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Accounting Standard For Private Companies
  • Accounting
  • 2021-09-11

Accounting is very important for the business. It aids the business in reducing expenses and avoiding unwanted expenses. A proper accounting system enables the business to give proper financial insight to the directors, stakeholders, Investors, and senior people. People are establishing their business in Dubai, UAE because of the tax-free system, state-of-the-art infrastructure, and various advantages in UAE that attract business owners to set up their business. As we know all accounting is a major part of the business and Companies also can’t run effectively without effective accounting. 

There are different accounting standards for the different industry businesses and develop the standard that will help the company to keep clear the future problems. Accounting standards also play a major role in enhancing the company’s goodwill. 

Accounting Standards and Definition

International Financial Report Standard (IFRS)

IFRS is an accounting standard that is needed to be followed by the company. The International Accounting Standards Board (IASB) and the IFRS Foundation accounting standard make financial statements understandable across the countries. This standard of accounting enables the different countries’ financial statements to be easily compared with each other to find new and better avenues of investments.

The IFRS specifies different kinds of techniques and methods of recording, defining, reporting, and maintaining and makes an accounting language or methods which is used all over the world and also provides consistency.

The IFRS Accounting standard is used by around 120 countries in the world. Countries companies are mentioned in the report that they are using IFRS standards in accounting. The United States of America and Canada don’t use the IFRS. Canada has their own accounting standard system and the USA uses the GAAP.

Generally Accepted Accounting Principles (GAAP)

Gaap is also a set of standards, accounting principles, and procedures issued by the FASB (Financial Accounting Standards Board). It is a combination of the commonly accepted method or way of reporting and recording accounting information and authoritative standards set by the policy board. GAAP provides and improves the clarity, consistency, and comparability of financial information.  GAAP makes it easier for the investors to analyze and check the useful information of the company from the financial statement.

GAAP is also used by many countries and developed by the International Accounting Standard Board (IASB) and Financial Accounting Standard Board (FASB). GAAP implementation requires good accounting service because it includes the revenue recognition, balance sheets, and outstanding classification of items and shared estimations for public disclosure.

 

Different Between IFRS and GAAP

Currently, For accounting communication globally more than 100 countries in Asia and the European Union are using IFRS. But the USA is still using GAAP. Canada has its own accounting Standard System. 

 

 

S.No.

Generally accepted accounting principles (GAAP)

International Financial Report Standard (IFRS)

1.

In GAAP accounting standards, Inventory reversal is prohibited.

IFRS allows the reversal of inventory in critical conditions of the business.

2.

Implementation cost is expensive

Development costs can be capitalized in IFRS.

3.

The USA uses the GAAP accounting Standard

More than 100+ countries use the IFRS accounting standard.

4. 

It is developed and introduced by the Financial Accounting Standard Board (FASB)

It is approved by the International Accounting Standard Board (IASB)

5.

GAAP supports Last In First Out (LIFO).

IFRS doesn't support Last In First Out (LIFO) 

 

International Financial Report Standard (IFRS) in UAE.

Securities and Commodities Authority (SCA)  and the central bank of the UAE have made the IFRS accounting standard the mandatory accounting system in UAE. The other various non-regulated bodies have to follow the IFRS. All the registered companies under Dubai Financial Market (DFM), NASDAQ Dubai (Formerly known as DIFX), or Abu Dhabi Securities Exchange (ADX) are required to maintain their accounts as per IFRS. Onwards 2013 all the legally listed companies in the Abu Dhabi Securities exchange have to submit the IFRS financial statement. 

 

All banks in UAE and even central banks need to follow IFRS accounting standards and publish financial accounting statements according to them. However, IFRS is not required for those companies that are not listed for various exchanges but implementing IFRS is considered a good practice of accounting. If you are thinking and wanting to establish a business in UAE or looking for the best accounting service for your business, you have landed at the right place. Risians Accounting and auditing is a leading accounting firm that is known for its quality and effective services. Risians Accounting has FTA-approved chartered accountant who has 30+ years of working experience in accounting, auditing, Business formation, and taxation that is the biggest reason for leading a firm in Dubai and also keeps us 1000 steps ahead from the other accounting firm. Make us helping hands for your business success and save hard-earned money on taxes.

 

 

 

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Everything About Business Environmental Audit
  • Auditing
  • 2021-08-27

Environmental Audi is a tool for auditing that helps businesses to analyze and examine their environmental performance to identify how management compliance and the working process perform. Today. Environmental auditing is important for every business, it doesn’t matter what size and type of business you are in. Understanding environmental performance is complicated in comparison to understanding other functional areas like financial and commercial. The environmental performance impact is not always 100% clear from normal performance. That’s why an environmental audit is conducted on a regular basis to identify and measure the performance outside normal performance.

 

What are the benefits of Environmental Auditing?

There are different benefits of environmental auditing based on your objective and scope of auditing. 

  1. To identify how businesses meet the legal requirements.
  2. To Demonstrate environmental responsibility.
  3. To demonstrate environmental policies are implemented. 
  4. To identify and understand interactions of products, services & activities.
  5. Meeting specific statutory reporting requirements.
  6. To identify and understand environmental risks are managed appropriately.
  7. To develop and implement an ISO 14001 EMS.
  8. To save money and improve environmental performance.

 

Types of Environmental Auditing

There are mainly three types of environmental auditing. These types of auditing are very helpful and organizations also rely on them.

  1. Management Environmental Auditing -  Management performs the environmental auditing to identify and measure their environmental performance are meeting expectations or forecasting.

  2. Compliance Environmental Auditing -  We conduct this type of auditing to identify and understand, review the site or company's legal compliance status (which can be important and costly).

  3. Functional Environmental Auditing - To focus on the environmental element or impact, such as water or electricity.

 

Who Can Conduct an Environmental Audit?

As per ISO 19011:2012 guidelines, environmental auditors should have personal attributes like perceptiveness, open-mindedness, ethics, tact, and understanding of the procedure, principal and techniques. The auditor should have clear objectives which are auditing and how it applies in different organizations. The team leader of the environmental auditing team should have the ability to plan and resources effectively and also have good leadership and communication skills. 

When you need auditors you should consider the above-given lines to find the best auditor who has adequate skills, knowledge, and experience.

 

When Do We Need To Conduct An Environmental Audit?

For environmental policy and performance environmental audit is very important for the organization. There are several environmental rules and regulations that apply to every business. Is your business in environmental compliance? Do you have all the permits? You can’t know until you don’t get the environmental audit done by the auditor. If you are not an expert in environmental auditing then you need to get an environmental audit from the best audit firm. So that You can provide documents on which compliance under you are working to inspectors when they visit your sites.

