Bookkeeping and Accounting Services in Dubai - UAE | Push Digits Chartered Accountants

Accounting and Bookkeeping Services

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Farhan-Aqil

Farhan Aqil
CA, ACCA, CIA, M.Com, Bsc (Hons.)
Partner at Push Digits

When VAT was introduced to the UAE in January of 2018, it became vitally important that all companies maintain books and records with complete accuracy to comply with the Federal Tax Authority (FTA) regulations. Our Accounting Team is fully experienced with VAT compliant accounting and bookkeeping practices.

Without well-designed accounting practices firmly in place, a company makes less-informed business decisions—which poses a direct threat to investors, lenders, and stakeholders associated with the company.

At PushDigits Chartered Accountants, we assure you that the accounting services we provide will enable you to make informed and timely business decisions throughout your journey to success. Please feel free to contact us so we can discuss your business requirements in detail.


Accounting Services in Dubai

A well-paid expert accountant’s work cannot be replaced by many ordinary accountants or an inexperienced accounting firm to whom you have outsourced your bookkeeping and accounting services in Dubai or any other Emirate of the UAE. You will never be certain on your decisions made on the basis of the accounting records maintained by an ordinary bookkeeper. Intelligent businessmen do not compromise on the quality of their accountants just like they do not compromise on their own lifestyle. They want to make sure the data they are using to make important business decisions is “accurate, complete, and reliable”.

In the UAE, compliance requirements are increasing every passing day and no business owner wants to carry the burden of hefty fines due to non-compliance.

The way great accounting companies or Smart Accountants structure the accounting records also goes to a great deal in determining how it protects itself from non-compliance with the laws in the challenging world outside with ever-changing laws and regulations. Consider the recent changes brought by the UAE Government, being a member of the OECD Inclusive Framework, by enforcing the Economic Substance Regulations in the UAE. These regulations require a company based in UAE to notify the Government Authorities if they carry out any of the relevant activities provided in these regulations. For example, to identify if a Company is performing the relevant activities of “Distribution and Service Centre Business”, the flow of accounting transactions of the Company with third parties, connected parties within UAE or foreign connected parties, will play a major role in the Compliance Assessment of ESR. And only a Smart Accountant knows how to manage and record the flow of transactions and structure the accounts appropriately for such an important assessment. A wrong compliance assessment here can put the Entity in a lot of trouble including substantial fines and penalties.

The same goes for the UBO declaration. How would an ordinary accountant know that a single owner company is also subject to Ultimate Beneficial Owner declaration? This declaration applies to every organization registered in the UAE mainland and free zones except entities owned by the government and financial free zones (Dubai International Financial Center and Abu Dhabi Global Markets).

And it does not end here. How would you, as a business owner, ensure that your accountant is carefully recording business transactions to ensure VAT compliance? Can you avoid VAT Penalties as a result of incorrect bookkeeping and accounting? It is not uncommon that countless amount of businesses in UAE are facing millions of dirhams of fines only because of late VAT registration as their accounts team was not even aware of the voluntary and mandatory threshold for VAT registration.  

These are some of the many reasons hundreds of companies have outsourced their accounting and bookkeeping services in Dubai and other Emirates of the UAE to Push Digits Chartered Accountants. We hire ACCAs, CPAs, and CAs for our clients and then continuously train them in our Push Digits Global Academy to ensure they are up to date with market requirements, the latest accounting and audit tools, integrated business process automation, and the ongoing trend of artificial intelligence in the accounting profession.

Dubai – An Oasis of Commerce

Dubai is a second name for making a massive amount of wealth and drastically grow your business due to its strategic location, the diversified economy from oil to real estate to tourism, and home to a massive amount of large scale multinational organizations. Dubai is a city where residents have a luxurious lifestyle, significant buying power, and a habit to spend a lot of money every day. With the recent launch of the Nasdaq Dubai Growth Market, Dubai has become a heaven for Entrepreneurs and SMEs. With such a trend in any city or country, businesses always grow and prosper very quickly and the same is the case with companies doing business in Dubai.

Remember: Business growth is always halted due to the time you spend in operations. You’re the expert when it comes to understanding the needs that drive your business, but unless it is a small scale business, monitoring every function is simply impossible.  Entrepreneurs like you are highly creative people, full of great ideas, but less focused on the day-to-day aspects of the business.  They readily acknowledge that even if they can do the work themselves, their valuable time is better spent building the business.  To that end, they find experts and then delegate the tasks. One of those tasks is accounting and bookkeeping services and no better firm to outsource this process than Push Digits Chartered Accountants which has been featured in Entrepreneur as one of the best bookkeeping and accounting firms in Dubai. 

