Bookkeeping & Accounting Services for Trading Companies
Trading Industry is one of the most vital components of the UAE’s economy. For decades trading has contributed favorably, not only to the business environment but to the community at large. Being owners of a trading business is a fascinating endeavor but keeping track of all that financing can be fairly exhausting!
In this era of increasing competition, challenging economic conditions, and highly intense cost pressures, managing that immense volume of business-responsibility and keeping in-line, all your accounts can spin your head easily. Your growing business, demands complex accounting issues that if, not resolved timely can lead to:
- Loss of all your valuable clients
- Loss of assets and time
- Loss of that hard-earned repute
- And even force towards a permanent SHUT-DOWN
WE at PUSH DIGITS realize the magnitude of stress today’s trading industry is facing and offer you the simplest of the solutions to remove all the obstacles on your way to prosperity. We are one of the very few accounting firms in UAE along with Big 4, which has played a key role in the promotion and success of trading industries, with INDUSTRY SPECIFIC expert bookkeeping and accounting services.
‘You handle your trading, we handle your books’
Why Should You Outsource the Accounting of your Trading Company?
You own a trading business because you’re probably an expert at it, BUT what about all those tough accounting and financial problems? It’s very common for traders to get into a huge mess with their paperwork. And then get into even bigger problems trying to get them straight.
If you’re a trader and encountering the following problems:
- Not getting weekly or monthly financial reports on time,
- Not having proper daily reconciliation of your bank accounts,
- Your finance department is unable to produce daily debtors or creditors lists,
- Not getting your audits completed within one month of the year-end,
- Having audited financials with tons of reclassifications,
- Facing the consequences of regular restatement notes in your financials by auditors,
- Constantly missing reporting deadlines by authorities,
- Facing trouble taking benefits of tax deductions,
- Unable to analyze the market competition,
- Unable to categorize your most beneficial trading articles and
- Losing track of your transaction records,
AND even further, if accountants of your finance department are:
- Making regular errors in posting payments against wrong customers or suppliers,
- Unable to write detailed professional narrations of business transactions,
- Posting unnecessary journals,
- Providing you inaccurate, unorganized and incomplete results,
- Are unprofessional and lack attention to details,
- Spoiling your day by asking frequent silly questions and,
- Forcing you to fear relying on the information and reports prepared by them
Then you need experts to either SUPERVISE or TAKEOVER your finance department in order to produce accurate, complete, and reliable financial information. It’s essential to have good management reports and clear year-end results, which are the foundation of any prosperous trading business. This will enable you to see exactly:
- Where your business is spending money,
- Where your revenue is coming from,
- Which tax deductions you’ll be able to claim,
- How to tackle tough market competition,
- Areas of opportunities and
- How to avoid instances of risk
What is Included in Our Accounting Services for Trading Companies?
‘Quality service is all we know’
We cover a number of complicated and in-debt aspects of your trading business given our 10+ years of experience in this industry, some of the main components we cover are explained in detail below:
1. Management of Books with any Accounting/ERP System (SAP, QuickBooks, MYOB, Xero, Zoho Books, etc):
- Implementation and setup of the Software for you to start recording your business transactions properly,
- System customization to account for specific reporting requirements,
- System setup to generate automatic VAT reports for filing with Federal Tax Authority,
- System customization to automatically reconcile with Federal Tax Authority and Federal Customs Authority.
- System integration with PayPal, WooCommerce, Network International, making easy automatic the generation of transactions accurately. This will initiate direct feeds from PayPal or WooCommerce to your Software,
- Structural set-up of Batch invoicing and Batch expensing in your Books for those bulk trade transactions,
- Set-up descriptive layouts for invoices, quotes, emails, users, suppliers, organization details and setup of the chart of accounts,
- Incorporation and setup of accurate functionalities for Value Added Tax (VAT) recordings and reporting,
- Strict supervision and monthly reconciliation of transactions between WooCommerce, PayPal and Network International,
- Reporting templates for monthly, quarterly and annual report generation,
- Customized management reporting templates as per requirements.
2. Management of Sales & Purchases:
- Recording of sales and purchases accurately and completely after validation of relevant supporting documents,
- Regular sales/purchase reconciliations with payment gateways,
- Cash transaction reconciliations,
- Credit card transaction reconciliations,
- Maintenance of list of components purchased/sold,
- Allocation of components to specific product categories,
- Calculation of Batch-wise Profit & Loss,
- Calculation of separate agent-wise sales.
