Specialized Expo Services
With all eyes on the Expo 2020, robust & reliable accounting support for your company is a must. If you are an Expo 2020 participant, we will assist you in maintaining a proper record of the transactions, generating, and submitting the necessary management reports and assist with filing of VAT returns. Whilst you focus on new & emerging business at the Expo, we can provide comfort that your accounting records are robust, reliable and comply with local regulations. For any accounting support during Expo 2020, reach out to our team on firstname.lastname@example.org.
Outsourced Accounting Services in Dubai, Abu Dhabi & UAE
Specialized Expo Services
Until fairly recently, businesses in the UAE have had no real requirement in terms of how they managed their accounting records. However, with the advent of recent changes in the Commercial Companies Law and Value Added Tax (VAT) in the region, the UAE government and Federal Tax Authority (FTA) have laid down clear rules about the maintenance of business accounts and financial details and compliance with International Financial Reporting Standards. Whether it is new businesses or existing ones, all are having to make a shift towards an organised way of maintaining records and reporting thereof.
Given the recent changes, outsourcing accounting in Dubai and across the UAE has emerged as a business practice benefiting a wide variety of organisations. Outsourced accounting & payroll offers a huge array of advantages to businesses, opportunity to work with experts in the field, saving on headcount, etc. being just a few salient ones.
At PKF UAE, we aim at providing reliable accounting and financial support services using the latest available technology. We have well-qualified and experienced accounting professionals who are abreast of ever-changing accounting requirements. We assign the required time to understand your business in-depth and believe in providing relevant and timely information to enable business owners and management to make informed decisions at the right time. The MIS reports that we share are crisp, user-friendly and customised to the needs of various internal and external stakeholders of the company.
Designated Non-Financial Business and Professionals (DNFBP) registration with the Dubai Financial Services Authority (DFSA) and firm registration with the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Markets(ADGM) enables us to extend this value-add service to DIFC and DFSA registered companies.
Did You Know? Fun Facts on Accounting!
Some interesting facts on the accounting profession that is usually considered boring by most people. We have tried to make this interesting. Read on.
- Luca Pacioli, a Franciscan friar and collaborator of Leonardo da Vinci, first devised the accounting system in his mathematics textbook Summa de arithmetica, geometria, proportioni et proportionalità published in Venice in 1494. Pacioli is often referred to as the “father of accounting” because he was the first to publish a detailed description of the doubleentry system, thus enabling others to study and use it.
- The word “accounting” is derived from the French “compter” which means to count, compute, or keep score. Some other accounting terminology is derived from Latin, such as “debit” – “he owes” and “credit” – “he trusts”
- Accounting as a function and profession has been around for more than a thousand years. Clay tablets and tokens as far back as 7,000 years were discovered in ancient Mesopotamia (modern day Iraq, Turkey. and Syria). These are thought to be the earliest documented records of goods received and traded.
- Enjoy the Oscar awards and the suspense it brings? Accountants are involved…!!. Every year since 1935 a team of accountants spend on an average of 1,700 hours prior to Oscar night counting the Academy Award ballots manually.
- Bookkeeper and related words derived from it (bookkeeping etc.) are the only words in the English language with 3 consecutive sets of double letters !!!
- Heard of patron saints for different professions? Accounting is no different. St. Matthew the Evangelist is the patron saint of accountants, bookkeepers, tax collectors, stockbrokers and even bankers
- Already an accountant? Want a change in career? Mick Jagger, Robert Plant of Led Zeppelin, comedian Eddie Izzard, actor Bob Newhart, John Grisham, Kenny G, are some famous names who were accountants prior to their careers taking off in show business and entertainment.
- Heard of Monty Python? Did you know he frequently poked fun at accountants? Know why? It is believed that John Cleese’s father wanted him to be an accountant; he was due to start work for a firm in Bristol before showbiz made him a better offer !!.
