ACCOUNTING
ACCOUNTING SERVICES
CHARTERED ACCOUNTANTS IN SHARJAH
Merak Tax Consultant is one of the leading accounting firms in Sharjah, providing exceptional auditing, bookkeeping, and accounting services in Sharjah and around the UAE. At Merak Tax Consultant, we provide complete accounting services and work hard to comprehend your business’s demands and long-term objectives so that we can deliver custom solutions to fulfill all of your business’s needs. Our extensive range of accounting services in Sharjah consists of Account Reconciliation Services, Updating of Backlog Accounts Services, Bookkeeping Services, Financial Reporting Services, new company formation services, and a great deal more to assist your UAE-based firm is operating effectively.
ACCOUNTING IN SHARJAH
Accounting is the systematic process of identifying, recording, evaluating, classifying, authenticating, abbreviating, interpreting, and communicating monetary information. Accounting reveals the profit or loss for a specific time, as well as the value and nature of a company’s assets, liabilities, and owner’s equity. It encompasses the practice and body of knowledge associated with recording transactions, maintaining financial records, conducting internal audits, reporting and analyzing financial information to management, and advising on taxes issues. Accounting gives information about the assets accessible to a business, the techniques used to finance those assets, and the outcomes of utilizing those assets. Accounting firms serve a significant role in assisting businesses to improve their reputation, financial stability, credit management, auditing, and financial reporting, among other aspects. Merak Tax Consultant is one of the leading accounting firms in Sharjah, providing quality accounting and bookkeeping services to businesses. Merak Tax Consultant has a team of qualified financial advisers and accountants in Sharjah who can assist you in managing your business by providing auditing, bookkeeping, VAT, business, and accounting services in Sharjah and the UAE.
ACCOUNTING METHODS
The accounting method is the process industry uses to account for its income and expenses. There are two official accounting methods:
ACCRUAL ACCOUNTING
This accounting method records revenues and expenses as they are incurred, regardless of when currency is exchanged. Here, companies are required to establish reasonable estimations of bad debt expenses.
CASH ACCOUNTING
It is a straightforward accounting approach that records all revenues and expenditures at the time they are received or transmitted. This accounting system is suitable for tiny or new firms that operate on a cash-only basis or do not hold catalogs.
AREAS OF ACCOUNTING
Accounting is typically viewed as merely the documentation of company transactions. However, accounting extends beyond financial recording and bookkeeping to encompass numerous subfields. Examine the numerous areas of accounting in which you required assistance.
- Forensic Accounting
Court and litigation proceedings, fraud investigation, claims, dispute settlement, and other legal matters are handled by forensic accounting.
- Auditing
External auditing is the independent review of financial records. Internal auditing is the study of business practices and associated risks.
- Financial Accounting
Financial accounting encompasses the measurement and categorization of company transactions, as well as the creation and presentation of financial statements for internal and external clients.
- Cost Accounting
Cost accounting is the measurement, presentation, and evaluation of production costs. Cost accountants analyze definite and standard costs to assist business leaders in determining future operational strategies.
- Fiduciary Accounting
Fiduciary accounting refers to the administration of accounts by a person entrusted with the supervision and management of another’s assets or for their benefit. Accounting for trusts, receiverships, and estates are examples.
- Accounting Information Systems
Accounting information systems (AIS) encompass the development, installation, execution, and supervision of accounting procedures and systems utilized in the accounting process.
- Tax Accounting
Tax accounting includes tax planning and the production of tax returns, the determination of income tax and other taxes, tax counseling services such as legally permissible means to minimize taxes, and the evaluation of the effects of tax actions, among other tax-related concerns.
- Management Accounting
Management accounting emphasizes the requirements of management. It consists of subjects such as financial analysis, budgeting and forecasting, cost analysis, and evaluation of business decisions.
WHAT IS BOOKKEEPING?
Bookkeeping is the systematic recording in separate books of account of the financial aspects of business activities. Bookkeeping services help a firm maintain accurate financial records by keeping accurate records of purchases, sales, and receipts.
