Accounting services providers in UAE provide wide range of services related to accounting. Bookkeeping service is a major component of Professional accounting services and it involves recording, classifying, summarizing financial transactions which ultimately results in preparation of financial statements. Below are some of the services which are important part of accounting services:
We at Virtual Accountants LLC provide both on-site and off-site accounting services. The scope of each accounting engagement is decided as per scope and level of cooperation required and agreed with our clients. Our accounting advisory services for Small Businesses are mostly off-site normally supported by few on-site visits by our accountants in a month and the rest of work is supported online. We recommend our clients use cloud base online accounting services as most of the accounting companies in Dubai are doing the same. We deal with all accounting software, though prefer to use QuickBooks Online, Xero, Zoho Books, Wave, Sage. We ensure adequate resources are dedicated to each client and a supervision mechanism is always in place to ensure good quality of work.
Our accounting outsourcing arrangement with a client can take any of the following forms:
1. Completely outsourced Accounting and Bookkeeping services
In this case, we have access to accounting software and all transactions are entered and managed by us. The client provides bank statements, cashbook, and other supporting documents such as purchase and sales invoices, expense bills etc. Periodic and Adhoc reports are provided to the client as mutually agreed and mentioned in the engagement letter. In this arrangement, we as accountants are responsible for all the books of accounts for the client.
2. Collaborative accounting services in Dubai
Accounting software access is available to the client and us. Some part of the work is done by the client such as issuance invoices, receiving payments, processing payroll, uploading receipts, bills and other documents in accounting software. It may also include creating new customers, suppliers, new accounts in the chart of accounts and issuing checks etc. The work performed by us in this may include reviewing the work done by the client, passing journal entries & adjustments, dealing with open invoices, matching invoices with payments/receipts, handling VAT returns, reconciling all banks, and dealing with other complex accounting issues such as fixed assets, Inventory, loans. Periodic reports are prepared and sent to the client.
3. Accounting software Support on demand
Accounting software is managed by the client, but our accounting services are needed for specific procedures/transaction. Our tasks may include VAT returns, advising accounting treatment, handling complex accounting area or cleaning of books.
Our client-focused accounting services are performed and supervised by experienced accountants who have previously worked with Big 4 Accounting firms and are well equipped to address all issues. Our accounting and bookkeeping service offers significant cost and time savings while maintaining high quality of service. As an accountant we are responsible for the validity and accuracy of the books of accounts prepared by us.
Scope of Accounting Services
The scope of accounting services varies on a client-to-client basis and is contingent upon the nature of the business activity. However, it generally encompasses the following aspects:
a) Setting up/review of books of account
This is a one-off activity at the start, and in the case of a new business, it involves setting up the accounting system. For existing businesses, it includes a review of current accounting systems and records. We will review the Chart of Accounts to ensure it complies with respective industry practices and reporting requirements.
b) Updating of accounting records (periodically)
We will incorporate the following information into the accounting system:
- Creating customers and suppliers in the accounting software.
- Recording sales invoices.
- Recording receipts against sales invoices.
- Recording supplier invoices and expenses.
- Recording payments for the supplier invoices and expenses.
- Recording of petty cash transactions, if any.
- Reconciling bank statements with accounting records.
- Reconciliation of credit card, stripe, PayPal sales with credit card reports & amount received in bank.
- Recording accruals and prepayments.
- Preparation of workings for accounting adjustments and passing of journal entries.
- Any other activity incidental to the preparation of adequate financial reports.
c) VAT accounting and return filing.
We will ensure proper accounting is done to comply with the VAT requirements and shall also file the quarterly VAT return of the company.
d) Monthly management reports.
Customize reports can be prepared, although various accounting reports shall be available in the accounting software, including the following:
- Balance sheet (Financial position).
- Profit & loss (Financial performance).
- Accounts payable & Accounts receivable ageing.
- Accruals and prepayment schedules.
e) General advice regarding account & finance related matters.
In addition to the above, we will be available to provide general advice on accounting, finance, and corporate tax issues as and when requested. We will also provide advice on corporate tax planning and assess its impact on the business.
Why Choose Virtual Accountants LLC's accounting and bookkeeping services ?
Virtual Accountants LLC, being an accounting firm through its team of professional accountants provides a wide range of premium accounting services ranging from initial set up of accounting software and day to day bookkeeping to periodic financial reporting & analysis, accounting training, tax planning and advice. We deal with diverse businesses from different industries.
While we will take care of accounting and bookkeeping part of your business, you can direct your efforts and focus on more important tasks.