- Tax evasion crime.. boring…yawn…The infamous Chicago crime boss Al Capone was guilty of more serious offences. But guess why he was arrested and convicted? For tax evasion and it was his trusted accountant who brought him down
- Whilst we are on inventions any idea who invented Bubblegum? You guessed it…. an accountant- Walter Diemar in 1928. Why pink in colour? It was the only dye that was conveniently available to him at the time
- Thrilled about working for spy and investigative agencies? But only an accountant? Don’t worry. Did you know that the Federal Bureau of Investigation hires more than 2,000 accountants? What you waiting for?
- Want to take your accountant for a well-deserved lunch? Not sure when to do it? Try May 22 of each year. Why? It is World Accounting Day.
FAQ's on Outsourced accounting
1. Who is this service suitable for?
The service is flexible and can serve different companies and entities with their specific requirements. For small and medium sized companies, it can be the maintenance of all accounting records and associated reports. For large sized entities it can be specific requirements such as bank reconciliation, back log of records, stepping in for staff who is on medical, emergency, or annual leave etc. The service can be tailored to suit specific requirements.
2. Can I avail the service for a long or short period?
Depending on the specific requirement the service can be tailored to ensure that the objectives of outsourcing are achieved. For example, if the service is required to step in for a person who is on leave it can be for a period as short as a week or as long as a year. Fees can be adjusted according to the nature of the assignment, qualification of the person deputed and the length of the assignment. It is more flexible and good value for money than you think.
3. I already have a qualified accountant working for me. Can you assist him/her to reduce his/her workload?
Absolutely. Our staff can report to the deputed in-house person who will supervise (or not) the work undertaken by the outsourced resource. This provides an opportunity to the in-house resource to undertake more critical and value-added activities rather than spend time on routine bookkeeping and accounting. Best of both worlds without breaking a bank!!
4. I am a general manager based in Dubai representing an international organization for marketing and sales function and my HO needs accounting records to be maintained and submitted to HO. I do not want to be involved in the process. Can you report directly to the finance team at HO?
Yes. If finance is not your core KPI, we can maintain end to end accounting records using the chart of accounts of the parent company, submitting the required accounting and financial reports, liaising with finance personnel at HO and the local auditors. This leaves you free to concentrate on your core deliverables.
5. The number of transactions that my company witnesses is small, and I only hire 2 full time employees. How can I afford your services?
Our fees are based on the number of transactions and the time required to be spent on the accounting. We do not have a minimum fee which will tax your resources irrespective of the volumes. For example, if we expect to spend say 5 hours on maintaining your accounting records, we will charge only for 5 hours at our standard rate. We are flexible in our approach and will stand with our clients when they are in the growth stage and we will grow with them.
6. I have an in-house accountant who has joined recently, and my business has been in operation for 3 years. I have an accounting backlog. Can you undertake an assignment to bring up the backlog and furnish a report for each of the years?
Indeed, we can. If you are in possession of your source documents such as sales and vendor invoices, bank statements, expense receipts etc., we can compile the accounting records for the backlog and submit them and which can be incorporated into your accounting system by the in-house accountant. If you retain us for ongoing maintenance of accounting records, we can first compile the back log and bring them to current period and then maintain the accounting records on an ongoing basis.
7. I would like to outsource my accounting records but do not want to invest in an accounting software. Will you be able to assist?
We use Cloud based accounting software and which does not entail any investment from your side. We maintain all your accounting records and furnish them as a report, or you can access them on the software directly. We are flexible and tailor our deliverables to your requirements. Try us out.!!!
8. I have already invested in an accounting software. Can you use that to maintain my accounting records?
Yes, we can to a great extent. If the software is not outdated and offers the most frequently used input and report generation options and meets with VAT rules and regulations. Of course, we can assist with the VAT returns even if the software is not compliant, but it will take more time and effort at our end.
9. Value Added Tax (VAT) has been introduced in the UAE since 2018. Will you assist me with filing of my VAT returns when my accounting records are outsourced?
Absolutely. If we are maintaining your accounting records, we are privy to the details of the accounting transactions and their treatment as prescribed under the VAT rules and regulations. Further, the software that we use has been approved by the FTA for VAT filing purposes. Coupled with our experience of accounting and assistance with VAT returns, we are ideally placed to be your one stop shop for all your accounting, payroll and VAT requirements.
