Accounting

Accounting is a methodical procedure of recognizing, documenting, assessing, categorizing, authenticating, abridging, construing and conversing pecuniary information. Proper accounting divulges profit or loss for a given period, and also the value and nature of a firm's assets, liabilities and owners' stake. It includes custom and body of knowledge related to methods for recording transactions, keeping financial records, performing internal audits, reporting and analyzing monetary information to the management, and counselling on taxation matters. Accounting provides information on the assets available to a business, the means employed to finance those assets, and the consequences attained through the use of these assets. Accounting firms play a crucial role in helping businesses enhance in terms of the company's goodwill, financial stability, credit management, auditing, financial reporting, etc. CDA is one of the leading accounting firms in UAE, which helps businesses with excellent accounting and bookkeeping services. CDA has a team of expert financial advisors and accounting professionals in UAE to help you manage your business, taking care of auditing, bookkeeping, VAT, business, and accounting services in UAE.

Main Areas of Accounting

Usually, accounting is perceived as a mere recording of business transactions. However, accounting goes beyond financial recording or bookkeeping and it includes various branches. Take a look at the various branches of accounting, where you need help.

1. Forensic Accounting
   Forensic accounting handles court and litigation cases, fraud investigation, claims and dispute resolution, and other legal matters.
2. Auditing
   External auditing is the examination of financial records by an independent party. Internal auditing refers to the examination of issues regarding business practices and risks.
3. Financial Accounting
   Financial accounting includes footage and classification of business transactions, and preparation and presentation of financial statements to be used by internal and external clients.
4. Cost Accounting
   Cost Accounting refers to the footage, presentation, and analysis of manufacturing costs. Cost accountants examine definite and standard costs to help directors conclude future courses of action concerning the business' operations.
5. Fiduciary Accounting
   Fiduciary Accounting means the handling of accounts administered by a person empowered with the supervision and management of the property of or for the benefit of another person. Trust accounting, receivership, and estate accounting are some examples.
6. Accounting Information Systems
   Accounting information systems or AIS occupy the expansion, fitting, execution, and supervision of accounting procedures and systems used in the accounting process.
7. Tax Accounting
   Tax accounting involves the planning of tax and preparation of tax returns, ascertainment of income tax and other taxes, tax advisory services such as ways to reduce taxes lawfully, assessment of the consequences of tax decisions, and other tax-related issues.
8. Management Accounting
   Management Accounting focuses on the needs of the management. It includes financial analysis, budgeting and forecasting, cost analysis, evaluation of business decisions, and other similar areas.

Services Provided by Bookkeepers

• Settle bank accounts.
• Account economic dealings.
• Administer bank feeds.
• Organize financial accounts.
• Control accounts receivable payable.
• Undertake some payroll and human resource functions.
• Work with the tax preparer and help out with tax compliance.
• Preparation of Chart of Accounts
• Billing for services or goods sold
• Keeping the records of receipts from customers
• Allocate the account entries
• Value-added bookkeeping and month-end or year-end closing

Daily Bookkeeping will enable you to identify any problems early and solve them before they become worse. You can identify any deceitful activity and correct it before it causes irreparable damage to your business

Auditing Services

Audit and assurance service is one of the core services that every business need to track their financial transactions. More than just the records inspection and approval process, CDA Audit and Assurance Services in UAE is focused on providing a transparent and systematic financial statement audits and other assurance services to give valuable insights into your business. Our professional auditors in UAE creates a precise, comprehensive, and balanced audit, ensuring compliance with the regulatory requirements. Availing proper audit services in UAE helps you ensure that your business is compliant with the UAE laws, regulations and accounting standards.

Types of Audit

1. Internal Audit
2. Tax Audit
3. Construction Audit
4. Financial Audit
5. External Audit
6. Operational Audit
7. Investigative Audit

Major Reasons for Hiring an Audit Firm in UAE

A reliable and experienced audit firm in UAE will be beneficial for businesses to get the finest accounting, auditing, and assurance services at a reasonable rate. There are various reasons for getting accurate auditing services in UAE. Some of them are:

• Fortification against the attempt to defraud investors
• Precision in financial statements
• Proficiency and knowledge
• Absolute loyalty to existing governmental regulation
• Corroboration of internal controls

Business Consulting Services

Business services are intangible services that are offered to any organization. The various kind of business services in Dubai and UAE include CFO Services, Cost-Benefit analysis services, Finalization of financial services, IFRS Impact & Its Implementation service, Cash flow management service, and many other services like software services, marketing, real estate advisory services, etc. CDA business services in Dubai are tailor-made to support our clients expand their business maximising the profitability and brand reputation.

