Maximize Financial Transparency and Growth with Professional Accounting Services in the UAE
“Our primary focus is on maximizing financial transparency, enabling you to make informed decisions. This will drive your business forward through professional accounting services.
In the dynamic business landscape of the United Arab Emirates (UAE), maintaining financial transparency and fostering sustainable growth is essential for businesses of all sizes.
Professional accounting services play a crucial role in achieving these objectives by ensuring accurate financial reporting, compliance with regulatory requirements, and strategic financial planning.
We go beyond the traditional role of accounting by providing comprehensive financial analysis, forecasting, and strategic planning support. By leveraging our expertise, you gain a clear understanding of your financial position, identify areas for improvement, and implement effective strategies to achieve your growth objectives.”
Professional Accounting Services that streamlines your bookkeeping, VAT, payroll, financial reports
UAE Accounting Practises
Financial regulatory requirements in the UAE are strict and it can be stressful to keep track of any changes or updates that are implemented.
Your business needs to comply with the standards set out by the International Federation of Accountants (IFAC) and ensure your financial records are maintained for at least 10 years for tax compliance purposes.
All transactions up to AED 1,000 must have a receipt and all bank transactions supported by a bank statement. Where applicable, all businesses must register for VAT and original copies of invoices, credit notes and contracts referred to as support documentation.
Accounting Made Easy
Outsourcing your accounting to Start Business Advisory LLC frees up more time to focus on key areas of your business to stimulate growth.
While our qualified accountants ensure all transactions are recorded and relevant documentation is updated, you can ensure business opportunities are maximised to reach your full potential.
Additionally, we keep your records compliant and accurate, so you always have insight into your financial status.
- Our Strategy
Getting you the best advise
Initial consultation to understand their accounting needs, business requirements, and any specific challenges they may be facing. This meeting allows us to gather relevant information and assess how your accounting services can best meet your needs.
Proposal and Service Agreement
Based on the initial consultation, we prepare a detailed proposal outlining the scope of professional accounting services. Firtly, we will consider the deliverables, timelines, fees, and any other terms and conditions.
In addition, once you agree to proceed, formalize the engagement through a service agreement that clearly defines the roles, responsibilities, and expectations of both parties.
Data Collection and Transfer
Doing the admin for you
You will provide all relevant financial documents and records required for accounting services. This includes bank statements, invoices, receipts, payroll information, financial reports. Besides, it’s including any other documentation necessary to establish an accurate accounting system.
Data Analysis and Assessment
Being your support
We analyze the provided financial data and assess the existing accounting processes and systems in place. We’ll identify any gaps, inconsistencies, or areas for improvement. This analysis helps determine the most suitable approach for the accounting needs.
Establishing Accounting Processes
Being your support
Based on the analysis, establish or recommend appropriate accounting processes tailored to your business. This includes setting up a chart of accounts, establishing bookkeeping practices, determining accounting software requirements, and establishing financial reporting formats.
Being your support
Continuously assess and improve the accounting processes and systems to enhance efficiency and accuracy.
We will keep you updated with changes in accounting standards, tax regulations, and industry practices to ensure compliance and provide valuable insights to you.
- Frequently asked questions
In the UAE, the accounting standards followed vary depending on the type of entity and its regulatory requirements. Here are the primary accounting standards and frameworks commonly used in the UAE:
- International Financial Reporting Standards (IFRS)
- Generally Accepted Accounting Principles (GAAP)
- Islamic Accounting Standards (IAS)
- UAE VAT Accounting Standards
Finding a professional accountant in the UAE requires thorough research and consideration to ensure you partner with a qualified and reliable individual or firm.
Outsourcing accounting services in the UAE can provide several benefits for businesses. Here are some of the key advantages:
- Cost Savings
- Access to Expertise
- Focus on Core Business Functions
- Scalability and Flexibility
- Timely Financial Reporting:
- Compliance with UAE Regulations
- Expert Financial Advice
- Peace of Mind
First, VAT, or Value Added Tax, is a consumption tax imposed on the supply of goods and services at each stage of production and distribution. Moreover, it is a form of indirect tax that is levied on the final consumer.
Lastly, this determines the businesses to act as intermediaries responsible for collecting and remitting the tax to the government. VAT was introduced in the UAE on January 1, 2018, with a standard rate of 5%.
Non-compliance with accounting regulations in the UAE can result in various penalties and consequences. Furthermore, the specific penalties may vary depending on the nature and severity of the non-compliance, as well as the regulatory authority involved.
Here are some potential penalties for non-compliance with accounting regulations in the UAE:
- Fines and Monetary Penalties
- Suspension or Revocation of License
- Legal Proceedings
- Blocklisting or Debarment
- Reputational Damage
- Audit or Investigation Costs