Outsourcing Accounting Functions  

Empower yourself to manage finances effectively with our comprehensive resource package and expert assistance.

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     United Arab Emirates as a country is well known for its robust economy and business-friendly environment. When it comes to matters like company regulations, taxation and accounting, it falls under the jurisdiction of the UAE Federal Government. UAE government has made it mandatory for all businesses to maintain proper accounting books. Every financial transaction must be recorded in as standard practice. UAE Government has also mandated that company records should be maintained for a period of minimum 5 years.

     

    UAE Ministry of Economy and the UAE Securities and Commodities Authority (aka Regulatory bodies) oversee various aspects of business operations, including commercial activities and financial markets. UAE as a country is dynamic and has been actively adopting and integrating technology while undergoing a digital transformation in recent years. 

     

    Businesses considering investments or operations in the UAE are encouraged to seek expert guidance from Number Climbers and stay updated on the latest regulations and requirements. 

     

    Book Keeping

    UAE government has made it mandatory for all businesses to maintain proper accounting books. Every financial transaction must be recorded as standard practice. 

    Our team provides you with timely and accurate bookkeeping services, ensuring that we reconcile bank statements and monitor your daily financial activities to maintain your records in a current and accurate state.

     

    Our Services Include:

    • Ledger Maintenance
    • Accounts Payable and Receivable Management
    • Bank and Credit Card Reconciliations
    • Financial Statement Preparation and 
    • Compilation of Financial Reports. 

    Tax Planning & Preparation

    Our teams comprehensive knowledge in tax management enables us to navigate the frequent fluctuations and alterations in tax implementation within the region effectively.  

     

    Businesses in UAE that meet the threshold need to register for VAT and corporate tax and comply with the regulations. Businesses looking to operate in the UAE must go through a registration and licensing process and requirements may vary between different emirates.

     

    Our Services Include: 

    • Tax Advisory 
    • Corporate Tax Planning 
    • Corporate Tax Implementation 
    • Corporate Tax  Registration 
    • Preparation and Filing Tax Returns 
    • Tax Audit 

    Financial Analysis & Reporting

    We have the expertise to evaluate risks linked to investments, ledger balances, customers, and investors, fulfilling your financial reporting needs and delivering audit reports that enable companies to make informed financial decisions. 

     

    Our Services Include:

    • Cash Flow Forecasting
    • Budgeting and Variance Analysis
    • Financial Statement Analysis and
    • Customized Financial Reports. 

    VAT Services

    Businesses that fail to comply with the rules and regulations of VAT may have to face serious penalties that may harm the goodwill of the business as well as the reputation. Besides providing top-notch VAT services in UAE, NC offers Tax Consultancy Services and Implementation and Tax Reclaim Services at a very reasonable charge. 

    Are you one of them? Number Climbers assures you our service as we take care of all your VAT return filing needs. 

     

    Our Services Include:

    • VAT Registration 
    • VAT Accounting 
    • VAT Audit 
    • VAT Filing 
    • VAT De-registration 

    Business Valuation Services

    Companies require professional counsel when dealing with mergers and acquisitions, and Number Climbers possesses the experience and expertise required to deconstruct vital components. This enables you to comprehend insights that lead to the realization of tangible value from your concrete assets.  


    Our Services Include:

    • Buying or Selling a Business
    • Mergers and Acquisitions
    • Preparing Business for Sales  
    • Determining Market Value
    • Raising Capital

    Training & Consultancy

    Our comprehensive training program is tailored to equip decision makes, entrepreneurs and accountants on thier day to day bookkeeping activities, understanding taxation policies and filing returns and other cash flow strategies. 

     

    Our Services Include:

    • Book-Keeping Training
    • VAT Training
    • Cash Flow Management
    • Workflow Planning
    • Cost Accounting
    • ESR & AML Training

    Payroll Services

    A well-structured payroll system ensures smooth operations. In the UAE, payroll services handle staff compensation, taxes, benefits, and legal compliance for accurate and timely payments. 

    Payroll process may appear straightforward, but it involves precise calculations of gross salary, leaves, loans, gratuity, etc. NC provides customized UAE payroll services for businesses of all sizes and locations.

     

    Our Services Include:

    • Calculating employee-related expenses
    • Calculating gross salaries
    • Handling payslips
    • Wage Protection System (WPS)
    • Providing salary transfer letters to the bank
    • Calculating end-of-service settlements

    Audit Services

    It is crucial to ensure compliance with UAE laws, regulations, and accounting standards by engaging the right audit services in UAE. 

    NC provides 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. 

     

    Our Services include:

    • Internal Audit
    • Tax Audit
    • Financial Audit
    • Compliance Audit

    Economic Substance Advisory

    UAE Economic Substance Advisory (ESR) refers to professional guidance and services aimed at helping businesses in the United Arab Emirates comply with economic substance regulations.

    These regulations require companies engaged in certain activities to have substantial operations and management presence in the UAE, and advisory services help businesses navigate and adhere to these requirements to avoid penalties and maintain legal compliance. 

