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Accounting Outsourcing

Need for professional advice in today’s complex and ever-changing environment cannot be overemphasized especially for businesses in the SME space where qualified and experienced internal resources may not be at hand. Major financial decisions such as entering a new project, expansion of existing business or divestment need careful and in-depth analysis. 

Our experienced team of experts can help you take those critical financial decisions by giving suggestions as to the best course of action.

What happens without a business plan?

Things that are most certain to occur without a business plan in place –

  • Cohesive vision for business cannot be put in place without a well-documented business plan.
  • Funding requirements are not budgeted logically leading to CAPEX and OPEX overruns and business stalling for lack of funds.
  • Funding is much more difficult to source for the venture.
How do we help?
  • Get a thorough understanding of proposed business project through extensive discussions.
  • List down / challenge assumptions
  • Prepare projections of P&L, balance sheet, cash flows.
  • Assess funding requirements; suggest financing strategies.
  • Perform sensitivity analysis to highlight impact of possible changes in assumptions.
  • Ascertain key ratios including ROI, IRR & payback.
Accounting Outsourcing

Outsourcing of accounting to a professional firm has many advantages to businesses.

  • Saves time of top management.
  • Experienced accountants are deployed whose work is supervised by a partner who acts like a CFO but at fraction of the cost of hiring full time personnel.
  • Ensures continuity of service since the outsourced accountant can be quickly replaced by another experienced accountant from the firm..
  • Ensures accuracy of accounts.
  • VAT compliant accounts and accurate VAT return filing.
  • Eliminates the need to have an accounting/finance department on company’s payroll thereby significantly reducing fixed overheads to the companies such as visa cost, end of service benefits.
How do we help?
  • Initial meeting with the clients to understand their business and accounting requirements.
  • Help select accounting software most suited; software is owned by client.
  • Complete set up of accounts structure.
  • Provide dedicated staff who visit client office periodically for recording of transactions.
  • Prepare month end reports including P&L, Balance sheet, cash flows and other MIS as per client requirements.
  • Prepare payroll.
  • Computation and filing of VAT returns, ensuring compliances at all times.
  • Analyze operating results and discuss MIS with owners / management through monthly meetings.
  • Supervision of in-house team of accountants; review of accounts.
  • Assist with statutory / annual audits, i.e. liaise with the client’s auditors.
Accounting Outsourcing

Value Added Tax was introduced in UAE and KSA with effect from 1st January 2018 with Bahrain following it in 2019. It is expected that the rest of GCC countries would implement VAT in the near future.
VAT is not a cost to the business, but its collection from customers and deposit with the Federal Tax Authority can have significant compliance costs and cash flow implications too. Compliance requires adapting and upgrading IT systems to correctly capture input and output VAT.
In our experience, companies in SME space tend to be less compliant with their VAT obligations.

How do we help?
  • First time VAT registrations with FTA.
  • Ensure that their IT systems are VAT compliant.
  • Monthly / Quarterly filing of VAT returns.
  • Help clients with VAT compliant accounting and documentation.
  • Advise on VAT treatment of specific business transactions.
  • Filing and claim of VAT refunds.
  • De-registration with FTA in case of closure of business.
Accounting Outsourcing

UAE is one of the most attractive places to set up office and do business – whether trading locally or re-exports. It offers a tax free environment i.e. no taxation of business profits and individual income.

UAE is strategically located between the West and East and acts as a hub for banking and financial services in the Middle East region. The country offers highly advanced infrastructure and a high standard of living comparable to the most advanced cities of the world.

There is a choice to set up within one of the many free zones within UAE and the choice of correct free zone requires one to define their short term and long term vision with respect to the set up.

UAE also offers the setup of an offshore company, which is ideal for creating a holding company structure or special purpose vehicles for holding investments.

How do we help?
  • Handle company formation in UAE – all major free zones
  • Registered agent for incorporation of offshore company in RAK ICC and Ajman Offshore.
  • Understand client requirements in detail and provide advisory / suggest suitable structure and location, depending on client requirements.
  • Process all applications and documentation on behalf of client and liaise with government authorities.
  • Manage entire process until issuance of trade license by concerned authority.
  • Assist with post licensing compliances, opening of bank accounts, residence visas for owners and employees.
  • Assist with maintenance, annual renewals and compliances.
Accounting Outsourcing

Independent audit and assurance adds credibility to your organisation’s financial statements, disclosures and reports. In a rapidly changing business environment, increasing regulatory requirements combined with stakeholder demands for greater transparency puts more pressure on organisations.
The role of auditor is not just to verify data in financial statements with supporting documents, but analyze its business processes, their inherent risks and related internal controls.

How do we help?
  • Effective and focused auditing approach, focusing on high risk areas.
  • Accurate presentation of financial statements in line with International accounting standards.
  • Confirmation of accounting treatment in respect of complex transactions.
  • Advice on control weaknesses and suggest remedial measures.
  • Compliance with regulations.