 

How To Perform An Environmental Audit?

In this audit, there are 3 main stages, or we can say phases.

  1. Pre-Audit
  2. Audit
  3. Post-Audit

 

  1. Pre-Audit

    - First, We select the people who have good experience and skills to make a good audit team.
    - Make the audit plan
    - Review and request the document which includes Permits or permit applications, Production Records, Reports, and previous audit resort.
    - Prepare the list of questions
    - Begin to fill in the Disclosure of Violation Table as issues are identified.

  2.  Audit 

    - Make ground rules
    - Determine and identify the issues
    - Daily information to keep informed.
    - Documents review like  Policies, Compliance, Training, Air/Water/Waste/Noise controls, monitoring and records, Emergency Response Procedures, Response to Complaints, Check documents for completeness, consistency, legal compliance, and whether it’s up to date.
    - Perform site inspection.
    - Check the operation for compliance.
    - Keep simple processes
    - Interact with employees.
    - Discover issues of concern
    - Conduct the last meeting with a report and discuss the issue and find an effective solution.

  3. Post-Audit
    - Make audit reports and Disclosure of Violations.
    - Present the list of issues and areas to concern. 
    - List required action and follow-ups.

To conduct a successful environmental audit, we have to follow the above mentioned points. If you still have any questions and doubts then contact us. We are here to help you.

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Internal Auditing Tips And Tricks By Risians Accounting
  • Auditing
  • 2021-08-24

Internal Auditing is the best tool for business management to evaluate and improve the business working processes. It defines which are working well and which are not and how you can improve. In order to achieve business goals, internal auditing plays a vital role to keep working business processes and procedures effectively. In this blog post, we are going to share simple and easy-to-use tips and tricks that can make your internal auditing process simple and easy.

 

Why Is Internal Auditing Worthy?

Internal Auditing is worthy for several reasons.

  1. The Internal Auditing report provides the proper insight about the processes and procedures of the business that enable the new opportunities to improve business processes and procedures in order to achieve the business goal.
  2. It helps us to find the root cause of any processes and procedures problems.
  3. It saves time, money, and effort. And etc.

Tips and Tricks To Conduct A Successful Internal Audit.

  1. Set Your Clear Goal Towards Auditing - First you have to ask yourself what and why am I going to do and achieve? Create the solid based on determining business processes like production, purchasing, development, warehousing, etc.

  2. Prioritize - Internal auditing is part of the whole organization. You have to set priority to determine which process component needs your attention urgently.

  3. Ask The Right Question - Think carefully about the issues in the planning states so that you can ask the appropriate questions with the associated people of the process. For Example. What is going on currently?How is it running? What is the area of problems and risks? What is the objective and how are we far from it? And etc.

  4. Use The Right Tool - While selecting a tool you need to keep in mind the department process and objective so that you can perform effectively and deliver good results by your auditing.

  5. Performing Internal Audit  - To conduct a Successful internal audit we need a variety of information from different sources to ensure that the process is being followed correctly. To get this follow this:-
    -Learn the expected procedures
    - Observing procedures
    - Check the records and similar documents
    - Interact with the other members of staff

  6. Follow Up - You should verify all the preventions and corrective action during internal auditing so that you can ensure that you are on the right way. In some exceptional cases, it may not be done, it may need time or change to the corrective action.

  7. Documents - It is an important part of internal auditing to make sure that all the relevant documents are correct and maintained properly. The document may be outdated formatted to change the address to non-conformity. You can tell them to correct them so that you can perform an audit with the right information in the right format.

Internal Auditing Mistake that you should Avoid.

  1. Often auditors forget to add value so that you can put value without wasting time.

  2. Most auditors don’t start planning before the day of auditing. They start planning later which consumes a good amount of time.

  3. Don’t cover your report with the No. of points. Keep your auditing report easy to read and simple so that management can use it effectively because no one loves to read a lengthy report.

  4. The auditor does not prepare yourself for an unexpecting thing when it appears they take time to resolve. Auditors should prepare some plans for unexpected things so that they make a good image in the eyes of management.

 

We hope these tips and tricks help you in internal auditing. If you are looking for an auditing service we would like to help you. If you have any questions, doubts, and need consultation then feel free to contact us it would be our pleasure to help your business.

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How To Prevent Businesses From Financial Crime?
  • Accounting
  • 2021-07-29

Every Business has to face the risk of financial crime. Due to digitization growth, financial crime is becoming a more crucial issue for global businesses like online banking. It’s become a game between financial criminals and authorities. Authorities always try to prevent crime in the organization and Criminals try to make new different strategies to perform the crime and harm the organization.

 

Financial crime is also a critical challenge for banks, individuals, and institutions. Financial authorities and regulators always work to introduce new rules and regulations to stop, combat and prevent financial crimes. The most common financial crime forms face money laundering, terrorist financing, fraud, tax evasion, and corruption.

 

What Is Financial Crime?

Over the last 3 years, financial crime is increasing and becoming a significant concern for governments in the world. Financial crime is the crime where one party takes the benefits of the crime financially and the second part faces financial loss. It is committed against the property and money for their own profit that belongs to someone else by the individual and organization. It can happen in several different forms and can happen anywhere in the world. In simple terms, someone or an organization performs an illegal activity to take over the property, money, etc for their financial benefits that belong to others. 

 

What are the main types of Financial Crime?

We have mentioned below the types of financial crime and their short definitions.

  1. Money laundering - It is the process of changing a large amount of the money which is earned by criminal activity.
  2. Terrorist Financing - Terrorist financing is the illegal smuggling of cash that is delivered to the terrorist. It’s linked to money laundering.
  3. Fraud - Accomplished property or money by deceiving someone else.
  4. Electronic Crime or Cybercrime - It’s committed by the cybercriminal and hacker to damage someone’s security and computer.
  5. Bribery And Corruption - Giving and receiving unearned money. Giving and receiving bribes.
  6. Tax evasion - Avoid paying the tax by hiding real income.
  7. Forgery - Use of false documents, altering, and false writing for our benefits.
  8. Identity Theft - Steal some identity or financial information to commit fraud.
  9. Counterfeiting - Use someone else's identity for manufacturing or distributing of goods.

Who Commits The Financial Crime?

Before talking about the person who performs the crime in the business, let’s move from the topic and think, you are walking on a road and suddenly someone came with a weapon or knife to steal money. Same in the business employee, a business leader suddenly commits the crime in the business individually or with the collaboration of the outsider of the business.

