ACCOUNTING &
Companies

ACCOUNTING COMPANIES

In the dynamic landscape of the country’s financial sector, accounting companies in UAE are tasked with maintaining meticulous and coherent records of all business transactions. Through this process, these firms provide insights into the current financial status of organizations, forecast potential growth trajectories, and offer guidance to business owners for strategic decision-making.

Accounting and bookkeeping play an important role in determining the overall impact of recorded transactions on the company's final financial statements, including the Profit and Loss Account and the Balance Sheet. Thus, keeping accurate records of business resources, liabilities, and profits is imperative for companies of varying sizes, spanning from small and medium-sized enterprises (SMEs) to larger corporations. Employing the services of professional and experienced accounting firms in Dubai saves money. It brings valuable expertise to the business, making outsourced accounting and bookkeeping services indispensable for companies in the UAE.

By entrusting accounting and bookkeeping responsibilities to specialized accounting firms in Dubai, businesses can ensure comprehensive and reliable financial management, leading to informed decision-making and optimized operational performance. With the complexities of financial regulations and reporting standards, outsourcing these functions to competent professionals enables businesses to concentrate on core activities while upholding financial transparency and compliance with regulatory requirements.

EXCELLENCE ACCOUNTING SERVICES AND COMPLIANCE

Excellence Tax and Business Consultants operates as one of the entities within the Excellence Group, holding a valid license from the Dubai Multi Commodities Centre (DMCC) with license number DMCC-745930. Our range of services encompasses Accounting & Bookkeeping, Tax Consultation, and Tax Reclaim Services prepared to meet the distinct requirements of businesses operating in the UAE.

With the enactment of the UAE Commercial Companies Law No. 2 of 2015, effective 1 July 2015, all companies are mandated to adhere to international accounting standards and practices while preparing their accounts. Many free zones across the UAE require companies to maintain their accounts and undergo audits by approved and listed auditing and accounting firms in Dubai and the UAE.

Furthermore, as per Federal Law No. (7) of 2017 on Tax Procedures, it is compulsory for taxable entities to maintain accounting records and commercial books for five years after the end of the tax period to which they pertain. At Excellence, we go beyond mere service providers; we become trusted advisors, guiding businesses toward optimal accounting practices tailored to their needs. Our commitment extends to comprehensive financial analyses, including cash flow assessment, budgeting, forecasting, etc. We prioritize our clients' success by adhering to the procedures and regulations outlined in the IFRS and International Accounting Standards (IAS), striving to deliver the best accounting services in the UAE.

At Excellence- we become your trusted advisor, directing you toward the best accounting practices per your business type and steering you away from financial pitfalls that could inhibit profitability or restrict your growth. Among other accounting companies in Dubai, our support and commitment extend beyond routine accounting services. We delve into the depths of cash flow analysis, budgeting, forecasting, and much more.

OUR ACCOUNTING SERVICES:

Our accounting, bookkeeping, and management information reporting encompass a comprehensive array of tasks to maintain accurate financial records and facilitate informed decision-making. It involves meticulously recording and categorizing financial transactions by the guidelines outlined in the IFRS and International Accounting Standards (IAS). This includes tracking payments, receipts, sales, purchases, and miscellaneous expenses and managing inventory daily. Furthermore, it entails maintaining and updating the Fixed Assets Register, conducting regular bank reconciliations, analyzing debtor and creditor accounts, and scrutinizing ledger accounts periodically. As a leading accounting company in Dubai, we prioritize adherence to international standards and best practices to ensure meeting the unique needs of our clients.

Additionally, the process involves posting journal entries, creating month-end provisions, and generating month-end closings to ensure financial accuracy. As experienced accountants in Dubai, we meticulously handle these tasks to maintain precise financial records and facilitate informed decision-making for our clients. We account for business transactions and finalize trial balances, which is crucial for the preparation of financial statements that include balance sheets, profit and loss statements, and cash flow statements. Additionally, we generate management information reports as required to offer insights into the financial well-being and performance of the organization.

SERVICES UNDER EXCELLENCE ACCOUNTING AND BOOKKEEPING

Bookkeeping and Monthly MIS Reporting: Maintain precise records, including financial transaction dashboards, to offer insights into business performance and facilitate the adoption of improved practices for enhanced efficiency.

Management Accounting: Analyze various aspects of company operations, such as product lines and facility usage, to provide detailed financial information to managers, aiding them in making informed decisions aligned with organizational goals.

Review and Reconciliation of Accounts: Ensure that actual financial transactions match recorded amounts, serving as a crucial measure to detect fraudulent activity and prevent errors in financial statements.

Payroll Accounting: Manage, calculate, record, and analyze employee compensation, ensuring accuracy and compliance with relevant regulations.

Cost Accounting: Determine the actual costs associated with manufacturing or service provision by examining all expenses within the supply chain, aiding in budget preparation and profitability analysis.

Assistance for Statutory Audit: Provide support and reporting to ensure that the organization's financial statements comply with relevant guidelines and legal requirements, mitigating risks and facilitating future planning.

Chart of Accounts: Organize and index all financial accounts in the general ledger, offering a breakdown of the company's financial transactions during specific accounting periods categorized into subcategories.

Assistance in VAT Audit: Conduct tax audit reviews or VAT health check-ups to ensure compliance with UAE tax laws, identifying disparities in organizational tax policies and procedures to prepare for VAT audits effectively.

VAT Audit Review: Identify causes of VAT non-compliance and address them, facilitating rectification of areas needing improvement while ensuring the accuracy of taxes remitted.

Physical Verification of Inventory: Examine and validate the existence and location of stocks in the central inventory control system, conducting periodic reviews to identify variances between physical and book quantities and evaluating internal controls on inventory movement and accounting processes.

Our Team of Accountants in Dubai

For over half a decade, Excellence has been delivering tailored accounting services in Dubai to clients locally and internationally, catering to their unique requirements. As your approved and trusted advisor, we offer guidance on adopting the most effective accounting practices tailored to your business type, ensuring you navigate away from potential financial obstacles that might impede profitability or hinder growth. With our expertise, we ensure that your financial records adhere to the highest standards, setting us apart from other accounting companies in Dubai.

Beyond conventional accounting services, we delve into comprehensive financial analysis, including cash flow assessments, budgeting, forecasting, and other critical financial aspects. We go beyond the standard offerings of other accountants in Dubai, our support extends beyond routine accounting services to provide insights that empower informed decision-making and strategic planning, ultimately enhancing your business's economic health and sustainability.