Accounting Services in Dubai
Vertix Auditing offers accounting services in Dubai for SMEs, startups and established companies, including mainland and freezone businesses. We help prepare monthly accounts, analyze account balances and make reports that help you understand core factors like profitability, cashflow and the financial position of the company.
Our team can work well with your existing accounting system or help you to setup a new one. If you are in need of remote accounting services or an accountant for your Dubai office, we will establish the scope of service, reporting periods, number of accountant visits, and allocate a well-qualified accountant for your business.
Accounting Support Built Around Your Business Needs
An accounting service should provide simple and direct answers to your accounting problems. For example:
- What are the best performing products and/or services?
- How much revenue does each of these products/services generate?
- How much profit did the business generate?
- Which costs were changed unusually during the year?
- How much do the customers still owe?
- Do the balances match with the supporting information and documents?
Our accounting services answer all these questions. We start by analyzing your business activities, available financial records, accounting software that is in use, and reporting criteria. Our accountants then determine the work that we need to do to complete your accounting. We also identify and explain historical issues (if any) that need to be addressed separately. The engagement outlines which reports you will receive from us, the information and documents we need from you and the timeframe to complete the engagement.
What is Included in Our Accounting Services
Accounting Setup and Opening Balances
We start by analyzing your chart of accounts to ensure income, expenses, assets, liabilities and equity are properly organized based on the nature of your business. A good accounting structure also shows major activities, projects or branches separately if management needs that information.
The initial setup addresses the issues covered in our guide to accounting challenges faced by Dubai startups, including incomplete accounting records and unsuitable systems and processes. For a business that is already existing, we analyze their opening balances (to ensure they reconcile with audited accounts, if applicable) and supporting schedules prior to taking over their accounts. If an implementation or migration is necessary, we agree with client the data that needs to be transferred i.e. only balances or all historic transactions, and establish a suitable starting point.
Monthly Accounting and Period End Close
We manage the agreed accounting records as per our scope, analyze the balances in the ledgers and work on the adjustments required to properly close the books for the reporting period. For each business, the closing process may vary. It may include accruals, prepayments, depreciation, foreign currency adjustments and other accounting entries backed by relevant supporting documents and records.
During our closing process, we find any missing documents, unusual entries, adjusting entries, and unresolved account balances. We then discuss these matters with the management for clarification and resolution so that the accounts accurately represent financial performance and position of the company and any unresolved issues are visible to the management.
Bank and Control Account Review
We review the bank reconciliations by comparing bank balances with bank statements and investigate any differences. In case your business is using payment gateways (i.e. card machines, online payments), we review the sales processed through payment gateways, fees charged by merchants, amounts received from merchants and settlement reports. We also examine customer, supplier, related party and other control accounts within our agreed scope. The goal here is to understand the outstanding balances and find the entries that need to be fixed (if any), instead of letting unexplained differences, errors, or reconciling items to carry forward each month.
Financial Statements and Management Accounts
We prepare financial statements and management accounts after reviewing and finalizing your accounting records, using a reporting framework applicable to your business and engagement.
For periodic management reporting, the agreed package may include profit and loss account, balance sheet, cash flows information, aged receivable and payable balances, and an analysis of financial performance of your business. We agree the reports and their frequency-monthly, quarterly, or as needed-in the accounting proposal.
We also provide annual financial statements if included in the scope. The financial statements we prepare are in accordance with the applicable reporting framework and may include a cash flow statement, statement of changes in equity, and explanatory notes to the accounts. A complete and detailed annual financial statement is not automatically included in our monthly accounting package. Such reports, including budget vs actual, break-even analysis, revenue and expense analysis, and any other Ad hoc reports can be included where agreed separately.
Business Performance Reporting
We adjust the management reporting to match the information you need, like comparison of revenue and cost, gross margin analysis, project-wise profitability, branch performance and aged customer and supplier balances.
Reporting requirements for each business vary. For example, a retailer focuses on margins and inventory balances, a consultancy business wants to see results by projects, and a transport business may require profitability by vehicle and by driver. We agree these requirements with you before setting up reporting categories to your accounts.
