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Accounting & Auditing Services in UAEAccounting & Auditing Services in UAEAccounting & Auditing Services in UAE
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info@leewayconsultancy.ae
Dubai - UAE

Accounting & Bookkeeping Services

Bookkeeping and Accounting Services in UAE

It is mandatory for 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 – Experts of Accounting and Bookkeeping in Dubai

Leeway offers accounting services in Dubai and across the UAE to maintain quality accounting and financial records. We take pride in being one of the leading bookkeeping and accounting firms in Dubai, and our accountants provide standardized accounting and bookkeeping services in Dubai, 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.
Journal Entries
Sales & Revenue Posting
Payments Posting
Accounting of Petty Cash
Received Material Posting
Payroll Accounting
Depreciation & Fixed Assets
Accounts Receivable
Debit & Credit Adjustments
Cash Flow Statement
Posting of Journal Entries
Receipts Posting
Purchase Invoices Posting
Posting of Material Issued
Projects Accounting
Admin & General Expenses
Bank Reconciliation
Accounts Payable Reporting
Trial Balance Reporting
Balance Sheet
Profit and Loss Accounting
ACCOUNTING SERVICES IN UAE BOOKKEEPING SERVICES IN UAE

The company’s financial position can be identified by the way they are handling their accounts and finances. A minor mistake in the accounts and taxes can create complications and distort the functions of the company. Our experienced accounts specialists are capable of analyzing and reviewing complex financial and accounting reports. We help companies to discover that unique approach by assessing operational efficiencies, identifying opportunities to enhance strategic insight and operational effectiveness, and developing a path of improvement by leveraging alternative resource models. Leeway has experienced and professional chartered accountants in Dubai who aim to look into the broad picture of the client’s business despite the size & complexity of the figures.

If you wish to outsource accounting services in Dubai, there’s one name that you can trust with your eyes closed – Leeway!

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:

  1. Balance Sheet and profit and loss accounts
  2. Records of Wages and Salaries
  3. Records of Fixed Assets
  4. Inventory Records and Statements at the end of any relevant Tax periods
  5. 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.

Contact

  • Al Fahad Building #4, Damascus Street 2, Al Qusais, Dubai - UAE
  • +971 56755 1677
  • info@leewayconsultancy.ae