- July 29, 2020
- Posted by: Dhivya Krishna
- Category: accounting
Abu Dhabi, the largest of the seven Emirates, is one of the fastest-growing economic zones of the UAE. The government has set up eight free zones in Abu Dhabi to boost up its GDP and increase foreign investments. There are several accounting firms in Abu Dhabi to help these companies cope up with the dynamic business environment. The government has permitted the establishment of several accounting firms in Abu Dhabi and firms that provide audit preparation services and company auditing services.
KGRN is one of the accounting firms in Abu Dhabi, providing an entire range of audit and record management services. We assist your company during FTA audits and other audits by providing audit preparation services and company auditing services.
How do accounting firms in Abu Dhabi help my business?
The needs of every business grow along with it. As your business grows, you will not be able to handle the complexities without the help of an accounting firm. An accounting firm in Abu Dhabi will help you in making vital decisions for the company, managing your tax documents, and maintaining your financial statements and book of records.
Here are a few reasons why your business needs an accounting firm:
- You can save time and avoid penalties by outsourcing your tax management works to an accounting firm. We help you calculate your taxes accurately and help you avail of tax benefits.
- Accounting firms in Abu Dhabi stay on top of the current legislation. So, by keeping in touch with an accounting firm will help you handle legal issues efficiently.
- Accounting firms provide audit preparation services and company auditing services, and therefore will be of great help during internal, external, and FTA audits.
- You can get the best legal structure advice from accounting firms. It will help you during the process of setting up your business in Abu Dhabi’s free zones.
- Accounting firms also help you in formulating strategies to grow your business.
Services provided by accounting firms in Abu Dhabi:
KGRN provides the following services to companies operating in Abu Dhabi :
- Bookkeeping and accounting
- Preparing financial statements
- Audit preparation services
- Company auditing services
- VAT planning and compliance
- Managing your taxes
- Managing and maintaining your invoices
- Analyzing the finance ratio and other variances
- Chief Financial Officer (CFO) services
- Overseeing payroll
- Managing and overseeing the cash flow of your company
We also provide audit preparation services for companies by following these steps:
- Setting priorities
- Organizing and tracking data
- Preparing your staff for the audit
- Planning and testing internal controls
- Maintaining your book of records and other documents
- Making external confirmations for the audit
Advantages of hiring accounting firms in Abu Dhabi:
Abu Dhabi is preferred the most by foreign investors owing to the ease of incorporating a business. It is mandatory to hire an accounting firm to help your business grow and stand out in such a business environment. The Abu Dhabi government has also made it a mandate for organizations to carry out their accounting process with the help of professional accountants and auditors.
Here are a few advantages of hiring accounting firms in Abu Dhabi:
- Maintaining books of records can be tedious and time-consuming for businesses. But, the process is made simple, fast, and accurate by hiring professional accountants.
- Accountants and tax agents provide audit preparation services and company auditing services to make the FTA audits and other external audits uncomplicated.
- Hiring an independent accountant will bring in more transparency, impartiality, and neutrality to the process of bookkeeping and maintaining records.
- By hiring professional and experienced accountants, you will be able to reduce errors and mishaps in your book of records.
- Accounting firms help you increase your business profits to a large extent by regulating your cash flow.
- Accountants help you in VAT planning and compilation. By outsourcing your taxes, you can avail of more tax benefits and tax exemptions.
KGRN is a reputed organization in the UAE, providing legal services. We are one of the best accounting firms in Abu Dhabi and provide company auditing services and accounting services at an affordable price.
Here are a few reasons why KGRN makes a perfect choice:
- We are committed to bringing 100% customer satisfaction.
- Our services are affordable and reasonably priced. You can select a plan from the range of options available.
- We provide timely service.
- Our services are transparent, and there are zero risks involved.
- We maintain 100% confidentiality. All your private details are encrypted during transactions to avoid privacy breaches.
- We are available 24/7 to clear your queries and assist you.
Frequently asked questions:
- Is audit mandatory for companies in the UAE?
Auditing your accounts is mandatory if your company falls under the category of Free Zone Company (FZC) and Free Zone Establishment (FZE). If your company is a branch of a local or a foreign company, auditing might not be necessary.
- What are the standards set for accounting firms in Abu Dhabi?
Any accounting firm must satisfy the following standards to operate legally in Abu Dhabi:
- International Financial Reporting Standards (IFRS)
- Generally Accepted Accounting Principles (GAAP)
- Why is it needed to hire an independent auditor?
Sometimes, internal auditors might make partial decisions to benefit themselves or a shareholder. An independent auditor will make neutral transparent, and impartial decisions that benefit the company.
- What are some of the documents needed for an FTA audit?
In addition to the book of records, the FTA might ask for the following documents:
- annual account details
- VAT ledgers and general ledgers
- Purchase day books
- Invoices received and issued
- Credit and debit notes
- records of exports and imports
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