Financial Reporting

Preparation of Financial Statements as per International Financial Reporting Standards

Financial reporting is vital for any business to understand its financial health and make informed decisions. Our financial reporting services offer comprehensive, accurate, and timely reports to help you gain a clear picture of your financial position.

Financial reporting is an integral part of a company’s operations, allowing it to assess its financial health accurately. Unfortunately, many companies rely on in-house accounting and bookkeeping staff to create these reports, even if they lack the right qualifications and knowledge. This can lead to financial statements that are inaccurate or difficult to understand, creating serious issues for the company. To ensure accurate financial records and statements, companies need to invest in qualified professionals with the appropriate experience and understanding of financial reporting.

What is Financial Reporting Service?

Financial reporting is the process of tracking and recording financial transactions taking place within a business. This includes income, expenses, sales, production costs, liabilities and more. It involves the preparation of detailed and accurate financial statements, reports and records that provide information about a business’s financial position, results of operations, and cash flows. These documents are used to evaluate a company’s performance over past and current periods. This method provides investors, creditors, suppliers, government agencies and clients with an in-depth overview of the company’s financial status. Furthermore, these documents also provide useful insights into how different decisions may affect the business’s future prospects.

Why do you Need a Financial Reporting Service?

Financial reporting is designed to convey the financial performance and position of a business accurately and objectively. Financial reporting serves to inform investors, creditors, suppliers, government agencies and customers about the company’s financial results. Financial accounting and financial reporting details can be summarized on financial statements that cover assets, liabilities, incomes, equity and expenses as well as other monetary transactions.

Financial reporting provides a way for owners to gain insight into their organization’s finances by examining critical numbers pertaining to investment decisions, liabilities, and assets. With the use of these statements and reports, businesses can effectively make informed decisions to ensure future success and growth. Moreover, the UAE Commercial Companies Law No 2 of 2015 came into effect on 1 July 2015. It required companies to adhere to international financial reporting standards and practices when compiling their financial reports.

Benefits of Financial Reporting

Bookkeepers are essential for the organization and maintenance of financial records and information of companies by performing daily accounting activities such as ledger entries, payroll processing, processing payments and receipts, costing, budgeting, monthly financial reporting etc.

Benefits of Accounting and Bookkeeping

Financial reporting provides business owners with a comprehensive overview of their financial performance, allowing them to make informed decisions.
It provides insights into important financial information such as profits and losses, total assets, liabilities, equity, and more. This helps owners identify areas where they can make improvements or need to take action.
Financial reporting also makes it easier for businesses to set benchmarks and goals in order to measure their progress toward achieving them

It allows business owners to compare their performance with other businesses in the market and track changes over time, giving them an edge over competitors.
Financial reporting can be used as a tool for developing strategies and setting budgets, to track and control cash flows of the company as it provides accurate data that shows the cost of operations, investments, and other activities that affect cash flow.
Furthermore, it improves transparency within an organization by supplying clear visibility into its finances which can help reduce discrepancies and frauds by detecting any suspicious transactions or misappropriation of funds.
Lastly, financial reporting aids in meeting regulatory requirements by providing detailed reports on financial activities so as to comply with government regulations such as tax filing laws and disclosure rules.

Process of Preparing Financial Reports

The primary objective of financial reporting services is to provide an accurate picture of a company’s financial performance and position.

We assist businesses in completing their processes through the following steps:

Double Entry process review
Trial balance review
Ledger entry recording and adjustments, if required
Financial statements preparation and analysis

At ADEPTS, we evaluate a company’s profit and loss to determine its cash flows for the financial year. This enables management to comprehend the organization’s standards and to plan for future investments. Financial reports are based on the accrual method of accounting, and they adhere to IFRS accounting rules.

frequently asked questions

What is included in financial reporting?

Financial reporting includes information such as income statement, balance sheet, and cash flow statement that provide an overview of a company's overall financial health. It also includes other documents such as notes to the financial statements, management's reports.

Who is responsible for financial reporting?

The management of a company is typically responsible for the accuracy and integrity of its financial reports. It is advisable to consult with an external accounting firm to ensure that all relevant information has been included in the report and that it meets all applicable regulations and standards.

Why is financial reporting important?

Financial reporting is an essential part of a company's operations as it provides stakeholders with an insight into the company's performance and position. It helps investors, creditors, regulators, and other stakeholders to make informed decisions about their involvement with the company.

Why Choose ADEPTS

Expertise and Experience

At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.

Tailored Solutions

Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.

Time and Cost Efficiency

By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.

