Accounting and Bookkeeping

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Introduction to IRHA Businessmen Accounting Services

We believe in conducting business with the utmost transparency and honesty, earning the trust and confidence of our clients through our actions and results. Our team is a melting pot of talents and expertise from across the globe, united by a shared commitment to excellence and a deep understanding of the local business landscape. By blending global best practices with local insights, we offer our clients a unique advantage in achieving their business objectives.

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Simplify Your Finances with
IRHA Businessmen
Expert Accounting Services!

Customized Accounting Expertise for Your Specific Financial Needs

Are you struggling to manage your financial records? Let IRHA Businessmen experienced accounting team take the burden off your shoulders. We provide comprehensive accounting services designed to streamline your financial operations and ensure accuracy, compliance, and peace of mind.

Why Choose Us?

Our Services Include

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Bookkeeping

Maintain accurate and up-to-date financial records.

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Financial Reporting

Gain insights into your business performance with detailed financial statements.

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Payroll Management

Ensure timely and accurate payroll processing.

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Tax Preparation

Minimize your tax liability and ensure compliance with tax laws.

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VAT Services

Handle VAT registration, filing, and compliance efficiently.

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Advisory Services

Get expert advice on financial planning, budgeting, and growth strategies.

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Accounting Services Crafted to Suit Your Business Goals

Bookkeeping

Daily Transactions
Recording daily financial transactions, including sales, purchases, receipts, and payments.

Ledger Maintenance
Keeping the general ledger up-to-date with all financial activities.

Financial Reporting

Financial Statements
Preparation of balance sheets, income statements, cash flow statements, and statements of changes in equity.

Management Reports
Regular reports to assist management in decision-making..

Auditing

Internal Audits
Regular audits to ensure compliance and efficiency of internal processes.

External Audits
Annual audits conducted by external auditors to verify the accuracy of financial statements.

Taxation

VAT Compliance
Ensuring proper VAT registration, filing VAT returns, and compliance with VAT regulations.

Corporate Tax Planning
Strategic planning to optimize tax liabilities (currently, corporate tax is sector-specific in the UAE).

Payroll Services

Salary Processing
Calculation and disbursement of employee salaries.

Compliance
Ensuring adherence to UAE labor laws and regulations, including WPS (Wage Protection System) compliance.

Advisory Services

Financial Planning
Long-term financial planning and strategy development.

Risk Management
Identifying and mitigating financial risks.

Importance of Professional Accounting Services

Compliance

Regulatory Adherence
Ensuring compliance with UAE laws, including the UAE Commercial Companies Law, VAT regulations, and sector-specific requirements.

Avoiding Penalties
Preventing fines and legal issues due to non-compliance.

Financial Accuracy

Reliable Records
Maintaining accurate and up-to-date financial records.

Informed Decisions
Providing reliable financial data for strategic business decisions.

Efficiency and Focus

Operational Efficiency
Streamlining financial processes to save time and resources.

Focus on Core Activities
Allowing business owners to concentrate on core business functions

Assess Your Needs

Identify Requirements
Determine the specific accounting services your business needs.

Budget
Set a budget for accounting services.

Research and Shortlist

Research Providers
Conduct thorough research to find potential accounting service providers.

Request Proposals
Obtain detailed proposals and compare offerings.

Interview and Evaluate

Initial Meetings
Arrange meetings with shortlisted providers to discuss your needs.

Evaluate Fit
Assess their understanding of your business and industry.

FAQs about Accounting Questions

The implementation of corporate tax in the UAE involves several steps, from determining taxable income to filing returns and ensuring compliance. Here's a detailed breakdown of the process

Bookkeeping involves the recording of daily financial transactions, including sales, purchases, receipts, and payments. It ensures that financial records are accurate and up-to-date. Accounting goes beyond bookkeeping to include interpreting, classifying, analyzing, reporting, and summarizing financial data. Accountants prepare financial statements, provide tax advice, and support strategic financial decision-making.
Bookkeeping is crucial because it provides a clear and organized record of all financial transactions. This helps in
  • Monitoring business performance and cash flow.

  • Preparing accurate financial statements and tax returns.

  • Ensuring compliance with regulatory requirements.

  • Identifying and preventing fraud and financial errors.

  • Balance Sheet
    Provides a snapshot of the company’s financial position, detailing assets, liabilities, and equity.
    Income Statement
    Shows the company’s performance over a period, detailing revenues and expenses to determine profit or loss.
    Cash Flow Statement
    Details the cash inflows and outflows from operating, investing, and financing activities.
    VAT RegistrationMake sure your business is registered for VAT with the Federal Tax Authority (FTA) if your taxable supplies and imports exceed the mandatory registration threshold.
    Accurate RecordsMaintain detailed and accurate records of all VAT-related transactions, including invoices, receipts, and expense records.
    Timely Filing Submit VAT returns on time, typically quarterly, to avoid penalties.
    Stay Informed Keep up-to-date with changes in VAT regulations and rates.
    Salary ProcessingAccurate calculation and timely disbursement of employee salaries.
    WPS ComplianceAdherence to the Wage Protection System (WPS) for salary payments.
    Record Keeping Maintaining detailed records of all payroll transactions for compliance and audit purposes.
    Meets Your Needs Fits the size and complexity of your business operations.
    Ease of UseIs user-friendly and easy to navigate.
    Features Offers essential features such as invoicing, expense tracking, payroll processing, financial reporting, and VAT management.
    Automation Includes automation features to reduce manual entry and improve accuracy.
    Support and Integration Provides good customer support and integrates with other business tools you use.
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