How do you maintain the company financial accounts

Accounting and Book keeping has the significant role in any company whether is big or small company. Its help the company to maintain their financial transaction correctly. Over a period of time Dubai is becomes favorite destination for the investors. The financial accounting and book keeping is mandatory for all company in UAE after implementing VAT. As per federal tax authority companies must maintain their financial transaction accurate. Auditing is required for all types of company including free zone company, Limited liability and branch of foreign companies etc. In UAE, the financial year will start from normally January 1st to December 31 but still company can select their own financial year. Since the VAT introduced the filing return must be submitted to the concerned authorities in regular intervals. The duration for the filling will be 3 month in a year. The main purpose for the filling return understands the summary of the VAT to the federal tax authorities. Tax consultant / Audit firm / accounting firm has the important role in UAE to help the companies related to VAT procedures. It can be VAT registration; VAT return filing etc.

Most for the authorities in UAE require the company audited statements for the trade license renewal. Banks also required the company audited financial statements at the time of approving the bank loan. Companies Audited statements help to avail the credit facility form the supplier. Its help to identify the company actual financial position.

This blog post is written by Mr. Sajith. Feel free to call our Business Adviser today for a quality consultation relating your Business queries. Please send inquiry to info[at]flyingcolour[dot]com or call +971 4 4542366.