Accuracy and Compliance

We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Accounting & Bookkeeping Services in UAE

Maintain Accurate Financial Records and Up-to-date Books of accounts

Maintain Accurate Financial Records and Up-to-date Books of accounts!
Companies in the UAE must maintain their books of accounts and financial statements for at least 5 years, as prescribed by the UAE Commercial Company Law 2015 and VAT law of UAE. Additionally, various free zones in the country require companies to have their accounts audited by approved and listed audit firms in UAE, with global standards such as IFRS adding complexity to financial reporting. As a result, keeping up-to-date records is essential for businesses operating in the region to remain competitive and compliant with regulations.

What is Financial Accounting

Financial accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The primary purpose of financial accounting is to provide information to external stakeholders, such as investors, creditors, and regulatory agencies, about the financial performance and position of a company.

Financial statements, such as the balance sheet, income statement, and cash flow statement, are the main output of financial accounting. The balance sheet provides information about a company’s assets, liabilities, and equity at a specific point in time. The income statement provides information about a company’s revenue, expenses, and net income over a specific period. The cash flow statement provides information about a company’s inflows and outflows of cash over a specific period.

Financial accounting follows a set of rules and standards, such as Generally Accepted Accounting Principles (GAAP) in the United States and International Financial Reporting Standards (IFRS) globally, to ensure consistency and comparability of financial information. Financial accounting is performed by trained professionals, such as accountants, and is subject to independent auditing to ensure the accuracy and reliability of financial information.

Financial accounting is an important tool for making informed business decisions, evaluating performance and progress, and communicating with stakeholders. It provides essential information for decision-makers, such as investors, creditors, and managers, to assess the financial health and potential of a company.

What is Bookkeeping

Bookkeeping is the process of recording financial transactions in a systematic and organized manner. It involves the recording of financial transactions such as sales, purchases, payments, and receipts in a company’s financial records. The goal of bookkeeping is to maintain accurate and up-to-date records of a company’s financial transactions. This information is used to prepare financial statements, such as the balance sheet and income statement, which provide a snapshot of a company’s financial position and performance. Bookkeeping is an important function for any business as it provides a clear and accurate record of financial transactions. This information is used by managers to make informed decisions, by regulators to ensure compliance with tax laws and regulations, and by lenders and investors to assess the financial health of the company. Bookkeeping also helps in identifying trends and patterns in a company’s financial performance and helps in budgeting and forecasting future financial needs.

Why Accounting and Bookkeeping is important for business

Facilitates informed decision-making

Accurate and up-to-date financial information is essential for making informed business decisions. This information can be used by managers to identify trends and patterns in a company’s financial performance and make decisions that support the long-term success of the business.

Compliance with laws and regulations

Accurate bookkeeping and accounting records are essential for compliance with tax laws and regulations. Keeping accurate financial records helps to ensure that a company meets its tax obligations and avoids costly fines and penalties.

Assessing financial health

Financial information is used by lenders and investors to assess the financial health of a company. This information is used to determine the creditworthiness of the company and to make investment decisions.

Budgeting and forecasting

Accurate financial information is essential for effective budgeting and forecasting. Financial information provides a clear picture of a company’s financial position, which is essential for creating a budget and forecasting future financial needs.

Improved cash flow management

Facilitates effective business planning

Accurate financial information provides a clear picture of a company’s financial position and performance, which is essential for effective business planning. This information is used to identify strengths and weaknesses and to set goals and strategies for the future.

The Process Flow of Our Accounting & Bookkeeping Services

Recording transaction

The first step in the accounting and bookkeeping process is to record financial transactions as they occur. This involves creating a record of each transaction in the company’s books.

Classifying transactions:

The next step is to classify transactions into appropriate categories, such as revenue, expenses, assets, liabilities, and equity. This helps to organize financial information for analysis and reporting.

Posting to the general ledger

The recorded transactions are then posted to the general ledger, which is the central repository for all financial information.

Preparing trial balance

he next step is to prepare a trial balance, which is a list of all accounts and their balances, to ensure that the total of all debits equals the total of all credits.

Adjusting entries

The trial balance is then used to identify and make adjusting entries, which are transactions that are recorded at the end of an accounting period to update the financial statements.

Preparing financial statements

The final step is to prepare financial statements, such as the balance sheet, income statement, and cash flow statement, which provide a snapshot of the company’s financial performance and position.

Closing the books

At the end of each accounting period, the books are closed to prepare for the next period. This involves transferring the balances of certain accounts, such as revenue and expense accounts, to the equity section of the balance sheet.

