Accounting and bookkeeping services
Financial accounting and bookkeeping have become more streamlined globally due to the implementation of International Financial Reporting Standards (IFRS). However, this has also made the process more technical and complex. Looking at the past five years as an example, we anticipate that the future will bring additional regulations, requirements, and compliance standards.
The United Arab Emirates (UAE) serves as a global business hub, experiencing continuous growth and offering new business opportunities. To thrive in this competitive market and distinguish themselves within the industry, companies must ensure that their financial statements and reports adhere to international standards.
Accounting firms in Dubai and the UAE play a crucial role in helping businesses operate effectively and achieve healthy growth. Their primary task involves recording all financial transactions accurately. These firms consist of skilled chartered accountants and auditors who maintain up-to-date records of financial statements, ensuring compliance with both local and international laws.
Regardless of the industry, our services can prepare your financial statements and maintain your books of accounts according to international standards. By outsourcing your accountancy needs to us, you can focus on business growth, reduce costs, and receive in-depth financial health analyses from one of the finest chartered accountant firms in Dubai, UAE.
Our Professional Accounting Services in Dubai & UAE include:
- Designing of accounting systems
- Accounting Software Implementation
- Account books maintenance
- Projects accounting
- Account / inventory reconciliations
- Petty cash accounting
- Payroll accounting
- Tax/VAT Accounting
- Depreciation schedules preparation
- Bank statements reconciliations
Our Professional Bookkeeping Services in Dubai & UAE include:
- Bookkeeping of Sales
- Bookkeeping of Purchase
- Bookkeeping of Accounts payable
- Bookkeeping of Accounts Receivable
- Bookkeeping of Cashbook
- Bookkeeping of Fixed Assets register
- Bookkeeping General/Assets/Equipment ledger
HR and payroll services
As companies recognize the strategic importance of human resources, selecting the right Payroll and HR management becomes crucial for empowering employees. At MAK, we simplify HR strategies by automating traditional practices, resulting in business benefits across all activities through our payroll outsourcing services in the UAE.
Our Payroll and HR management software allows you to focus on your workforce without the burden of system management or future changes. Experience a redefined worker journey with our global cloud payroll, which integrates attendance and time tracking into a single platform.
With our team of specialized experts, we keep you informed about legal entities and government regulations in the UAE and the Middle East. Confidentiality is assured through access rights and secure data policies. Our payroll outsourcing services in Dubai offer cost savings compared to maintaining an in-house payroll team. Additionally, you benefit from a secure server, payroll experts, HR outsourcing, and compliance with local regulations.
Our Payroll service offerings
At MAK, we provide a range of payroll solutions tailored to our clients’ needs. Whether you require comprehensive corporate payroll services or streamlined payroll processing, we have the right solution for your business. Here are the details:
- Payroll processing and management
- Checking integrity and validation of payroll data
- Employee leave management
- Multi-currency salary payments
- Employee benefits administration
- Employee travel expense management
- Managing and payment of employee reimbursements
- Co-ordination for work permits
- WPS payments and setup assistance
- Backlog accounting services
Often, companies, especially start-ups and SMEs (Smaller & Medium Enterprises), neglect proper bookkeeping and financial reporting for several years. However, UAE regulations under the Commercial Company Law mandate maintaining accurate books of account. Consequently, after a year or two, these SMEs recognize the importance of maintaining proper financial records and seek accounting firms to assist with bookkeeping.
At MAK, we support clients in preparing their books of account from the company’s incorporation date. To do so, we require the necessary supporting documents, including sales invoices, purchase invoices, payment vouchers, receipt vouchers, petty cash expenses, bank statements, cheque counterfoils, and bank transfer records. Our relationship accountants either visit the company’s office or collect the documents to update transactions in suitable accounting software. We finalize the books of account periodically, typically on an annual basis. The resulting reports cover various aspects of financial performance.
- balance sheet (statement of financial position),
- profit and loss account (statement of comprehensive income),
- cash flow statements,
- receivables ageing list,
- payables ageing list,
- comparative report on sales performance,
- comparative report on expenses,
- financial ratio analysis,
- working capital analysis,
- breakeven point analysis/margin of safety etc.
CFO services
In today’s dynamic and challenging business landscape, the role of a Chief Financial Officer (CFO) holds immense relevance and significance. The strategic responsibilities of a CFO, including optimizing capital structure, designing financial strategies, managing budgets, and overseeing cash flows, are critical for business success.
Recognizing the importance of this function, we offer our professional expertise to assist CFOs in making informed business decisions based on sound and timely financial information and advice. Our services provide value while being more cost-effective than maintaining a full-time CFO. Additionally, this approach allows business owners to focus on other critical aspects of their operations.
Accounting review
An accounting review involves evaluating a company’s financial statements, accounting records, and other financial information to maintain a robust and compliant financial system for businesses. With the implementation of VAT laws in the UAE, registered businesses are now required to maintain accurate and complete records of their accounts and daily transactions. This includes tracking financial dealings, preparing monthly or quarterly VAT reports, and ensuring compliance with UAE VAT regulations.
Failure to comply with VAT laws or miscalculations can result in fines or penalties, as outlined by the Federal Tax Authority (FTA). At MAK, we offer specialized Accounting Review Services in Dubai, UAE, customized to address your specific business requirements.
Business valuation
Business valuation involves a series of procedures aimed at estimating the economic value of a business. This process is particularly valuable during business sales or acquisitions. Our clientele includes audit and law firms, government entities, multinational corporations, small businesses, startups, individuals, insurance companies, and independent adjustment firms.
Our valuation approach typically combines various methods to ensure the accuracy and reliability of our valuation reports, which can withstand scrutiny.
Our key valuation methods include:
- Asset valuations
- Price/earnings ratio
- Entry cost
- Discounted cash flow
- Industry-specific methods