3. Management and Analysis of Costs & Expenditures:
- Maintenance of monthly costs of general overheads, salaries, and other overheads,
- Item-wise cost allocation for comparison of costs of multiple trading items,
- Calculation of cost of shipping based on the population of trading consignments and country-wise rates,
- Product-wise shipping cost allocation,
- Recording and accurate allocation of refund shipping fees for canceled sales/purchases,
- Accurate computation, recording, and posting of discounts given,
- Appropriate recording and treatment of refund liabilities,
- Calculation of agent wise commissions,
- Monthly product-wise marketing expenditure,
- Management of general overall marketing expenditure,
4. Inventory and Order Management:
- Inventory calculation as per International Accounting Standards (IAS)
- Separate maintenance of in-house and retailer un-sold stocks,
- Regular reconciliations across order placement channels (online, offline)
- Calculation and accurate treatment of gifted articles or gift cards,
- Monthly reconciliations between dispatched orders across fulfillment channels,
- Separate recordings of all non-U.A.E orders.
- Product-wise sales report enabling you to understand your most profitable products,
- Weekly/Monthly product-wise sales comparison reports,
- Product-wise sales report VS available stock to manage your stock-outs,
- Monthly product-wise shipping cost reports,
- Monthly product-wise inventory insurance cost reports,
- Monthly batch-wise (product-wise) profitability report to analyze profit per product,
- Comparison report of unpaid customer balances with aging enabling you to recognize bad debts,
- The overall cash-in-hand report,
- Gifts and product-wise discount report,
- Detailed product-wise and overall agent commissions and sales report,
- Monthly review reports on the implementation of existing and new controls,
- Revenue per area reports so you can target most income-generating areas,
- Product-wise comparison with competitors’ report enabling you to assess market competition,
- Sales reports comprising Current Year Weekly Sales VS Last Year Weekly Sales (same period) e.g Jan 2019 Week 1 VS Jan 2020 Week 2 etc.
- Year-wise P/L comparison reports (Jan-Dec 2019 vs Jan-Dec 2020) helping you to see your trading business progress for effective strategy and policymaking.
6. Overall Services & Business Analysis:
In a more compact way explained, PushDigits will assist you in the overall:
- Accounts payable (Creditors) management
- Accounts receivable (Debtors) management
- Credit card management
- Payroll management
- Business bank and trial balance reconciliations
- Balance sheets & income statement preparation
- Debt planning
- Stock inventory statements preparation
- Financial reporting
- Tax returns
- Business analysis
- Sales tax computations
- Revenue recognition per IFRS 15
- Detailed performance reviews
- Budget-to-actual reporting
Our highly trained accountants will also help your trading company to effectively manage:
- Business cash flows
- Inventory management
- Trading capital management
- Foreign investments
- Financial projections
- Feasibility studies
- Mergers and acquisitions
- Business valuations
But Why PushDigits?
Push Digits has a long history of being the torch-bearer of accurate bookkeeping and accounting services. Our prolonged experience and knowledge has helped our trading clients to lessen the day-to-day record administration and provide different ways of business management. Our team consists of Chartered Certified Accountants, Certified Public Accountants, Chartered Accountants capable to deliver financial services to a wide spectrum of clients.
We are one of the very few accounting firms in UAE which has specialized accountants for the trading industry. Our bookkeepers and accountants understand your business well, design tailor-made solutions, and provide bookkeeping services that are not only industry-specific but unique to the needs of the trading sector in the UAE.
Top 10 Strategic Reasons to appoint Push Digits Chartered Accountants:
1. 10+ years of experience in the trading sector accounting
2. 20+ years of experience in auditing of trading companies
3. 20+ years of experience in international taxations
4. Hands-on experience of every single accounting and ERP system invented till date
5. Close collaboration between Audit/Accounting Partners with Client for ensuring their financials are always in a sellable position for potential buyers/investors.
