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Every firm must prepare annual financial reports, including the balance sheet and the profit and loss account, according to Article 27 of UAE Federal Law No. 2 of 2015 on Commercial Companies. As a result, the organization’s financial statements must be prepared. Companies might need help to construct and maintain Financial Statements by the relevant financial reporting framework due to unforeseen causes.
Since the company’s establishment date, Flying Color Tax Consultants has helped the organization prepare the books of account. We must have the appropriate supporting documentation to create the books of account. Sales invoices, purchase invoices, payment vouchers, receipt vouchers, petty cash expenditures, bank statements, check counterfoils, copies of bank transfers, credit notes, debit notes, import declarations, VAT returns, accounting & bookkeeping, excise tax, and more are examples of supporting documents.
Flying Colour Tax accountants assist clients in generating the books of account starting from the date of the company’s incorporation after receiving the necessary supporting documents needed to compile the books of account. Our liaison auditor will bring the documents to our office or visit the company’s office to update transactions in a suitable accounting program. Usually, once a year, we close the books of accounts regularly. The reports produced consist of the following:
Accounting data allows the business owner to keep track of the financial situation. When chartered accountants have a history of the backlog of transactions, they may assess each department’s contribution to profit-generating. These computed facts are beneficial for the entire organization. This makes effective planning for possible investment opportunities and current market trends easier.
Our Flying Color Tax accountants know the significance of handling money and other financial activities. The company’s financial status can be forecasted with the help of a detailed analysis of incoming and departing cash. Management can employ resources more effectively if the accounting records are correctly updated.
The operator can save a ton of time and money using backlog accounting. When an accountant has to reference a previous file, proper bookkeeping is helpful. The accounting software records information and documents that are accessible and retrievable at any moment. Updated accounting records are crucial for future financial goals and prospects and protect organizations from fines.
When making decisions, the management team, in particular, is supported by the prepared accounts once the accounts have been finalized. They can create action plans and make strategic choices to improve the performance of each division or unit.
To prevent penalties and fines for non-compliance, maintaining backlog records is crucial during an audit. Preparing the annual information in just a few days is impossible because the authorities only review your financial records a few days in advance.
FlyingColourTax provides accounting and bookkeeping services; VAT advice and VAT return filing; Federal Tax Authority (FTA) related issues, Economic Substance Regulation (ESR) related issues, monthly account related reporting to management (MIS), payroll services, excise and custom related claims, and high quality outsourced CFO services through our team of experienced chartered accountants. We have attractive, customized monthly accounting packages.
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