ACCOUNTING & BOOKEEPING
IN UNITED ARAB EMIRATES
Importance of Accounting & Bookkeeping
Accounting and Bookkeeping Services are the backbone of any business. The business owners should have a clear view of their company’s current and projected accounts so as to deliver accurate cash flows, MIS, and other financial reports to make fast and effective decisions.
Why In-house Accountants are not enough?
All the services mentioned above are often not possible with the in-house accountants as they are not fully trained and many a time are not abreast with all the regulatory changes that are frequently going on in the industry. For instance, the issuance of Economic Substance Regulations ( ESR ) in the UAE was recently announced. Only the experts will be able to understand financial transactions while dealing with ESR norms. There comes the need of outsourcing your accounting and bookkeeping services and expect meaningful and useful updates and financial reports that can act as a catalyst to impact your next move. Thus, any business looking for reliable, professional, and strategic financial advice can positively make a huge difference.
Without well-designed accounting practices firmly in place, a company makes less-informed business decisions that pose a direct threat to investors, lenders, and stakeholders associated with the company. In the current scenario, rules and regulations have been changing at a faster pace in the UAE and repercussions of non-compliances and delays due to ignorance or workloads are sometimes very painful because it invites substantial fines and huge penalties.
Need of Outsourcing Accounting and
Bookkeeping in UAE
To understand the need of outsourcing accounting and bookkeeping services, one should first understand its requirement and the positive impact it would bring upon the current business sentiments. A successful entrepreneur would never compromise with the quality of accountants or any outsourced accounting firm in the same manner as he does not compromise with his own lifestyle. He finds experts and delegates the tasks to others because he spends his valuable time building his business as he is highly creative and full of great ideas. He would make sure that the data he is using for his key decisions is authentic, complete, and fully reliable.
As time is of the essence, an experienced and professional team like us at Fundforth would be able to help you to avoid such delays by meeting the deadlines timely, organizing your data, and help you to provide the correct data by doing smart accounting and bookkeeping that will enable you to make excellent decisions for your businesses.
Benefits of Outsourcing Accounting and Book Keeping Services
Briefly, it is very cost-effective as it saves a lot of cost besides saving time and many of our clients save up to 40% compared to the costs of hiring in-house staff to perform these functions. Moreover, it eliminates all the overheads including salaries, training costs, office space, office refreshments, internet, travel expenses, visas, employee gratuities, and so much more. It saves even more money by eradicating sick leave (we are available 24/7/365), holidays, and incalculable other expenses.
Our Scope of Services Include:
Fundforth works with well-known software programs like QuickBooks, ZohoBooks, Tally ERP 9, SAP ERP and other popular accounting software.
Our bookkeeping services at Fundforth include the following:
• Installation of a robust accounting system
• Creating all Chart of Accounts
• Recording of sales, purchases, journals, etc as per Accounting Standards
• Entering payment and receipts vouchers
• Reconciliation of payments and receipts with invoices
• Checking the approvals on payments and the quotations obtained for purchases and matching purchase invoices with GRNs
• Pay supplier invoices only when due and chase customer receivables before due dates to ensure business cash flow is managed properly
• Pushing overdue receivables to debt collectors and further to the legal
• Accentuating revenue leakages to the management
• Preparing data for VAT returns and other VAT compliances
• Bifurcating Credit card and direct payments from bank statement
• Preparing BRS (Bank Reconciliation Statements)
• Cash Reconciliations
• Stock Reconciliation
• Obtaining previous year Audited Financials
• Checking the closing and opening balances
• Checking the veracity and accuracy of Trial balance
• Coordinating with Internal and Statutory Auditors.
• Preparation of Cash Flows and MIS
• Posting of adjusting entries, year-end accruals, allowance for doubtful debts, etc. to ensure quick completion of the audit
• Budgeting and forecasting
• Preparing monthly profit and loss and balance sheet
• Preparing annual Consolidated and Standalone Financial Statement.
• General Ledger Reconciliation
• Inter Company Reconciliation of ledger balances in case of group companies
• Gratuity calculation as per UAE labour laws
• Setting up Payroll Systems
• Reconciliation of Accounts payables
• Reconciliation of Accounts receivables
• Preparing and analysing Debtor’s Ageing
• Preparing and analysing Creditor’s Ageing
• Break-even Analysis
• Ratios Analysis
Why Choose us?
The reason companies choose us is for our competitive pricing in all the emirates of the UAE and considering us to be the best in providing cost-effective financial solutions, eliminating infrastructure and administrative hassles, enhanced efficiency, proven data confidentiality & security, complete transparency of operations, impeccable financial reporting, excellent coordination and communication.
Fundforth thus helps companies pivot into more profitable directions where they can expand and grow. It is inevitable that companies will end up making a few mistakes; we help them correct these mistakes. We help companies turn their non-profitable ventures into something that benefits them. On top of all, our speciality lies in understanding what makes a company special and what makes it tick.
We at Fundforth have a team of erudite Chartered Accountants who are very experienced and are up to date with the industry requirements, the latest accounting and audit tools, integrated business process automation, and have strong acumen to know the ongoing trend of artificial intelligence in the accounting profession. Our Accounting Team is well versed with cloud-based virtual accounting and is fully experienced with VAT compliant accounting and bookkeeping practices.
Funforth helps you to comply with international accounting standards which require a true fair representation of the financial statements. Our expertise differentiates us from other companies offering similar accounting and bookkeeping services. We strive to provide timely, cost-effective, scalable, and customized accounting solutions.