- Provided services by Bookkeepers
- Reconcile bank accounts
- Record financial transactions
- Administer bank feeds
- Organize financial account information
- Control accounts receivable payable
- Perform certain payroll and human resources responsibilities
- Assist the tax preparer in ensuring tax compliance
- Establishment of the Chart of Accounts
- Billing for sold services or products
- Keeping track of customer receipts
- Assigning account entries
- Value-added bookkeeping and month-end or annual closing
Daily Bookkeeping will allow you to recognize and resolve any issues before they escalate. You can detect any dishonest behavior and eliminate it before it does irreparable harm to your organization.
RELEVANCE OF ACCOUNTING FIRMS IN SHARJAH
A reliable accounting firm can help a business to boon through the subsequent approaches:
BOOKKEEPING ADVICE:
Make timely recommendations to an organization to maintain the timeliness of the information and prevent future problems or delays.
BUSINESS ADVICE:
Plan strategically for the expansion of the business. They collaborate with clients to assist them in resolving complex industry issues and capitalizing on chances to expand, optimize, and defend their businesses.
CASH-FLOW ADVICE:
Provide solutions to enhance overall cash flow management and educate you to address cash flow issues before they arise.
COST CONTROL:
Predict future expenditures and income and ensure financial regulations are met. It can assist a company to avoid the risks and expenses associated with recruiting more personnel.
TAX ADVICE:
Assist a business in avoiding tax penalties. Any error in tax preparation or filing is costly and subject to a penalty. Expert accounting firms that stay current and adapt to all developments and guarantee perfect accuracy and compliance with the current policies may logically address these challenges.
- When is the time to need advice?
- When you establish the company’s legal structure
- When you need assistance with finances
- When you design your business strategy
- When you wish to delegate
- When you are audited
- When you interact with the government,
- when your business is growing,
- when you wish to apply for a business mortgage or overdraft,
- when you buy or sell a business, and
- when you start a franchise.
- When you interact with the government
- When your business is growing
- When you wish to apply for a business mortgage or overdraft
- When you buy or sell a business
- When you start a franchise
When competing with competitors and adhering to legal requirements in the region’s rapidly expanding economy, it may be challenging for a corporation to effectively manage its Accounting Activities. When it comes to accounting firms in Sharjah, Merak Tax Consultant is one of the most sought-after names in the UAE for superior accounting services. Merak Tax Consultant can save you time and aid your organization in reducing operational expenses, improving profits, and establishing benchmarks for superior ascendancy and regulatory conformity.
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Address
1405saheel 2 building AL nahda 1 Dubai
Phone/ Mobile
+971 52 437 7868
drivemerak@gmail.com
OUTSOURCING ACCOUNTING SERVICES IN SHARJAH
The UAE Commercial Company law mandated that businesses maintain accurate accounting records for at least five years. To comply with these legal obligations, small businesses outsource their accounting functions for effective operation. Merak Tax Consultant uses the most up-to-date accounting software and endorsed methodologies for online and on-site work.
Principal advantages of outsourcing accounting services in Sharjah include:
- Businesses can concentrate on their primary operations.
- Utilization of cutting-edge technologies and tools for financial management.
- Professional oversight of accounting transactions and report creation.
- Enhance the business’s effectiveness and output.
- Protects the secrecy of financial documents.
- Cost-effectiveness; low-cost; professional service; on-call availability.
- Highly seasoned professionals who submitted a comprehensive market portfolio
VAT SERVICES
What is VAT?
Value-added TAX or VAT is a tax applied at each point of sale on the expenditure or usage of goods and services. Ultimately, the expense will be borne by the final consumer. Government-supporting organizations are required to collect and account for the tax. The UAE’s VAT applies uniformly to tax-registered enterprises operating both on the UAE mainland and in free zones.
A taxable supply is a delivery of products or services made by a corporation in the UAE that is taxed at either 5% or 0%.
Difference between Zero-rated & Exempted Tax supplies
Zero-Rate supplies are goods and services that are subject to a tax rate of zero percent. For zero-rated supplies, the input tax is recoverable. Examples:
- Exportations of products and services
- Initial sales or rentals of residential structures
- Specific educational services and ancillary products and services
Exempt supplies are goods and services that are not subject to VAT. In addition, if all of your goods fall under the category of exempt items, you are exempt from registering for VAT. Additionally, you cannot obtain input tax credits.
- Economic services such as life insurance
- Residential structures
- Bare land
- Local public transportation