If you need strategic planning, extensive forecasts, financing analysis, and CFO level leadership, we can provide these services through our CFO support service under a separate agreement.
Accounting Records Supporting Tax and Audit
A reliable, reconciled, and complete accounting is a prerequisite for accurate tax filing. Our accountants record your sales transactions with correct VAT codes (standard-rated, zero-rated, exempt) and claim input VAT on expenses that comply with VAT recovery rules. Similarly, applicable rules and regulations for corporate tax are also followed while recording business transactions so that tax preparers and auditors have reliable data to work with.
If you need help with VAT return preparation and filing or Corporate Tax filing support, we cover those requirements separately in the proposal. We also provide year-end accounting support in preparing the records and schedules that your external auditor needs.
An accounting engagement doesn’t count as an independent audit. The scope and the professional requirements for each engagement will be treated separately.
What You Receive in Each Reporting Period
The deliverables depend on the scope of work and type of accounting package. Generally, we provide the following reports as part of our month-end reporting:
| Type of Report | What Does This Report Explain |
| Profit and loss account | Provides information about income, expenses and net profit/loss of your company. |
| Balance sheet | Balance sheet provides information about financial position of your company and includes assets, liabilities, and equity as of the reporting date. |
| Cash flow information | Cash flow statement explains cash movements for the period and the relationship between profit and cash. |
| Aged receivables and payables | Details about outstanding customer and supplier balances. |
| Unreconciled items | Unsettled differences or incomplete supporting information. |
| Financial performance review | Major improvements, weaknesses, target vs actual, sales by segment/region, etc. |
We plan and confirm the delivery dates based on reporting frequency and availability of complete and accurate financial records. If there are material issues in the information provided to us, or important documents are missing, this can affect the closing. Hence, providing complete documents is a crucial part of the engagement.
How Our Monthly Accounting Process Works
Review of Your Current Position
We will assess your activities, entity structure, software, transactions volume and existing reports. We will also evaluate the state of your records and identify if opening balances or previous records need any adjustments. As part of our initial review, we also review your bank, customer and supplier reconciliations.
Agree the Accounting Scope
Based on your requirements, we will agree on all the accounting tasks our accountants need to perform. We also agree which types of reports will be provided. If VAT and Corporate tax, initial setup of accounting software and processes, migration of data from one software to the other, and historic backlog accounting are covered, we will document them in the accounting scope.
Complete the Accounting and Review
Our team will complete the accounting tasks based on agreed scope. Depending on the scope, these may include recording of all business transactions, reconciliation of customer and supplier statements, month-end journals, calculating depreciation and amortization, and accounting for prepayments and accruals.
Where separately agreed, we also handle payroll accounting, fixed assets schedule, calculation of gratuity, reconciliation of merchant settlements for card and online payments. We identify and discuss unusual transactions, unreconciled balances, and missing documents with your designated contact and determine if any further work is required.
Financial Reports
We provide the agreed reports to management before the agreed deadline. Major items are discussed in detail, including primary sources of revenue, loss making products or services, costs which could be avoided, any cash flows issues, customer and suppliers’ payment terms and if they require any changes, opportunities to increase profits or decrease losses, etc.
Remote and Onsite Accounting Services in Dubai
Remote Accounting Services in Dubai
Online accounting services are suitable for businesses that can share their information and supporting documents remotely with us and give access to their accounting systems. Our remote accountants will complete your accounting online based on the information and supporting documents provided to us. We can work on systems like QuickBooks, Xero, Zoho Books, SAP, Odoo, etc. If you are planning to choose an accounting system, you may use our accounting software comparison guide to select the most suitable software for your business.
Onsite Accounting Services in Dubai
We also provide onsite accounting services in Dubai if remote accounting is not suitable for your company. Onsite accounting is generally requested by large organizations or Startups who need someone physically present with them to instantly provide them information about their finances and help them scale the business.
Accounting Services Fees in Dubai
Our service fee depends on type of accounting service (remote or onsite), nature and structure of your business, and volume of your transactions. Accounting of a single company with straight forward records is different from a group company with several entities, inventory, foreign currencies, historical issues, investments, etc.
