Tax accounting is the means of accounting for tax purposes. It applies to all individuals, businesses, corporations, and other entities. Even those who are exempted from paying taxes must participate in tax accounting. The purpose of tax accounting is to be able to track funds associated with individuals and entities. Without these accounting records, financial analysis will be tough; hence, financial mismanagement may occur.
From a business perspective, more information must be analyzed as part of the tax accounting process. While the company’s earnings, or incoming funds, must be tracked just as they are for the individual, there is an additional level of complexity regarding any outgoing funds directed towards certain business obligations. This can include funds directed towards specific business expenses as well as funds directed towards shareholders. It is recommended that a businesses use a tax accountant to perform these duties, due to the complexity of the records involved.
Bookkeeping is the systematic recording and organising of financial transactions in a company.
Bookkeeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Accuracy is therefore vital to the process. Each transaction, whether it is a question of purchase or sale, is recorded. There are usually set structures in place for bookkeeping that are called ‘quality controls’, which help ensure timely and accurate records.
Accounting review services are for those that already have an adequate solution in place for their monthly escrow accounting function, yet still understand the benefit and value of an independent review. Our team does an in-depth review of your accounts to ensure the reconciliations are within industry standards and that no hidden items are present to cause inadvertent losses to your firm. A quarterly review could help identify the shortages, missed deposits or bank charges that could add up to a significant cost to your firm.
Businesses have to keep proper accounts under the UAE Commercial Companies Act, however, there are instances that small and medium-sized businesses are not able to do so. It is mandatory that businesses understand the importance of maintaining the backlog accounts, not just for the management but also for regulatory bodies such as Federal Tax Authority. AMCA will help the client to set up the backlog accounts from the date of operation of the organization. However, appropriate supporting documents are necessary to set up the books of accounts including sales invoices, purchase invoices, receipt vouchers, petty cash expenses, bank statements, check counter thwarts, bank transfer copies, and other necessary financial documents. AMCA will complete the books of account on a yearly basis.
The accounting supervision service is similar to the function performed by a company’s Chief Accountant. This solution helps protect against negative consequences of books’ failure to comply with the binding regulations. We take care of: development, modification and implementation of a company’s chart of accounts, development of a company’s accounting policy, verification of accounting books, assistance in preparation or preparation of reporting documentation: declarations of financial statements, consultations and accounting advisory.