Importance and Benefits of Financial Consultancy!

Accounting firms in dubai

Through business consulting services, you may get in touch with an experienced business consultant who can assist you with the demands of your organization. The consultant can help with various subjects, including solvency, finances, future projections and human resource operations.

Although the ability to balance numerous jobs is a useful one, doing so may be stressful and exhausting, and things can quickly get unorganized. In addition, as a business expands, entrepreneurs must manage a variety of responsibilities. However, the company might suffer from missed time and money if outsourcing is not done correctly. It is therefore advisable to outsource your business to a reputable agency of Accounting service in UAE.

Accounting firms in dubai
Accounting firms in dubai

Because consultants are paid on a project-by-project basis, engaging them may be a good investment. You can ultimately save money by not having to hire them permanently. They also help you offload chores to concentrate on your key competencies.

Increase Profitability

Employing an experienced specialist has the benefit of helping you concentrate on boosting profitability. There are always opportunities for improvement when experts may provide creative suggestions. Thoughtful judgments almost always lead to business expansion; however, arbitrary decisions might have long-term effects on the business. Expert advice ensures that the company keeps pace to achieve its objectives, manage its finances, and remain well-informed about risky investments.

Objective and Consistent

For business startups and entrepreneurs, ongoing advice is essential. Employing a consultant offers the business owner access to reliable specialist accounting firms in Dubai to provide impartial and unbiased recommendations on business operations.

HR Operational Improvements

By making judgments that support the company’s smooth operation and giving suggestions on how to enhance staff productivity, a consultant may also help businesses improve their time management. Business owners who do not take measured risks frequently find themselves on the diverted roadmap.

Adepts Accounting Firm in Abu Dhabi

Adepts are reputable accounting services in Abu Dhabi with years of experience in consultancies. We have established good and trustworthy relationships with our clients. Adepts offer its clients a full suite of services, including Financial Consultancy, Business Setup, Audit and Assurance Services, Taxation Services, feasibility study services, Recognized Accounting Software, and more, making accounting and bookkeeping more convenient for SMEs.

How Can Internal Audit Improve Your Business?

Accounting company in uae

Decision-makers who are business specialists give the internal audit required time to spend on business operations and processes because they recognize its worth. In addition, accounting firms in uae are aware of what to anticipate and potential issues to avoid since they are familiar with the function of an internal audit.

What is Internal Audit?

An internal auditor accounting firms in abu dhabi evaluates the corporate governance, risk management, and control processes within an organization. An internal audit advisory provides an independent and unbiased assurance to enhance an organization’s operations, confirms adherence to laws and regulations, and supports accurate and timely notification and addressing of organizational issues.

It brings a systematic and disciplined approach to identifying non-compliance with laws or regulations and breaches with internal controls before they are pointed out by an external appraiser.

Accounting company in uae

Internal Audit Process

  • The internal auditor defines and designs the audit’s objectives and strategy.
  • Identify the business area to evaluate, and the internal control procedure to test.
  • Assess risks and process control.
  • Document observations in areas examined and verified.
  • Draft a formal audit report outlining in detail the main risks that the business activities are undergoing.
  • Provide the recommendations to the board of directors.

Internal Audit Analysis Techniques


Examining the authority and authenticity of records and using documentary evidence to confirm accounting transactions.


Verifying the transactions’ accuracy and transaction matching


To understand the cause of balance discrepancies


If an auditor feels that an internal control process needs to be enhanced, testing random or target-specific data should be conducted.

Physical Examination

Validation of the physical presence of tangible assets and the inventory count as shown on the accounting records.


Separating crucial information and deepening your understanding of how it relates.


This includes reviewing accounting records to find any entries that need to be addressed.


To get comprehensive data on any transaction.

Verification Posting

To certify the balance and confirm posting from books of initial entry to ledger accounts


To determine whether the organisation’s procedures and processes are reliable.

