Outsourcing these functions can be cost-effective, providing you access to expert knowledge without the need for in-house staff. It ensures accuracy, saves time, and allows you to focus on core business activities, while also providing peace of mind that your finances are in expert hands.
In the UAE, Mainland companies are required to maintain their accounting records for a minimum of five years. This period starts from the end of the financial year to which the records pertain. Proper maintenance of these records ensures compliance with UAE Federal Law and facilitates accurate financial reporting and auditing. For more detailed guidance on record-keeping requirements, please contact us
Financial reports and updates are typically provided on a monthly or quarterly basis, depending on your needs and preferences. We can also accommodate custom reporting schedules based on your business requirements
You will typically receive reports such as:
- Financial Statements: Balance sheets, income statements, and cash flow statements.
- Budget vs. Actual Reports: Comparing budgeted figures to actual performance.
- Profitability Analysis: Insights into profit margins and cost management.
- Cash Flow Reports: Analysis of cash inflows and outflows.
- Custom Reports: Tailored reports based on specific business needs or KPIs.
Client-specific policies and procedures are integrated through a detailed review and discussion process. The outsourcing provider will tailor their services to align with the client’s unique accounting practices and operational requirements
The choice of accounting software depends on your business size, industry, and specific needs. Popular options include QuickBooks, Xero, and Sage. Features to consider include ease of use, integration with other tools, and the ability to handle invoicing, expense tracking, and reporting.
To ensure accuracy in bookkeeping, regularly reconcile accounts, review financial statements, use reliable accounting software, and implement checks and balances. Additionally, training staff or working with professional bookkeepers can reduce errors and ensure precise record-keeping