10. What reports can I expect monthly from the outsourced accounting service which will enable me to take informed decisions about my business?
Each month we will submit a trial balance, income statement, balance sheet, details of ledger movements, depreciation schedule, creditors and debtors ageing, cash flow, inventory report (if applicable), prepayments made, accruals and provisions, performance ratios etc. If your HO requires other reports in other formats specific to the business, those can be generated and furnished as well. We are always available to interpret the results for you each month. The accounting records maintained are in compliance with International Accounting Reporting Standards.
11. I already employ a full-time accountant, why should I opt for an outsourced service?
Having a full time paid internal resource has its advantages if the resource is fully utilized 8 hours a day and 5 days a week. If not, it is likely that you are paying for idle time. Under the outsourced option you only pay for the time you use.
With an internal resource, your access to knowledge and expertise is restricted to that person. It is likely that the person may not be able to adequately warn or guide you on developments and movements in your business numbers. Under the outsourced option you get the benefit of a firm, its partners, directors, and managers who will be able to guide and advise thus saving you from expensive mistakes and omissions.
Further, if you are not paying top dollar as salary, the chances are that the in-house person is likely to switch jobs if offered even a minor increase in salary. For a person drawing AED 4,500 as a monthly salary, an increase of AED 500 per month translates into more than 10% increase in pay. And when the resource leaves, one is left with loss of knowledge and experience, having to spend time identifying a replacement, incurring visa and other costs with no guarantee that the replacement will not repeat the cycle. You do not face these issues under the outsourced option. It is our responsibility to replace the person and ensure that services are delivered without any loss of quality or gaps. You are assured that employee attrition does not impact the accounting function of your business.
12. If my business grows and I want to terminate the outsourced contract can I do that without too much trouble.
We will be pleased to note that your business has grown and can justify a full-time in-house accountant. All you must do is give us a notice and we will hand over the reins of the accounting function to the accountant. No questions asked. We will be glad we played a small role in the growth of the business and look forward to being associated with it in other capacities.
13. How much time do you need if you had to set up my infrastructure and start maintaining my accounting records?
Depending on the complexity of your business and the specific requirements that you have from the accounting function, we can commence the outsourced accounting activity within 10 working days.
14. Will my accounting records be maintained using International Financial Reporting Standards (IFRS)?
Yes, the accounting records that we compile will meet with IFRS and International Accounting Standards.
15. Are you able to provide references from your existing clients before I avail the outsourced service?
Nothing will please us more. We will share the contact details or two or more clients to ascertain the quality, timeliness, and the professionalism of our services.
16. Are you able to offer a package where I can outsource my accounting, payroll, and VAT functions?
Indeed, we can offer economies of scale when we undertake more work for you as it gives us an opportunity to spread our cost to mutual benefit. It also has the advantages of you having to deal with only one firm and allocating responsibility to a single entity.
Customer Story Highlight
“It is my pleasure to recommend the accounting services of PKF Accountants & Business Advisers. During the past 3 years, I have worked directly with Mr. Hoshedar Cooper and Mr. Chetan Hejmady in establishing 5+ design as a foreign company in Dubai, and we are very pleased with their involvement. Each have provided available services…
“We have been working with PKF Partnership since February 2016. Since then, they have performed our accounting processes quickly, on-time and stress-free. They also helped us with the VAT implementation in 2018. I would definitely recommend PKF and its services to anyone”
“Mr Hoshedar Cooper and his most capable Team at PKF Management Consultants have been providing accounting and other support services to ICAEW Middle East Limited since 2009. Throughout this period PKF have been proactive – ensuring that we are planning effectively for evolving accounting requirements and reliable – ensuring that our financial information is accurate…
“We have been clients of PKF Management Consultants for 2 years and have been very pleased with the help, advice and support we have received from the team. They are all very professional and give clear advice and guidance in a prompt and efficient manner. PKF also give us the reassurance to know that we…
“PKF UAE has been handling our accounting records for the past 2 years and we very are fully satisfied with their services. The services provided to us include general accounting, help during financial audit , VAT implementation and staff visa renewal. We find their services and execution to be professional, timely and of high quality.…