How Can Adepts Help?

Adepts’ an accounting company in UAE, has established internal audit tools and techniques that help businesses run more smoothly and effectively.

Adepts can provide a quick snapshot of all company information in one report, along with a wide range of informative business reports. It is designed to keep all the reports available as soon as transactions are logged and ensure that insight is available immediately when you need them to evaluate the company’s performance.

How To Develop And Improve Accounting Systems?

Accounting companies in dubai

Accounting companies in Dubai assist business owners in evaluating the profitability and liquidity position of their business. Financial planning will also address issues before they become uncontrollable. Reevaluate your accounting strategy if you are unsure whether your organization has a plan for developing, implementing, and reviewing accounting procedures.

Your workload will be significantly reduced if you use technology to improve, automate, simplify, and integrate as many aspects of your company’s bookkeeping and accounting operations as you can. Without a complete accounting system, your company would be working in financial uncertainty, putting it at risk for internal fraud, tax fines, and even collapse.

Accounting companies in dubai

Income/Expense Management

Your company must have a system to keep track of business revenues and spending. The mechanisms in your system should be in place to record the income and expenditure (invoice tracking) and note the expense’s purpose. In addition, you must establish a standardized approach for income and expenditure reporting.

Accounts Payable/ Accounts Receivable Management

Business depends on accounts receivable to make all of their payments by the due date. Your company’s reputation spoil and your business incurs unnecessary costs due to late payments if your accounts payable are not managed thoroughly. Systems, rules, and processes must be established to manage accounts receivable.

Automation to Consider

If you apply the appropriate technologies, business process automation may help you achieve your company objectives. For every business problem, technology-based solutions have been devised. Implement the accounting software for your business for:

  • Data management
  • Expense management
  • Invoice management
  • VAT reporting
  • Paperwork management

Find Quality Accounting Partners

As a business owner, you’ll need more assistance or direction with financial planning. Here are some people you might want to think about hiring:

  • Accountant
  • Chartered Accountant (CA) / Certified Public Accountant (CPA)
  • Bookkeeper
  • Tax planner

Adepts will work with you to develop effective bookkeeping and accounting company in dubai procedures that benefit your company. We’ll assist you in saving time and money while giving you the financial information you need to make wise decisions. In addition, your business will have access to a group of highly skilled, educated, and qualified bookkeepers by partnering with Adepts.

Adepts Accounting Firm Adepts is one of the reputable accounting companies in UAE, with years of accounting service experience. Adepts offer its clients a full suite of services, including Financial Consultancy, business valuation, Audit and Assurance Services, Taxation Services, Recognized Accounting Software, and more, making accounting and bookkeeping more convenient for SMEs.

VAT Pertinent Matters!

Vat registration in dubai

Value Added Tax (VAT) is an indirect tax based on consumption in the supply chain. VAT was implemented by UAE on 01 January 2018 at the standard rate of 5% with the exception of 0% on exports and no VAT on exempt supplies including medical, education, etc.

Who must be registered under UAE VAT?

A company must register format if the taxable supplies and spending surpass the compulsory registration limit of AED 375,000. Similarly, a company might choose to register for VAT voluntarily where the taxable supplies and spending is more than AED 187,500.

Vat registration in dubai

VAT Returns Filing

Vat registration in dubai ought to file VAT Returns as per the tax period assigned by Federal Tax Authority. Non-compliance will levy fines ranging from AED 1,000 to 300% of the VAT unsettled VAT liability.

Timeframe to retain records under UAE VAT regulation?

The Accounting companies in abu dhabi records are needed to be maintained for at least 5 years from the end of the period to which they relate.

Who is qualified to obtain Input VAT credit?

VAT registrants are permitted to claim the VAT paid on procurements. A non-taxable individual is typically not permitted to claim their input VAT.

What is VAT Grouping?

