Internal Audit- We offer interim and full-time internal audits. We analyse the internal control system within the organisation.
Get in touch with us to start a discussion and our experts will offer you one-hour free consultation.
Value Added Tax for UAE Businesses
The United Arab Emirates introduced a new form of indirect tax called Value Added Tax (VAT) in UAE on 1 January 2018 with a rate of 5 percent on goods & services. The VAT policy assumed by the GCC countries potentially widens the economic scope of the countries by integrating an additional source of revenue in the wake of the oil crisis.
This new source of income will be utilised for high-quality public services by shifting to a more sustainable consumption system. It also aims to reduce the government’s dependence on oil and other hydrocarbons as a source of revenue. VAT consultancies in the UAE provide various VAT services across the Emirates easing the activities related to Value Added Tax registration, deregistration, accounting, return filing, advisory services, etc. The implementation of VAT in UAE has brought major changes in the taxation system of the Emirate.
Getting proper VAT services in UAE helps businesses to avoid the risk of unnecessary tax payments and maintain accurate VAT records, tracking up-to-date information regarding VAT filing.
How can VAT services help you grow your business in UAE?
VAT is not an additional burden or cost for the business. In general, every business act as a mediator for the Government. Only the effect is reflected in the cash flow. So, proper planning and effective management of tax collection and its execution will give added value and cash inflows to every business. VAT services help:
- To prevent errors in filing tax return.
- To claim the input tax paid as per the VAT law.
- Provide guidelines to avoid fines and penalties.
- Maintain the books of account for five years, as per law.
- Conducts the tax audit to safeguard the company from material misstatement.
- Get updated and trained regarding the latest changes in the VAT law and its impacts on accounting.
- Provide guidelines for the preparation of invoices for sales.
Services Provided by VAT Consultants
- VAT compliance issues and control
- Minimising VAT liabilities
- Identifying risk and proper solutions
- Identifying prospective tax planning opportunities
- VAT Filing and payment.
- Data recording and organization
- Accounting & Bookkeeping
- Purveyor organization
- Client organization
Auditors in UAE
An entrepreneur who owns either a small scale business or a large scale business ought not to spend much of his time exploring the accounting and auditing aspects of a business. Instead, he can spend much of his vigour on recuperating returns, increasing the number of employees or improving his services and products. Being a business owner, you need to do business valuation, identify risks, boost credit, accomplish business objectives etc. Hiring auditors in UAE can help you in this matter through proper evaluation of the company’s financial reports.
Auditing is a technique for evaluating the efficiency of a company’s domestic controls. Upholding an effectual system of internal controls is imperative for achieving a company’s business objectives, acquiring consistent financial reporting on its operations, putting off fraud and embezzlement of its assets, and playing down its cost of capital. The internal, as well as the independent auditors, contribute to a company’s audit system in different but important ways. Hiring a proficient auditor in UAE can help your businesses unearth problems and guarantee effectiveness providing a high level of assurance. Getting professional audit services in UAE can also assure optimal transparency in your business finance.
What is Auditing?
An audit is a methodical and sovereign examination of books, accounts, statutory records, documents and vouchers of an organization to make certain how far the financial statements, as well as non-financial revelations, present a true and fair view of the concern. In other words, it is an examination of an existing system, report, or entity.
Significance of auditing in UAE
Auditing is the independent examination of financial statements to prevents errors and fraud and to maintain accuracy in the data. The significance varies from type of audit conducted it includes: Third-party assurance on financial statements add confidence to the management that their reports are free from material misstatements, therefore they could make quick decisions.
- Planning & budgeting: it enables them to be informed regarding the cost and their allocations. Budgets can be prepared for the future developments of business by choosing this audited information.
- Compliance: auditing helps to examine whether the financial statements are prepared in accordance with the financial standards and regulations.
- Credibility: the audited information enhances the credibility of the owners to invest more in business which will expand the market share.
- Detection of errors and fraud: through the critical examination of financial we could discover the errors arising out of omission, commission or principle along with intention fraudulent activities.
- Materiality: It provides the evidence or the supporting documents showing the transactions and cash flow
What is Assurance Service?
Assurance service is the process of analysing. It is used in the assessment of accounting entries and financial records. Assurance service can be compliance-based or regulatory. Assurance service ensures whether a company follows guidelines, rules and policy, and provides internal and external confidence for financial statements.
Purpose of Conducting a Financial Statement Audit
- To ensure what is reflected through the balance sheet/statement of financial position or Profit or Loss Account is reliable or not.
- To add credibility to the reported financial position and performance of a business
Auditing and Assurance Service with CDA in UAE
Audit and Assurance is the assessment of a company’s accounts to institute trustworthiness with the financial information for the benefit of the owners and shareholders of the company to make better decisions. According to Federal Law No. 2 of 2015 or the UAE Commercial Companies Law, every company is required to allocate a licensed auditor that is registered under the Ministry of Economy for the auditing of their financial affairs.
With a team of certified auditors in UAE, CDA offers the complete range of Audit and Assurance services to meet the business needs of the customer in this vibrant global environment. Other than auditing services in UAE, CDA offers Bookkeeping Services, Financial Advisory Services, Tax Consultant Services, Internal Audit For Company and other tax-related services.
Need audit and assurance services in UAE Do contact us. CDA experts will ensure that your company’s accounting, auditing and assurance procedures grapple with the market movements and that the stakeholders’ interests are well protected.