Is my Competitor Outsourcing?

Yes, they are. Because they want to invest in building their business rather than building an army of accountants.  The world has changed. The idea of shopping in a “record store” to purchase a musical selection that can only be played on a home-based “record player” seems ridiculous now. Our music is digital and instantly available anywhere, anytime.

For the same reason, companies no longer bother building an in-house accounting staff.  AaaS (Accounting as a Service) is a unique technique used by accounting and bookkeeping companies, such that it eliminates all the overheads including salaries, office space, equipment, supplies, travel expenses, visas, employee gratuities, and so much more. It saves even more money by eliminating sick days, vacation days & pay, holidays, and innumerable other expenses. Our objective is to provide you a customized accounting service and a system that integrates perfectly with your business.

Accounting Packages

Accounting and bookkeeping are fundamental requirements for every business, large or small.  You cannot function without reliable, accurate, and timely financial information.  It is crucial to monitor your company’s performance, and essential so you can make appropriate business decisions.  Our professional, fully-qualified accountants understand the importance of this, so they work tirelessly to make sure this vital information is available when you need it. We hire judiciously to make sure we obtain the very best additions to our staff; we assure you that they are talented, familiar with the latest regulations, and always completely accurate.  There is nothing more important when it comes to the management of finances and accounts for our clients.

To attain maximum client satisfaction for every penny spent, we have divided our financial services into different packages.  This provides broad classes of service optimization, which can be based on how much you wish to spend. 

Package 1 –  Cloud-based Accounting

Widely used by SMEs and freelancers. Financial information can be viewed from anywhere around the world with internet access. You can e-mail, courier, or even use ordinary mail for sending the documents to us and our accountants will update your books online.  The electronic collection is by far the easiest, fastest, and most economical method.

Package 2 – Onsite Accountant 

If you require all the work to be completed on your own premises, our accountant will visit your office, compile the financial information, and complete the accounting. This service is regularly used by mid to large-sized companies. 

Package 3 – Back office Financial Support

One of the widely used options is Back Office support. This package is very popular due to its affordability and access to the best talent at a fraction of the cost. Our back offices in Pakistan and India are supporting local as well as international clients round the clock. They are also excited to welcome you and serve you. 

Package 4 – Receivables & Payables Management 

Receivables/Payables outsourcing is not uncommon among large organizations. Our team covers the following in such an assignment: 

  • 3-way verification of purchase/sales invoices (Quote > PO > Invoice) before recording them in the accounting software
  • VAT compliance
  • Pay supplier invoices only when due and chase customer receivables before due dates to ensure business cashflow is managed properly
  • Pushing overdue receivables to debt collectors and further to the legal
  • Debtors and creditors status report to management

Package 5 – Account Reconciliation Assignments 

Reconciliation is a common problem in big organizations due to the massive volume of transactions. Our clients normally request the following coverage in such engagements: 

  • Bank/Cash reconciliation
  • Stock reconciliation
  • Debtors and/or Creditors reconciliation

Package 6 – Accounting Review 

Accounts are prepared by the client’s in-house finance team and then reviewed by our expert accountants. Our rigorous review of books ensures that financial data is accurate, complete, and reliable for decision making.

Bespoke Accounting Package

And of course, we can combine any or all of the above in a way the makes perfect sense for you. 

Whether you need us daily, weekly, monthly, or on a month-to-month basis, it can all be arranged to specifically suit your needs.  We are just as comfortable with handling your part-time or full-time needs.  All you have to do is call, suggest a schedule that will be useful to you, and we will do the rest!

Our representatives would be pleased to visit, discuss the assignment, and develop a deep understanding of your business so we can customize your service precisely to your requirements.  Rest assured in all of Dubai you won’t find a more dedicated group of people that make you feel like our number one priority.