Related companies who complied with conditions as specified by Federal Tax Authority can obtain one Group Tax Registration Number (TRN) for all companies and file one VAT Return for the entire Group.

Signs of the Successful Accounting Firms

Signs of the Successful Accounting Firms

Larger Clientele
You’ll appeal to a broader range of clients if you offer various services. For example, if your company specializes in providing a single set of services to small businesses, you are just targeting small-business owners for that one service now. Your clients cannot suggest you to their associates who require relevant services. You’ve pigeonholed your company into providing a single service to a single sort of business, and it’s tough to see considerable development when you’ve painted yourself into a corner.

Same Client, More Business
Diversified service firms can provide several services to the same customer, allowing your company to optimize revenues while also serving as a handy one-stop service rendering firm for all of your customers’ requirements. For example, you may perform your client’s tax return and company tax return, provide accounting services for the business, and assist with payroll administration instead of simply completing their tax return. Suddenly, the revenues from a single consumer will multiply.

Expert in the Field
Clients will see you as an expert in your area if they see that you can handle all relevant professional services related to accounting, audit, tax, risk, and financial advisory. That’s why the industry’s leading organizations have such a stellar reputation for what they do: they can render any relevant service.
Diversifying your service offering can help your company develop and establish a reputation as an industry expert. It will act as a rung on the ladder for your firm in the accounting profession.
You are already familiar with these keys to success, and now you are re-affirmed by reading this article about the key to becoming successful accounting companies.
Begin implementing these improvements in your own company starting from now, and watch it flourish.

Role of Accountant in Your Business

Role of Accountant in Your Business

Role of Accountant in Your Business

An accountant is a person who performs tasks such as recording, classifying, and summarising data to generate useful information such as assets, liabilities, profit, and loss as at or for a given period.
Accountants’ knowledge, abilities, and experience are critical to an organization’s success. Therefore, in any company, the accountant’s role is vital. The following are some of the primary areas where an accountant’s job is critical.

Accounting Records are Kept Up to Date

The accountant’s role is critical in keeping systematic records of financial transactions to compute net profit or loss for an accounting period and an entity’s financial position as of a specific date.
The entity must keep proper books of accounts as required by the Companies Commercial Law on which the auditor is required to give an opinion. The entity’s books of accounts also aid in planning future business activities.

Budgeting is a forecast of a company’s operations and transactions. Accountants use various methods to prepare budgets for the company’s revenues and costs.
The actual results are compared to the budgeted outcomes to determine any variances.

Another crucial function of an accountant is to manage an entity’s tax obligations. Accountants can handle an entity’s tax affairs, submit returns, make statements to tax authorities, and settle an entity’s tax responsibilities. In addition, accountants may assist with tax planning to save taxes by wisely using tax provisions.

Accountants also conduct an in-depth analysis to determine the company’s liquidity position, working capital cycle, and turnover ratios which is significantly helpful for the entity’s management to make well-informed decisions.
Contact Adepts – one of the best auditing firms in Abu Dhabi, providing expert accounting services including all of the above-mentioned service areas.

Qualities of a Good Auditor in UAE!

Qualities of a Good Auditor in UAE

Qualities of a Good Auditor in UAE!

