Accounting and Financial Reporting in Dubai, UAE
SNR Associates is one of the leading Accounting and Financial Reporting in Dubai, UAE. We provide professional accounting services to companies all over Dubai, Sharjah, Abu Dhabi, .. etc.
With the ever-changing laws and regulations, companies have to rely on expert accounting to follow the regulations. The UAE government has enforced the Economic substance regulations (ESR) recently in 2019. The relevant business in these regulations has to ensure whether their transactions with third parties, foreign entities are in accordance with the regulations of ESR.
Only Professional accountants know how to manage these transactions in accordance with the regulations. A wrong compliance assessment may lead to a penalty for an entity.
Poor accounting practices of ordinary accountants may lead to theft and financial crimes, also affect the stakeholders, and even break the law.
1. Cloud Accounting
Accounting through digital means is mostly preferred by small and mid-size enterprises and freelancers. Documents will be sent to us through digital means (Email. etc) and we’ll update your accounts online.
2. Onsite Accounting
Our accountant will visit your office and records all the transactions of your company to complete your accounting. This service is optable for mid to large size companies.
3. Backoffice Support
We provide accounting services from our Backoffice. We can update sales, purchases, payments, receipts, and reconciliation with bank statements to our clients. Any needs of our client will be satisfied as if like their own accountant at a much simpler cost.
Account reconciliation services
We do support our clients for reconciliation of accounts for the following needs
- Bank Statement Reconciliation
- Suppliers Ledger Reconciliation/Vendor Payments Reconciliation
- Customers’ Ledger Reconciliation
- Intercompany Reconciliation
Is Accounting mandatory for business?
In accordance with UAE Commercial company law 2015, Federal Decree-Law of 2017 on Value Added Tax (VAT) and Economic Substance Regulation in the UAE it is mandatory to maintain accounts and report.
Moreover, Accounting is the language of business. It helps to track income, expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information that can be used in making business decisions. Accounting helps in evaluating the performance of a business giving a clear picture to find out areas where expenses can be reduced and to increase profit.
Importance of true and fair financial reporting
After preparation of accounts and reports by the management, an audit is performed by an external auditor hired by the audit committee. The audit is performed to verify the authenticity of the management and truthfulness of the financial statements. All the financial reports are issued to the public and stakeholders along with this audit report. This audit report can either be qualified or unqualified. An unqualified audit opinion indicates that the financial statements have been prepared according to the international financial reporting standards (IFRS) and portray a true and fair view of the business whereas a qualified report indicates the vice versa of it.
Hence, it is vital for your company to prepare your accounts and reports with honesty and as per the IFRS. SNR ASSOCIATES can guarantee you a high level of assurance that the financial statements will be prepared accurately by our qualified accountants who are well versed with the IFRS, international accounting standards (IAS) and the generally accepted accounting principles (GAAP).
You can fully trust our team with your business and can be tension-free. Preparation of financial reports is an elaborate task that requires skill and practice and we are here to assist you with our years of experience in the field. We have been providing accounting and financial services to several satisfied clients throughout Dubai and are willing to add you to the list as well.
How is SNR ASSOCIATES going to help?
We will be providing you the following services in regards to accounting and financial reporting:
- We will design the financial system for. This includes the drafting a system for accounting procedures and processes for recording of entries, documentation of all transactions, segregation of duties and bookkeeping etc.
- This financial system will be implemented by our team as well. We will set up all the accounting procedures and accounting software to carry out all the financial activities appropriately.
- We will also do data entry and update all your accounts on a regular basis depending on the frequency of your transactions.
- Our team will supervise as well as review all the points mentioned above.
- Our team will check from time to time whether the process is being followed accurately. Inefficiencies will be avoided as well as removed during this procedure.
- Finally we will prepare your income statement, balance sheet, cash flow statement and statement of equity. All your reports will be prepared quarterly and annually for a regular analysis of your financial performance.