Outsourced Accounting Services in Dubai, Abu Dhabi & UAE
At Virtual Accountants LLC, we offer both on-site and off-site accounting services, tailoring the scope of each engagement to the level of cooperation required and agreed upon with our clients. Our accounting advisory services for Small Businesses primarily operate off-site, with occasional on-site visits by our accountants. We strongly recommend the use of cloud-based online accounting services, aligning with the prevalent practices of accounting companies in Dubai. We are proficient in various accounting software, with a preference for QuickBooks Online, Xero, Zoho Books, Wave, and Sage. Our commitment involves dedicating adequate resources to each client and maintaining a supervisory mechanism to ensure the delivery of high-quality work.
Our accounting outsourcing arrangement with a client can take any of the following forms:
1. Completely outsourced Accounting and Bookkeeping services
In this scenario, we utilize accounting software to enter and manage all transactions on behalf of the client. The client is required to furnish bank statements, cashbook, and other supporting documents like purchase and sales invoices, expense bills, etc. As per the terms outlined in the engagement letter and agreed upon mutually, we generate periodic and ad-hoc reports for the client. Under this arrangement, our role as accountants encompasses full responsibility for maintaining all aspects of the client's books of accounts..
2. Collaborative accounting services in Dubai
Both the client and our team have access to the accounting software. The client assumes responsibility for certain tasks, including issuing invoices, receiving payments, processing payroll, and uploading receipts, bills, and other relevant documents into the accounting software. This involvement may extend to creating new customers, suppliers, accounts in the chart of accounts, and issuing checks.
Our role in this collaboration involves reviewing the client’s work, making journal entries and adjustments, managing open invoices, reconciling payments and receipts, handling VAT returns, and addressing complex accounting matters like fixed assets, inventory, and loans. We also undertake tasks such as reconciling all bank transactions. Periodic reports summarizing the financial status are diligently prepared and communicated to the client.
3. Accounting software Support on demand
The client manages the accounting software, and our accounting services are sought for specific procedures or transactions. Our responsibilities encompass tasks such as handling VAT returns, providing advice on accounting treatment, addressing complex accounting areas, and ensuring the cleanliness of books.
Our client-centric accounting services are executed and overseen by seasoned accountants with prior experience at Big 4 Accounting firms. Their expertise enables them to adeptly handle various issues. Our accounting and bookkeeping service not only delivers substantial cost and time savings but also upholds a high standard of quality. As accountants, we bear the responsibility for the validity and accuracy of the books of accounts prepared under our supervision.
Scope of Accounting Services
The extent of accounting services is tailored to each client, dependent on the nature of their business activities. Nevertheless, it typically includes the following components:
a) Setting up/review of books of account
This is a singular activity conducted at the outset, and for new businesses, it entails establishing the accounting system. In the case of existing businesses, it involves examining current accounting systems and records. We will assess the Chart of Accounts to ensure its alignment with industry practices and reporting requirements.
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b) Updating of accounting records (periodically)
We will integrate the following information into the accounting system:
Creating customers and suppliers in the accounting software.
Recording sales invoices.
Recording receipts against sales invoices.
Recording supplier invoices and expenses.
Recording payments for the supplier invoices and expenses.
Recording of petty cash transactions, if any.
Reconciling bank statements with accounting records.
Reconciliation of credit card, stripe, PayPal sales with credit card reports & amount received in bank.
Recording accruals and prepayments.
Preparation of workings for accounting adjustments and passing of journal entries.
Any other activity incidental to the preparation of adequate financial reports.
c) VAT accounting and return filing.
We will guarantee accurate accounting practices to meet VAT requirements and will also submit the company’s quarterly VAT return.
d) Monthly management reports.
Tailored reports can be generated, although the accounting software includes various standard reports, including the following:
Balance sheet (Financial position).
Profit & loss (Financial performance).
Accounts payable & Accounts receivable ageing.
Accruals and prepayment schedules.
e) General advice regarding account & finance related matters.
Apart from the mentioned services, we will be accessible to offer general guidance on accounting, finance, and corporate tax matters upon request. Additionally, we will provide counsel on corporate tax planning and evaluate its impact on the business.
Why Choose JASM Accountants LLC's accounting and bookkeeping services ?
As an accounting firm, JASM Accountants LLC, supported by our team of professional accountants, offers a comprehensive suite of high-quality accounting services. Our services span from the initial setup of accounting software and day-to-day bookkeeping to periodic financial reporting and analysis, accounting training, tax planning, and advice. We cater to a diverse range of businesses across various industries.
By entrusting us with your accounting and bookkeeping needs, you can redirect your efforts and concentrate on more critical tasks for your business.