As the demands of auditing companies in UAE have gone up significantly, it is fascinating to learn what attributes should be prevalent in the best audit firms.
Here are five things you should consider to find the finest auditing companies in UAE that ultimately can help grow your business.
Professionally Skeptic
The best audit firm in UAE should exercise professional skepticism while auditing your business. The auditor should seek clarification and remain vigilant. The auditor should approach the issues, facts, and statistics with sufficient suspicion to provide an honest view of your financial statements.
The Art of Conversing 
Interaction nowadays is a crucial skill for auditors. Preparing a well-written report is no longer sufficient. A two-way conversation with personnel of the organization is required as this may aid in eliciting a quick response from the board.
Abilities to Comprehend Various Business Situations
Thorough planning and preparation processes and the adaptability to work within various business structures are also essential characteristics of a good auditor. Auditors must be aware of the nature of the company’s business, operating and financial activities, industry, legislative/regulatory requirements, and possible challenges.
Believe in Teamwork
It is critical to be able to nurture healthy relationships and coordination within a team. It results in a more flawless audit service. The management team of an Audit firm should have influencing abilities and having empathy with colleagues to maintain an effective working environment.
Working Methodologies
Data analytics and sampling software can save valuable time when conducting audits. Audit professionals must be assimilated and comfortable dealing with continuously evolving technology to achieve these benefits. A good understanding of auditing software also allows auditors to spend more time in strategising and planning an effective audit to meet client deadlines and requirements.
Get in touch with Adepts, the best audit firm in UAE, which is equipped with all of the above attributes to make your Audit engagements seamless. 

Benefits of Hiring An Accounting Firm for Your Business in Dubai

Accounting companies in dubai

Benefits of Hiring An Accounting Firm for Your Business in Dubai

Accountants are experts that can advise you on the best ways to use your business capabilities to maximize shareholders/owners’ value. Business owners may be experts in their profession, but they aren’t always experts in accounting or tax matters. As a result, they should seek the assistance of accountants who have experience in delivering vital information that will shed light on measures to manage cash flows and save money for your business to thrive. A reputable accounting firm in UAE can handle all of your financial needs, from bookkeeping to tax filing.
Effective Business Planning
Planning is critical in every organization. Without preparation, you may not achieve your goals. You should be aware that not every company is proficient at forecasting the future. They are always in need of expert assistance and direction. As a result, Adepts experts are available to provide you with future projections and estimates of benefits and losses. You will also receive financial advices and recommendations that are critical to your business.
Assist in Accurate Tax Filing
Another advantage of using an accounting firm is accurate Tax Returns submission to FTA. Failing to pay accurate tax on time will result in a penalty for your company.
Because accounting company specialists have been updated and equipped with tax law information for businesses, the tax filing procedure becomes much easier with their assistance. If you’re having trouble with taxes, an accounting company is your only option.
Expert Analysis and Saves Money on Business Cost
One of the most compelling reasons to use an accounting company is to reduce business expenses. A qualified accountant may assist you in keeping track of your expenses and identifying methods to save costs. In addition, it allows you to allocate more funds to other elements of your organization, such as marketing or product development. A qualified accountant can also assist you in taking advantage of tax advantages and deductions that you may not be aware of.
Another method an accounting company might help you save money is assisting you with cash flow management. A qualified accountant will help you create a budget and keep track of your earnings and spending.
With the support of these specialists’ skills, you can be sure of a more accurate and clear view of your company’s financial situation. In addition, it will aid you in the future in reducing any non-collectible receivables and cost overruns.
So, these are some of the key advantages of hiring an accounting firm; Adepts is one of the regionally progressive accounting firms in Dubai, that can assist you with your accounting needs.

Acquire Best Standards Of Financial Reporting With A CA Firm!

Acquire Best Standards Of Financial Reporting With A CA Firm!