Services rendered -

1. CFO Services
2. IFRS Impact analysis
3. Cash Flow Management Services
4. Feasibility Studies
5. Business and Financial Valuation Services
6. IFRS Advisry Services

VAT

Value Added Tax or VAT is a form of indirect tax imposed on the use or consumption of goods and services at each point of sale. The cost is ultimately borne by the end-consumer. Businesses and organizations collect the VAT on behalf of the government. With the introduction of VAT in UAE on 1 January 2018, consumers are expected to pay 5 percent for the product or service they use. By availing the right VAT services in UAE, you can easily manage the VAT aspects of your business. Being registered under the UAE VAT law stipulates that your business is recognized by the government. Consulting a VAT service provider in UAE eases all your VAT-related processes, thereby making your business abide by the Emirati VAT laws and regulations. CDA is one of the leading VAT service providers in UAE, which offers exclusive VAT services including VAT registration, VAT deregistration, VAT return filing, VAT accounting services, and more.

Services Provided by VAT Consultants

• VAT compliance issues and control
• Minimising VAT liabilities
• Identifying risk and proper solutions
• Identifying prospective tax planning opportunities
• VAT Filing and payment.
• Data recording and organization
• Accounting & Bookkeeping
• Purveyor organization
• Client organization

VAT Registration Process

VAT Registration is mandatory for those businesses, whose taxable supplies and imports exceed AED 375,000 per annum. Businesses can voluntarily register for VAT if their taxable supplies and imports exceed AED 187,500 per annum. Basically, a business can opt for any of the two types of UAE VAT Registration process:

1. Mandatory Registration
   The threshold for mandatory registration of a business is AED 375,000. But this threshold is not applicable to foreign organisations.
2. Voluntary Registration
   The threshold for voluntary registration of a company is AED 187,500.

VAT Accounting

Businesses are required to maintain proper records to file the VAT returns for your following transactions:

• a) Local Sales falling under normal VAT procedure,
• b) Taxable Export Sales (GCC Sales),
• c) The VAT Exempted sales,
• d) Local Purchases and Import Purchases.
• d) Zero-rated Export Sales.

VAT Training

It is indispensable that organisations should try to understand the implications of the new taxes and make every endeavour to line up their business model to government reporting and compliance provisos. Businesses may need to make some changes to their mainstay operations, accounting and book-keeping, technology, and maybe even to their human resources to wholly abide by the UAE VAT legislation.

VAT Impact Study

VAT implementation in the UAE has brought some fundamental positive changes to the region that are discussed below.

• Amplified lucidity and responsibility
• Advanced universal competitiveness
• Organisations with sophisticated ICT
• Improved functioning competence
• New resource of financial support for socio-economic programmes

What is VAT Return Filing?

All the VAT registered organisations or the 'taxable persons must submit a 'VAT return' at the end of each tax period to the Federal Tax Authority (FTA). VAT return filing declares how much VAT is to be paid by the taxpayer or reimbursed by the tax authorities. A VAT return recapitulates the assessment of the supplies and purchases a taxable person has made during the tax period and shows the taxable person's VAT liability.

Payroll Accounting and outsourcing Services

A well-defined payroll management system acts as a catalyst for the smooth functioning of an organisation. It helps to maintain confidentiality and meets the statutory requirements in doing basic payroll calculations in a cost-effective manner. When we look from outside the payroll process seems to be simple, but it involves meticulous planning and computations on the gross salary, leaves, advance loans, gratuity etc. To handle this, the best decisions are outsourcing your payroll, rather than depending on the in-house finance teams. Outsourced payroll services are availed at affordable rates, improved data security and efficient management. Accounting outsourcing services often brings more attention to the core activities of the business leading to the business growth among this competitive environment. Payroll management services allow you to take your human resources management to a higher level. CDA provides customized payroll services in Dubai to all business organisations regardless of their size and geographical locations. Our customer tailored payroll solutions build the confidence of our clients to meet their business challenges in this dynamic business environment.