Accounting, Bookkeeping and VAT services
We provide services for accounting, bookkeeping and VAT management that form the basis of corporate management. We mainly specialize in the following 4 services.
Accounting
We have a partnership with an UAEs’ accounting firm Philip McMillanWoods and primarily support corporate accounting activities. Monthly, quarterly, half-yearly, or yearly external accounting audit are the main requests. Basically, we conduct audits in accordance with the International Financial Reporting Standards (IFRS), which is the local standard. Please ask us if you need the audit based on Japanese GAAP.
Bookkeeping
We can work for outsourced accounting services such as monthly bookkeeping and filing on behalf of our clients. We can also review the book entries of the clients in monthly, quarterly, and half-year terms.
VAT
We assign one experienced representatives for a client and provide consulting services to assist them with their VAT compliance reviews and tax return filing. We will verify the accuracy and compliance of the tax returns prepared by the accounting software. In particular, sales invoices, purchase orders, credit notes, VAT collections, VAT paid/unpaid, tax carried forward, etc. We provide services for submitting VAT returns in accordance with FTA regulations.
･ VAT registration in FTA
･ VAT entry review
･ VAT return filing
･ VAT refund claim
Criteria for registering for VAT in FTA is as follows;
[Mandatory registration]
･ Turnover was more than AED 375,000 in the last 12 months; or
･ You expect your turnover to be more than AED 375,000 in the next 30 days.
[Voluntary registration]
･ Either your turnover or expenses (which will be subject to VAT) were more than AED 187,500 in the last 12 months; or
･ You expect that either your turnover or expenses (which will be subject to VAT) will be more than AED 187,500 in the next 30 days.
* This criteria is changeable depending on FTA decision changed.
Support for implementation of new accounting systems
Based on our experience providing B2B IT software, we offer accounting software authorized by the UAE FTA.
Not only the software, we support the implementation including account title setting hearing the situation of each clients such as inventory management request. An accounting system is a collection of interrelated processes designed to accumulate, organize, and report an organization’s transactions. The ultimate objective of an appropriate accounting system is to assist management in making decisions by preparing reports based on correctly entered information. Our implementation support service is designed to help our clients utilize the system correctly from the management level to the practical level, while making an integrated judgment of what kind of business model and goals they have set.
– Understand the business model and the accounting requirements;
– Recommend the most suitable accounting software approved by the Federal Tax Authority (FTA);
– Supervision of the installation of the software;
– Designing of a most suitable ‘chart of accounts
– Implementation of proper documentation system;
– Customize the accounting reports if required and possible;
– Train the inhouse accounting personnel to use the accounting software
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