Financial reporting has detailed information about the financial condition and performance of the enterprise, as well as its creditworthiness. For effective bookkeeping there are two solutions. You can hire your own accountant which will lead to constant monthly expenses and administrative costs or another option is to contact METROPOLITAN CONSULTING and obtain outsourced accounting services.
Among the key benefits of working with us are:
- Comprehensive & clear analysis of prospects and risks
- Litigation in courts including DIFC and ADGM judiciary & in arbitration
- Detailed reports in written form during every stage of the case
- Clear & transparent pricing policy
All companies registered in the UAE should keep accounting records. This allows anyone to receive up-to-date information about the financial position of the organization, its assets and liabilities.
According to Article 26 On Accounting Records, each enterprise should keep accounting books for the previous reporting period for at least five years. The documents must be kept at the head office. Moreover, according to the Regulation of the UAE Ministry of Finance, companies are allowed to keep copies of documents and records in electronic form.
International Standards of Accounting and Reporting should be used in order to provide a clear understanding of the company’s profit and loss situation during periodic and annual reporting. This requirement applies to all companies, except for those who operate in the real estate sector. In accordance with the law on VAT for such companies, the period of storage of financial statements constitutes 15 years.
To avoid possible errors and issues with the accounting of the enterprise, specialized automated accounting systems adapted to the laws of the United Arab Emirates are recommended for usage.
Having a staff member responsible for maintaining accounts can be costly for an enterprise in the UAE. This can be explained by the requirements of many jurisdictions. For instance, the employer must provide each full-time employee with health insurance and insurance for unpaid salary, conduct his/her wages through the server of the Ministry of Labour and adhere to several other conditions.
Our outsourcing accounting services will allow you to receive exceptional results, helping you to save time from unnecessary obligations and costs. You will be offered to choose and pay only for the services that interest you with the appropriate frequency. For instance, if an enterprise has to make accounting entries every three months, you won't have to pay the employee a monthly salary. You'll only pay for the work done by a professional. Furthermore, if you hire a full-time employee, the company assumes a number of obligations. In the case of outsourcing, you will be able to refuse services whenever you want.
Finally, our accountants will not only assist you in the preparation of financial statements in a format which is convenient for you, but also audit expenses, make a forecast for the next year or the financial part, or create a business plan for your new project.
To avoid fines from the UAE Federal Tax Authority (FTA), the correct determination of a rate that will be applied to the company's activities should be completed.