Accounting Services
At Affinitas DMCC, we pride ourselves on being a leading provider of comprehensive accounting services and tax consultancy throughout the UAE. We cater to a wide spectrum of clients, including individuals, small and medium-sized enterprises (SMEs), and corporate entities. Whether you are just starting your business journey or are an established enterprise, our goal is to ensure your financials are in excellent shape, allowing you to concentrate on growing your business with confidence.
In the UAE, accounting plays a pivotal role in ensuring business success. With a complex regulatory environment that is continually evolving, having the right partner to help you stay compliant with accounting standards is vital. Our professional accountants are here to make sure that your business is not only compliant but also optimized for growth.
Why Choose Affinitas DMCC for Accounting Services?
When it comes to managing finances, businesses often face numerous challenges, ranging from keeping records organized to ensuring compliance with local regulations. Here’s why choosing Affinitas DMCC as your accounting partner can make a significant difference:
Expertise in UAE Regulations: Our team is well-versed in UAE tax laws, accounting standards, and FTA requirements. We help you stay compliant with all local financial regulations, ensuring that your business avoids unnecessary penalties or fines.
Tailored Solutions for Your Business: We recognize that no two businesses are the same. Whether you’re a local SME or a multinational corporation, we provide customized accounting solutions that are aligned with your specific business objectives.
Comprehensive Financial Insights: Our team not only prepares financial reports but also provides deep insights into your business’s financial health. This enables you to make informed decisions to promote future growth.
Stress-Free Accounting: Handling accounts, tax registrations, and other regulatory obligations can be overwhelming. At Affinitas DMCC, we take the stress off your shoulders, giving you more time to focus on running and growing your business.
Technology-Driven Solutions: We use the latest accounting software and systems to manage your financial data accurately and efficiently. Our systems ensure seamless management of your books, making data access and financial reporting straightforward and secure.
Our Accounting Services Include
1. Quarterly Financial Statements
Timely and accurate quarterly financial reporting is crucial for staying informed about the financial health of your business. These reports provide a detailed overview of your income, expenses, and profits for the quarter, allowing you to make well-informed financial decisions. Our accountants ensure that all necessary financial data is compiled correctly and reported in a manner that meets UAE regulations. By providing clear financial insights, we help you navigate your business toward continued success.
2. Monthly Reconciliation
Accounting reconciliation involves comparing internal financial records with external sources like bank statements to ensure consistency and accuracy. Reconciliation is a necessary practice for preventing errors, avoiding fraud, and ensuring that your accounts remain balanced. Our team performs detailed monthly reconciliations to verify the accuracy of your financial records and ensure that your business is running smoothly.
3. Manual Bookkeeping
For businesses that prefer a traditional approach, we offer manual bookkeeping services. Manual bookkeeping involves recording financial transactions by hand, allowing for a personalized and tailored approach to tracking your business’s finances. While digital accounting systems are now the standard, many businesses still value the control and customization that manual bookkeeping offers. Our experts will guide you through the process to ensure accuracy and compliance with local regulations.
4. Accounting Software Setup and Support
To streamline your accounting processes, we assist businesses in setting up modern accounting software systems. We partner with industry-leading software providers like Zoho Books to ensure you have a reliable and efficient system in place.
We take care of your accounting set up from A-Z letting you concentrate on your business and nothing else. If you are new to the UAE we will take care of requesting the mandatory Tax Registration Number (TRN) and we will interact with the government authority to ensure the swift assignment of the number. We will then set up an accounting package (monthly fees are included in our packages) and teach you how to set up quotations, invoices and generate reports. Depending on the package that you need we will reserve time every month to go over your accounting and ensure all your questions are answered. All packages are subject to quarterly advance payment.
FAQ: Accounting and VAT in the UAE
Yes, businesses with taxable supplies exceeding AED 375,000 annually are required to register for VAT. If your turnover is less than this amount, you may still voluntarily register if your annual supplies exceed AED 187,500.
Common documents required for VAT registration include your trade license, proof of business activity, passport copies of business owners, and bank account details.
VAT returns in the UAE are typically filed quarterly. The FTA may assign specific filing periods based on the nature of your business.
Penalties for failing to comply with VAT regulations can be significant, ranging from late payment fines to penalties for incorrect filings. It’s important to ensure accurate and timely submissions to avoid penalties.
Some goods and services are exempt from VAT, including certain financial services, residential properties, and local passenger transport. However, most businesses in the UAE are subject to VAT on taxable supplies.
While it’s possible to manage your accounts in-house, outsourcing your accounting to professionals ensures accuracy, compliance, and saves valuable time. Professional accountants help you avoid errors that could lead to fines or missed financial opportunities.
Contact Us Now!
Company Formation Services & Maximum Confidentiality
