OUTSOURCED ACCOUNTING AND BOOKKEEPING SERVICES IN UAE
Save time and money with professional bookkeeping services
Dealing with accounting and financials can cost your business time and money. With Nadeem and Umendra you can stop the day to day chore of keeping up with your books and move onto projects to move your business to the next level.
We strive to simplify the process of accounting and bookkeeping and with the following services we can eliminate the need for you to do this in-house and provide you with hassle free up-to-date information about your income, expenses and other useful reports that will help you make smart decisions during the daily operations of your business.
Accounting and Bookkeeping Services we provide:
- Accounts Payable and Receivable
- Recording of all Business Transactions
- Payroll Processing
- General Ledger Maintenance & Reconciliation
- Fixed Asset Management
- Inventory Valuation and Management
- Monthly Performance & Analysis Reports
Spend more time on your business, not your books!
Your time is better well spent operating your business, securing new clients, managing projects that will increase your bottom line and achieving your goals. At Nadeem and Umendra we will help you better utilize your time and at the same time offer you piece of mind knowing your day-to-day financials are taken care of.
Our bookkeeping services are customized to meet the needs of our clients and can be tailored to meet the needs of your business. These processes are backed with a full understanding of your priorities and any deadlines in your business where we work as professionals to provide you with crucial information to generate more profits and encourage company growth.
WHY COMPANIES NEED TO OUTSOURCE ACCOUNTING AND BOOKKEEPING
With ever increasing global competition you need time to concentrate on the main core activities of your business which in turn makes it difficult for you to efficiently and effectively manage all your other business functions. The Accounting and Bookkeeping services we provide are conducted by a team of professionals and allows you to spend your time on more important areas of your business.
We provide our clients with quality accounting and bookkeeping services and in a way that the services provided fulfill the specific needs and requirements of each of our clients on an individualized basis.
With every passing day, the need for Bookkeeping and accounting services in Dubai and other Emirates of UAE is increasing and all this can be contributed to the fact that accurate bookkeeping is a must for all types of businesses irrespective of their nature and size. Every business also requires relevant and reliable financial information on a regular basis so that the business can assess its performance and make timely decisions. Our professional accountants understand the importance of this and therefore are committed to working towards fulfilling these needs which are required by our clients.
Nadeem & Umendra Chartered Accountants has a history of providing its clients with not only quality services but also with highly competent and up-to-date accounting professionals which in turn helps our clients in the management of their accounts and finance functions.
Benefits of Outsourcing Accounting and Bookkeeping Services in UAE
- No gratuity payments
- No overtime payments
- No air ticket expenses
- Access to expert accounting knowledge
- Access to advanced technology to support the bookkeeping processes
- You will have more time to focus on core activities of your business
- Outsourcing your bookkeeping function allows you to save money that would else be paid to a full-time employee
What is Included in Our Accounting Services
We provide our clients with a wide range of outsourced accounting services in Dubai and in other emirates of UAE. Our services include the following:
- Setting up a chart of accounts
- Record and organize all business transactions
- Purchase ledger processing and management
- Sales ledger processing and management
- General ledger maintenance
- Preparation of bank account reconciliation
- Credit card reconciliation
- Cash reconciliation
- Fixed asset management
- Calculation of depreciation
- Preparing and maintaining fixed asset register
- Allocation of receipts & payments to match invoices
- Cash management and reconciliation
- Payroll processing
- Accounts receivable management
- Accounts payable management
- Expense management and processing
- Job accounting and costing
- Monthly review of accounts by our professionally qualified Partner
- Calculation of gratuity payments as per the labor laws in the UAE
- Correspondence and co-ordination with auditor
- Preparation of year end working papers
- Co-ordination with accounting departments
- Feasibility studies
- Investment appraisals
- Preparation of monthly accounts to assist you in performance analysis of your company
- Inventory valuation and management
- Preparation of Accruals and prepayments schedule
- VAT Compliance
- Backup for data files
- Accounts troubleshooting services
- Excellent customer support services
- Accounts receivable management
As part of the above mentioned services, we also provide you with the following reports:
- Monthly trial balance and general ledger
- Monthly Income statement
- Monthly Balance sheet
- Monthly Cash flow statement
- Monthly ratio analysis
- Comprehensive annual financial reports (which includes financial statements and analysis on company’s performance)
- Monthly profit and cash flow forecasts
- Aged Receivables Analysis (debtors)
- Aged Payables Analysis (creditors)
- Monthly management reports highlighting key areas that needs to be improved
- General ledger reconciliation
- Debtors and creditors reconciliation
- Reconciliation of year end amendments suggested by external auditors
- Budget and status report relating to Budget
- Monthly expense report.
We deliver what we say and we do it by providing best Bookkeeping and Accounting services in Dubai and other emirates of UAE. This is the reason as to why we have achieved 100% client satisfaction and also have an outstanding record with retaining our existing clients. All this makes us one of the leading firms offering Accounting services in the UAE.
BENEFITS OF SELECTING OUR SERVICES
The core element that lies at the heart of our outsourced Accounting & Bookkeeping services is to make our clients comfortable and to satisfy them in every possible manner by adjusting to their needs and by providing them with the following benefits:
Cost Effectiveness – We strive to offer the best rates and highest satisfaction of services possible compared to competitors in the prevailing market. By opting to work with us you can cut down costs and overhead and avoid various obligations related to hiring and managing in-house accounting which could include training, full-time salaries and other expenses which may more money than you need to spend on keeping up your books.
