ACCOUNTING AND BOOKKEEPING
Accounting and bookkeeping services are foundational pillars of business operations, shaping the financial
trajectory of companies in the UAE. These essential functions are instrumental in evaluating the impact of
recorded transactions on vital financial statements, such as the Balance Sheet and Profit and Loss Account.
Ensuring the accuracy and integrity of these reports not only facilitates better revenue forecasts but also
enhances decision-making processes within organizations.
With the ever-increasing complexity of financial regulations, the UAE's demand for reliable accounting services
continues to soar. Regardless of the scale of operations, accounting and bookkeeping services remain a fundamental
aspect of business management. From cost planning to performance measurement, accounting and bookkeeping services
drive strategic decision-making and operational efficiency.
Outsourcing accounting and bookkeeping services are now a pragmatic choice for companies seeking to leverage
specialized expertise while maintaining focus on core business objectives. By systematically recording and
organizing financial transactions, accounting services aims to provide a comprehensive and accurate representation
of a company's financial health, thereby emphasizing its significance in navigating the complex landscape of
modern commerce.
LEGAL COMPLIANCE
Legal compliance in accounting services is essential for any business operating in the UAE. Excellence Tax and
Business Consultants, an esteemed affiliate of Excellence, holds a prestigious license from the Dubai Multi
Commodities Centre (DMCC) with license number DMCC-745930. We offer various services, including Accounting &
Bookkeeping Services, Tax accounting services, and Tax Reclaim Services. Excellence exemplifies adherence to legal
standards and practices in financial management.
The UAE Commercial Companies Law No. 2 of 2015 mandates adopting international accounting standards and practices
in preparing company accounts, reinforcing the importance of regulatory alignment across the business landscape.
Moreover, numerous free zones across the UAE impose obligations on companies to maintain their accounts and
undergo audits conducted by approved and listed accounting firms in Dubai and the wider UAE.
The maintenance of accurate accounting records and commercial books is mandated for five years beyond the end of
the tax period applicable to taxable entities, in compliance with Federal Law No. (7) of 2017 on Tax Procedures.
This statutory requirement underscores the significance of meticulous record-keeping practices and the need for
vigilance in maintaining financial documentation.
By adhering to these legal provisions, businesses mitigate the risk of non-compliance and uphold transparency and
accountability in their financial operations, thereby fostering trust and credibility within the marketplace.
In essence, navigating the intricacies of legal compliance underscores the indispensable role of accountancy services in facilitating the seamless functioning of businesses within the UAE's regulatory framework.
ADVANTAGES OF ACCOUNTING AND BOOKKEEPING SERVICES
Because of accounting services, organizations gain essential and helpful insights into their financial health by
meticulously documenting business resources, liabilities, and profits. These efforts culminate in preparing vital
financial statements, such as the Profit and Loss Account and the Balance Sheet, which offer comprehensive
snapshots of a company's fiscal performance.
Our team is composed of expert and professional accountants in Dubai. With our guidance, businesses gain the
expertise of professional accounting services in UAE.. Entrusting your accounting and bookkeeping services
to us unlocks cost-saving opportunities and strategic insights vital for a business's sustained growth and
market competitiveness.
The demand for reliable accounting services in JLT and across the UAE continues to escalate. Outsourcing
accounting and bookkeeping tasks to reputable accounting companies in UAE alleviates administrative burdens and
empowers businesses to leverage specialized expertise tailored to their unique needs.
As organizations strive to navigate evolving regulatory frameworks and capitalize on emerging opportunities, the
UAE's strategic partnership with accounting and bookkeeping companies in UAE emerges as a cornerstone for
achieving sustainable success in today's competitive business landscape.
HOW EXCELLENCE CAN HELP
For over a decade, Excellence has been at the forefront of providing unparalleled accounting services in Dubai
and across the UAE, catering to clients' diverse needs both locally and globally.
With a steadfast commitment to excellence, we tailor our accounting and bookkeeping services to align seamlessly
with each client's unique requirements. As your approved and trusted partner, we guide you through the intricacies
of accounting practices, ensuring sound financial management that fosters profitability and fuels business growth.
Beyond traditional accounting services in UAE, our expertise extends to comprehensive cash flow analysis,
strategic budgeting, meticulous forecasting, and many other financial strategies tailored to propel your business
toward success.
At Excellence, we transcend the conventional role of accounting and bookkeeping companies in UAE by becoming your
dedicated partner in financial prosperity. As your trusted advisor, we navigate the complexities of financial
management, steering you away from potential pitfalls that could impede your expansion. We are committed to
empowering businesses with the discernment needed to thrive in today's dynamic market environment.
SCOPE OF ACCOUNTING, BOOKKEEPING, AND MIS REPORTING
- Bookkeeping of financial transactions
- Accounting of financial transactions as per the procedures and rules described in IFRS and International
Accounting Standards (ISA)
- Recording and maintaining daily accounting transactions, including payments, receipts, sales, purchases,
miscellaneous expenses, and inventory accounting
- Preparation, maintenance, and updating of the Fixed Assets Register as per the standards
- Monthly and quarterly reconciliation of bank accounts
- Recording of payroll information as needed
- Analysis of debtors and creditors, with monthly reconciliation
- Scrutinizing all ledger accounts at regular intervals
- Posting regular journal entries, creating month-end provisions, and performing month-end closings
- Preparation of monthly trial balance and final accounts, such as profit and loss statements and the Balance
Sheet
- Preparation of quarterly, half-yearly, and annual financial statements
- Preparation of management information reports as and when required