Accounting & MIS Services

Maintenance of books of accounts as per the accepted accounting standards is mandatory for the entities under various provisions of UAE legislation. We aim at providing reliable accounting and MIS support services using the latest available technology. We have well-qualified and experienced accounting professionals who are abreast of ever-changing accounting requirements.

 

Accounting Services

 

The Accounting and MIS support offered by us will ensure the books of accounts are prepared as per an acceptable financial reporting framework and optimize the value of your business by telling you what has happened, what is happening, and what might happen. Leveraging the expertise of our accounting specialists enhances the quality of financial information available to stakeholders in the business.

 

We ensure deliverables are provided accurately and on time. We offer businesses accounting and MIS services tailored to their special needs. We also specialize in providing comprehensive accounting solutions, including accounting setup with software solutions and implementation.

 

INTRODUCING OUTSOURCED ACCOUNTING WITH THE INSIDE EDGE

 

We offer outsourced accounting services with a difference. Our perspective is that by investing ourselves in your business and understanding its unique culture, we can better take care of your financial management needs, so you can devote more time to growing your business.

The insider's perspective is crucial. That's why we begin every client relationship with a deep dive into how your company operates and what your specific needs are. And through our thoughtful, passionate approach, we use this learning to tailor innovative and customized solutions distinctly for you.

 

Whether you are a startup or running an established business, every day is an opportunity to get ahead of your competition. And while proper bookkeeping and accounting are critical components of any business's success, the time, resources, and expertise required to manage these operations can drain your energy and focus.

 

Design and Implementation of ERP / Accounting Software

 

Deploying an ERP system can be a complex concept for a business, and it involves a lot of planning as well as choosing the right strategy for its development. Our ERP experts leave no stone unturned in understanding your current business processes, your organization methods, and your data footprint. After analyzing every business aspect, we ensure that your ERP investment gives the best returns as well as operational excellence. We provide end-to-end ERP consulting services to clients in and around the UAE. We have a passionate team of tech enthusiasts offering next-generation ERP solutions. Our ERP consultants work in coordination with the client to corroborate an immaculate ERP implementation plan covering every requirement and business goal while combating significant industry challenges.

 

Chart of Accounts & Process Flow Charts

 

A chart of accounts (COA) is a list of all the general ledgers (accounts) organized into groups and sub-groups of accounts. By separating out your revenue, expenditures, equity, liabilities, and assets, a chart of accounts enables you to gain insight into the effectiveness of different areas of your business. This is the heart of the whole accounting system of any entity. It provides you with a clear picture of the financial health of your company. The COA sets the foundation for finance and accounting transactional processing and is instrumental in supporting accurate and timely external financial reporting, management reporting, and global consolidation. It also makes it easier for businesses to comply with financial reporting standards.

 

Product Costing & Pricing

 

Pricing decisions can have very significant consequences for the organization. Price determines the future of the product, the acceptability of the product to the customers, and the return and profitability of the product. The wrong price decision can bring about the downfall of a company. It is extremely significant to fix prices at the right level after sufficient market research and evaluation of factors like competitors’ strategies, market conditions, cost of production, etc.

 

Our team of experts can assist you to calculate the cost of products/services and help you with deciding the selling price for your product/service using a pricing strategy that is most suitable to your business model.

This enables you to have a wider business view, have accurate profit margins, and increase profitability.

 

Inventory Verification Services

The inventory is a valuable asset for any business and is also probably most susceptible to pilferage, damage, expiry, wastage, or fraud. Accurate accounting of inventory is very essential to a robust bookkeeping system and MIS reporting.

The objective of stock verification is to prove the existence, accuracy, and ownership rights and ensure the realizable value of the items in the Company’s inventory. Periodic physical review of inventory helps identify variances between physical and book quantities and assists in evaluating internal control on movement, accounting, and safeguarding of inventory.

Inventory verification includes, amongst other things, appropriate marking of physically verified stocks, identification of damaged and slow-moving or obsolete items, deriving variances from book quantities and identifying the absence of adequate supporting documentation.

We have well-qualified and experienced accounting professionals to assist clients with the complete inventory verification process.

 

Payroll Management

 

Hussain Al Shemsi offers different payroll solutions to clients considering the client's requirements and the services cover the following.

• Maintain payroll information relating to all employees.
• Salary processing includes OT, bonuses, incentives, etc.
• Preparation and processing of pay slips.
• Preparing transfer letters to the bank
• Calculation of End of Service Benefits
• Wage Protection System (WPS) payments and setup assistance
• Employee Leave Management

 

IFRS Implementation Support

 

As per Federal degree law no (32) of 2021 on Commercial Companies and under the provisions of various other legislations, the International Accounting Practices and Standards shall be applied by the entities upon preparing their periodical and annual accounts and determining the dividends.

 

Implementing IFRS has an impact on all aspects of an entity, including financial reporting systems, internal controls, taxes, treasury, management compensation, and cash management. It requires a transformation that involves employees, processes, and systems.

 

Our expert accounting support teams will provide you with the support needed to establish an accounting system that is aligned with your requirements including the adoption of the appropriate accounting standards and the preparation of IFRS-compliant financial statements.

The team will assist you with technical support on matters such as revenue recognition policies, implementation of new standards, and ensuring a smooth audit for your external auditors.