This process flow is repeated regularly, usually on a monthly or quarterly basis, to ensure that the company’s financial records are up-to-date and accurate.

frequently asked questions

What is the difference between accounting and bookkeeping?

Accounting is the process of interpreting, classifying, and summarizing financial information for decision-making, while bookkeeping is the process of recording financial transactions in a systematic and organised manner.

What is the purpose of accounting and bookkeeping?

The purpose of accounting and bookkeeping is to provide accurate and up-to-date financial information that can be used to make informed business decisions, comply with tax laws and regulations, assess the financial health of the company, manage cash flow, and facilitate effective business planning.

Who performs accounting and bookkeeping functions?

Accounting and bookkeeping functions can be performed by trained professionals, such as certified public accountants (CPAs), bookkeepers, and accounting software.

How often are accounting and bookkeeping records updated?

Accounting and bookkeeping records should be updated regularly, usually on a monthly or quarterly basis, to ensure that the company's financial information is accurate and up to date.

What are the benefits of outsourcing accounting and bookkeeping functions?

Outsourcing accounting and bookkeeping functions can save time, reduce costs, and improve the accuracy and reliability of financial information. It can also allow business owners to focus on their core competencies and leave the financial management to experts.

What are the common mistakes in accounting and bookkeeping?

Common mistakes in accounting and bookkeeping include errors in recording transactions, incorrect classification of transactions, incorrect posting to the general ledger, and failure to reconcile accounts.

What are the best practices for accounting and bookkeeping?

Best practices for accounting and bookkeeping include regular updates of financial information, thorough review of financial records, segregation of duties, and periodic internal and external audits.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Expertise and experience

Adepts Chartered Accountants is a team of experienced and knowledgeable professionals who have extensive experience in providing accounting and bookkeeping services. They have the necessary skills, training, and knowledge to ensure accurate and efficient financial management.

Customized solutions

Adepts Chartered Accountants understands that each business has unique accounting and bookkeeping needs. They work closely with clients to tailor their services to meet the specific requirements of each business.

Time Saving

By outsourcing accounting and bookkeeping functions to Adepts Chartered Accountants, business owners can save time and focus on their core competencies. This allows them to devote more time and energy to other critical areas of their business.

Cost Effective

Adepts Chartered Accountants provides cost-effective accounting and bookkeeping services that help businesses reduce their overall financial management costs.

Improved Accuracy

Adepts Chartered Accountants utilizes advanced technology and software to ensure accurate and up-to-date financial information. Their processes and procedures are designed to minimize errors and ensure that financial information is reliable.

Compliance with Regulations

Adepts Chartered Accountants stay up-to-date with the latest accounting and bookkeeping regulations to ensure that clients comply with all relevant laws and regulations. This helps to minimize the risk of legal penalties and reputational damage.

Peace of mind

By outsourcing accounting and bookkeeping functions to Adepts Chartered Accountants, business owners can have peace of mind knowing that their financial information is in safe hands. They can trust that their financial records are being handled professionally and efficiently.

Flexibility

Adepts Chartered Accountants provide flexible accounting and bookkeeping services that can be customized to meet the changing needs of clients. They are responsive to client needs and can adapt quickly to changing circumstances.

Accounting and Financial Reporting

services

Accounting and Financial Reporting

The implementation of newly published accounting standards involves adopting and applying new requirements

Accounting & Bookkeeping

Maintain Accurate Financial Records and Up-to-date Books of accounts!

Management Reporting

At Adepts Chartered Accountants, we offer a comprehensive suite of Management Reporting Services designed to provide your business with valuable insights.

Implementation of new accounting standards

Accounting standards are often developed by regulatory bodies to ensure financial reporting is consistent, transparent, and accurate. Therefore, businesses are required to adopt these standards to comply with regulations and maintain their legal and financial standing.

CFO Services

A CFO is a critical position in any organization, responsible for overseeing the financial operations of a company

IFRS Training

International Financial Reporting Standards (IFRS) are increasingly being adopted around the globe for financial reporting.

Financial Reporting

Preparation of Financial Statements as per International Financial Reporting Standards

Fixed Asset Management Services

Fixed Asset Management involves the strategy and processes for managing a company’s physical and intangible assets. The key components include asset acquisition, recording, depreciation, maintenance, and disposal.

Finance Function Set-Up and Process Effectiveness

Understand and Manage your Company's Financial Resources

Audit Readiness

Audit readiness refers to being fully prepared for an audit. It involves maintaining accurate financial records, preparing necessary documentation, and training staff for the audit process. It helps streamline the auditing process, preempt potential issues, and enhance the organization’s credibility.