Key Elements of our Bookkeeping and Accounting Services

  • Setup of the accounting system
  • Setting up of Chart of Accounts
  • Recording of business transactions (sales, purchases, journals, etc.) as per Accounting Principals
  • Allocation of payments & receipts to match invoices
  • Sorting and matching receipts & payments with credit cards and bank statements
  • Bank reconciliation statement
  • Co-ordination with Auditor for Financial Statements Audit
  • Preparation of year-end audit schedules and reports
  • Preparation of year-end working papers, reconciling balance sheet items, posting of adjusting entries, year-end accruals, allowance for doubtful debts, etc. to ensure quick completion of the audit
  • Budgeting and forecasting
  • Extraction of monthly Management Reports
  • Extraction of the monthly income statement and balance sheet
  • Extraction of monthly expenses report
  • General Ledger Reconciliations
  • Comprehensive Financial Reports (operational & financial ratios and many others)
  • Data file backup and storage
  • Bank-level security
  • Gratuity calculation as per UAE labor laws
  • Presentation of Weekly Bank reconciliation Statement
  • Set Up Payroll System
  • Reviewing and processing payroll
  • Accounts payables reconciliations
  • Accounts receivables reconciliations
  • Aged Receivables Management (debtors)
  • Aged Payables Management (creditors)
  • Monthly review of your accounts by a professionally qualified Partner
  • Monthly presentation of accounts to help you better understand your business
  • Reconciliation of any end of year amendments required by external auditors
  • Monthly Management Report highlighting the critical areas of improvement including areas to improve business efficiency
  • Co-ordination with Accountant (in case of a partially outsourced bookkeeping service)
  • Break-even Analysis (if requested)
  • Ratios Analysis
  • Any other report on request e.g projected cash flows report
  • And of course, Fantastic customer support

Top Expertise driven by Artificial Intelligence

Our accounting and bookkeeping services in Dubai and other Emirates of the UAE are supported by the latest AI (Artificial Intelligence) which can instantly identify errors in your company accounts and bring them to the attention of a human being.  This is a remarkable improvement over waiting for a month-end or quarterly report from an in-house accountant to find a thousand-dollar-per-day error…

You need to ask yourself: “Why would you deal with any company that is afraid to embrace the latest technology in order to give you the best possible service?”  AI is the way of the future; it is far too important to be ignored.  See our blog article that describes the importance of this amazing AI technology!

Benefits of Outsourcing to PushDigits

At the core of our accounting outsource services lies the concept of adapting perfectly to each client’s needs.  Once we accomplish this, it yields the following benefits for our clients.

Cost-Effectiveness

We charge a minimal monthly fee, guaranteed to be the best prevailing price in the market.  We offer:

  • Best competitive monthly price;
  • No full-time accountants’ salaries;
  • No housing or transit costs;
  • No visa costs;
  • No vacation leaves (available 24/7/365);
  • No pay raises;
  • No air flight tickets;
  • No gratuities;
  • No overtime;
  • No training costs; and
  • Easy transfer to another Professional Accountant, if required.

Access to Expert Knowledge

We provide professionally-qualified accountants, who have experience working across diverse industries and sectors.  A dedicated Accounting Partner is also available to offer technical support whenever required.  As a result, you get access to a pool of superb accounting knowledge–at an unbeatable price–and an unmatched level of expertise.

Long Term Affiliation

We stand by our commitment to you and building an enduring relationship of uninterrupted accounting service in all over the UAE.  This assures that your records are kept up-to-date, and completely accurate, for the duration of our business relationship.

Satisfied Customers

We don’t just sell words—we provide result-oriented services for accounts outsourcing in the region!  That is why we are proud to have achieved 100% client satisfaction.  It is also why we have an outstanding client retention record, making us the market leader.  See our Testimonial page and enjoy what our customers have to say about our great service.  We would love to have your story, too!

Of course, there is more to accounts outsourcing services than just reconciling ledgers!  Visit our office for a coffee, and let us showcase our diverse offerings, including our unique selection of key elements that you won’t find anywhere else!

We Make It Work for You

We not only provide accounts outsourcing services; we also help in setting up the most widely used accounting software such as Zoho Books, Xero, Tally.ERP 9, QuickBooks and SageWe are Authorized and Certified Partners with all of these premium accounting software distributors. Our team members that work on your accounting job are also experts on installation, training, and customization of these packages to assure they meet your business needs.

Our price for these accounting software packages is unbeatable.  As Authorized Partners and Distributors we deliver the maximum value for our clients by providing premium accounting service packages at a reasonable, economical cost.

The Takeaway

Our clients always experience high trust and confidence levels with our outsourced financial services due to the excellent level of coordination and commitment.  This is further enhanced by the involvement of our CEO and Partners in the operational accounting work of the clients.  Our customers come from diverse backgrounds and numerous industries, which is why they rely on our expert accounting knowledge gained from working in these industries.

In the end, we are the only real choice when you seek expertise, experience, and economy all in the same place.  Speak to us today and let us get you on the way to improved financial reporting.

We would love to speak to you and find the best way to serve you and your company’s accounting needs!