     

    Our Services Include:

    • Assessing if businesses are subject to ESR
    • Evaluating if current activities meet UAE ESR requirements
    • Implementing strategies for regulatory compliance
    • Assist in submitting Annual UAE Economic Substance Reporting  

    AML Compliance

    “Anti-Money Laundering” (AML) denotes a framework of laws, regulations, and protocols established to prevent and detect money laundering activities, terrorist financing, and related financial offenses.

     Financial institutions and designated non-financial businesses in the UAE must create and maintain strong AML compliance programs. They must also perform customer due diligence and report suspicious transactions to authorities to combat financial crimes.

     

    Our Services Include:

    • Policies and procedures to ensure compliance
    • Evaluating tool and control design
    • Evaluating the current AML policy
    • Auditing and reporting for AML
    • Anti-corruption and fraud prevention frameworks
    • Establishing due diligence frameworks and processes
    • AML/ KYC/Counter Financing of Terrorism strategy and structure

    CFO Services

    Are you ready to supercharge your business’s profitability, cash flow, and revenue generation activities, strategic planning, and business growth, and in ensuring corporate financial matters are in good hands? Look no further than NC CFO Service, your go-to source for expert financial intelligence.

    Small organizations, including start-ups might not have the resources or the need for a full-time CFO.

    Outsourcing enables businesses of all sizes to access high-level financial expertise on a flexible, need-based model, making it a cost-effective and practical solution. Our team of experienced CFOs is here to guide you on your journey to success.

     

     

    Reasons to Choose NC CFO Service:

    • Creating a diversification strategy to improve profit and sales 
    • Ensuring compliance and risk management 
    • Identifying cost reduction areas and increase productivity in operational areas 
    • Setting up accounting operations and management information systems to assist in better decision making 
    • Preparing annual big budgets and performance management 
    • Improve debt collection and cash flow management 

    Common Queries

    The cost of outsourcing accounting depends on the size and complexity of the business, as well as the quality and the level of service required. Outsourcing accounting services can contribute significantly to a company's attainment of its organizational objectives in various ways, such as:

    • Cost savings
    • Expertise and Accuracy
    • Improved efficiency,  Scalability & Flexibility
    • Access to Advanced Technology
    • Focus on core business activities
    • Timely Financial Reporting
    • Risk Mitigation
    • Reduced Employee Turnover
    • Improved Productivity
    • Confidentiality

     

    In summary, outsourcing accounting services can enhance a company's financial management, reduce costs, and provide access to expertise and resources that may be otherwise unavailable in-house. This strategic decision can lead to improved efficiency, compliance, and overall business performance.

    In the UAE, businesses were required to register for VAT if their annual taxable supplies exceeded AED 375,000. However, this threshold might be subject to change due to updates in tax regulations or amendments to the law.

    Businesses with annual taxable supplies and imports between AED 187,500 and AED 375,000 had the option to Voluntary Register for VAT.

    A company is eligible for Economic Substance Reporting (ESR) in the UAE if it:

    • Engages in a "Relevant Activity" as defined by UAE regulations.
    • Is considered a tax resident in the UAE, with core income-generating activities conducted in the country.
    • Meets revenue thresholds associated with its relevant activity.
    • Conducts core income-generating activities within the UAE.
    • Complies with specific economic substance requirements for its relevant activity.
    • Submits an annual Economic Substance Report to demonstrate compliance.

     

    It's essential to stay updated with current regulations and seek professional guidance for specific compliance details.

    SME (Small and Medium-sized Enterprise) require CFO services to access financial expertise and strategic guidance. As the business grows, financial operations become more complex, necessitating professional oversight.

    CFOs provide data-driven insights to aid informed decision-making. They help identify, assess, and mitigate financial risks. CFOs ensure compliance with accounting standards, tax regulations, and financial reporting requirements.

    For managing relations with investors, lenders, and stakeholders. Developing and executing a sound financial strategy aligned with business goals. Implementing sustainable financial practices for long-term success. Optimizing capital structure, working capital, and cost management.

    Overall, a CFO contributes to financial health and business success.

    An Economic Substance Report (ESR) is a document that certain businesses and entities are required to submit to tax authorities in various jurisdictions to demonstrate that they have substantial economic activities in that jurisdiction.

    ESR regulations are typically implemented to prevent profit shifting and tax avoidance by multinational corporations and ensure that they have a legitimate presence in the countries where they operate.

    The specific requirements and regulations surrounding ESR can vary by country.

    Anti-Money Laundering (AML) is a set of measures and regulations aimed at preventing the illegal process of making illegally obtained money appear legitimate. Whether your business in the United Arab Emirates (UAE) needs Anti-Money Laundering (AML) services depends on various factors.

    Industries such as financial services, real estate, and precious metals and stones, are at a higher risk of being used for money laundering activities. If your business operates in one of these sectors, you are more likely to have AML obligations.

    As first step, its important to select a reputable service provider with a strong track record of data security and confidentiality. Implementing robust confidentiality agreements and service-level agreements (SLA's) that outline data protection measures and penalties for breaches. 

    Regular audits, Continuously monitoring service provider activities, Data Backup and Recovery, Outsourced partners are trained in data security and Establishing an exit strategy to securely transition data and services back in-house if needed.