Flexibility – Depending on what you prefer, our accountants can either visit you at your premises to complete the accounting work on site or our accountants can work in our private offices where you provide us with relevant documents through mail or email. An arrangement which includes a combination of the above two approaches could also be considered as we work to provide service that caters to your needs.
Access to Expert Knowledge – We offer you the best available accounting knowledge and talent possible by providing you with professional and qualified accountants to complete your work. These accountants possess the skills and experience required to work in various industries and sectors. We will also dedicate a partner to you who will provide you with technical assistance, whenever required. As a result, you will get access to a pool of expert knowledge in the field and the experience of our team of professional accountants.
Experts in Installation and Customization of Accounting Software – As one of the leading Accounting firms in Dubai we not only offer you with quality accounting services in Dubai but also provide you with assistance in setting up various accounting software like QuickBooks and Tally. We are authorized distributors of these accounting software packages and are able to offer them at unbeatable prices. Our accounts are trained in regards to installation and customization of these software packages and the platform we setup will be focused on providing you with an application to derive the maximum benefits and value out of our accounting services.
To insure your complete satisfaction we have broken down our accounting services into two accounting packages. This has been done to assist our clients in the selection of accounting services based on their requirements and what they can afford for the service. We also provide our clients with an option to mix components of each package to best suit the needs of our clients.
On-site Bookkeeping Accounting Package
Our Accountant visits you at your premises to perform accounting work, once per week, biweekly or once in a month depending on what your requirements and budget.
Off-site Bookkeeping Accounting Package
As part of this Bundle, our Accountant works from our office and for that purpose takes all the documents relevant to the accounting work from you either in form of hard copies or gets them emailed/mailed from your end.
How VAT Will Impact on Your Accounting Functions
Value Added Tax is a type of consumption tax and is applicable to almost all kinds of goods and services with an exception of few items. The plan is to introduce it at the standard rate of 5% in the UAE and all across the GCC on 1 January, 2018. VAT will be charged by businesses to its customers, the businesses will also be responsible for collecting the VAT charged from the customers and paying it to the tax authorities. In the same way the businesses will have to pay VAT to its suppliers who in turn will act as agents for collecting VAT on behalf of the tax authorities. The businesses who will register for VAT are entitled to offset the VAT it has to pay to the tax authorities with the VAT it has paid to its suppliers. The businesses or individuals which are unable to register for VAT will be the ones to bear the cost of VAT. Businesses whose annual supply is either equivalent or more than AED 375,000 must register itself for VAT. All those business whose supplies fall in between the range of AED 187,500 and AED 375,000 can apply for voluntary registration.
The implementation of VAT may require many businesses to review all its existing policies, processes and systems. The purpose of this activity is to identify the changes a business needs to make with regard to its policies, processes, financial and operating structures and terms & conditions of existing contracts so that to comply with the VAT rules. The businesses may also be required to make changes to its IT system to ensure VAT compliance. Many businesses may also have to establish a separate department for collecting VAT charged from the customers and handing it over to the tax authorities. Many businesses are arguing that they need more awareness on implementation of VAT and also need more time to assess their existing systems with regards to making changes to systems to ensure VAT compliance.
Impact of VAT on SMEs
The impact of VAT on SMEs is deeper as they first have to assess whether they are required to register for VAT. If a SME is not required to register for VAT then in that case that SME should assess the benefits of voluntary registering for VAT against the cost of absorbing VAT on purchases. If a SME is not even eligible to voluntarily register for VAT then that SME is not required by law and VAT treaty (treaty between GCC states) to comply with VAT obligations in the UAE. Whether this will benefit the small and medium size entities basically depends on various factors such as the nature of the business, the industry in which the business operates in, the type of purchases the business makes in the normal course of its business operations and so on. All those entities that cannot register for VAT will still be affected by it as these entities will not be able to recover VAT on their supplies and in turn would have to bear the cost of VAT. Therefore all the entities whether small or large should assess and plan its resources and functions with regards to the implementation of VAT in the UAE.
Need for Outsourcing Accounting Services to ensure VAT compliance
VAT compliance requires businesses in the UAE to file VAT returns and for that purpose it also requires them to maintain and safeguard stock record, invoices and other relevant records so that to justify the amount of tax that was paid on purchases. This above requirement increases the need for outsourcing Accounting and bookkeeping services to well-equipped and reputable accounting firms in the UAE so that to maintain proper accounting records to ensure VAT compliance.
Consequences of Non-compliance with New VAT Legislation
One of the most frequently asked question relating to the implementation of VAT is that what if one does not complies with the new VAT legislation and the answer to it is that non-compliance can lead to one being fined, penalized or prosecuted, whichever applies depending on the nature of the non-compliance.
LONG TERM COMMITMENT & CUSTOMER SATISFACTION
We are committed to our clients and work to establish and maintain a long term business relationship where we commit our services to companies’ long term. All of our clients have a great level of trust and confidence in the services we provide and this level of commitment is shown by our accountants on the job. Our clients are from a variety of various industries where there background and operating procedures may be different but we are able to adapt well under many different sets of circumstances. Therefore, taking us on as a partner to manage your books is a great decisions as we provide some of the best bookkeeping and accounting services and are a top-rated bookkeeping firm in UAE.
Please contact us for a no obligation consultation and to learn more about how our bookkeeping and accounting services can help you.