Accounting Services

Why are Accounting and Financial Reporting so important for businesses?

Being an integral part of any business, the accounting responsibilities help to monitor the amount of money coming in and going out while determining how well the business is actually doing.

It closely monitors this by recording transactions, analyzing patterns, and dealing with payroll and taxes directly. On the other hand, financial reporting including the profit and Loss, balance sheet, cash flow, changes in equity, and notes to financial statements, are the essential reports that support the business owners, in making right decisions, directing the business strategy, progressing, and reaching organizational goals.

Accounting and Financial Reporting services Includes:

This is a special branch of accounting which keeps track of the company's financial transactions. The transactions are analyzed, classified, recorded, summarized, and reported. Examples: records of fixed assets, current assets, amortization and depreciation schedules, sales, purchases, expenses, costs, long term liabilities, short term liabilities, owners withdrawals or investments, payments, and so on…
This involves the companies recording their employees' compensation which includes gross wages, salaries, bonuses, commissions, air tickets, housing, etc. In addition to the provisions for the end of service, leave salaries, employees’ loans, etc. Examples: monthly salaries calculations and processing, monthly provisions for end of service, leave salaries provisions, air tickets provisions, monthly visa fees and insurance amortization, tracking annual leaves balances, tracking other allowances, bonuses, commissions.
This is a specialized field of accounting where our team focus on the preparation of tax returns as well as tax planning, regulations compliance, and proper tax treatment for wide range of industries and trade scenarios. United Arab Emirates has a comprehensive set of accounting principles and regulations for tax purposes that requires competent and credible Certified Tax Agency by the Federal Tax Authority – Principles Accounting Registration Number: 30000590
This involves preparing general purpose financial statements including balance sheets, income statement, cash flow statements, etc… and specific purpose customized financial reports to meet the needs of the users for decision making, such as aging of payables and receivables, sales reports, Inventory reports, cost allocations, Etc. This service represents the purpose of financial accounting and hence necessitates careful choosing of the service provider, and that is why we are here!

COVID-19 Financial Accounting Solutions:

E-Accounting Services:
This includes the application of online and internet technologies for business accounting functions. Principles accounting adapted to the social and economic changes with the implementation of online business solutions for providing the desired financial accounting services and reporting while maintaining adequate quality level in regards of confidentiality, credibility, reliability, and timely basis. It is the electronic enablement of lawful and traceable accounting processes which were traditionally manual and helps to bring your company up to speed with the latest regulations while ensuring the records remain clean and organized.

  • Virtual accounting and virtual CFO services
  • Cloud based accounting systems
  • Emails and drop-box application for receiving and sending documents
  • Online meetings using applications such as Zoom
  • Live presentation and discussion on financial reports.

Benefits of Hiring Us

Irrespective of the field your company is in, you have to find a way to manage your books and accounts in order to prevent potentially dangerous circumstances and heavy fines.

  • Cost Saving

    • By outsourcing accounting services, a company saves a lot of money. The savings are realized in terms of not paying the part/full-time employees hired for accounting purposes, saving visa costs, saving insurance costs, and handover costs in case of resignation and hiring new inhouse accountant. Also, by being able to focus on core competencies, the company can streamline operations and reach their goals faster.

  • Time Savings

    • When the accounting process is outsourced to us, the employees are left with extra hours which can be invested in other useful tasks and help improve the overall functioning of the company, not to forget our business standards in maintaining the cutoff dates for all tasks and responsibilities monitored by Principles Accounting senior management for all our clients.

  • Access to Field Experts

    • With us, you have the access to experienced experts in the field of accounting, taxation, and audits. We are the perfect resource to get the project completed. Moreover, we are also constantly in the process of getting our skills improved and remain updated with the latest accounting trends, and laws in the local market and abroad.

  • Contractual Obligation

    • Principles Accounting as service providers face higher liability to the job as compared to the in-house employees hired for the job which makes it less risky to depend on us to get your accounting job done. On the other hand, our contracts, our code of conduct, and our internal controls policy maintain the provisions for the confidentiality of information shared with us, and precisely sets the scope of work, and time limit for our tasks and responsibilities.