Accountancy and Bookkeeping
Finvida provides professional accountancy and bookkeeping services, ensuring UAE businesses remain compliant and maintain accurate financial records enabling informed and confident financial decisions.
Importance of Maintaining Accurate Accounting Records
Regulatory Requirement
- Under UAE Commercial Companies Law, companies must maintain proper accounting records for a minimum of five years, while the Federal Tax Authority requires records to be retained for up to seven years for tax compliance purposes.
Accurate Tax Filings
- Accurate accounting records ensure that tax filings are correct and complete. This helps businesses avoid fines or penalties and ensures compliance with tax regulations.
Improved Financial Management and Decision Making
- Clear financial visibility allows businesses to understand their financial position at any time. This leads to more informed decision making based on reliable and up-to-date information. It also enhances financial planning and cash flow management by enabling closer monitoring of income and expenses.
Audit Readiness
- Well organised financial records ensure audit readiness by making the financial statements and all transactions accurate, complete, and easily traceable. This allows audits to be carried out smoothly and efficiently, saving the business both time and money.
Attracting Investment and Funding
- Transparent and reliable financial information enhances lender and investor confidence. This makes it easier for businesses to attract investment and access external funding.
Fraud Prevention and Error Detection
- Effective monitoring of financial data helps detect errors early and reduces the risk of fraud, improving the overall financial security of the business.
What services are provided by Finvida?
01
Bookkeeping
- Recording of transactions
- Set up and maintenance of general ledger and supporting schedules
- Reconciliations
- Management accounts
02
Annual Reporting
- Trial balance, profit & loss, balance sheet, cashflow statement and disclosures
- Preparation of financial statements in line with International Financial Reporting Standards (IFRS)
- Submission of financial statements to the relevant authorities
- Analysis of financial performance for the year
03
Audit Support
- Preparation of financial records for external audit
- Liaison with external auditors throughout the audit process
- Handling audit queries and information requests
- Resolution of audit findings and adjustments
- Implementation of audit recommendations and improvements
04
Payroll
- Management of employee records and payroll data
- Processing of WPS (Wage Protection System) payroll files
- Monthly payroll processing in accordance with UAE labour regulations
- Compliance with UAE Ministry of Human Resources and Emiratisation (MOHRE) and freezone requirements
What services are provided by Finvida?
Bookkeeping
- Recording of transactions
- Set up and maintenance of general ledger and supporting schedules
- Reconciliations
- Management accounts
Annual Reporting
- Trial balance, profit & loss, balance sheet, cashflow statement and disclosures
- Preparation of financial statements in line with International Financial Reporting Standards (IFRS)
- Submission of financial statements to the relevant authorities
- Analysis of financial performance for the year
Audit Support
- Preparation of financial records for external audit
- Liaison with external auditors throughout the audit process
- Handling audit queries and information requests
- Resolution of audit findings and adjustments
- Implementation of audit recommendations and improvements
Payroll
- Management of employee records and payroll data
- Processing of WPS (Wage Protection System) payroll files
- Monthly payroll processing in accordance with UAE labour regulations
- Compliance with UAE Ministry of Human Resources and Emiratisation (MOHRE) and freezone requirements
Why choose Finvida for Accounting and Bookkeeping in the UAE?
01
Trusted Experts, Long-Term Partners
Highly experienced professionals with strong accounting expertise. We focus on delivering accurate and reliable services while building long-term relationships based on trust, consistency and quality.
02
Compliance-Focused Approach
Our compliance-focused approach ensures that all financial activities are carried out in line with UAE regulations and accounting standards, providing businesses with confidence and reducing the risk of non-compliance.
03
Tailored and Integrated Solutions
We provide tailored accounting solutions designed to meet the unique needs of each business. Our integrated approach ensures that bookkeeping, accounting, tax, and advisory/consultancy services work seamlessly together to drive efficiency and value.
04
Technology-Driven Services
We leverage advanced accounting software and digital tools to deliver real-time financial reporting. Our technology-driven approach streamlines processes and enhances overall financial management.
Let Finvida Handle Your Accounts
Frequently Asked Questions
Q. What is the difference between bookkeeping and accounting?
Bookkeeping involves recording daily financial transactions, while accounting focuses on analysing, summarising, and reporting financial data for compliance and decision-making.
Q. What are the benefits of outsourcing bookkeeping and accounting?
Outsourcing provides access to experienced professionals with specialised expertise, ensuring accurate and compliant financial management. It is also a cost-effective solution, eliminating the need for in-house staff and reducing overhead expenses. This allows businesses to focus their time and resources on core operations and growth.
Q. What types of businesses does Finvida work with?
We work with startups, SMEs and established companies across various industries in the UAE.
Q. Is my financial data kept confidential?
Yes, we maintain strict confidentiality and use secure systems to ensure all financial data is protected.
Q. How often will my accounts be updated?
We offer monthly, quarterly, or annual bookkeeping services depending on your business needs and reporting requirements.