Need Bookkeeping and Accounting Services in Dubai?

Outsource all your accounting needs to our experienced team in the UAE – from payroll management to general bookkeeping and tax preparation & filing. Let us manage your financial records so you can focus on growing your business

Need Bookkeeping and Accounting Services in Dubai?

Outsource all your accounting needs to our experienced team in the UAE – from payroll management to general bookkeeping and tax preparation & filing. Let us manage your financial records so you can focus on growing your business

Our Services

Bookkeeping

We’ll help you maintain updated financial records by ensuring your transactions are properly recorded and managed.

VAT

We’ll guide you through VAT registration and provide specialized assistance for your quarterly VAT submissions.

Corporate Tax

We’ll provide guidance around corporate tax, assist you through the registration process, and manage all paperwork.

Payroll Management

We’ll handle your payroll, ensuring the efficient management of employee salaries in compliance with UAE labor law.

Our Services

Bookkeeping

We’ll take care of your business’s daily finances, making sure your income and expences are properly recorded.

VAT

We will guide you through VAT registration and do your quarterly VAT submissions.

Corporate Tax

Our team will assist you through the tax registration process,managing all the necessary paperwork and providing guidance on all corporate tax-related matters.

Pay Roll

Outsource your business payroll needs to ensure accurate and efficient management of employee salaries and compliance with UAE Labor Law.

Saldo Accounting in numbers

0

of Satisfied Clients

0

Saved for Clients

0

SMEs Under Management

0

Regulatory Issues

Why clients choose us?

Customer-First Approach

The customer is at the heart of everything we do at Saldo, and our number 1 goal is to provide an efficient service that offers exactly what the client needs.

Highly Experienced Team

We have a team of experts who are qualified and proficient at accounting and bookkeeping, tax preparation and advisory, and keeping your finances in order.

Dedicated Relationship Manager

Our clients get a dedicated relationship manager who acts as a liaison between the Saldo team and our customer, ensuring optimal service delivery.

Full-time Multilingual Support

We have a multilingual team that provides full-time support to our clients, allowing us to communicate effectively in more than 9 major languages.

About Us

Meet Up Our Team!

Financial Year in the UAE

Blogs

November 01, 2024•2 min read

Financial Year in the UAE

The United Arab Emirates (UAE) is a dynamic hub for business and finance, with a regulatory framework that supports its status as a global economic powerhouse. The financial year regime in the UAE is integral to this framework, influencing how businesses operate, report their financials, and comply with local laws.

Standard Financial Year Regime

The standard financial year typically runs from January 1 to December 31.

This alignment with the Gregorian calendar simplifies reporting and compliance processes for companies, aligning them with international practices. However, companies in the UAE can choose a different financial year cycle if it better suits their business operations, as long as it is consistently applied and approved by the relevant authorities.

Regulatory Bodies

Several regulatory bodies oversee the financial year and accounting practices in the UAE, including:

1.Ministry of Finance (MoF): The MoF plays a crucial role in establishing financial policies, including those related to the fiscal year.

2.Federal Tax Authority (FTA): Since the introduction of VAT in 2018, the FTA has been a key player in ensuring compliance with tax regulations, including the timing and manner of financial reporting.

3.Securities and Commodities Authority (SCA): For public companies and those listed on the UAE stock exchanges, the SCA provides guidelines on financial disclosures and reporting.

Accounting Standards

The UAE mandates that businesses adhere to the International Financial Reporting Standards(IFRS), ensuring consistency and transparency in financial statements. This requirement applies to all publicly listed companies, large private companies, and financial institutions. The adoption of IFRS aligns the UAE with global best practices, enhancing the confidence of investors and stakeholders.

Financial Reporting Requirements

Businesses in the UAE are required to maintain accurate financial records and submit annual financial statements. These statements typically include:

• Balance Sheet: A report of the company’s financial position at the end of the financial year.

• Income Statement: A summary of the company’s performance over the financial year, detailing revenues, expenses, and profits.

• Cash Flow Statement: An overview of cash inflows and outflows, illustrating the company’s liquidity and financial health.

• Notes to Financial Statements: Additional information and explanations regarding the figures presented in the financial statements.

Audit Requirements

Certain companies are required to undergo annual audits conducted by an accredited external auditor.

Impact of VAT Implementation

The introduction of Value Added Tax (VAT) in January 2018 marked a significant shift in the financial reporting landscape in the UAE. Companies now need to ensure that their financial records accurately reflect VAT transactions, with periodic VAT returns submitted to the FTA. This added requirement has necessitated more robust accounting systems and practices.