  1. Employees - Employees can commit a financial crime when they have access to confidential and important information about the business and they know how to control to perform the crime.
  2. Business leaders - Senior managers or executives don’t present the proper and complete financial data and prepare a plan for the future to steal business funds and assets. 

  3. Employee collaboration with the outsider Fraudsters - Sometimes employees meet with Fraudsters or Fraudsters meet with the employee to perform the crime in the business. By doing this they can easily carry out the crime easily to achieve bigger and greater harm to a business.

  4. Customers and suppliers - Supplier and customer can perform a criminal activity in business by using various forms of crime.

How To Prevent Financial Crime?

You would have heard the quote that “prevention is better than cure”. Of course, prevention is better than cure. Business owners should give priority to prevention so that they will not have to face any financial crime. Some important tips to prevent financial crime.

  1. Internal Audit - The most common method is internal audit. Businesses should conduct internal audits yearly or half-yearly. It will provide you with a correct financial report and several other important pieces of information about the business. It will also show you risk and crime are there or not.

  2. Law - Every country in the world has its own rules and regulations. Every business owner should keep updating himself about the change in the laws that are relevant to the business.  Businesses should ensure that we are doing our business as per government law and regulation. If we ignore applying in business, the fraudster can take advantage of performing the crime in your business organization.

  3. Risk Assessment Right - The policy to stop financial crime is to try to get your well-thought risk assessments right. It’s true that all businesses have finite resources. But by focusing on your key risk area you can use your resources well to prevent crime.

  4. Management - It’s the responsibility of the senior management to keep an eye on the risk area of the business. Business managers should provide proper and complete reports about the business, which help the management, understand the business's actual position and take effective steps.

  5. Right Team - Police, rules, and regulation have not only jobs to prevent crimes, but it also includes the right team of procurement, business development, HR, accounts, customer relations, etc. So that risk from all perspectives can be identified early and easily.

  6. Training of the employees - Keep updating and training your employees about business crime forms, prevention policy, and strategies. So that they can easily identify the crime and combat the crime.

  7. Use of Resources -   Use sophisticated resources to identify the clear picture of the threat and its source easily and quickly.  By using it you can detect the crime before getting any harm in business.

  8. Clients and Supplier Deals - Calculate and monitor the client's and supplier's transactions in different ways as you usually do to avoid crime. It allows firms to find suspicious activity and gives warning signals in advance for the future.

  9. State Law - Every state of the country has different laws regarding financial crime and business. Always monitor the state law and new changes. Implement the new changes in your business that will secure the firm reputation and save you from fraudsters.

If you need any kind of help regarding financial crime or other related issue regarding accounting, Auditing and Taxation then  you have landed right place. Risians Accounting team has good expereince to tackle these kind of issues. Get the free consultation. 

 

 

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Cash Flow Management Tips To Grow Your Business
  • Accounting
  • 2021-07-18

With the help of the mentioned cash flow tips, you will get to learn how to grow your business and how to manage your cash flow and increase your cash flow. 

If you are trying to run a business without effective cash flow management, it is like you are trying to ride a bicycle fast without proper paddles. You can get success for some but a poor Cash flow management system is a sign that you will have be shutting down your business soon. According to the bank study, Business often fails due to a poor cash flow management system. 

There is an old adage “Cash is king”.  For Small and mid-sized businesses cash is a major component for success. Generated profit is meaningless without having cash.

To establish a good cash flow management system in the business, hire accounting services in Dubai. In this world, lots of businesses have ended up due to bankruptcy, because the cash amount is not sufficient in comparison to going out of cash. To avoid this let us take a look at, what is cash flow management and why it is important.

 

What exactly is cash flow management?

Cash flow management is most important for business and critical for new startups.

Cash flow refers to how much cash is coming and going out of your business in a defined particular period of time.  

Business gets a loan, investments, and then it generates sales. It means that cash flow is coming into the business. A business means paying loan EMI, paying the payment, utility bills, taxes, and other payments. It means cash is going out from your business. All the transaction from which cash is coming into business then these types of transactions is incoming cash flow transaction and all transaction from which cash is going out from the business. These transactions are outgoing cash transactions. 

Happily, You can analyze how your each cash flow with a simple trick, you just have to set a fix time in weak, 10 days or 15 days to see how cash flow is going. By doing this you run your healthy growing business and increase your profit margin. 

Three elements to analyze your cash flow statement.

  1. Account Payable - How much have to pay and receive from the supplier.
  2. Accounts receivable - How much you have to pay and receive from customers and clients.
  3. Shortfalls - How much you have to pay and receive in comparison to liabilities.

Bad debts are very bad for business, and never calculate bad debts amounts in cash in hand.

Best Tips for Managing Cash Flow Statements.

  1. Focus On the Cash Flow - Reconcile your business accounts and generate the report to keep eye on the incoming and outgoing money. You can generate your cash flow reports easily with accounting software and tools. A cash flow report allows you to keep your eye over money flow and you can effectively manage your cash flow to keep business on the track of success.
  2. Maintain Some Cash In Reserve - The future is uncertain; we can only predict the future but not define anything surely.Business is run by money. A best practice to a run business is to maintain a fixed amount of money for future use. As per studies, Startups face a shortfall of money compared to well-established business due to various reasons. Business owners should maintain a fixed amount that will be enough to run a business for at least six months.

  3. Get Paid - Send an invoice after delivering the products or finishing the work so that you get paid fast.Before sending an invoice make sure the invoice is clear, easy to read, and has a method of payment that you accept. You can use an email automation system to send invoices to customers with this you get paid fast because you can add the links where to submit payment. It saves time, effort, and money.

  4. Payment Methods -  In this digital world where everything is online. You can use many online methods of payments like net banking, Google pay, Paypal, etc to get paid faster. If you deliver your product at home and home then it is necessary to use phone payment methods apps.

  5. Take the advantage of the Technology - Use the cloud base storage spreadsheets or add your cash flow spreadsheet on the cloud so that you can manage your business cash flow from anywhere and anytime. Give your best practice to manage and always give priority.

  6. Sell Out Your unused Assets - Sell your no longer needed assets and inventory to generate quick cash. If surely holding the unused assets and inventory why you don’t sell them.

  7. Minimize the Expenses - Create a detailed report on your expenses and try to minimize your possible expense. Negotiate with the landlord and creditor to get some discount or reduction in the amount.

  8. Cash Flow Monitor - Assign the monitoring work over cash flow to a trusted employee. The person should have information about the finance special about your business.

To get free consultation feel free to contact us, It would be our pleasure to assist you and lead your business towards success.

