ACCOUNTING SUPPORT FOR BUSINESS (FIRM) IN THE UAE

Bookkeeping in the UAE is not related to tax reporting requirements, but rather is a requirement of corporate law.

There is no federal income and payroll tax in the UAE, so the government has fewer accounting requirements compared to countries that do. However, even in a tax-free environment, it is critical to create an accounting framework that provides accurate information and analysis as a basis for strategic decision-making. According to recent company laws, company management is responsible for ensuring that its shareholders have true and objective information about the company. More and more authorities are introducing audited financial reporting requirements as part of the company’s license renewal requirements. Entities with regulated activities in the UAE, such as entities regulated by the Central Bank, are required by the DFSA to submit their reports to the regulator on a regular basis. It can be quarterly or annually.

Accounting and reporting services

Taking into account the nature of the organization’s activities, we assume that the following accounting services are required on a monthly basis:

• Monthly accounting in accordance with applicable local GAAP and IFRS with local adjustments when necessary
• Preparation of monthly financial statements (in our own format or yours if you let us know the requirements)

Monthly accounting

Prepare the sales journal, purchases journal, and other journal entries

• Record all payments and funds received
• Accounting of all receivables and payables
• Record all assets purchased and related depreciation.
• Accounting of advance payments and accruals

Financial reports

Let us know your requirements and we will prepare a suitable report package. The report should include:

• Balance sheet
• income statement
• Trial balance
• Application for reconciliation with the bank
• List of general ledger
• Balance sheet and separate expense schedules
• Petty cash report
• Monthly client reporting package if required

Billing is based on the relevant records/documents, information and explanations provided to us. Therefore, the responsibility for control, accuracy and completeness rests with you and your company’s management.

Accounting support for activities in the UAE

For the correct submission of all tax and financial statements, in accordance with EU legislation, a large number of companies registered in Italy use the services of accountants who are not part of the company’s staff. Since we have our representatives in Dubai and Abu Dhabi, the largest Emirates, all financial and tax reports can be submitted by our specialist.

An accounting firm in the UAE and what are the advantages of working with it?

External accounting service in the UAE has many advantages and the main advantage is that, in case of incorrect submission of reports or calculation of payments, we will pay at our own expense all fines issued by the controlling authority. A Ukrainian-speaking or Russian-speaking accountant in the UAE is our advantage among other accounting companies. Consultation on accounting in the UAE in Ukrainian or Russian will simplify the understanding between you and the accountant, make it more accessible for you to understand the legislation of the UAE in the field of accounting and taxes.

Accounting in the UAE

The legislation of the UAE stipulates the conditions for keeping accounting records.

In general, there are the following accounting options, they are also used in the UAE:

• When a director or an individual entrepreneur independently maintains accounting. In this option, there are practically no advantages, but there are many disadvantages, in particular, insufficient time to directly conduct business, making mistakes in case of omission of novelties in the legislation of the UAE.
• When there is an individual who is registered as an accountant and carries out his activities in the company. In this case, a person fulfills his obligations to the firm without any problems, fulfilling his direct duty of accounting for a certain firm – this is an obvious advantage.
• However, there are also disadvantages: the rather large salary for maintaining such an accountant, which reaches about 1 thousand euros per month, and in some cases it can be even more. Also, if the accountant does not come to work, then it is necessary to find a replacement for him, this involves additional costs. Often, one chief accountant and several ordinary accountants are hired, which implies significant costs for their maintenance.
• Accounting support (outsourcing) of business in the UAE

There will be no downsides if you contact real professionals who guarantee their work.

Among the advantages, you should pay attention to the following – we employ a large number of accountants of various specializations, and therefore we guarantee the performance of work at the highest level, the low cost of the service in comparison with others, go to any of your questions that may arise during accounting. Our specialists have a high level of knowledge in many types of business.

In more detail about the last point, we provide accountant services in the UAE, in particular:

• Accountant in Dubai
• Accountant in Abu Dhabi

Accountant services in the UAE include:

• Accounting service for enterprises of all organizational and legal forms
• Accounting and tax audit of a firm (business) in the UAE
• Preparation and submission of declarations and reports to tax and control authorities
• Representation of a lawyer and accountant in the tax authorities of the UAE
• CIT, PIT, ZUS, VAT, PFRON, NBP, GUS, declarations – preparation, verification and submission to regulatory authorities.
• Keeping personnel records, calculation of salary, payment of relevant taxes for employees, submission of personnel reports
• Import-export operations (WDT, WNT)
• Preparation of invoices and invoices
• Making bank payments
• Analysis of the financial state of the enterprise

Accounting services in the UAE are one of the main areas of activity of YK Prykhodko and partners, because we are familiar with the legislation of the UAE, and therefore clearly understand how the tax system of the UAE works and will help you choose the best tax system for your business, because we have an individual approach for each client , which depends on the direction of your activity, the organizational legal form of the legal entity.