The primary factors that determine the accounting fee are:
- Nature and structure of business
- Volume of monthly transactions and the state of existing records
- Number of entities, bank accounts and payment channels
- Inventory, fixed assets and foreign currency
- Bank loans or bank facilities
- Reporting frequency and types of required reports
- Setup, migration or historical reconstruction requirements
- Tax schedules, year-end reporting and other agreed support
Why Choose Vertix Auditing
Qualified Accounting Professionals
Our accounting professionals are qualified with certifications like CA, ACCA and CPA. We provide regular training sessions to our staff about accounting and auditing standards, how to setup accounting systems, use AI in accounting, ethics, and ongoing regulatory developments in the UAE.
Accounting Fees Based on Your Requirements
Our fees reflects accounting work your company needs. We agree the scope of work in advance, considering the transactions volume, nature of business, number of onsite visits, current status of accounting, and reporting frequency.
If your accountant is maintaining day to day records, we can review all those transactions to ensure accuracy, resolve reconciling items, verify account balances, complete month-end closing and prepare monthly financial reports. If you need broader accounting support, we can provide monthly accounting services to cover accounting as well as reporting.
Should you want us to reconcile opening balances with the audited accounts or reconstruct the entire accounting of your company, we can also do that with a separate proposal based on these requirements.
Our fee is based on the exact level of service you require. We always ensure that our pricing structure is transparent and based on actual client requirements.
Experience Resolving Complex Records
We have conducted a large number of complex accounting assignments in past, including backlog accounting, reconstruction of opening balances through raw data, reconciliation of merchant settlement reports with accounting records, cryptocurrency accounting management, resolving intercompany balance differences, identifying and correcting duplicate entries in the books, separate personal and business transactions, etc.
Accounting Connected to Reporting Needs
We determine how the accounts are used by owners, managers, tax preparers, and your external auditor. This helps us build your chart of accounts, supporting schedules and reporting package around what your business actually needs.
Examples of Our Accounting Services
Financial Reporting Across Branches and Vehicles
A transporting and logistics company needed a clearer view of profitability by its branches and vehicles after almost two years of incomplete accounting records. We setup the company’s accounting records in QuickBooks, organized historical accounts, reconciled all the balances and established reporting by branches and vehicle as requested by client. The historical accounting work was completed in five weeks. Check out our historic accounting reconstruction case study for more information.
Reconciling Merchant Settlements and Bank Receipts
An online ticketing and travel company had weekly merchant settlements from various customers. However, individual sales did not directly match to the amounts arriving in the bank. We matched the portal sales with merchant reports, identified merchant commissions and matched combined payment transfers from merchant to the individual invoices. These reconstructed records later helped us complete the client’s audit. Refer to our bank and merchant reconciliation case study for more details.
Accounting for Cryptocurrency Transactions
An IT company registered in Meydan Free Zone requested us to reconstruct many years of its cryptocurrency transactions, including spot trading, margin, futures, funded by the company and its owner. We exported the data in excel from Bybit exchange, recorded all the cash inflows and outflows, cryptocurrency buy and sell transactions, future and margin transactions, exchange fee on the executed trades, computed the closing stocks of each of the crypto asset and market valuation as of the financial year end. To know in detail about this client’s case, please refer to our crypto currency accounting case study.
If your business needs help in accounting for cryptocurrency transactions, we can provide you specialized cryptocurrency accounting services in UAE to fulfill your requirements.
Moving from Your Current Accountant to Vertix
Changing accountants is certainly not easy, especially when your accountant has historic knowledge of your business. But if planned and executed properly, it is easily manageable. When we take handover from an existing accountant or an existing accounting services provider, we precisely follow the below process:
- Set a cut-off date and takeover the ongoing accounting operations of the client.
- The existing accountant or accounting company is required to reconcile bank, customer and supplier balances, related party and current account balances as of the cut-off date.
- We review the accounts with supporting documents from the start of the ongoing financial year to the cut-off date. Any discrepancies are discussed with the current accountant and required corrections are made in the books.
