“Accounting is the language of Business” - Warren Buffet
Accounting and Financial Reporting Services in the UAE: Recording the transactions of a company is an integral factor that contributes to the growth of the company. Accounting helps a business to track its income and expenses, thus reflecting the result of the operation. The daily transactions of a company need to be recorded and accounted for to consider prospects for the business. The most common questions crossing the minds of investors are:
Is maintenance of Accounts necessary, as long as I know I have the money to run the business?
The UAE Commercial Company Law 2015, Federal Decree-Law of 2017 on Value Added Tax (VAT), and Economic Substance Regulation in the UAE are some of the laws requiring the mandatory maintenance of books of accounts in the UAE. Hence, making Accounting and Financial Reporting necessary.
How would I focus on the daily operations if I keep accounting?
Accounting and Financial Reporting will help the investors to understand the financial position of a company, analyze the investment opportunities, and reduce expenses that are not vital to the business. The prospects of a business can be determined only if the accounts are maintained. Accounts outsourcing services in the UAE is the most suitable option for an investor wherein he/she can dedicate their complete time towards the operations and at the same time ensure that the records are maintained, thus being able to reap maximum benefits.
Accounting Outsourcing Company in Dubai, UAE.
Emirates Chartered Accountants Group - Hands-on experience in handling your accounting and finance efficiently.
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Mr. Praveen | Senior Manager
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The daily transactions of the company are recorded in the accounting software on a periodic basis and reports are generated on a monthly/quarterly basis, followed by financial analysis with the management.
Weekly Visit: Our associate will visit your office on a weekly basis and update all the transactions of your company, which includes recording the purchases, sales, receipts, payments, and other business transactions, recognizing transactions on an accrual basis, and ensuring transactions and documentation comply with the UAE VAT Law.
Monthly Visit: If the number of business transactions of the company is comparatively less, one / two visits will be sufficient to complete updating the books of accounts. Our associate will visit the clients’ office at the end of every month/beginning of the next month and update the transactions company, which includes recording the purchases, sales, receipts, payments, and other business transactions, recognizing transactions on an accrual basis, and ensuring transactions and documentation comply with the UAE VAT Law.
Updating of Daily Accounts from our overseas office: Our accounting office located in India can support the client to update the transactions daily. It includes updating transactions like sales, purchases, payments, receipts, and reconciliation with bank statements. Any other requirement from the clients’ side will be attended to and the executive will work just like the own accountant of the company, but at a lesser employee cost. The data for this mode of updating has to be provided by the client through email or an online portal.
Our MIS Reports will include System Generated Reports at the end of every month and financial analysis will be conducted basis the report. In-house comparative financial statements will be issued on a quarterly basis which will include ratio analysis and ageing reports.
Emirates Chartered Accountants Group can support by supervising the accounting transactions entered by your staff, draw out financial statements and provide an analysis of the financial position, helping steer the business to heights. Under accounts supervision services in the UAE, our executive will visit your office on periodic a basis, weekly or monthly, depending upon the scope of the work and time required to complete the assignment. The data entry work done by the staff of the company will be reviewed with supporting documents maintained. Our accounting supervision service in the UAE will include a review of books of account with necessary supporting documents and the major observations which require management attention and actions will be conveyed depending on its importance.
Companies that are aware of the importance of recording transactions in an orderly manner would have hired staff for book-keeping. However, the management may not be able to determine the accuracy of recording the transaction or compliance with the laws of the land. The staff may not be able to analyze the transactions and provide an opinion on the financial position of the company. As Warren Buffet mentioned, it is always advisable to review past mistakes before committing new ones.
Our accounting experts support the clients for reconciliation of their bank, customers’ ledger, suppliers’ ledger, inter-company, or any other statements/ledger. We provide accounts reconciliation services in the UAE to small and medium-sized companies, corporates, MNCs, etc. This helps the organization to eliminate legal issues, maintain the confidentiality of the critical data, and reduce the chances of fraud and corruption. Our accounts reconciliation services in the UAE include the following:
We, Emirates Chartered Accountants Group can support you with Accounting and Financial Reporting by maintaining the books of accounts in an appropriate manner and ensuring compliance with all statutory requirements. We understand the requirements of every business and provide reports according to the needs of the management.
Availing our Accounting and Financial Reporting Services in the UAE gives you the following benefits:
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People usually ask
Ans: Financial reporting is the process of disclosing the financial results of an organisation. These reports are used by the shareholders and public for decision making. Financial reports include an income statement, balance sheet and statement of cash flows.
Ans: Financial Accounting is the process of recording day to day monetary transaction of an organisation, whereas Financial Reporting is the process of summarising the recorded data and present the same as per Standard Policies, and the same used for decision making purpose.
Ans: There are mainly 4 types of Financial Statements are used for financial reporting purpose that includes;
a) Balance Sheet – Showing the Asset and Liability position of the business on a specific date.
b) Profit & Loss A/c – Reveals Income and Expenditure for the financial period/year.
c) Cash Flow Statements – Depicting movements of Cash.
d) Statement of changes in Owners/Shareholders Equity
Ans: Financial Reporting usually considered as the final outcome of accounting works done, so it is part of accounting.
Ans: A Balance sheet draws the picture of how effectively a company using their resources. It depicts the asset and liability status of the organisation. A profit and loss account summarises the revenues and expenses incurred during a specific period.
Ans: A Cash Flow Statement is a statement showing changes in the cash position of the firm from one period to another. It explains the inflows (receipts) and outflows (disbursements) of Cash over a period. The inflows of Cash may occur from the sale of goods, sale of assets, receipts from trade receivables, interest, dividend, issue of new shares and debentures, raising of loans, short-term borrowing, etc., The cash outflows may occur on account of purchase of goods, purchase of assets, repayment of loans, payment of tax and dividend, etc.. The cash flow statement comprises information on operating activities, investing activities and financing activities.
Funds Flow Statement states the changes in the working capital of the business in relation to the operations in one period. The main components of Working Capital are Current Assets and Current Liabilities. Funds flow statement explains the various sources from where the funds generated with various uses to which they are put.