Without knowing the right figures, the business fails relentlessly. Having cash flow but no real profits may eventually kill the business in its entirety. That's why it is essential to keep proper books of accounts as per the prevailing laws of the UAE. The UAE Commercial Company Laws of 2015, the Federal decree-law of 2017 on Value Added Tax, Economic Substance Regulation Laws, Anti-Money Laundering Law, etc. are some laws requiring mandatory maintenance of books of accounts in the UAE.
We have a dedicated accounting team that is fully conversant with traditional and international accounting software, viz., Tally ERP, SAGE, NAVISION, NETSUITE, SAP, MICROSOFT DYNAMICS, Zoho Books, QuickBooks, ODOO, etc. We ensure that accounts are maintained in accordance with domestic regulations as well as international reporting norms.
Types of Accounting & Bookkeeping Services
Our team reviews, analyzes, and flags potential issues to ensure timely remedial action. Our list of services comprises of:
Monthly bookkeeping and Financial Reporting
Maintain systematic financial records and keep track of transactions. We follow the International Financial Reporting Standard (IFRS) to maintain systematic books of accounts. We cover the following scope of work to provide high-quality and accurate bookkeeping services:
- Create a chart of accounts per the business's nature and structure.
- Prepare and verify the balance sheet.
- Record monthly transactions, including sales, purchases, bank entries, etc.
- Journal entries.
- Accounts receivables.
- Bank and other account reconciliation.
- Credit and debit adjustments.
- Accounts payable reporting.
- Analyze and report financial statements.
Fixed Asset Verification and Management
Fixed assets include real estate, heavy machinery, computers, and vehicles. At the same time, intangible assets include copyrights, trademarks, patents, and other forms of intellectual capital. This process involves recording and tracking long-term assets over their entire lifecycle, from acquisition to disposal. With an asset management system, your business can simplify many tasks, such as:
- Manage equipment and machinery in multiple locations.
- Track and monitor fixed assets.
- Enhance operational efficiency.
- Reduce maintenance costs.
- Maintain a record of retired, sold, stolen, or lost assets.
Inventory Management
Inventory Management helps reduce inventory loss to a great extent, assuring the management that the inventory reflected in the financials is reliable. Our team can aid you in performing the inventory verification and offer even more insights into your supply, along with an appropriate settlement of existing supply documents.
Virtual CFO
Being a virtual finance team, we passionately handle your company's finance, funding, and accounting needs and help you grow.
How Can SPK Help With Bookkeeping And Financial Reporting Services?
SPK can support you by appropriately maintaining the books of accounts and ensuring compliance with all statutory requirements. We understand the requirements of every business and provide reports according to the needs of the management. Availing our bookkeeping and financial reporting services in the UAE gives you the following benefits.
For more information on our accounting and bookkeeping services, feel free to contact us!