Our Accounting and Bookkeeping Services include:

1. Accounts Outsourcing

The legal requirement to maintain proper books of account is also becoming more important in the region. As per the UAE Commercial Company Law 2015 and VAT Laws, it is mandatory to maintain proper books of account for at least five years.

To keep pace along with the growing economy of the country, to comply with the legal requirements and to compete with the businesses, it is sometimes difficult to manage the accounting activities of their businesses within the company especially for SMEs. Hence, accounts outsourcing services could be the best option for them to choose.

Outsourcing of non-core activities can improve efficiency, streamlining, and productivity of the company because another independent accounting firm can perform those tasks efficiently with expertise better than the company itself.

• Businesses can reduce costs significantly by outsourcing accounting services.
• Companies can simultaneously have access to the latest technology without investing large amounts of money to own the technology/software.
• Businesses can concentrate more on their core activities and not lay stress on Accounting Systems for smooth functioning and development of the business.
• There is no additional requirement and expense to hire accountants when accounting is outsourced to the right professionals in the field.
• Service of more experienced professionals will be available at a lower cost.
• The difficulty of training the new accountants and the transition process from the existing accountant to a new accountant during replacement can be eliminated.

At Accuvat, we make sure that as an accounting firm, the financial transactions and records of the company are kept up-to-date and accurate allowing key decision-makers to rely on management reports. By leveraging our esteemed services, we can help reduce costs, routine clerical or accounting processes, and improve the efficiency of the year-end compliance process allowing you the time and resources to focus on growing and developing the business.

2. Accounts Supervision

Our executive will visit your office on a periodic basis, weekly or monthly depends upon the scope of the work and time required to complete the assignment. All the data entry work has to be done by the full-time accountant of the company. Our accounting supervision service will cover the following:

• Review of books of account with necessary supporting documents will be carried out. Major observations which require management attention and actions will be conveyed depending on its importance.
• To ensure that recognition of revenue transactions was properly made as per prudent accounting principles and in conformity with the nature of business and as per contracts.
• Analysis of sales will be made to see from the angle of contributions made by different category of products, salesmen, etc.
• To ensure the payments made by the company are supported with proper documents and authorized by the concerned manager/owner.
• Check whether the payments are entered on an accrual basis and proper cut off procedure is done at the end of every month.
• To ensure that reconciliation of bank accounts, customers’ accounts, suppliers’ accounts, and other major accounts were prepared correctly and in time.
• To ensure proper recognition of advances, prepayments, unearned income, etc is done by verifying the accounting records and transactions.

Further monthly review reports will be prepared and issued to the management at the end of every month including the analysis of financial statements, financial ratio analysis, analysis on working capital, BEP, marginal safety, etc. and our findings on the review of books of account.

3. Backlog Accounting

Sometimes the companies might not maintain proper Books of Account and reports in the same year the business transactions have happened. It happens mainly for start-ups in the SMEs (Smaller & Medium Enterprises).

Accuvat supports the clients to prepare the books of account from the date of incorporation of the company to date. However, proper supporting documents are necessary for us to prepare the books of account. Hence it is important for us to get the original supporting documents of the transactions including sales invoices, purchase invoices, payment vouchers, receipt vouchers, petty cash expenses, bank statements, cheque counterfoils, bank transfer copies, etc. Our representative will visit the company’s office location or bring the documents to our office and update transactions in suitable accounting software. We finalize the books of account on a periodic basis, normally on an annual basis. The reports generated include :

• Balance Sheet (Statement Of Financial Position)
• Profit And Loss Account (Statement Of Comprehensive Income)
• Cash Flow Statements
• Receivables Ageing List
• Payables Ageing List
• Comparative Report On Sales Performance
• Comparative Report On Expenses
• Financial Ratio Analysis
• Working Capital Analysis
• Breakeven Point Analysis/Margin Of Safety Etc

4. Accounts Reconciliation Services

Our accounting experts support the clients for reconciliation of their accounts whether it is bank reconciliation, customers’ ledger reconciliation, suppliers’ ledger reconciliation, intercompany reconciliation, or any other statements/ledger. We provide the accounts reconciliation services to small and medium-sized companies, corporates, MNCs, etc. This helps organizations eliminate legal issues, to maintain the confidentiality of the critical data and to reduce the chances of fraud and corruption.

5. Preparation of Management of Accounts

Management accounts are financial statements that contain information like your profit and loss account, a balance sheet, and a cash flow forecast. They are usually produced on a monthly or quarterly basis. Our firm provides these services to clients in order to facilitate and help the Company’s top management to understand the worth of their business on an on-going basis.