The importance of accounting services in theh world has increased significantly at the start of 2018 and the subsequent enactment of new laws & regulations especially relevant to economic substance. Also, some of Free Zones have started requiring companies to submit year ended audited financial statements provided by their accounting services provider. These laws necessitated for businesses to have adequate accounting and bookkeeping systems Small and Medium-Sized Entities (SMEs) are particularly affected by this.
Accounting services providers provide wide range of services related to accounting. Bookkeeping service is a major component of Professional accounting services and it involves recording, classifying, summarizing financial transactions which ultimately results in preparation of financial statements. Below are some of the services which are important part of accounting services:
We at Qaabil Solutions LLC provide both on-site and off-site accounting services. The scope of each accounting engagement is decided as per scope and level of cooperation required and agreed with our clients. Our accounting advisory services for Small Businesses are mostly off-site normally supported by few on-site visits by our accountants in a month and the rest of work is supported online. We recommend our clients use cloud based online accounting services as most of the accounting companies are doing the same. We deal with all accounting software, though prefer to use QuickBooks Online, Xero, Zoho Books, Wave, Sage. We ensure adequate resources are dedicated to each client and a supervision mechanism is always in place to ensure good quality of work.
Our accounting outsourcing arrangement with a client can take any of the following forms:
In this case, we have access to accounting software and all transactions are entered and managed by us. The client provides bank statements, cashbook, and other supporting documents such as purchase and sales invoices, expense bills etc. Periodic and Adhoc reports are provided to the client as mutually agreed and mentioned in the engagement letter. In this arrangement, we as accountants are responsible for all the books of accounts for the client.
Accounting software access is available to the client and us. Some part of the work is done by the client such as issuance invoices, receiving payments, processing payroll, uploading receipts, bills and other documents in accounting software. It may also include creating new customers, suppliers, new accounts in the chart of accounts and issuing checks etc. The work performed by us in this may include reviewing the work done by the client, passing journal entries & adjustments, dealing with open invoices, matching invoices with payments/receipts, handling VAT returns, reconciling all banks, and dealing with other complex accounting issues such as fixed assets, Inventory, loans. Periodic reports are prepared and sent to the client.
Accounting software is managed by the client, but our accounting services are needed for specific procedures/transaction. Our tasks may include VAT returns, advising accounting treatment, handling complex accounting area or cleaning of books. Our client-focused accounting services are performed and supervised by experienced accountants who have previously worked with Big 4 Accounting firms and are well equipped to address all issues. Our accounting and bookkeeping service offers significant cost and time savings while maintaining high quality of service. As an accountant we are responsible for the validity and accuracy of the books of accounts prepared by us.
The scope of accounting services varies on a client-to-client basis and is contingent upon the nature of the business activity. However, it generally encompasses the following aspects:
This is a one-off activity at the start, and in the case of a new business, it involves setting up the accounting system. For existing businesses, it includes a review of current accounting systems and records. We will review the Chart of Accounts to ensure it complies with respective industry practices and reporting requirements.
We will incorporate the following information into the accounting system:
We will ensure proper accounting is done to comply with the VAT requirements and shall also file the quarterly VAT return of the company.
Customize reports can be prepared, although various accounting reports shall be available in the accounting software, including the following:
In addition to the above, we will be available to provide general advice on accounting, finance, and corporate tax issues as and when requested. We will also provide advice on corporate tax planning and assess its impact on the business.
Qaabil Solutions LLC, being an accounting firm through its team of professional accountants provides a wide range of premium accounting services ranging from initial set up of accounting software and day to day bookkeeping to periodic financial reporting & analysis, accounting training, tax planning and advice. We deal with diverse businesses from different industries. While we will take care of accounting and bookkeeping part of your business, you can direct your efforts and focus on more important tasks.