ACCOUNTING &
BOOKKEEPING

The objective of Accounting & Bookkeeping is to keep a complete and accurate record of all the financial transactions in a systematic, orderly & logical manner. This ensures that the financial effects of these transactions are reflected in the books of accounts.

LEGAL COMPLIANCE

Legal constituent for accounting & tax advisory activities:

Excellence Tax and Business Consultants is one of the entities of Excellence Group duly licensed from Dubai Multi Commodities Centre (DMCC) with license number DMCC-745930. Activities include Accounting & Bookkeeping, Tax Consultation, and Tax Reclaim Services.

The UAE Commercial Companies Law No 2 of 2015, which came into force on 1 July 2015, requires all companies to apply international accounting standards and practices when preparing their accounts. Many free zones in the UAE has made it obligatory to their companies to maintain their company accounts and get the audit done from approved & listed audiitng & accounting firms in Dubai & UAE.

As per the Federal Law No. (7) of 2017 on Tax Procedures keeping accounting records and commercial books are mandatory for a period of 5 years after the end of tax period to which they relate in case of a taxable entity.

ADVANTAGES OF ACCOUNTING

Accounting & Bookkeeping is useful for ascertaining the overall effect of all recorded transactions on the final statement of the company. Bookkeeping will eventually ascertain the final accounts of the company, namely the Profit and Loss Account and the Balance Sheet. Keeping records of your business resources, liabilities, and profit of your business is fundamental. Moreover, in the event that you are a businessman or an SME, hiring a professional and highly experienced accounting firms in Dubai can save you money as well as carry a pool of aptitude to the business. Therefore, the services outsourced to the accounting and bookkeeping firms in Dubai, UAE becomes useful.

HOW EXCELLENCE CAN HELP

For over five years Excellence has been providing accounting services in Dubai to its clients locally and globally, customized as per our every client’s needs. As your approved, trusted advisor, we will direct you towards the best accounting practices for your type of business and steer you away from financial pitfalls that could inhibit profitability or restrict growth. Our support extends beyond routine accounting services to cash flow analysis, budgeting, forecasting, and much more.

SCOPE OF ACCOUNTING, BOOKKEEPING AND MIS REPORTING

• Bookkeeping of the financial transactions.
• Accounting of the financial transactions as per the procedures & rules described in the IFRS and International Accounting Standards (ISA).
• Recording and maintaining day to day accounting transactions of payments, receipts, sales and purchases, other miscellaneous expenses and inventory accounting on daily basis.
• Preparation, maintenance and updating of Fixed Assets Register as per the Standards.
• Monthly and quarterly reconciliation of bank account.
• Recording of payroll information as needed.
• Analysis of debtors and creditors and reconciliation of the same on monthly basis.
• Scrutinizing all ledger accounts at regular intervals.
• Posting regular journal entries, creating month end provisions and month end closings.
• Preparation of Monthly trial balance and final accounts like profit and loss account, Balance Sheet.
• Quarterly, Half Yearly and Annual financial statements.
• Preparation of Management information reports as and when required.