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Everything About Cost Accounting
  • Accounting
  • 2021-06-30

What Is Cost Accounting?

Cost Accounting is a method of managerial accounting that helps the company to identify the real cost of the production by calculating several types of costs. It’s important to remove and eliminate the useless cost from the production of the goods and services. Cost accounting plays a vital role in determining the final cost of the goods to earn a reasonable profit.  The objective of cost accounting is that a company can make better financial decisions, improve the net margin on the product, and put an accurate budget on a particular project. 

Cost Accounting is used to determine the fixed and the variable cost of the good and service production department by the company internal management. It calculates both the costs then compare the input cost with results, to help the business manage the financial performance.  Cost accounting includes several types of costs such as indirect cost, fixed costs, operating cost, direct cost, and Variable cost.

 

Let’s familiarize ourselves with the formulas that we use in cost accounting.

We use the Formulas to reduce and eliminate the cost that you should know. By using these formulas you can easily identify the product price and increase the profit margin.

  • Contribution Margin - Contribution margin = sales – variable costs
  • Target Net Income - Target net income = sales – variable costs – fixed costs
  • Breakeven Formula - Profit ($0) = sales – variable costs – fixed costs
  • Pre-Tax Dollars Needed for Purchase - Pre-tax dollars needed for purchase = cost of item ÷ (1 – tax rate)
  • Gross Margin - Gross margin = sale price – cost of sales (material and labor)
  • Efficiency Variance - Efficiency variance = (Actual quantity – budgeted quantity) × (standard price or rate)
  • Price Variance - Price variance = (actual price – budgeted price) × (actual units sold)
  • Ending Inventory - Ending inventory = beginning inventory + purchases – the cost of sales
  • Variable Overhead Variance - Variable overhead variance = spending variance + efficiency variance

 

Types of Cost

  • Fixed Cost - Fixed cost doesn’t vary on the production level. It’s used for lease payment, mortgage, and any other equipment that is depreciated.

  • Direct Cost - It’s directly related to the production. For example, Company takes an hour to finish the product. Now indirect cost, we calculate the material cost and an hour labor cost.

  • Variable Cost - Variable cost is also related to product production. Often Variable costs fluctuate.
  • Operating Cost - It’s related to the day-to-day operational work of the business. This cost may be fixed or variable depending upon the situation. 

 

Types of Cost Accounting

  • Activity Based Costing - Activity based costing is also known as ABC costing. It includes the cost of the activities of the business, it may be a special task, event, work for a special goal, etc. It helps businesses to identify the product that is not profitable. It reduces the product production cost and helps in reorganizing the production for a particular product and service.
  •  
  • Standard Cost Accounting - It is an old and popular method of accounting. Standard cost is based on the use of labor and raw material to produce the goods under the standard operating conditions. It assigns the budget and saves time and money.

  • Marginal Costing - It helps the management to identify the effect of different levels of cost and volume on profit. It can be used to determine the potentially profitable products, existing product price of sale, and effect on the marketing campaign.  The marginal cost impacts the production cost by adding an additional unit of the production.

  • Environmental Accounting - Impact on the cost of goods and services on the environment. Environment accounting helps the management to consider that the product production will be expensive. Environment accounting includes.
    - Prevention in technology
    - Taxes, fines, and penalties
    - Wastage of the management cost
    - Technology to prevent the pollution

  • Lean Accounting - Lean Accounting is very beneficial for the management to improve the financial practice. With the help of lean accounting, the accounting department can reduce the expenses on the production and also save time so that labor can be more productive on the valuable task.

  • Target Costing - It helps the management to consider the cost in advance that we need to pay the production department. It helps the company to earn consistent profit.

 

Difference Between Cost Accounting and Financial Accounting

Comparison

Cost Accounting

Financial Accounting

Meaning

Cost Accounting tracks the various costs of the production department.

Financial accounting presents the financial health real picture of the management.

Information

Record the information about the production departments like labor, overhead, and raw material.

Record each monetary transaction properly in the business accounts.

Who uses it?

It’s used by internal management like employees, managers, directors, and supervisors.

It’s used by both internal and external users like managers, directors, shareholders, creditors, etc.

Type of cost uses

Historical and current cost is used in cost accounting.

Only historical financial accounting is used.

Reporting Time

In cost accounting report is shared with management frequently. 

In financial accounting, a report is shared with the management once a year, commonly at the end of the financial year.

Purpose

To reduce the cost of production.

Keep a full record of every financial transaction.

Forecasting

With the help of budgeting techniques forecasting is possible.

Not possible.

 

Check out The Difference Between Accrual and Cash Accounting

If you are looking for an accounting and bookkeeping service in UAE. then risians accounting is the best accounting firm. Risians Accounting has a certified Chartered accountant team that has decades of working experience in different industries and projects. Under Risians accounting roof, you can get tailor-made accounting service along with the tailor-made package. Contact Us for a free Accounting consultation.

 

 

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How to Fill Economic Substance Regulation Reporting?
  • Economic Substance Regulation
  • 2021-06-28

The UAE Government has implemented Cabinet Resolution no. 31/2019 with effect from 30th April 2019 on Economic Substance Regulations (ESR) in the UAE. This was followed by the Ministerial Decision 215.  However, the UAE government introduced the economic substance reporting regulation on 1oth august 2020 through Cabinet Resolution 57/2020 which revoked Cabinet Decision no. 31/2019. It’s introduced in the bid to comply with the global standard set by the OECD to stop unlawful tax practices. According to the law, mainland, offshore and Freeland have to show the ESR regarding relevant activities in the UAE. All companies must submit the SER notification within giving a due date to the regulatory authorities.

 

Relevant Activities As Per ESR Law

The ESR law is applicable for all mainland businesses, offshore, and free zones area businesses. If any business generates profit relevant to the below activities, then the business is required to comply with the ESR and report to the regulatory authorities. 

Activities

  • Banking Businesses
  • Insurance Businesses
  • Investment Fund Management Businesses
  • Lease-Finance Businesses
  • Headquarter Businesses
  • Shipping Businesses
  • Holding Company Businesses
  • Intellectual Property Businesses
  • Distribution and Service center Businesses

UAE Government Official Page HERE.

 

ESR Filling For Multiples Companies

It’s common for companies to be part of the group for accounting purposes in the UAE. As per ESR law, it doesn’t allow us to report a single notification for multiple companies. Companies need to fill the notification individually and as it is not valid for groups. To clear the process of the ESR companies can contact  Risians Accounting and get a consultation regarding ESR, business accounting, VAT, etc.