6. Qualified Chartered Certified Accountants, Certified Public Accountants, Chartered Accountants, and experienced fraud examiners in the team
7. Regional offices across all the continents helping you obtain integrated financial services
8. Close supervision by Big 4 trained Accounting and Audit Managers
9. Continuous professional and ethical development of staff by In-house and external trainers
10. Fantastic customer support by dynamic and internationally recognized Accounting and Audit Partners
Top 10 Operational Reasons to appoint Push Digits Chartered Accountants:
Timely, accurate, and complete recording of financial activities of your trading business demands a strong bookkeeping department. Management of your books and financial transactions by experts give you the confidence to focus on your core competency, that is, TRADE.
1. Flexible Bookkeeping Packages: You will pay for only the type of bookkeeping you need. Whether you are looking for :
a) One-off service – bringing your trade accounts up-to-date
b) Express service – to efficiently handle a deadline or avoid penalty/fine
c) Regular support – to get them off your hands completely, so your records are maintained independently by us
We will work as per your needs. Our professionals will:
- Visit your location whenever you require
- Assist you with online support whenever needed
- Process important Adhoc tasks and assignments
- And many other support services
2. Qualified Professionals: Our professional team consists of highly skilled:
- ACCA – Associate Certified Chartered Accountants
- CA – Chartered Accountants
- CPA – Certified Public Accountant
- CFE – Certified Fraud Examiners
- ABV – Accredited in Business Valuation,
- ASA – Accredited Senior Appraiser,
- CITP – Certified Information Technology Professional
We have experienced accountants and bookkeepers from all over the world hence giving you a wide range of nationalities to PICK and CHOOSE.
3. Additional Cost Saving from Outsourcing: Have you ever imagined how much extra you have to pay for your employed accountants? Remember those huge sums for:
- Life insurance, medical insurance & gratuity payments just paid out of your pockets last month?
- Or that sudden compensation you had to pay to an injured employee?
- And what about that meaningless litigation when you fired an incompetent employee?
- Not to forget the costs of providing all those equipment, consumables, training, etc
You can save all those additional costs by outsourcing your books to us and we take care of the rest, while you enjoy a lighter burden and a heavier pocket.
4. Budgeting and Planning: Keeping a close eye at your budget is integral in trading businesses due to massive cash outflows. Our analysts will make a budget roadmap specific to your business so you can effectively plan your future expenses and the required resources to meet the anticipated outflows. PushDigits will assist you to:
(a) Produce detailed monthly or annual budgets – this will help you keep track of where your business should go, what trading objectives you need to achieve
(b) Descriptive Actual VS Budget Analysis – this will enable you to catch cost centers that deviated from the budgeted expenses.
Effective planning requires detailed knowledge of the past and an excellent understanding of the future. Since our accountants possess extensive knowledge and experience in the trading industry, your tactical and strategic planning will become more practical and achievable when our accountants become part of it.
5. Tax Preparation: As a trader, a large part of your income comes from trading. But taxation on income, if not managed, can be very painful. There are a lot of tax benefits allowed to traders which are not availed due to not having sufficient knowledge of the tax laws and regulations. Our VAT consultancy services in UAE are free for our accounting clients. Our VAT Consultants in Dubai work side by side with accounting consultants to ensure all the available tax benefits are availed before vat filings.
6. Business Analysis: In the trading industry management needs to closely analyze the business performance. This analysis will help you track:
- Revenue streams and areas that need improvement
- Potential bad debts
- Possible sources litigations
- Going concern related matters
- And many more…
7. Financial Management: Your success in the trading industry depends upon how closely you manage:
- Your outstanding invoices
- Amounts owed by customers
- Amounts owed to suppliers
- The requirement of funding either through equity investment or bank facilities
- Management of integral financial ratios to comply with bank requirements for resumption of bank facilities
- And many more…
8. Stakeholders’ Reporting: The majority of the stakeholders in trading businesses, mainly equity investors and banks are interested to see the financial performance of the company so that they can quantify the value of their investments. Our accountants will not only prepare yearly financial statements but will also produce dedicated financial and operational reports for every possible stakeholder of your business. These reports sufficiently cover the requirements of:
- Employees etc.
9. Easier and Faster Audits: If you are running a large trading company, you already know the importance of timely submission of audited financial statements to investors (for confidence building and/or new investment) as well as banks (for the resumption of bank facilities or to avail additional facilities).
We guarantee audit completion within 1 month of the year-end
References from the existing clients can be provided or taken independently to confirm our statement.
10. 24/7/365 at your service: We operate from all the continents. We will be at your service round the clock! Our workforce will not only assist you but will be available for any query 24 hours a day, 7 days a week & 365 days a year. So any time you’re convenient we’re available.
