Accounting and bookkeeping

Alyah Audit > Accounting and bookkeeping

For a company like Alyah Audit in Dubai, providing Accounting & Bookkeeping services would typically involve a range of solutions to help businesses maintain accurate financial records, ensure compliance, and support decision-making. Here are the types of Accounting & Bookkeeping services they may offer:

1. Bookkeeping Services

  • Daily Bookkeeping: Recording all daily financial transactions such as sales, purchases, receipts, and payments. This ensures accurate tracking of financial activities.
  • Accounts Receivable and Payable: Managing customer invoicing and payments (accounts receivable), as well as vendor payments and managing liabilities (accounts payable).
  • Bank Reconciliation: Regularly reconciling bank statements with company records to ensure all transactions match and resolve any discrepancies.
  • Cash Flow Management: Keeping track of cash inflows and outflows to ensure the business maintains sufficient liquidity.
  • General Ledger Maintenance: Maintaining the general ledger, which records all accounting entries for the company, including adjusting entries, and ensuring that all accounts are accurate.

2. Financial Reporting

  • Preparation of Financial Statements: Compiling and preparing accurate financial statements such as:
    • Income Statement (Profit & Loss Statement)
    • Balance Sheet
    • Cash Flow Statement
    • Statement of Changes in Equity
  • Monthly/Quarterly/Annual Reporting: Preparing regular financial reports to keep management informed about the company’s financial health, profitability, and liquidity.
  • Management Reports: Customized financial reports to help management in decision-making, such as budget vs. actual analysis, financial forecasting, and variance analysis.

3. Payroll Services

  • Payroll Processing: Calculating employee salaries, ensuring timely payments, and managing deductions (e.g., tax, social security, health insurance).
  • WPS (Wages Protection System) Compliance: Ensuring payroll complies with the UAE’s Wages Protection System for employee payment through banks.
  • Employee Benefits and Deductions: Handling end-of-service benefits, leave, bonuses, and other allowances.
  • Payroll Tax Filing: Preparing and submitting payroll-related tax filings in compliance with local tax laws.

4. VAT Accounting and Compliance

  • VAT Registration: Assisting companies with VAT registration and ensuring they are properly set up for VAT reporting.
  • VAT Returns Filing: Preparing and filing VAT returns to the UAE Federal Tax Authority (FTA) to ensure compliance with VAT regulations.
  • VAT Consultancy: Advising businesses on VAT planning, VAT exemptions, and how to properly charge and collect VAT on sales and purchases.
  • VAT Reconciliation: Ensuring VAT records are accurate and reconciling VAT reports with financial statements.

5. Accounting System Setup and Support

  • Software Implementation: Assisting businesses in selecting and implementing accounting software (e.g., QuickBooks, Xero, Sage, or customized systems).
  • System Training: Providing training for employees on how to use accounting systems efficiently and accurately.
  • Ongoing System Support: Offering continuous support and updates to accounting software to ensure it is functioning properly and in compliance with regulations.

6. Financial Analysis and Budgeting

  • Budget Preparation: Assisting clients with preparing annual budgets and financial forecasts based on historical data and business goals.
  • Variance Analysis: Comparing actual performance with budgeted figures and analyzing the reasons for variances to improve business performance.
  • Cost Control & Profitability Analysis: Analyzing costs and identifying areas for cost reduction and profit maximization.

7. Tax Accounting

  • Corporate Tax Filing: Assisting businesses with the preparation and filing of corporate tax returns under the UAE’s new corporate tax regime (introduced in 2023).
  • Tax Planning and Advisory: Offering strategic advice on tax-efficient structures and business operations to minimize tax liabilities.
  • Tax Audit Support: Providing support during tax audits by the UAE tax authorities, ensuring proper documentation and compliance.

8. Financial Advisory and Consultation

  • Business Setup Consultation: Advising new businesses on setting up the appropriate accounting structure and systems, including chart of accounts and financial reporting standards.
  • Cash Flow Forecasting: Helping businesses manage their cash flow by forecasting future cash needs based on current financial data.
  • Financial Strategy: Offering strategic advice on financial planning, investment, cost management, and improving financial performance.

9. Custom Accounting Services for SMEs and Startups

  • Tailored Services for Small Businesses: Alyah Audit may offer affordable and scalable accounting solutions to SMEs and startups, helping them manage their finances as they grow.
  • Simplified Bookkeeping: For small businesses, the firm might offer simplified bookkeeping services to ensure basic financial compliance without complex accounting processes.

10. Financial Due Diligence

  • Reviewing Financial Health: Conducting financial due diligence for businesses looking to raise capital, merge with other companies, or undergo acquisitions.

These services are designed to help businesses maintain accurate financial records, ensure regulatory compliance, and gain valuable insights into their financial performance. For specific details about Alyah Audit’s Accounting & Bookkeeping services, it’s best to contact them directly or visit their website for a comprehensive list of their offerings.