ERP Implementation

With the rapid pace of technological advances, businesses must adapt and incorporate efficient systems to streamline operations and improve decision-making. This is where an Enterprise Resource Planning (ERP) system comes into play. At Adepts Chartered Accountants, we offer top-tier ERP implementation services to businesses in the UAE, empowering them with streamlined processes and improved productivity.

Funding a Business

Unlock your full potential with Adepts: the integrated team of specialists that guides you through the process of optimizing your capital structure for success!

To set yourself up for success, it is critical to consider your capital financing objectives and explore the various debt, mezzanine, and equity funding options from both private and public investors. Doing this will ensure sustainable growth.

How does it work?

Our debt and equity capital markets advisory practice has a wealth of knowledge and expertise to provide comprehensive, unbiased advice aligned with your strategic objectives. Our team is dedicated to providing hands-on support throughout the capital-raising journey, from initial evaluation and strategy development to successful deal closure. We strive to ensure clear and consistent communications for strengthening stakeholder faith in the transaction.

Financing Strategy

Assessing available options to maximize shareholder and stakeholder value while providing financial flexibility

Preparing a detailed evaluation of potential sources of finance, such as debt, equity, and hybrid instruments

Developing an investment structure that meets the company’s goals and objectives in terms of both short-term and long-term capital needs

Options Identification and Evaluation

Analyzing various financing scenarios to identify the most suitable option for the company’s current business situation

Evaluating factors such as taxation, risk management, liquidity requirements, planned capital expenditures, projected cash flows and operational needs to determine the optimal financing solution

Calculating the cost of capital for each financing source to ensure affordability in line with the company’s budget constraints

Deal Execution

Negotiating favorable terms with lenders or equity investors on behalf of the company

Facilitating due diligence processes by providing comprehensive information about creditworthiness and other relevant data required by potential financiers

Structuring transactions to optimize tax efficiency while minimizing financing costs

Ensuring compliance with all applicable regulations and laws related to corporate finance.

Closing

Establishing effective communication channels between all stakeholders involved in the transaction process

Coordinating closing procedures such as signing documents or collecting payments from lenders or investors

Maintaining accurate records of all financial transactions associated with the deal

Monitoring progress against timelines and milestones set out in the agreement.

Ongoing Management and Stakeholder Communication

Implementing regular reporting mechanisms to keep stakeholders informed of major developments regarding their investments or loans

Maintaining relationships with existing lenders/investors through frequent communication on key performance indicators (KPIs)

Proactively engaging new investors/lenders if required in order to raise additional funds during times of growth or distress

Facilitating negotiations between shareholders, creditors, board members, management teams, legal advisors etc. when conflicts arise.

frequently asked questions

What is capital structuring?

Capital structuring is a financial strategy that involves the appropriate balance of debt and equity financing to optimize long-term value creation. The aim of capital structuring is to maximize shareholder and stakeholder value, while also optimizing the risk/return profile of the company. It involves careful consideration of the sources of finance available, such as debt, equity, leasing, and other forms of financing.

What is capital financing?

Capital financing is the process of raising funds in order to acquire assets or expand operations. Funds can come from both private and public sources such as banks, venture capitalists, and other investors. Capital financing enables companies to pursue growth opportunities without having to use their own capital reserves.

What are the benefits of capital structuring?

Capital structuring can bring several benefits for companies and their shareholders. By strategically achieving an optimal balance between debt and equity financing, companies can reduce the cost of capital, increase their return on investment (ROI), and create more flexibility in their operations. Additionally, it can help improve investor sentiment by ensuring that there is a strong alignment between corporate strategy and financial performance. Reducing overall costs associated with borrowing funds or raising capital, can also free up resources for more profitable investments.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Deal Advisory

services

Deal Advisory

It involves analyzing various factors such as the financial performance, assets, liabilities, market conditions, and growth potential of the business to arrive at an estimated value.

Buying a Business

Buying a business in the United Arab Emirates (UAE) can be a lucrative and rewarding investment opportunity.

Restructuring A Business

Let our specialists help you prioritize issues and focus on the right path for fixing operational or financial issues.

Mergers and Acquisitions

Get your business ready for sale with Adepts Chartered Accountants!

Financial due Diligence

Get your business ready for sale with Adepts Chartered Accountants!

Selling a Business

Get your business ready for sale with Adepts Chartered Accountants!

