Accounting and auditing
Accounting is referred to as the process of recording, classifying, summarising and interpreting the financial transactions, statements to determine the financial position of an organisation. Accounting is also known as the specialised language of the business.
Auditing, on the other hand, is referred to as the process of examining the financial records such as transactions and statements of an organisation in order to find any discrepancies during the process of recording of the transactions and also to verify the accuracy of the records. Audit can be of two types namely, internal and external audit. Internal audit is conducted by an inhouse auditor while external audits are performed by auditors who are hired from outside.
- Bookkeeping services: Every business has n number of transactions happening day by day. So, recording each transaction is equally important for the future success of business. We provide bookeping services to our clients on monthly , quarterly or yearly basis.
- Accounting and financial reporting: Accounting is the process of documenting financial transactions essential to a firm. These transactions must be summarized, analyzed, and reported to oversight bodies, regulators, and tax collecting entities. Accounting records are used by businesses to create financial reports known as accounting reports, which are equal to financial statements. The most frequent types of accounting reports include income statements, cash flow statements, balance sheets, and equity change statements.
- Year end accounting: The accounting period or financial year, the completion of any one-year or 12-month accounting period other than a general calendar year of an accounting period is what we know as year-end. The accounting period is not always the calendar year across the world. In the UAE, the fiscal accounting year begins on January 1st and finishes on December 31st, but in the UK, it is from April 1st to March 31st. Companies are typically required to present a report at the end of the year for their entire year’s business activities, regardless of the country in which they are located. At the end, businesses are required to close all temporary accounts and carry forward the accounts to the following year in order to avoid any confusion and complications in the accounts to be generated in the following year.
The process of reviewing a company’s financial records is known as auditing. An audit is undertaken to ensure that the accounting information provided by management is reliable and complete. It facilitates fraud and other abnormalities. Furthermore, the audit identifies areas where adjustments might be done to meet the objectives. Internal audit, operational audit, and financial statement audit are examples of auditing services.
TAX registration and filling
Value Added Tax that was introduced in January 2018 (at a rate of 5%), If a company’s taxable supplies and imports exceed AED 375,000 per year, it must register for VAT. It is optional for companies whose annual supply and imports surpass AED 187,500.
When filing for VAT in Dubai, numerous paperwork must be prepared. These are some,
- The trade license copy
- The Memorandum and Articles of Association of the company;
- Proof of the registered address of the company in the UAE;
- Information about the corporate bank account
- An income statement for the last 12 months
- An estimation of the expected revenue, turnover and expenses for the following 30 days after VAT registration
- Information about the import-export activities of the company
- The company’s customs code and copy of the Dubai Custom Code Certificate (if available)
The major advantage of VAT registration is that businesses can be reimbursed for the amount paid from the collection of the new tax after submitting tax reports. VAT returns will be electronically filed at the end of the taxable period or quarterly.Taxable periods are either monthly for firms with an annual income of 150 million AED or more or on quarterly for enterprises with an annual income of less than 150 million AED.