Accounting & Bookkeeping Services
It is mandatory for the companies to maintain the books of accounts for at least 5 years in accordance with the Federal Law No 2 of 2015 on Commercial Companies and the UAE VAT law and relevant free zone laws. Maintaining proper books of accounts is compulsory in the UAE and any violations will attract administrative penalties.
Accounting and bookkeeping services in the United Arab Emirates are required by all the companies regardless of the size of the company as the government of UAE makes it mandatory to maintain a systematic and comprehensive recording of all the financial transactions of the company. Accounting and bookkeeping help in preparing well-analyzed and accurate financial documents such as trial balance, balance sheets, profit/loss statements by recording and classifying all the financial data of the transactions. Accounting and Bookkeeping help the management of the company to understand and monitor the movement of the money before making any financial decision.
With all accounting activities, the company will have a track of all the transactions and they will also know that from where and how much money is coming and to where and how much money is going, it enables the management to know the business position so they can be able to know which direction they are heading towards.
Leeway offers accounting services in the UAE that maintain quality accounting and financial records. At Leeway, our accountants provide standardized accounting and bookkeeping services in UAE which allows the business to run efficiently and effectively. We follow International Financial Reporting Standard (IFRS) to provide well-maintained accounting and bookkeeping services and accounting solutions to ensure higher sales and growth of the company.
The UAE Cabinet Decision 36 of 2017 on the Executive Register of Federal Law No (7) of 2017 on Tax procedures mandates that the companies need to keep accounting records and Commercial Books. The accounting records and books must include:
- Balance Sheet and profit and loss accounts
- Records of Wages and Salaries
- Records of Fixed Assets
- Inventory Records and Statements at the end of any relevant Tax periods
- All records of stock-counts related to Inventory Statements
If the person conducting the business fails to keep the required accounting records, a fine of AED 10,000 will be levied for the first time and AED 50,000 in the case of repetition as per Tax Procedures Law and Tax Law.
As per the Cabinet Decision 36 of 2017 on the Executive Register of Federal Law No (7) of 2017 on Tax procedures, every taxable person should keep their books of accounts for a period of 5 years after the end of the tax period. However, as per the VAT Laws, companies in the real estate sector are required to maintain records and must be kept for 15 years after the end of the Tax Period. Every free zone in the UAE mandates the registered companies to keep books of accounts to comply with local and international regulations. However, some larger free zones mandate that the companies are required to conduct an audit of the accounts.
- Al Fahad Building #4, Damascus Street 2, Al Qusais, Dubai - UAE
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