Book-keeping and Financial Reporting

Book-keeping, Financial Reporting and Accounting Software Implementation Services

UAE has started following international practices on direct and indirect business taxes, that has triggered launching of VAT in start of 2018 and announced the implementation of Corporate Taxation in first quarter of 2022. These major initiatives have necessitated for entrepreneurs to hire professional accountants in any entity irrespective of its legal status. Particularly, Corporate Taxation will emerge as a strict yardstick to maintain complete and accurate books of an entity's financial and operational transactions in compliance with financial reporting framework which is generally International Financial Reporting Standards (IFRSs) in UAE.

Appointing professional accountants does not serve complete purpose of maintenance of proper books of accounts, as it requires accounting software to record an entity's transactions. Selection of relevant accounting software that is suitable for your business is a key to be cost effective with appropriate chart of accounts, functional integration and data privacy when selecting software solution.

For newly established businesses, it is essential to maintain records of transactions right from the beginning to avoid future complications in doing accounting reconciliations and non-compliances with statutory record keeping requirements as per the Companies Commercial Laws applicable in mainland and free-zone businesses.

Due to the increasing importance of proper recording of business transactions, outsourcing of accounting function is emerging as an integral part for those businesses that cannot afford full time professional accountants or those entrepreneurs who want to rely on a professional services rendering firm with experienced and competent team of chartered accountants to maintain and supervise their accounting records in compliance with acceptable financial reporting framework and business laws or regulations in UAE.


Professional team of accountants exercises below listed activities for a business:

  1. Prepare and record purchase & sales invoices, payroll cost, inventory issuance, fixed assets detail, other expenses & income, receivables & payables with their ageing, advances & prepayments, cheques and all details of other assets, liabilities and partner's/shareholder's equity in accurate code of chart of accounts in accounting software.
  2. Prepare bank reconciliation to reconcile an entity's accounting records with bank statements.
  3. Prepare payroll files in format given by WPS Agents to process monthly salaries.
  4. Prepare workings / reconciliations for Tax Returns filing to Federal Tax Authority.
  5. Consolidate or combine accounts of Group entities under common ownership to report a combined financial status to Group's management.
  6. Prepare statements showing business position of profit/loss, assets/liabilities, cash flows and partners / shareholders current accounts at any given point of time.
  7. Prepare entity's budgets based on past records and future projections & forecasting.
  8. Formula any financial report as per the management requirement, that includes but is not limited to financial analysis, pricing, costing, budgeting, financing etc.

Below are the usual reports that a professional accounting supervisor generates for an entity's management:

Receivable Management

Customer and Product wise sale report

Customers Ageing Analysis report

Customer wise Product Rejection report

Vendors' Management

Vendor wise Purchase and Payment report

Vendor wise Ageing Analysis report

Item wise Purchase report

Inward Gate Pass report

Item and Price wise material analysis report

Pending Purchase Orders with quantity and value report

Supply Chain Management

Product Deliveries vs Invoices report

Product Rejection / Return Analysis report

Material Freight analysis report

Export Orders follow up report

Scrap / Wastage control report

Inventory Management

Monthly Stock Take Reports including slow moving, obsolete and rejected items

Product wise consumption report highlighting variances with standards

Inventory pilferage report

Treasury Daily bank reconciliation report

Monthly payroll and WPS reports

Staff Advances Analysis report


Monthly/Quarterly VAT Returns filing report showing Imports, Standard rated expenses, Zero Rated, Exempt and Emirate wise Standard rated supplies

Monthly/Quarterly VAT Input / Output and VAT payable / recoverable

How we stand-out as Professional Accountants and Financial Reporters:

We are Chartered Accountants equipped with nourished and groomed accounting & financial reporting experience and technical knowledge in IFRS and the accounting software that fits in respective business scenario.

Clients obtain benefits from our expert subject knowledge and experience in terms of good accounting governance, accurate financial reporting and business law compliances.

We translate business transactions into meaningful reports of financial analysis for easy comprehension by business entrepreneurs, that aids them in making well informed management decisions.

We are well aware with business management through financial reporting; therefore, we prepare and report such financial information for our clients’ management that inform them about their business risk. Such reports cover mainly the areas of cash management, working capital management, liquidity position, financing requirements etc.