ACCOUNTING &
BOOKKEEPING

ACCOUNTING AND BOOKKEEPING

Accounting and bookkeeping 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 remains a fundamental aspect of business management. From cost planning to performance measurement, the insights from meticulous accounting and bookkeeping companies in the UAE drive strategic decision-making and operational efficiency.

Outsourcing accounting and bookkeeping services is 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 endeavors to provide a comprehensive and accurate representation of a company's financial health, thereby underlining its significance in navigating the intricate terrain of modern commerce.

LEGAL COMPLIANCE

Legal compliance in accounting and tax advisory services is essential for any business operating in the UAE.

Excellence Tax and Business Consultants, an esteemed entity within the Excellence Group, holds a prestigious license from the Dubai Multi Commodities Centre (DMCC) with license number DMCC-745930. We offer various services, including Accounting & Bookkeeping, Tax Consultation, 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 auditing and 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

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. 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 firms alleviate administrative burdens and empower 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 emerges as a cornerstone for achieving sustainable success in today's competitive business landscape.

HOW EXCELLENCE CAN HELP

For over half a decade, Excellence has been at the forefront of providing unparalleled accounting services in Dubai and across the UAE, catering to clients' diverse needs locally and globally.

With a steadfast commitment to Excellence, we tailor our services to align seamlessly with each client's unique requirements. As your approved and trusted advisor, we guide you through the intricacies of accounting practices, ensuring sound financial management that fosters profitability and fuels business growth.

Beyond traditional accounting services, 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 the financial transactions.
• Accounting of the financial transactions as per the procedures & rules described in the IFRS and International Accounting Standards (ISA).
• We record and maintain daily accounting transactions of payments, receipts, sales and purchases, other 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 and reconciliation of the same every month.
• We are scrutinizing all ledger accounts at regular intervals.
• Posting regular journal entries, creating month-end provisions, and month-end closings.
• Preparation of Monthly trial balance and final accounts like profit, loss, and Balance Sheet.
• Quarterly, half-yearly, and Annual financial statements.
• Preparation of Management information reports as and when required.