Accounting & Bookkeeping Services
Financial Accounting Services
Till recently Middle East Asia had limited requirements for maintaining books of accounts, but since the introduction of UAE VAT Law, the requirement of having well document books of accounts have been clearly laid down. Hence Companies registered in Dubai Free zones or Mainland are generally required to prepare books of accounts and file their records with the relevant authority. These accounts must also be audited in certain cases. As per UAE VAT not maintaining correcting books of accounts is treated as non-compliance and may attract a heavy fine.
Outcome Solutions and Services DMCC has qualified Chartered Accountants, to provide accounting services. We use cloud-based accounting software such as Quickbooks, Zoho books, Xero and many more. Our Accounting Services includes:
Monthly / Periodic Bookkeeping
Maintaining Accounting books in relation to that Business, which include records following records
- payments and receipts,
- purchases and sales,
- revenues and expenditures, and
- including Balance sheet and profit and loss accounts,
- Records of wages and salaries,
- Records of fixed assets,
- Inventory records and statements (including quantities and values) at the end of any relevant Tax Period and all records of stock-counts related to Inventory statements.
Management and Financial Reporting (MIS)
on a periodical basis i.e. monthly, quarterly or half yearly.
- Balance sheet
- Income statement
- Trial balance
- Bank reconciliation statement
- General ledger listing
- Balance sheet and selected expenses schedules
- Petty cash report
- Clients monthly reporting package, if required
Supervising and reviewing of financial accounting records.
Forecasts, Budgets, and Projections.
Outcome provides the bookkeeping service on basis of duration of storage and volume of documents:
Period of Record-Keeping (Bookkeeping):
Every business entity shall keep these records in a manner that enables the Authority, or an officer authorized by the Authority, to ascertain that Person’s Tax obligations, as follows:
- For a period of (5) years after the end of the Tax Period to which they relate in the case of a Taxable Person.
- For a period of (5) years from the end of the calendar year in which the concerned document was created in the case of non-Taxable Persons.
- For a period specified in the Tax Law for real estate records.
Benefits of Choosing our Accounting Services
- Cost Effectiveness: Hiring a dedicated accountant in UAE comes with various obligations and costs related to monthly salary, annual air tickets, visa, Emirates ID & labour contract fees, mandatory medical insurance, gratuity provisions, annual leaves, training costs and overtime costs. Our fixed monthly fees tailored as per your requirement will be far more affordable than the total cost of hiring an in-house accountant.
- Access to expert Knowledge: Outcome Solution & Services DMCC has a team of professionally qualified accountants with vast experience in diverse industries. Instead of relying on individual in-house staff, you will get access to the pool of expert accounting knowledge and experience of our team to perform your accounting and bookkeeping.
- Flexibility: Based on your preference, Outcome Solution & Services DMCC team can either visit your premises on a weekly or monthly basis to complete the books of accounts or you can email/mail the supporting documents to our office address and we can remotely complete the accounting work for you.
- One Stop Shop: Outcome provides a one-stop solution for your financial and accounting services needs. We help business to get the books of accounts maintained in an automated manner through cloud-based accounting software and also provide Risk-based financial MIS to our clients.