Penalty In Economic Substance Regulation

Filling ESR notification is mandatory for the business before the due date. If the company fails to fill the ESR notification along with the required supporting documents before the due date then they will be penalized. The range of the penalty can be from AED 10,000 to AED 50,000. To avoid such penalties, businesses should get ESR services from experts.

The time period For Reporting ESR Notification

At the time of filling ESR notification, Businesses need to consider the right to notification. As per this law, the report time is calculated as the beginning time of the financial year and after 1st Jan 2019. It’s required for the companies to mention the start and end date of the notification report.

It business was incorporated  on 1st  July 2019  with a 31 March 2020 then the report time will be

 Start date: 1 July 2019

 End date: 31 March 2020

 

If the business financial year similar to the financial year then the report time will be

 Start date: 1 January 2019

 End date: 31 December 2019

 

ESR Notification Requirement For Companies Under Dissolve And Liquidation

If the company has been dissolved and liquidated before the deadline of the filling ESR notification then no need to fill the economic substance regulations report.  If the company is under the process of liquidation then filling ESR report is required. 

 

Guidance And Requirement To Fill Notification

  • According to Article 6.7 of Ministerial Decision 100, It’s required for the companies to submit the ESR notification online on the Ministry of Finance Portal.

  •  Article 4.4 of Ministerial Decision 100 says that all the notifications must be submitted within six months from the end of the financial year.

  • Article 8.4 of Decision 57 says that all the ESR reports must be submitted within twelve months before the end of the financial year.

How To Fill an Economic Substance Report?

It is very easy to submit the ESR notification. Companies need to just create a user account, but before creating an account they need to read the privacy policy regarding registration and login, Privacy policy link

User Registration link.  If you have already created the login to your ESR portal. Login link.

Now you can easily submit your ESR notification report. You can also watch the webinar to use the Economic Substance Filing Portal. Webinar link.

If you want to consult about How to prepare an ESR Notification Report and any other issue then risians accounting ESR service is best for you. Currently, we are providing our ESR service to many businesses in the UAE and saving their business from the plenty. 

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What is Accrual Accounting?
  • Accounting
  • 2021-06-21

There are two basic accounting methods, one is accrual basis and the second is cash basis. Generally, businesses choose one of two accounting methods in their bookkeeping system.

Accrual Accounting calculates the company position and performance by recognizing the economic events. In accrual accounting, transactions are recorded in the accounting book if payment for the particular goods/services has not been received or made. This process is important to evaluate the organization's health and position in financial terms.

It follows the matching principle so that we can recognize the revenue and expenses in the same period of time.

In simple terms - Accrual accounting refers to records of all the transactions even if the payment for the services/goods has not been received by the customer. It is a very appropriate way to measure the company position and health in finance.

 

Examples To Understanding The Accrual Accounting

Understand accrual accounting with an example: - Suppose you are running a firm and the firm name is XYZ Pvt. Ltd. and you are using the accrual accounting system to maintain your accounting books. If you sell any product/ service on credit, the transaction is recorded in the sale book based on the generated invoice. The transaction is also recorded when we buy the raw material on credit from the supplier.

We record cash, credit, etc. transactions in the accounting books so that we can get a real picture of the company's financial transaction.

 

How Does Accrual Accounting Work?

Concept of the accrual accounting is that economic events are recognized by matching the expenses and revenue at the time of the transaction occurring if the payment is received or not.This method allows us to combine the current cash inflow and outflow for expecting future cash inflow and outflow, to provide an accurate real picture of the company's financial position. Its relative complexity makes it expensive to implement. This method works better for those companies who offer goods and services on credit and those businesses who take projects and receive the payment after a long period of time.

It gives instant feedback on the cash inflow and outflow so that business owners manage their resources.

 

Cash Basis Accounting VS Accrual Basis Accounting

 

Cash Basis Accounting

It recognizes the revenue when the cash is received on the sale and expenses are paid. It does not recognize the receivable and payable accounts.

It is simple to maintain and there is no need to track the receivable and payables accounts. It is very easy to determine when the transaction has occurred and the payment is received in the account or in cash.

The cash method accounting is very helpful and beneficial in terms of tracking how much cash the business has in the current period of time.

In cash basis accounting, we don’t record the transaction until the cash is received or paid, the business income is not taxed until the cash is not in the bank.

Accrual Basis Accounting

In this method, we record the income and expenses transaction in the accounting books rather than payment is made or received. For example - your company sold goods but the payment has not been received. The sold good transaction is recorded in the sale book.

Commonly, businesses use accrual basis accounting rather than cash basis accounting.

This method gives a more realistic idea of income and expenses during a period of time. It provides the financial picture of the company which cash basis accounting does not.

Accrual accounting does not give information about cash flow. In this, the business can appear more profitable but in reality, has an empty account. If we don’t monitor the cash flow in the accrual accounting then we have to face potential harmful consequences.

 

Accrual Accounting

Cash Accounting

Record transaction when the sale invoice is generated rather than money is not received.

Record transaction when we received the money on the sale.

Record transaction when we receive the invoice on the raw material or other expenses rather than money is not paid.

Record the transaction when we pay the expenses or raw material bill.

Paid tax on money that we have owed.

We don’t pay tax on money that is not received yet.

To use accrual basis accounting requires over $25 million in revenue.

It’s used by small businesses and individuals.

 

 

Hope this article will help you if you have any question and query then freely contact Risians Accounting Firm. It will our pleasure to assist you.

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Avoid these Common Mistakes in Small Business Accounting
  • Accounting
  • 2021-06-16

Business owners have to face different challenges to run the business but the accounting department is not also different.  To manage your accounting is a different task where you wear different task hats in your daily routine.  Small Business owners don’t have enough budget to arrange all the resources.

 Lack of financial resources can create errors, mistakes, etc in bookkeeping, Inaccurate books, over-reported profit, etc. When these types of issues occur then businesses have to face big problems in finance. If we don’t correct the accounting issues, they can harm the business after a long time, like downsizing the business, making the business financially weak, etc.

It’s best for the small business to keep awareness about the common accounting problems so that you know well what to do and not, and how to overcome the problems.

Small business owners often make these mistakes in their business accounts.

  1. Not keeping full information about the business finance.
    Being a good business owner, it’s your responsibility to know the financial health of the business. To know about it you should know how accounting and bookkeeping work and how to consider business financial health. If you don’t understand it then you can’t take better action or make a decision for business future. A small business owner should have awareness of the assets & liabilities standing and where is your cash and how much. Often business owners make one big common mistake, they think we are doing good in business just because we have cash in the bank. If you don’t compare your cash to liabilities, you can’t assume that you are doing good. Business owners should compare their business liabilities to cash so that they can see where they stand. 

