Services for SME Sector

1. Accounting and Bookkeeping Services

Al Raqamiya is keen on providing outstanding accounting services for small- and medium-sized enterprises in UAE. We have specialists in part-time bookkeeping and outsourced accounting services. Our professional fees are very reasonable and within every small- and medium-sized business’ budget. Our team members holds bachelors or masters degrees in accounting, finance and management accounting.

They are well experienced and have local knowledge in various industries such as general trading (Supermarkets, Cafeteria, Trading Companies), contracting and construction accounting, manufacturing accounting, job costing accounting, tax accounting, value-added tax (VAT) accounting, professional services accounting, school accounting, and many others.

The practice of commercial activities without systematic accounting books will risk your business interests. According to the UAE law for commercial transactions and VAT / Excise Duty Laws, the systematic accounting books must be maintained and admitted as the authentic evidence by regulatory authorities.

At the core of our outsourced accounting services lies a concept of adapting to the client’s needs in such a perfect way that it yields these benefits to our clients:

Flexibility

We have two approaches to this which ends in benefiting you with extreme flexibility:
a)- Our accountant works from our office and you can email/mail the documents to us
b)- Our accountant visits you at your office for the accounting work
c)- A mixed approach combining the above two

 

Cost Effectiveness

We charge a minimum monthly fee for our outsourced accounting services that is guaranteed to be the best price prevailing in the market. Overall, you get benefited with a significant cut down on costs such as:

  • Best competitive price per month
  • Avoidance of monthly salary which would have been paid to a full time accountant
  • No visa costs
  • No annual leaves meaning a 12 months service
  • No increments
  • No air tickets
  • No gratuity payments
  • No overtime payments
  • No training cost
  • Easy replacement to another Professional Accountant, if required

 

Access to Expert Knowledge

We give you the best of accounting talent in terms of an experienced professionally qualified accountant, who has experience of working on accounting of diverse industries and sectors. A dedicated Partner is also available to support technically whenever required. In result, you get access to a pool of expert accounting knowledge at an unbeatable price and an unmatched level of quality.

Long term affiliation

We give you our commitment for a long term affiliation and relationship, which means you benefit by an uncontinued accounting service, which in turn makes sure that your accounting records are kept updated for an indefinite period of time.

What we offer:

  • Accounting and Book keeping
  • Accounts Supervision
  • Online Accounting services
  • Forecasting & Projections
  • Accounts payables/receivables outsourcing
  • Payroll with WPS System
  • PDC Management
  • Preparation and mapping of chart of accounts
  • Preparation of Management reports – Income statement, statement of financial position etc
  • Assess requirements of the internal control environment
  • Ensure compliance of book keeping and record keeping for VAT / Taxation Compliance.
  • Continuous Auditing and Monitoring

Customized Methodology and Approach

We have developed a tailored methodology for supporting Companies in UAE’s SME Sector. The methodology was developed to address the following constraints / limitations faced by UAE Companies. Considering the proprietary nature of methodology, Al Raqamiya Focal Points will do presentations to the clients directly.

  • Several organizations in UAE in SME Sector do not have a strong back office or accounting systems / procedures or lack the knowledge / skill set in ensuring compliance to statutory and legal requirements.
  • Management decision making may not be informed due to lack of historical data or records or data analytics.
  • Absence or lack of established internal control systems, procedures and controls resulting in prevention or deterrence of fraud, collusion with third parties or non – compliances by employees

2. Value-Added Tax (VAT) Consultancy Services

UAE Ministry of Finance has released an information on the newly introduced Value-Added Tax (VAT) in UAE, which will be applied starting from 1 January 2018. Businesses can register for VAT from September 2017. we offer VAT accounting and VAT consultant services in Dubai and UAE. As your VAT consultant, the following are the things that we are capable of doing for you as we lead you step-by-step towards grasping the new concept of VAT.

VAT Calculation, VAT Accounting, and VAT Documentation Services

  • Preparing tax calculations
  • Managing your corporate accounts books
  • Introduction of an accounting software that can adopt VAT calculations
  • Charging VAT on supplies at the correct rate
  • Calculating net tax payable to local tax authorities
  • Calculating VAT deductible on purchases
  • Calculating output VAT on imports from member countries and non-member countries
  • Calculating input VAT on export to member and non-member countries
  • Calculating and claiming refunds for VAT for businesses that are resident and non-resident
  • Keeping the correct documentation in relation to invoices, records, account, VAT returns, etc.
  • Filing tax returns with local tax authorities
  • Providing suggestions for paying the net amount of VAT due within the prescribed deadlines

VAT Law Compliance, VAT Registration, and VAT Implementation Services

  • Ensuring that your business is aligned to the compliance practices with VAT requirements
  • Registering your company with the local tax authorities
  • VAT perspective structuring (consists of contract and transaction review; schemes for supply chain optimization)
  • Planning and structuring in order for cash flow management to be not affected
  • Business impact assessment—mapping existing systems and identifying key VAT touch points
  • Consultancy on industry-focused VAT (e.g., retail/ marketing, financial services, real estate)
  • Implementation of e-invoicing and e-archiving; ERP reviews
  • VAT audits and litigation support assistance
  • Advising, developing, and aiding in restructuring transactions, supply chain, and other associated processes
  • Advising and supporting with regard to necessary changes in the IT systems and applications

3. Continuous Auditing and Monitoring

With the increased complexity of business environment and growing concern of Company’s Ownership and Management regarding controls over processes and data integrity, Al Raqamiya has incorporated the concept of continuous auditing and monitoring of key processes at periodic intervals.

Al Raqamiya’s professionals shall understand your business processes, conduct process walk through and will develop a checklist for key processes.

Walkthrough of transactions, systems and processes will be conducted on periodic intervals (as agreed with Management) and Management report will be submitted regarding areas of control weaknesses, potential fraud risk indicators etc and provide assurance to Management that controls are adequately embedded in the processes and systems.

4. Internal Audit Services

In an expanding risk landscape Internal Audit has emerged as a critical lever for change. Now, more than ever, it needs to rise to the challenge and demonstrate its value. At Al Raqamiya, we are driving Internal Audit as an important tool for the Management in SME Sector to have adequate oversight over their business processes and operations. The internal audits executed by Al Raqamiya’s qualified and experiences professionals shall be Relevant, aligned, agile and delivers insight and quality in equal measure and to the highest standard.

We tailor our solutions to match the individual business needs of our clients. We help you look deeper and see further considering areas like your organization’s culture and behaviours to help you improve and embed control.

Our focus is towards proactive measures instead of being reactive in nature.