YUGA Accounting is having team of chartered accountants and providing bookkeeping and Accounting services in Dubai UAE, that offers a variety of bookkeeping and accounting services across UAE and each service can be customized to meet your needs and comfort level. Our specialists work to understand the dynamics of your organization so that your specific accounting and bookkeeping needs are taken care of. We provide management with information important to the functioning of the business and ensure that you are fully compliant with regulatory requirements by various licensing authorities in UAE.
We also make it a point to review the accounts prepared by the client team and recommend corrections to improve the reliability for accuracy of financial information and internal control process.
Accounting Services in the UAE
Accounting in the UAE is not triggered by tax filing requirements but is more of a corporate law requirement.
The UAE does not have any federal tax on income and wages, resulting in fewer accounting requirements prescribed by the government compared to countries that do levy tax. Yet even in a tax- free environment it is critical to create an accounting structure that produces accurate information and analysis as a base for strategic decision-making.
Based on recent company laws, company management is responsible for having accounts that give a true and fair view of the company to its shareholders. Entities with regulated activities in the UAE – for example, entities that are regulated by the Free zones, Central Bank, DFSA – are obliged to file their accounts on the regular basis with the regulator. This can be on quarterly to annual basis.
Bookkeeping and Reporting Services in the UAE
Considering the nature of the entity’s operation, we estimate that the following monthly bookkeeping services are required:
- Monthly bookkeeping in the local applicable GAAP and IFRS with the local adjustments when necessary
- Preparation of monthly financial reporting (in either our own format or yours if you let us know requirements)
Difference between Accounting & Bookkeeping
In the simple terms,
Bookkeeping is responsible for the recording of financial transactions.
Accounting is responsible for classifying, interpreting, analyzing, reporting, and summarizing the financial data.
The single-entry and double-entry bookkeeping systems are the two methods commonly used. While each has its own advantage and disadvantage, the business has to choose the one which is most suitable for their business, we can help you to plan for selecting the accounting methods.
Our Accounting & Bookkeeping Services
YUGA Accounting offers bookkeeping services in Dubai, UAE and also various reconciliation services such as Cash/Bank Reconciliation, Inventory reconciliation and receivables and payable reconciliation.
Our Accounting and Bookkeeping services in UAE include:
- Data Entry or Transaction Processing
- Accounting & Bookkeeping
- Online Accounting / Onsite Accounting
- Accounting System Setup & Training
- Receivables & Payables Management
- Budgeting and Forecasting
- Audit Support for preparations
- Reconciliation Assignments
- Management Reporting
- Accounting Supervision services
- Sales Audit Reporting for Malls
- Physical Verification & Tagging of Inventories/Fixed Assets Verification
- Agreed Upon Procedures
- Virtual CFO Service/Part time finance manager service
Financial Reports / MIS Reports
Let us know your requirements, and we will prepare a reporting package to suit.
The completed report package will be submitted to you before the prescribed date of the following month, provided all the necessary information and documents are prepared and made available to us on a timely basis.
The report shall include:
- Trial balance
- Balance sheet
- Income statement
- Bank reconciliation statement
- General ledger Updation
- Balance sheet and selected expenses schedules
- Petty cash report
- Clients monthly reporting, if required
- Management Information Systems report
The computation of the accounts are based on the relevant records/documents, information and explanation supplied to us. The control, accuracy and completeness of is therefore the responsibility of you and your company management.
Accounts Payable Outsourcing Service
As part of our accounting services, we can also support clients who do not have a UAE bank account to manage accounts payable. Since the local entity will be a newly established company, a payment frequency of two times in a month will be sufficient.
- Invoice review and preparation for payment documentation
- Setting up payment in the banking system
- Payment approval by management and senior staff
- Payment documents administration and reconciliation with the accounts payable list
- Client and supplier correspondence
FOR MORE INFORMATION, CONTACT US :
Phone : +971 52 1952 532 / +971 4 240 1110
Mail-Id : info@yugaaccounting.com
Website : www.yugaaccounting.com