Our Friendly Costs:
Push Digits is the only accounting firm in UAE that has all the possible accounting packages, such as:
- Pay Hourly,
- Pay daily,
- Pay weekly,
- Pay monthly,
- Pay one-off
As the business owner, focusing on developing trading strategies is much more important than the monthly fuss of maintaining accounting records or dealing with accountants you cannot rely upon. So the best advice is to outsource that stressful yet important function to the specialist workforce. No longer would you panic yourself about your company’s books, because:
‘When books are in our hands, nothing goes unrecorded.’
So what are you waiting for? BOOK OUR SERVICE NOW & EMERGE AS A LEADER IN TRADING INDUSTRY.
Top 10 Frequently Asked Questions (FAQs):
1. Do you have experience in the accounting of trading companies??
Push Digits is one of the very few accounting companies in UAE that offer sector-based accounting services. Our professionals possess ample knowledge of trading industry knowledge and their expertise enables them to provide error-free work. We have numerous happy clients from the trading industry ranging from newly developed businesses to long-established companies.
2. How can we actually save cost by outsourcing bookkeeping?
We give you a wide range of services and a variety of different packages. So you have multiple options to choose from. Apart from our friendly cost structure, outsourcing your bookkeeping and accounting services will help you to:
- Avoid hidden costs – employee insurance payments
- Avoid future costs – gratuity or pension payments
- Avoid uncertain circumstances – injury compensations
- Avoid unnecessary payments – litigations by employees
- Avoid paying regardless of what inefficiency they do
- Save costs of those sick and annual leaves, consumables, and equipment
3. What is the difference between bookkeeper and an accountant?
The main difference is
Recording VS Analyzing
A bookkeeper is primarily responsible for recording the day to day transactions, keeping records of the company’s business. Whereas an accountant will help you analyze those records to produce results that are meaningful and assist in business decision making. PushDigits has expertise in both bookkeeping and accounting, with a workforce of certified professionals. Contact us to be amazed by our experience.
4. How many years of experience do you have in the trading industry?
We are dealing with clients in the trading industry for over the last 10 years. Since our incorporation we have worked shoulder to shoulder alongside big 4, providing different bookkeeping and accounting services to the trading industry. Hence we have extensive experience and can indeed show you a long list of trading industry clients.
5. What if we are not happy with your accountant?
Well, that’s impossible. Our accountants and bookkeepers are not only highly skilled and have extensive expertise but are also professional in their dealings with the client. You will have an exclusive experience with their daily communication. Even then if you feel even just a little uncomfortable with the current accountant, we will immediately provide you a list of replacements for you to choose because your satisfaction is our primary objective.
6. How your experience of different industries will benefit our trading company?
Handling clients from different regions and industries has enabled us to gain a wide-range experience of any kind of complex accounting issues. Our versatile knowledge of bookkeeping and accounting help us to not only maintain your records properly but also assist you in business analysis and strategy formation. There can be no accounting problem that we don’t know the solution of.
7. Will you repair our already implemented QuickBooks/Xero/Myob/Zoho etc.?
Yes indeed! We are specialists of any kind of accounting and bookkeeping software. We will help repair and amend your accounting system, provide accurate error-corrections, and help get your books streamlined. This will benefit you with a smooth flow of future transactions recording.
8. What if we don’t want to outsource our bookkeeping/accounting function completely?
If you feel your department is working reasonably fine but need just a few corrections, you don’t need to outsource completely, instead Push Digits will provide your company the supervision it requires. You can help yourself with our other services such as:
- CFO services,
- Virtual CFO services,
- VAT Consultancy Services,
- Audit Services,
- One-off problem solutions,
- One-off streamline services etc.
9. By outsourcing to you, will I lose control of my company?
Absolutely No! You will retain 100% control of all the decision making of your company. Think of us as your assistants, standing 24/7/365 by your side, managing your accounts and records, assisting you with business strategies, and helping you analyze the results. You control your company’s trade and we control your books and records.
10. Is it safe as my business has confidential information?
Push Digits has strict policies for security and confidentiality of client records. We constantly monitor our systems for effective security implementation. We use high-end encryption and authorization procedures. We also have 2 level restrictions and password entrance in our systems, so that nothing falls out of authenticity.