- We then review all the prior year audited financial statements and reconcile them with the accounting software. Any differences are identified, discussed with the accountant, and resolved. If anything remains unresolved, the same is communicated to the management.
- All the VAT and Corporate Tax records as per books are reconciled with the FTA portal. Any discrepancies are identified, discussed and resolved with the accountant and management.
Finally, we hold a meeting with external auditors of the company to understand any important and unresolved matters.
Documents We Need to Prepare Your Proposal
We generally need below information and documents to prepare a proposal:
- Trade license of the company, tax registration certificates, and general information about the business.
- Estimated revenue and net profit of the company.
- Number of employees and bank accounts (local and international bank accounts).
- Details of bank loans and bank facilities (if any).
- Any past or ongoing audit from Federal Tax Authority.
- Information on inventory, currencies and reporting requirements.
Speak to Our Dubai Accounting Team
Discuss your current accounts with us, the reports you need or any outstanding issues you want us to resolve for your business. We will review your requirements and provide the most suitable solution. For instant help, please email us on contact@vertixauditing.ae or contact us on +971 50 663 4680.
Frequently Asked Questions (FAQ)
1 – What is included in an accounting service?
The agreed work will cover accounting software setup, review of opening balances, monthly accounting, period-end adjustments, balance checks, financial statements and management reporting. Your proposal will contain the ongoing work, reporting frequency and any independent arrangements depending on the agreed scope of work.
2 – Do you provide monthly accounting for small businesses?
Yes, we do. From remote accounting to onsite accountant (weekly, bi-weekly, monthly), we can customize the accounting scope as per the requirements of small businesses.
3 – How much do accounting services cost in Dubai?
Typically, our accounting fee ranges from AED 1,000 per month to AED 10,000 per month, depending on nature of your business, transaction volume, software used, condition of the records, and the reporting package you need.
AED 1,000 is the starting monthly fee and generally applicable for remote accounting services with a limited scope. We usually charge this fee to companies with low transaction volume, straight-forward business, and where records are up to date.
AED 10,000 per month is an indicative upper range, generally applicable to companies with high transaction volume, complex business nature, and on-site visits are required. The fee is subject to increase or decreased based on the exact client requirements.
4 – Can you work with our existing accounting software?
We will review the system, available access and reporting functions we need before we start. We usually work with software like QuickBooks, Xero, Zoho Books, SAP and Odoo. A software change is applicable only if it is agreed as part of the work.
5 – What financial reports will we receive?
The accounting package usually includes profit and loss account, balance sheet, statement of cash flows, aged receivable and payable balances, and explanatory notes to the accounts. The reporting frequency depends on the type of reports you need. For example, profit & loss account is provided monthly whereas aged receivable and payable reports can be provided weekly.
6 – When will our monthly records be completed?
We will agree on a reporting time at the start itself. It will depend on your transaction volumes, document availability, and the time needed for solving material problems.
7 – Can an accountant attend our Dubai office?
Yes, our accountants can visit your Dubai office to complete the required accounting tasks. Other factors like frequency, responsibilities, and accessibility to records will also be defined and agreed in the scope of work. A mix of onsite and remote arrangements can be done as well.
8 – Can you take over incomplete or overdue accounts?
Yes, we can. We have completed a large number of incomplete accounting works before. Historical reconstruction will be handled differently than a regular accounting since it comes under a different scope.
9 – Does the accounting package include tax filing or an audit?
Accounting includes preparing records and schedules that will support tax and audit. Tax filing and an independent audit have different scope and requirements.
10 – How will our financial information be handled?
We will agree on accessibility, confidentiality and documents sharing when we start. We will plan around the systems and related authorized contacts that we will be using for this engagement, so it’s clear who provides the information, who can access it, and who can retain it.
11 – What is the difference between your accounting and separate record keeping services?
Accounting covers wider responsibilities, which includes review of accounts, period-end adjustments and financial reporting. But if your main focus is on routine transaction recording, you should check our bookkeeping services in Dubai.
Also, for businesses that are based in Abu Dhabi, please refer to our Abu Dhabi Accounting and Bookkeeping Page to explore how we can assist you there.