  2. Rely on Accounting Software.
    We can detect accounting errors and mistakes easily while manual auditing. But small businesses can’t detect it because they totally rely on accounting software. Small owner thinks we have purchased the accounting software. Now we don’t need to worry regarding the accounting and bookkeeping, but they should perform the audit process to ensure every transaction has been recorded properly, There is no error in the spreadsheet, etc. Sonner, you will realize that all the errors are not detected by the software. Errors and mistakes in accounting become a huge problem for your business after a long period.

    Don’t rely totally on the accounting software but set one particular time for an audit. Please don’t think that we should not use accounting software. Well, accounting software is good. It saves time, money, effort but it can’t detect all types of errors and mistakes.

  3. Updating Records Infrequently.
    When you don’t record the transaction daily then it is easy for the errors to enter your accounting system. And sometimes small businesses avoid recording the small business transaction.

    It doesn’t matter which type of accounting transaction has been done, we should always record the single transaction accurately and timely to prevent unrecorded data.

  4. Not keep backup of old financial records.
    Businesses make one common mistake that they don’t keep back up the old financial records, they store the data in one place that would be an external hard drive, computer, and paper.  They don’t think, what if we lost the data accidentally then there is no way to recover and we know the power and importance of the old data.

    Smart business owners keep their accounting data and others in two places. Generally, they use the cloud backup site to store the business financial data.

    By storing data in the cloud, you can access your data from anywhere and anytime in the world just you need an internet connection.

    Old financial data helps the business to fix errors and mistakes. By using cloud backup you can easily restore the data into the system and fix the errors and mistakes easily and also in a short time.

  5. Financial Health.
    Bookkeeping and accounting define where your business stands. Successful business owners don’t take any action blindly. They analyze the business finance health to know where their business finance stands, after that, they make any decision for business growth. By doing this business owners can choose the best way among no. of ways. It helps the business owner to invest a particular amount in the project. 

    If businesses don’t analyze the business finance health then it’s easy to invest unnecessary amounts on the project, software, expenses, etc which is not beneficial for the business. 

Final Thought

To start a business is easy but to drive a business toward success is not easy. Accounting and bookkeeping are a major part of the business. Being good business owners, we should record every financial transaction properly and also do the business accounting audit to identify the mistake, error, etc into the business accounts. By doing these we can know the business is financially healthy. 

If you have any issues and query contact risians accounting

 

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Author Image Abbas
Everything You Should know About The About Management Accounting
  • Management Accounting
  • 2021-05-25

What is Management Accounting?

Management Accounting is used by the internal team of the organization and is also known as managerial accounting. In Management Accounting, we analyze, identify, interpret, measure, and communicate financial information to generate the management accounting report. That report is provides all the financial information, statistical, and resources to the managers. With the help of the report, managers can make informed decisions easily for day-to-day and short-term decisions for organization growth.

It’s only used by the internal team which is the only thing that makes it different from financial accounting. The objective of managerial accounting is to improve statistics and make better decisions.

This report contains details of accounts receivable and payable, cash, current generated revenue, etc. If you are looking for a management accounting consultancy then Risians Management Consultancy is the best for your organization. 

In simple terms, Accounting managerial is the process of analysis and measurement of the financial information, resources, economy, tactic, etc. This helps the organization to make better decisions. It has no defined fixed format and structure and is not to be shared with an outsider agency like the government. 

Types of Management Accounting Reports:

  1. Analyzing Cash Flow - Most companies record all financial information on an accrual basis accounting. Although, it shows the exact picture of the financial position, accountants analyze the cash flow to determine the cash impact on business decisions while performing analysis, they will consider the cash outflow and inflow as a particular business decision. The accountants may implement the working capital management strategies to optimize the cash flow and ensure the organization has enough liquid assets to cover the short-term work.

  2. Product Valuation - The cost of the product is determined by the cost of production of goods and services. The Managerial accounts find the overhead cost charges on the production. It may be based on the No. of good production and related to it.

  3. Analyzing Inventory Turnover - It is a calculation of the inventory that has been sold and replaced in a particular period of time. It helps the business to make a better decision regarding the price of products and services, purchasing inventory, and marketing.  It contains the carrying cost of inventory and stores unsold items. Accountants find a possible way to reduce the cost of storage.

  4. Management of AR (Accounts receivable) - In this, the Accountant creates the list of all the accounts receivable according to time like 30 days, 30 to 60 days, 60 to 90days, etc.  It creates a positive effect on the business. Accountants review the receivable accounts and identify if there is any customer that becomes credit risk. If they report to the appropriate department manager that a particular customer is not making payment on time. Sometimes businesses may reconsider doing business on credit with that customer.

  5. Constraint Analysis - In Constraint Analysis, Accountants analyze the whole production and sale process. To identify, there is a thing that will create any prevention and limitation and tell how to improve more sales and production process. Business managers use the report and do some implementation for efficiency in the sales and production process of the organization.

  6. Budgeting - Management accountants do the measurement and analysis of the company perforation and previous expenses to create a budgeting report.  Business budgeting contains the list of all sources of expenses and earnings. Budgeting reports guide the managers to offer better renegotiate terms with vendors and suppliers and employee incentives, cut costs. Management can make new strategies to accomplish the business goal within the set budget amount. Every year businesses set a sufficient amount of budget to run a business efficiently. That’s why a budgeting report is a critical measurement of expenditure, Revenue, etc.

What is the Main Purpose And Objective Of Management Accounting?

The main objective of management accounting is to help the business organization in smooth and efficient performance in controlling, planning, directing, organizing, and more.

  1. Planning - The first main objective of management accounting is to aid businesses in planning for future needs, and accomplish the goal. Managerial accountants analyze and measure the company's current & past performance, generated revenue, expenditure, regular expenditure, and more as per the business structure and function to give the report that shows the real picture of the business. By the report, management makes the decisions to increase production and sales.

  2. Analyzing the data - The main purpose of management accounting is to analyze the data.  That helps in finding the problem area and developing methodologies to correct it. Data analysis increases business efficiency, increases productivity, and prevents future problem areas and harm.

  3. Forecasting - As we mentioned above, managerial accounting analyzes the past and current data of the organization and generates a report based on that analysis.  Generated reports play a vital role in forecasting and make better decisions.

  4.  Monitoring - In this accounting, we monitor every process of the organization to ensure that decided strategy implementation is appropriate and all the processes are in as per strategy.
  5. Aids In Achievement - Management accounting reports help in making decisions and birth the new effective strategy that makes the business process feasible. They also monitor the process of the organization that the newly implemented strategy is on track or not and also do time to time forecasting. If they found any loopholes, errors, problems, and overhead costing areas. They take steps to resolve it and take precautions.

