Accounting and Bookkeeping Services

Company Accounting, Bookkeeping, Payroll (WPS), VAT Submissions & Annual Audit services Accounting and Bookkeeping are two critical elements of the daily operations of any company. They not only ensure that accurate records of all business transactions are kept, but also play a key part in maximising a business’s productivity and profitability. Systematic accounting and bookkeeping involves maintaining accurate records of a company’s day-to-day business transactions to ensure the smooth running of the company and its compliance with all tax and legal requirements. These functions also help businesses understand and interpret financial situations on an ongoing basis and help inform key business decisions.

Why outsource accounting and bookkeeping services?

There is a commonly held belief that outsourcing accounting and bookkeeping services is an unnecessary expense that will eat into company profits and should be done in-house. This perception is misplaced. Accounting and bookkeeping are time-consuming tasks and require meticulous attention to detail. It can be difficult for small businesses to manage all these tasks and hiring in-house is often not a feasible option. By outsourcing this service to a company with the right skills and experience, your business will save time and money by getting the job done more qualitatively and cost-effectively.

Benefits of outsourcing accounting services

Dedicate more time to revenue generating activities

By outsourcing accounting and bookkeeping services, you will free up valuable time and resources which can be redirected towards activities that directly generate revenue and have the biggest impact on company profits.

Cost and time effective

Your company will save time and money by outsourcing accounting services. Firstly, hiring in-house staff to fulfil this role is a time-consuming process, from creating a recruitment strategy, to selecting and interviewing applicants. These processes can result in time wasted and a loss of productivity which will cost your business money.

By outsourcing this service, you are also saving money which would have to be paid on salaries, taxes, office supplies and other employee benefits.

Expertise

Outsourcing can offer the possibility of hiring a professional with a higher level of expertise at a more affordable price.

Corporate services firms continuously have to improve and update their skills and qualifications in order to remain competitive in the market. By selecting an outsourcing company wisely, you can ensure that your accounting and bookkeeping is in reliable and knowledgeable hands.

Regulatory compliance

Sovereign PPG will ensure that you remain compliant with all legal and regulatory requirements and that you are kept fully informed of any new legislation or accounting regulations.

Scalability

It is difficult to have a consistent flow of income throughout the year which often means that the resources required for bookkeeping tasks may vary also as your business grows, the resources that are required to dedicate to this function will increase.

Some accounting and bookkeeping service providers offer fixed or limited packages which don’t take this into account. At Sovereign PPG, we offer the flexibility to adapt your service to the needs of your company and offer you a variety of different options that scale in unison with your business.

Accounting services Sovereign PPG provide

Bookkeeping – this is the process of recording all company financial transactions into organised accounts on a daily basis. This is done by gathering all necessary documents, consolidating them and converting them into financial reports.

Monthly Management Accounts – These are a set of financial reports which can include a profit and loss account, balance sheet, cash flow statement and short reports. They give valuable insight into the performance of your business and help guide business decisions on an ongoing basis.

Payroll and WPS – This is the management of all aspects of payroll on your behalf to ensure timely payment of salaries and ensuring that all requirements around the Wage Protection System are in place and fully compliant with regulations.

VAT Registration and Setup – VAT registration requires a large amount of documentation to be submitted, some of which must be completed in Arabic. Insufficient or incomplete documents can delay the process significantly. We ensure that all documents are completed on your behalf accurately and in a timely manner to avoid unnecessary delays or fines.

VAT Quarterly Submissions and Filings – VAT returns must be submitted quarterly and must keep to specific deadlines. The filings involve a declaration of standard-rated supplies, zero-rated supplies, exempt supplies, reverse charge transactions, imports and other relevant taxes. Sovereign PPG will ensure that VAT returns are filed on-time and accurately.

Annual Audit Services – A financial statement audit is the highest level of review of a business’s books and records. It is an important way of checking financial records and procedures, identifying weaknesses in accounting procedures and correcting any financial problems. Sovereign PPG provide full support during the audit by preparing schedules and confirmation letters and addressing any client queries to ensure that the client remains fully informed throughout the process.

ESR – Annual Assessment, Notification and Reporting – The Economic Substance Regulations (ESR) are a set of regulations applied around the world and targeted towards jurisdictions that offer minimal tax liabilities to businesses. They require the regular tracking and reporting of all economic activities carried out by businesses in the UAE and involve the completion of an ESR notification template and reporting to the relevant regulatory authority on the income generated from business activities. Sovereign PPG can provide an assessment of your company’s compliance obligations and assist with the preparation and filing of the Economic Substance Notification to avoid unnecessary fines or administrative costs to your business.

UAE Corporate Tax - As the UAE navigate the new UAE Corporate Tax regime in effect as of June 2023, PPG can assist with corporate tax registration and filing and accompanying accounting and bookkeeping services to ensure your books are up-to-date and remain compliant with UAE corporate tax laws.

How can Sovereign PPG help?

Accounting and bookkeeping are difficult tasks, that are time-consuming, require expert knowledge and have serious consequences when overlooked or done incorrectly.

Sovereign PPG have years of collective experience of business practices and legal requirements in the GCC, with a highly qualified team of lawyers, accountants, business and financial advisors.

We can provide you with a comprehensive set of accounting services that are customised to your business’s unique requirements and will save your business time and money and ensure that it is fully compliant with all existing legislation and regulation.

If you’d like assistance with accounting or bookkeeping or any other related onshore or offshore company setup, restructuring, local partner or PRO support matter in Abu Dhabi, Dubai, the wider UAE, Oman, Qatar or KSA, then please do get in touch with us on +971 (0)4 456 1761 for Dubai or +971 (0)2 448 5120 for Abu Dhabi, email us at SovPPG@SovereignGroup.com or complete the contact form below and we will be delighted to assist you.