Bookkeeping & Accounting Services in Abu Dhabi

An Oasis of Commerce

We are all accustomed to thinking of Abu Dhabi, and indeed, all of the United Arab Emirates, as a region which is tightly focused on the petroleum industry.  There is no doubt that this is important economic driver, however…

We need to start thinking in terms of Abu Dhabi being the capital of the nation, with an immensely strong financial sector that is home to large multinational corporations, and major regional corporations and organizations.This is a city where residents have significant buying power, where they wield great influence, where they enjoy a luxury life-style, and who affect affairs throughout the nation.

Importance of Highly Accurate Accounting

With the massive amounts of capital moving in and out of the country, as well as being exchanged among businesses, the national government has created laws and guidelines to assure that transactions are conducted transparently.  It has deemed it essential that all participants play by the same rules and, to that end,they file monthly or quarterly tax returns and present annual financial statements publicly that reflect the true value of a business, without embellishment, exaggeration, or deception.

Therefore, on a regular basis, all companies must complete their accounting, file tax returns and undergo an external and independent audit of their financial records to ensure their veracity.  For this they turn to the professional accountants, auditors, and bookkeepers at PushDigits, with our large, highly competent team, each member of which is dedicated to on-time service delivery in the role of Strategic Partner rather than just that of a service provisioner.  Our convenient offices throughout the UAE and worldwide, provide both local and international expertise, whether your business is conducted here, or in lands far away.

Cost-effective Strategy

While you could choose to deal with a lesser known firm in hopes of being economical, the truth is that you don’t have to.  Whether you need daily/weekly bookkeeping services, monthly accounting, accounts department supervision, CFO Services, or even annual external (or internal) auditing to meet legislative requirements, PushDigits is your one-stop business solution in Abu Dhabi.

It is our staff of more than 50 professionally trained accountants, dozens of service representatives, and all of our Corporate Partners that assure every account holder gets top-quality professional service, at every step through their journey. And because of the sheer number of available experts, each of whom is only required for a limited time by each customer, they can handle multiple accounts with ease and proficiency.

One well-paid expert accountant is available to do the work of many ordinary accountants, but without all of the typical idle time.  This means that we can provide a higher quality accounting service at a significantly lower cost than our competitors.

Reputation Matters

More importantly, while the words on the paper may not change much, the reputation of the chosen accountancy firm has a very strong influence on the report itself and how it is received by officials, experts, and agencies.  Remember, this is going to be judged by banks and investors to acquire financing; by government agencies to ascertain that laws have been obeyed;by potential partners with whom you wish to conduct business; and as well by all of the Free Zone Authorities.

The value of a great report cannot be overstated—yet all of your reports will benefit by any advantage you can acquire.  One of the best is gained by using the highly respected accounting firm PushDigits, whose reputation alone means that acceptance is virtually guaranteed!  Authorities know that our reports are accurate, and second to none!

Certified and Authorised

It is important to know that your reports are accurate, delivered in a timely manner, and the accounting information can be relied upon for accurately informing the company’s decision-making process.  The growth and evolution of your company depends on such things.

For this reason we are the Authorised, Certified Partners of the most popular Accounting Software, including QuickBooks™, Sage™, ZohoBooks™, Xero™, Tally.ERP 9™, and even Odoo ERP.

Now that we all have to deal with VAT, it is even more important to have powerful software which takes this into consideration.  If you don’t have any system in place yet, we will be more than happy to make recommendations that are in line with the needs of your organisation.  We can even help you migrate from a poorer system to software that makes more sense for your business.

Outsourced Accounting – Why You Should Hire Us And Why It Is Good To Know

Many companies would rather not be bothered to hire an accounting staff in this modern world where AaaS (Accounting as a Service) is available remotely.  This Back Office technique saves salaries, office space, equipment, supplies, travel expenses, visas, gratuity and more.  Better yet, it eliminates sick days, vacation pay, holidays, and numerous other expenses.

If you truly need an accountant (or a team) onsite, we can provide that, for any fixed term.  If you need us every day, on a month-by-month basis, that’s perfectly fine.  If you need us on a part-time basis, we can arrange that, too.If you need offsite staffing,our staff can visit, discuss the assignment, understand your business, pick up the documents, and then work on our own premises.

Unlike other accounting companies in Abu Dhabi, we provide customized and well suited accounting services in Abu Dhabi to ensure that our services are tailored as per clients’ needs.

Key Elements Of Our Accounting & Bookkeeping Services in the UAE

1. Understanding your business and setting up chart of accounts
2. Recording of sales invoices and purchase/expense bills including other business transactions
3. Ensuring VAT is captured in all the business transactions and matches with invoices and bills so that VAT can be filed timely and accurately
4. Knocking off sales invoices with receipts and expense bills with payments
5. Bank Reconciliation Statement (BRS)
6. Credit cards payments and online payments reconciliation
7. Investigation of uncredited receipts and unpresented payments in the BRS
8. Gratuity provision calculation as per UAE Labor Law
9. Accounts payable and accounts receivable reconciliation
10. General ledger reconciliation
11. Monthly hard closing of books of accounts which includes the following:

• All sales invoices and purchase/expense bills are booked
• Incorrect/duplicate/cancelled invoices/bills (if applicable) are reversed
• Month-end accruals are booked and previously booked accruals against which invoices/bills have been booked are reversed
• Month-end deferred revenue and deferred expenses
• Direct cost and indirect cost allocation
• Cost of Goods Sold (COGS) account is updated
• Adjusting entries are identified and booked
• Debtors and creditors’ balances are thoroughly investigated to ensure they are accurate and complete
• Allowance of doubtful accounts and uncollected accounts is booked
• Bad debts (where applicable) are booked
• Review of Aging of accounts receivable
• Review of Aging of accounts payable
• Depreciation/amortization is booked
• Gratuity provision (as per UAE labor law) is booked
• Discounts allowed and discounts received are booked
• Other overhead expenses are thoroughly reviewed and booked in the books
• And much more

12. Preparation of monthly Financial Statements which includes the following:

• Statement of Financial Position (Balance Sheet)
• Statement of Comprehensive Income (P&L)
• Statement of Changes in Shareholder Funds
• Statement of Cashflows
• Notes to the Accounts
• Aged Debtors Report
• Aged Creditors Report
• Bank Reconciliation Report
• Prepayments Schedule
• Fixed Assets Schedule
• Break-even Analysis (if requested)
• Budget VS Actual Income & Expenses Analysis
• Ratios Analysis
• Other reports e.g projected cash flows report if requested

13. Presentation of financial reports
14. Proper filing of business records for future audits i.e financial audits, tax audits
15. Closing the books for Annual Audit as per International Financial Reporting Standards (IFRS)
16. Preparation of year-end audit working papers, audit schedules and reports
17. Coordination with Auditors to compete Annual Audits
18. Resolving all audit related queries and ensuring an unqualified audit opinion is secured from auditors
19. Forensic investigation of accounts (where needed)
20. And of course – Fantastic customer service