The Importance of Management Accounting

As we know, Management Accounting is a major tool for business success. The reasons are following:-

  1. Prevention and rectifying -  Management accounting keeps an eye on each process of the business organization and if they find any problem, errors in any particular area they take action to fix them. By analyzing the data and economy they forecast the business performance and take prevention if they found any future problem.

  2. Introducing New Product - If a business wants to launch any new product and service the management accounting plays an important role. It supports the business from the beginning planning to the end execution by giving details about the producing capability, cost of products, real picture of the product market, etc. They also define how much quantity of the product will be best and profit on it.

  3. Reviewing Products -  In management accounting, review all the current products and services and generate the report that has all products' final cost and profit margin so that the business can identify which product is more profitable and which are not.  They provide you valuable metrics that help businesses to reduce the unnecessary cost of the products and how to increase profit.
  4. Staffing - Organization staff is another area in which management accounting plays an important valuable role. Management accounting aids the business to make the right decision by informing the business how much staff is required, how much we can afford to spend, and the return you can expect from the per employees.

If you want to get all the benefits, get a free Management Consultancy in Dubai, UAE. Risians Accounting has become the pillar of some organizations in the UAE by giving accounting service to them. If you have any questions and issues related to accounting, bookkeeping, auditing, VAT, Tax Agent, Company formation, and management accounting feel free to contact us. Connect with us and discuss your problem with us, we are here for all your business needs. 

 

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Author Image Abbas
Guide to Set up Business in Dubai, UAE
  • Business Formation
  • 2021-05-25

Dubai, located in the northeastern UAE is the business hub of the country. It is the fastest-growing economy among the world’s other cities. That attracts the investors and business starts-up and they begin setting up their business in Dubai.

Now Dubai government allows ex-pat business owners to own full business in some cases and the 0% tax rate as well. In the UAE expat can get long-term visas that make it the perfect location for overseas entrepreneurs. 

 

Why should you establish a business in Dubai?

The fastest-growing economy has shifted from the oil economy to the business innovation economy in the last 30 years. Multiple reasons make Dubai the first choice for investment and business owners. 

Due to the strategic location and business-friendly government rules and regulations Dubai fascinates foreign investment and business owners alike.

Business owners want to start their business due to two prime reasons. The reasons are following:-

  1. Business Friendly Environment - The United Arab Emirates got the 16th position for an easy place to do business by the World Bank. Setting up the business in Dubai is not complicated. It’s quite simple and easy.  Many business owners can establish their businesses within a week provided they have all the approved documents. There are many free zone areas to set up a business that the UAE government has established. In the free zone areas, the Dubai government allows 100% foreign ownership, profit earned repatriation and large tax exemption.

  2. Low Rate of Taxes And Open Market - In Dubai, there is no tax on personal income. And has a free-trade economy. The Dubai government and regulatory authorities do very little interference in the private sector activities. Dubai has a liberal policy system; this allows a business owner to easily hire employees from anywhere in the world. Dubai has implemented strict rules and regulations for fraud and money laundering. Foreign investors love to invest here because of the clean place and with little worries.

  3. World Class Infrastructure - Dubai has various international standard free zone areas for the business. It also has a modern infrastructure in the entire world that holds significant importance.  Dubai handles thousands of visitors with its beautiful airports and seaports. It also has numerous roads and highways that make travel easy and fast. Trusted telecom infrastructure, undisturbed power supply, and loaded with amenities to attract business owners throughout the world.
  4. Best Accessible location - Dubai is located in the center of Africa and CIS (Commonwealth of independent states). Currently, 8555 airlines are operating here. It is connected with more than 120 Shipping lines.  Dubai is an easily accessible location from anywhere in the world.
  5. High Standard of living - Dubai is a diverse. Numerous foreigners have made Dubai their second home. Dubai leads the world in real estate, housing facilities, educational institutes, recreational activities. Dubai is a low-crime city that makes it the safest city in the entire world.

How To Set Up Business In Dubai?

If some want to set up a business in Dubai then setting business is a simple and pretty smooth process. Dubai is the best city for the set-up business. The process to apply for business approval is quite simple.

The process to set up business in Dubai:-

  1. If someone wants to start a business in the mainland of Dubai, then they should have a local investor. Investors should be local Emirati. 

  2. After getting local investors the next step to acquire the NOC from the local sponsor.

  3. Now you have to Prepare the MOA of the company. MoA should have the basic condition on which business is carried out.

  4. Get approval from the DED (Department of Economic Development). It’s an initial approval and must.
  5. After obtaining the initial approval from the DED then register your business’s unique name.
  6. After getting a business trade name. Placed your business at the best suitable location for their business.
  7. While setting up the physical office, a business owner should apply for a trade license.
  8. After receiving the trade license, the business will be set up within a week.

 

Required Documents To Start Business

If company location in free zone areas that are governed by the respected rules. Then the required documents will depend on the area rules. A required document may include.

  1. Business plan
  2. Application Form.
  3. If you are an existing company or applicable for the local company then you need a copy of the registration certificate and trade license.
  4. Director, Manager, and shareholder passport copy and Specimen signature
  5. For individuals, we need NOC From the sponsor.

 

Company Formation Fees

The Cost of company formation is low in comparison to the other cities which is another reason that entrepreneurs like.

There are many factors involved, But for the trade license you can expect the AED 15,000 to AED 25,000.

The company formation cost in Dubai depends on the location, premises, No. of employees, etc. If you are establishing your business in a free zone area then the cost will be lower than the mainland. 

 

Popular Area Name in Dubai

  1. Al Quoz
  2. Al Qusaia
  3. Al Karama
  4. Business Bay
  5. Bur Dubai
  6. Deria
  7. Sheikh Zayed Road

Free zone area in Dubai:-

In the entire UAE, there are about 45 free zones. Some division are:-

  1. Energy
  2. Automotive
  3. Aviation
  4. Media
  5. Investment
  6. Academics
  7. Information Technology
  8. Logistics

Establishing company In Mainland.

  1. Real estate
  2. Education
  3. Hospitality
  4. Retail

 

Hope this short Information Help you If you have any doubt and query, please contact our business consultant team.  When you allow us to work with you, first we understand the business model; get information about the business and nature of business. Now you sit back and let our team manage trade license work and communicate with all relevant authorities and departments. After completing our team report you back when all the things are set and you are ready to start trading. We also give time-to-time reports of working status.

