- info@alberts.ae
- +971 52 469 9945
Accounting Services in the UAE
Maintain clean books, timely reports and timely finance assistance for your business.
Alberts manages your company’s accounting throughout the month, eliminating last-minute receipt chasing. Our chartered accountants handle daily bookkeeping, board reports, and part-time CFO services to keep your records accurate, up-to-date, and easy to understand.
Maintain Accurate Financial Records and Up-to-date Books of accounts!
Companies in the UAE must maintain their books of accounts and financial statements for at least 5 years, as prescribed by the UAE Commercial Company Law 2015 and VAT law of UAE. Additionally, various free zones in the country require companies to have their accounts audited by approved and listed audit firms in UAE, with global standards such as IFRS adding complexity to financial reporting. As a result, keeping up-to-date records is essential for businesses operating in the region to remain competitive and compliant with regulations.
What is Financial Accounting
Financial accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The primary purpose of financial accounting is to provide information to external stakeholders, such as investors, creditors, and regulatory agencies, about the financial performance and position of a company.
Financial statements, such as the balance sheet, income statement, and cash flow statement, are the main output of financial accounting. The balance sheet provides information about a company’s assets, liabilities, and equity at a specific point in time. The income statement provides information about a company’s revenue, expenses, and net income over a specific period. The cash flow statement provides information about a company’s inflows and outflows of cash over a specific period.
What is Bookkeeping
Bookkeeping is the process of recording financial transactions in a systematic and organized manner. It involves the recording of financial transactions such as sales, purchases, payments, and receipts in a company’s financial records. The goal of bookkeeping is to maintain accurate and up-to-date records of a company’s financial transactions. This information is used to prepare financial statements, such as the balance sheet and income statement, which provide a snapshot of a company’s financial position and performance. Bookkeeping is an important function for any business as it provides a clear and accurate record of financial transactions. This information is used by managers to make informed decisions, by regulators to ensure compliance with tax laws and regulations, and by lenders and investors to assess the financial health of the company. Bookkeeping also helps in identifying trends and patterns in a company’s financial performance and helps in budgeting and forecasting future financial needs.Financial statements, such as the balance sheet, income statement, and cash flow statement, are the main output of financial accounting. The balance sheet provides information about a company’s assets, liabilities, and equity at a specific point in time. The income statement provides information about a company’s revenue, expenses, and net income over a specific period. The cash flow statement provides information about a company’s inflows and outflows of cash over a specific period.
Why Accurate Accounting Matters for UAE Companies?
For all Companies in UAE, it is expected to keep proper books. The Commercial Companies Law, VAT law, and many free zones require audited financial statements. Delayed ledgers, mismatched bank statements, last-minute VAT returns, and lender requests for unavailable statements create unnecessary stress.
In addition, good accounting does an even more subtle thing. It reveals who is late with their payments, what items are proving to be worth the effort and whether you can find another employee for the upcoming quarter. We pre-programmed your answers so you don’t have to wait a week to get them ready.
The Process Flow of Our Accounting & Bookkeeping Services
Our Accounting Services
Financial accounting follows a set of rules and standards, such as Generally Accepted Accounting Principles (GAAP) in the United States and International Financial Reporting Standards (IFRS) globally, to ensure consistency and comparability of financial information. Financial accounting is performed by trained professionals, such as accountants, and is subject to independent auditing to ensure the accuracy and reliability of financial information.
Financial accounting is an important tool for making informed business decisions, evaluating performance and progress, and communicating with stakeholders. It provides essential information for decision-makers, such as investors, creditors, and managers, to assess the financial health and potential of a company.
Accounting & Book Keeping
We maintain all sales, purchases, payments and bank transactions while checking your ledgers against these transactions on a monthly basis. We can work within the software you use or we can get you to cloud accounting if your current system is limiting you.
Financial Reporting
We prepare your balance sheet, income statement, and cash flow statement under IFRS to meet the requirements of banks, investors, free zone authorities, and auditors.
Management Reporting
A monthly pack for the decision makers, not the accountants, budget against actual, margin by product/branch, cash forecast and the few key performance indicators that are relevant to your business.
Fixed Asset Management
We create and keep a correct asset register, value the assets for depreciation, record the disposal of assets, mark any assets for impairment and ensure that the assets on your accounts are a true representation of what is in the business.
New accounting standards
Once a new or changed standard is issued, we determine what the required changes are for you, update accounting policies and prepare additional disclosures before your auditor notifies you of the standard.
Finance Function Set-Up and Process Effectiveness
Insight into what your finance team actually does; who approves what, time taken to complete month end, where mistakes are slipping in. Then we re-design the routine to make closing quick and discover errors early on.
CFO Services
Lender conversations, cash planning and budgeting as well as board reporting by an experienced finance leader on a part-time basis. It provides you the CFO level of judgement without the CFO salary.
Audit Readiness
Schedules, reconciliations and supporting documents are put in order before the audit team arrives, which usually means fewer queries and a shorter audit.
IFRS Training
Practical workshops based on the standards that impact your business and based on your own accounts where possible, for your finance staff.
ERP Implementation
We'll assist you in selecting a system that's just the right size, setting up a chart of accounts and workflows, importing historic data, and training those who have to use the system daily.
Enterprise Group
Why Do Businesses Choose Alberts for Accounting?
Chartered Accountants on Your File
Your books are being critiqued by a qualified professional, not just someone who types up the books, so you are being judged by someone who will stand up for them.
Built Around Your Industry
The revenue and cost base of a trading company, a contractor and a clinic are not the same. We do the account set-up to really reflect your sector's income and expenditure.
Deadlines We Track for You
A missed return deadline doesn't become a penalty as VAT returns and corporate tax filing dates, and audit dates, are kept on a calendar that we manage.
One Team, One Point of Contact
You will not be bounced off of department to department. On the phone call, a single contact knows your file and answers.
Regulatory Institutions
Approvals & Accreditations
We take pride in our expertise and are ready to discuss the accreditations and affiliations we support, reinforcing your trust in our capabilities.
Our Team
Behind Our Success
We take pride in our expertise and are ready to discuss the accreditations and affiliations we support, reinforcing your trust in our capabilities.
Our Feedbacks
Clients are Talking
Discover the stories of success and satisfaction from our valued clients, and see how Alberts has made a significant impact in their professional journey.
FAQ'S
Frequently Asked Questions
Here are clear and detailed answers to some of the most frequently asked questions you may have.
What is the price of your accounting services?
It will vary based on the number of transactions per month, bank accounts and entities you operate and the reporting requirements. After a brief phone call, we'll give you a fixed price for your setup.
What's the difference between bookkeeping and accounting?
Bookkeeping is the record of everyday activities. Accounting is responsible for taking that record, categorizing it, creating financial statements and explaining the meaning of those statements. Most clients require both, and they are both dealt with in tandem.
Are you able to use software that we are already using?
Yes. We use the most popular accounting software packages in the cloud and on desktops on a regular basis. If there are issues with your system, we will tell you, and recommend an alternative.
Are you available to assist with mid-year from our former accountant?
Yes. We check opening balances, clear up transactions that don't reconcile and ensure we are up to date with any months that have been outstanding, then proceed from there.
Does a small company or startup need bookkeeping?
Yes, if you are registered or liable for VAT, or corporate tax. First month clean records are significantly cheaper to maintain than it will be to re-create for a bank, investor, or auditor at a later date.
Get Your Books in Order
Give us your final set of accounts or simply tell us how you’re currently set up and we’ll let you know which fixes are most important. Please make an appointment or send us an e-mail at info@alberts.ae.