We believe that our unique approach to customized services is unmatched by any other Firm.  We care about you and your business because we believe that when your business succeeds, our business succeeds, too—and that is the hallmark of a mutually beneficial, long-term relationship.

Top 10 Frequently Asked Questions

Of course you have questions, and a comprehensive Q&A list can be found on our FAQ page, but the most popular ones are conveniently located below.

Absolutely not!  We are solving a long-standing problem.  The business world welcomes thousands of new businesses every year.  Unfortunately, that means companies are having trouble locating local accountants to manage their evolving needs. 

The industry is over-capacity, straining to meet the needs of new business.  And sadly, our education system tells young people to focus on technology sciences.  As a result, few recognize the value of an accounting career, which is why they are so hard to find.

Honestly, on a typical day, you won’t even see your own accountants—modern consultations occur by e-mail, not face-to-face.  That means new companies never even set up traditional analogue bookkeeping.  There is so much vital information available through technology that yesterday’s manual, on-site solutions no longer make sense.

At PushDigits we provide all the capabilities of an accounting department 24/7/365, but at a 75% cost saving.  There is absolutely no reason why it must come with expenses like salaries, business equipment, rental space, parking spots, visa & immigration fees, air travel, and all those other seldom considered costs.

We have over 20 fully-qualified Accountants, as well as 3 Partners and 2 Managers, that have more diverse talents and international knowledge than any single accounting department could ever muster.  As the accounting needs of business change, PushDigits is here for you to make that transition as easy as possible.

There simply aren’t enough people to hire!  Modern graduates look for careers in computing, 3D-printing, and other jobs they perceive as vital.  Very few look to accounting because it is so “ordinary” to them.  The result is a tremendous shortage of qualified professionals.

PushDigits is a very large firm, with a large stable of accounting experts, so we can provide necessary services to thousands of clients.  We are filling the void left by too few accounting graduates to meet the needs of business.

The reason companies choose us is for our flexible pricing and the amazing cost savings, eliminating infrastructure & administrative hassles, enhanced efficiency, proven data confidentiality & security, our fast turnaround time, access to our skilled service providers, and the complete transparency of operations.  Don’t worry—you’ll love us, too!

Our customers are from all over the business spectrum, including e-commerce, consulting, manufacturing, real estate, investment services, owners associations,marketing, petroleum, banking, consulting services, and many more.

As to size, our clients range from small to medium sized businesses, all the way up to big corporations with revenues up to $50 million or more.  Don’t worry—we have experience dealing with businesses of every size!

Expertise, that would not ordinarily be available, is found at PushDigits because our experts come from every continent, bringing knowledge from every conceivable accounting experience.  Give us your toughest questions, and we already know the answers.

We know all the local laws, of course, but if you conduct international business (or wish to) you’ll need to know how the laws and regulations differ from those you’re accustomed to.  We know it all!

Your data is kept on secured servers and protected by procedures and security policies designed specifically to make sure that workstations are impenetrable, the network is proof against hackers, and that your data always remains in a protected environment.  Whenever information is being transferred it is always thoroughly encrypted so that even if it were intercepted it would be completely useless to anyone else.

No, because of the “economies of scale”, we can confidently predict that your costs will be 75% less than maintaining your own accountancy department.  You will eliminate all of the salaries, vacation pay, insurance, benefits, as well as office space, equipment, and supplies.  In addition you get 24/7 service, every day of the year, so it doesn’t matter what time zone you are in.

Of course!  Depending on your needs and schedule, we can bring enormous resources to bear on any project or problem.  We deliver on time, every time!  And best of all, your work is always handled by a professional accounting expert, not a first year graduate!  Quality and accuracy is always a first priority.

Simple!  We can arrange a complete handover in just seven business days, and we’ll make the transition process as smooth as possible.  Essentially, from your point of view, nothing changes.  You’ll continue to use the provided software, entering your daily data, recording receipts and all the other day-to-day functions for your business.  Just be prepared for the increased demands on your time, or a substantial price increase, if you hand it over to a local accountant.

Absolutely!  All of our accountants and auditors are trained and/or certified by international professional associations such as ACCA (Association of Chartered Certified Accountants), CPA (Institute of Certified Public Accountants), ICAP (Institute of Chartered Accountants of Pakistan), ICAI (Institute of Chartered Accountants of India), CIA (Institute of Internal Auditors), and the IRCA (International Register of Certified Auditors).  They all follow the stringent standards of important organisations such as the ACFE (Association of Certified Fraud Examiners), too.

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