It is observed that many a times the companies might not maintain proper Books of Account and reports for years. This happens mainly with start-ups in the SMEs (Smaller & Medium Enterprises). As per the regulations of the Commercial Company Law in the UAE, it is mandatory to maintain proper books of account. Hence, after one or two years such SMEs understand the necessity to maintain proper books of account and look for accounting firms to prepare books of account.
Domtax support the clients to prepare the books of account from the date of incorporation of the company after obtaining the proper supporting documents necessary for us to prepare the books of account. Hence, we shall request you to retrieve and make available the original supporting documents of the transactions including sales invoices, purchase invoices, payment vouchers, receipt vouchers, petty cash expenses, bank statements, cheque counter foils, bank transfer copies, etc. Our relationship accountant will visit the company’s office location or bring the documents to our office and update transactions in a suitable accounting software. We finalize the books of account on periodic basis, normally on annual basis. The reports generated includes:
- 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.