 

 

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Author Image Mr. Abbas
Accounting Service in Dubai For your Business Growth - Risians Accounting
  • Accounting
  • 2021-05-17

Accounting is the measurement of all financial records of any business and the key form of communication to measure financial or non-financial information. Most small business owners create business models based on business competition, products, and services. They gather all the resources and plan to grow their business accordingly. Business owners are very good in business but not so in accounting. They generally don’t have sufficient accounting and financial experience to make effective financial decisions regarding business growth, keeping business accounts updated as per law, and point out errors in accounting.

If you are also a business owner and are seeking to find the best accounting companies in Dubai to outsource your financial operations, be assured that you have taken the right step towards an informed way of keeping your finances in check. It is much easier to hire an accounting agency to keep your financial records than setting up an entire accounting system in the business itself. 

While searching you will come across hundreds of accounting firms in Dubai but you should hire the best one that is fit for your business needs. To hire the top accounting firm for your business you have come to the correct place, Hire The Best Accounting Firm In Dubai. I’m not saying hire the expensive service, top means the firm suitable for your business which has working experience in your business niche.

In the Accounting Firm, Certified Chartered Accountants deal with each monetary transaction of the business and individuals. It’s one of the main factors to run a business towards success. They provide a business balance sheet, cash flow statement, financial statement, and fill the vat returns. With the help of business accounting, you can make better returns out of your business. Business accounts ensure what is your current financial position and determine further steps for growth. 

It has been mandated for the 2015 commercial companies to maintain the proper accounting books at least for five years as a legal requirement. As you know VAT is also mandatory and VAT and tax returns are now too important otherwise you can get the penalty from the FTA. That’s why accounting and bookkeeping services in Dubai are advised by experts. There are a lot of things to be done in the business and it is not easy to comply with the legal requirement and keep business strategy running on track continuously in this competitive race.  It’s very difficult to manage business accounting along with business accounting. That's the biggest reason, accounting services in Dubai UAE are offered by many various companies as an outsource. 

Accounting service outsourcing has become highly recommended since it helps the business especially when service provider companies use the latest accounting software and technology like Risians Accounting. Accounting software makes the work easy. It is more effective and fast in recording transactions. 

 

Get The Service From The Best Accounting Firm In Dubai 

Risians Accounting is an FTA-Approved accounting firm located in the heart of Dubai. Risians Accounting offers accounting and bookkeeping, advisory, VAT Consultant, Tax Consultant, Tax agent, VAT return services, etc. We have a certified team of chartered accountants who have 10+ years of working experience in different industries and projects.

At Risians Accounting, We provide you with the best strategies. Our expert team first understands the accounting requirements of the business and discusses each step, process, and aspect based on the client’s business needs. Our Chartered accountants reduce the owner's burden and financial costs wherever possible. We count our success when we are able to carry out successful decision-making and tasks for our clients.

Risians Accounting is considered amongst the top accounting service providers and prominent accounting firms in Dubai, UAE.  Our business auditors and consultants keep your business’s financial records up to date and financial statements that help you coordinate well with the law and regulation. They concentrate on the risk areas and improve the company performance with flexibility to grow business and accounting requirements.

We give the tailoring service and fee package based on your activity and requirement. We also provide full-time support to fulfill your requirement on time and with utmost efficacy.

Bookkeeping Service

In bookkeeping, bookkeepers record all the financial transactions appropriately and summarize the records. In the old times when computers weren't born these entities were recorded in the book that’ why it’s called bookkeeping. 

Currently, we are managing the bookkeeping service of various industry clients. Our Bookkeeping Service in Dubai Includes

  1. Recording all business transactions.
  2. Vendors bills payments
  3. Make ledger
  4. Reconciliation of Accounts, Bank statements, and passing.
  5. Include receipts & payments & income & expenses or other adjustments for recording transactions.
  6. Create and prepare the invoices.

VAT Tax Service

1st Jan 2018 UAE government has introduced the VAT with a 5% rate of interest. It became a new source of income in the UAE. We prepare and fill the VAT return on time and fulfill the FTA requirement on the behalf of the client's business. Save the unnecessary amount on the VAT Tax.

Audit And Assurance Service

The financial statement audit means reviewing the business accounting books to make sure that all financial records are in the right place as per rules and regulations. It increases the value and credibility. We provide full support during the auditing by giving full support to the Auditors and prepare the requirements. 

Financial Statement Or Financial Position.

It's a formal record of financial record of a business. It presents the financial position of the business. It’s mandatory for business because With the help of the financial statement business makes decisions for future growth. 

We provide proper business accounts statements along with recommendations to improve the business. We offer:-

  1. Profit and loss account.
  2. Cash flow statement
  3. Balance sheet

Monthly, Quarterly, And Yearly Reviews

For business security and accuracy of your financial records and accounts, we review your entire business in order to mitigate risks and harms. We share the review report along with suggestions and recommendations and discuss with clients ways on how to grow their business.  We help businesses realize their full potential and reap the benefits of informed decision-making and smart execution of their finances. 

 

Why Choose Risians Accounting Firm?

Accounting is a major part of any business. Our business consultant and Chartered accountants give you full support in your business accounting and bookkeeping services. They have the caliber to take care of your business accounts & finance and know how and where you can save money without any further harm. We have decades of working experience in different industries.

Our aim is just to take care of the client's business accounts and finances along with full transparency. Our accounting service business growth is after your business success. We provide tailor-made strategies with tailor-made quotes or packages.

 

 

SAVE BIG ON TAXES

Let’s connect and discuss how outsourcing can help you save on costs and scale your business.

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My experience in working with this team is very much a positive one. Their professionalism is refreshing. Thank you for making the process a very pleasant experience.

Ms. Arshameh Parmoun Tag Properties

We have been working with RISIANS Chartered Accountants on a couple of assignments. At all times they are professional, organized with whatever assignments we have entrusted with them. Being a approved audit firm they are well aware with the regulations and compliances. I will recommend the team highly enough and shall certainly be engaging with them again and again in future assignments.

Moin Abbas Al Ajwad Auto Works

I would overall rate team RISIANS work as exceptional. The team was successful in delivering quality audit, irrespective of the tight deadline and it was way better than the predecessor. We can definitely build more knowledge for future.

Ajit G Vernekar AL SHAFAF REPACKING SERVICES

RISIANS proactiveness and precision towards managing our accounts and helping us constantly whenever we are in need of is a dynamic quality that makes us want to recommend to any company or an individual. Looking for a great accountants without any hesitation.

Aqeeb Aqeeb Internstional
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Sheikh Zayed Road, Dubai-UAE

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