Adepts Chartered Accountants has been a renowned CA firm for a long time now. Our chartered accountants are experienced and offer businesses professional advice and trustworthy information about your business’s financial records and status. They precisely get involved in taxation, financial reporting, forensic accounting, auditing, and more. Our team works according to the client’s needs, and therefore- they will work alongside you and your growing business to drive it even more. The day you connect with us, you get an unification of skills of strategic forecasting and expertise in finance. In today’s business world, you must get a hold of a firm that offers finance, accountancy, auditing, and taxation equally well.
Chartered Accountant gets to be known as the utmost coveted degree in the world. Hence, a person becomes a CA they get to work in a wide range of the business spectrum. We Adepts
Chartered Accountants serves the wide range of industries like technology, aviation, telecom, investment management, real estate, construction, trading, media, oil and gas, banking, Islamic financing, manufacturing, insurance, F&B, Brokerage-houses, and education. Our team of experts will exactly focus on offering appropriate records of all financial transactions for your business. All our professionals work to provide financial services and advice to businesses. By advice here, we mean ones related to auditing, taxation, accounting, financial analysis, risk management, financial structures, and much more.
The Chartered Accountants at Adepts Chartered Accountants will do the following for you-
  1. Our professionals will work with your team precisely to ensure things work out in the right direction.
  2. We will provide you with an appropriate report about the financial performance of your organization.
  3. Our accountants will give their 100% to become your trusted advisors. You can consider us as your consultant or a practicing partner.
  4. We will be your one-in-all partner, who will work in a wide range of business sectors and a broad spectrum of business support roles.
  5. Adepts Chartered Accountants’ experts will advise you on a range of everyday financial reporting and aspects, personal tax, preparing corporate statements, personal tax statements, and run tax strategies, including the financial choice about how to manage a merger, deferral of taxes, and numerous more.
  6. They will help you manage and plan business audits this list includes checking accounting ledgers and financial statements within businesses. By financial data or statement we mean processes, automatic, manual, and random real time auditing.
  7. Apart from this, we can also help with negotiation, budget planning, analysis, and managing an organization’s current and future financial plans, working alongside marketing, new business formations, operations, service, and HR.
  8. We will not just help balance your finances in the present. We will conduct appropriate risk analysis for your organization to make investment decisions in the future.
Our Chartered Accountants characters are varied and will suitably change every day in line with businesses’ needs. If you are searching for an appropriate CA Firm, Adepts Chartered Accountants will help you ace it.

October 25, 2021, 6:51 am

What Does Bookkeeping Service Include?

What Does Bookkeeping Service Include?

If you are a business owner, surely you must have been advised by numerous to acquire bookkeeping service. If you haven’t started with bookkeeping service, this article might be a necessity to your knowledge. First of all, you need to understand that a bookkeeping service does a lot more than just record numbers. It offers security, power, and the ever-growing success of your business. Adepts Chartered Accountants is one of the reliable bookkeeping firms, and today, we are here to brief our readers about the details of bookkeeping service.
It is no new thing that bookkeeping service offer a three-tiered approach to maintaining and developing your organization’s overall financial management and processes. To start with a person from the firm creates your accounting data file to understand the precise needs of you and your business. A reliable firm will ensure that you get access to the software and reports you need. Then comes the bookkeeper who focuses on tracking payables and receivables and efficiently keeps track of your businesses’ financial transactions. But you must know that there is a lot more in the job description of a bookkeeper that meets the eye.
An efficient bookkeeper can effortlessly manage payroll, deposits, create and maintain monthly financial reports, along with managing the perpetually changing world of sales taxes. They also carry the capabilities of reconciling bank statements to internal accounts. Apart from this, bookkeepers can even help out during an internal or IRS audit.
A business leads to numerous monetary transactions, from paying rents to salaries there is a lot that goes on. Hence, someone who can track it all will be a great help. Once you hire a professional bookkeeper, they will look into individual department spending, accounts receivables and payables will get reviewed and, the organization’s spending will get contrasted with its budget for review. This step will help identify inefficiencies and create more accurate imminent budgets.
By now, we have introduced you initial few steps of bookkeeping. Here come the essentials of all that a bookkeeper is a controller. Yes, that is right. They enhance the organization’s overall financial accountability and checks and balances via controlling. Some firms even have professional controllers, they review the bookkeeper’s ledger, for accuracy while also maintaining the integrity of the accounting data file in the future. It gets done so that adjustments cannot get done without approval. The controller also issues monthly financial reports highlighting any critical issues that you need to understand and possibly address.
Now that you know what all goes into bookkeeping services, what is keeping you distant? Connect with Adepts Chartered Accountants and acquire the best services!

October 25, 2021, 6:54 am