During the accounting process, various aspects must be examined and analyzed from a business perspective. While the company’s earning, or incoming funds, must be tracked just as they are for the individuals, there is an additional level of complexity regarding any outgoing funds directed towards certain business obligations. This may include both funds earmarked for particular company expenditures and funds earmarked for shareholders. It is recommended that businesses must have a tax accountant to perform these duties, due to the complexity of the records involved.
In the United Arab Emirates, accounting is more of a corporate law requirement than a tax filing requirement. In contrast to countries that levy tax, the UAE has no federal income or wage tax, resulting in less government-mandated accounting standards.
The authorities in the UAE have imposed the procedure for audited financial statements as well as the filing requirements. The company's license renewal provisions include audited financial statements. As a result, the company's management must be responsible for maintaining records that provide an undeniably true and reasonable image of the company to its shareholders.
Any entity in the UAE with regulated activities is required to file their accounts with the authority on a regular basis, which can be done quarterly or annually.
An accountant's primary duty is to review the financial details reported by the bookkeeper. Similarly, an accountant offers valuable business insights and financial guidance to the business owner, which is largely focused on the financial data that have been registered.
Aside from the duties mentioned above, they are also responsible for the following accountancy tasks:
With almost a decade of experience here in the UAE, AMCA’s experts can provide you great assistance for your accounting needs. Our accountants are equipped with knowledge and experiences which enables them to help your organization to maintain accurate financial statements, while adhering to the UAE’s accounting laws and regulations.
With AMCA, expect to always be updated with the standing of your company in the market by looking at your company’s financial position and to maintain a systematic record of the company’s transactions.
We work with care for your business. With AMCA, your business is safe beyond doubt from mishaps for we magnify heretofore all the details of your finances to identify all your business inadequacies.