Funding a Business

Buying a business in the United Arab Emirates (UAE) can be a lucrative and rewarding investment opportunity.

Business Valuation

It involves analyzing various factors such as the financial performance, assets, liabilities, market conditions, and growth potential of the business to arrive at an estimated value.

Restructuring a Business

Let our specialists help you prioritize issues and focus on the right path for fixing operational or financial issues and improving performance

Our multidisciplinary team of professionals is passionate about helping companies create and maintain an agile structure that can successfully navigate high-pressure events. Our restructuring process focuses on developing result-oriented solutions to safeguard and maximize value throughout all stages of a corporate crisis, from conception to implementation and monitoring. We employ an integrative approach, utilizing the expertise of our experienced professionals, with particular emphasis on using proven strategies for optimizing the company’s overall efficiency and success. This comprehensive method ensures our clients’ most effective outcomes and helps them build resilience within their organizations.

Restructuring Your Business

Working with companies, lenders, stakeholders, and all levels of management, our experts can assist in planning and executing turnaround, transformation, and restructuring measures that enhance cash flows, performance, profit and loss, and balance sheets.

Our restructuring experts can assist stressed and troubled organizations in stabilizing and implementing a process of strategic, operational, and financial transformation. The objective is to improve business performance and provide exceptional and lasting value for all stakeholders.

Independent, Strategic Business Reviews

Our approach to strategy review begins with setting the financial ambition for the company, which includes growth, cost efficiency, profitability, return on investment (ROI), and risk appetite.

We consider each element’s impact on the business and operating model before making a decision.

We take into account the company’s goals and objectives, as well as the current market conditions, before formulating a strategy.

We constantly monitor and review the strategy to ensure it is still relevant and feasible.

Turnaround and Restructuring of Businesses

Our operational restructuring services emphasize creating and implementing new business architectures, frequently within the context of turnaround events and change management.

This includes working with clients to assess their current situation, identify areas of opportunity or improvement, and develop and implement a plan to improve their overall performance.

In many cases, this also involves developing new organizational structures, business processes, and/or IT systems to support the new business architecture.

Our team has extensive experience in operational restructuring, from strategy development to implementation.

Management of Stakeholders and Negotiation

We provide our clients with an inclusive suite of services to help them quickly address and resolve critical company situations. Our process involves hands-on advice and implementation support to stabilize the situation, followed by thorough analysis and design, then precise execution and monitoring of the chosen solution.

Through our swift action and proven experience in these types of crisis management scenarios, we are able to provide answers in real-time that can help you mitigate risks, enhance operational effectiveness, and ultimately protect your bottom line.

During the stabilization process, we focus on understanding the scope of the issue and its potential implications. We then use our expertise to determine which strategies will be most effective given the current circumstances.

Our in-depth analyses go beyond simply uncovering problems – they reveal opportunities for improvement that can positively impact your operations over time.

Once we have identified an appropriate course of action, we move forward with an implementation tailored specifically to your company’s needs and goals.

From there, we continuously monitor performance metrics to ensure that our solutions have their desired effect while also responding promptly if any further action is needed or recommended.

Assistance and Discussion with Lenders

We assist lenders in conducting a rapid and dependable evaluation of the current situation so they can come up with an effective recovery strategy with a “Plan B” option.

Our team offers comprehensive guidance throughout the entire process, from the negotiation stage to the implementation phase.

We are well-versed in developing customized solutions for each unique case, helping lenders to overcome financial obstacles and achieve their objectives.

By leveraging our extensive experience and expertise, we can provide comprehensive support to lenders during their recovery journey, ensuring their success in any given scenario.

Investment and Refinancing

Through our approach, management can achieve greater transparency and trust with lenders, investors, and other stakeholders. This will ensure that any negotiations or agreements are based on accurate and reliable information.

Our solution enables management to gain control over their finances by providing them with detailed and up-to-date financial data which can be used to make informed decisions.

We also use analytics to identify potential risks and opportunities to improve the business’s performance and strengthen its position in negotiations with external parties.

Our approach helps increase trust between all stakeholders involved in the business, making sure that everyone is aware of the current financial situation and can plan accordingly for the future.

Strategy for Cash Management and Working Capital

We evaluate distressed investment opportunities and advise companies on managing supplier risks by thoroughly analyzing suppliers’ financial and operational situations. Our approach includes assessing viable options to reduce financial and supply chain risks and supporting the chosen plan’s implementation.

Our team of experienced professionals provides specialized expertise in analyzing potential investments, helping our clients make informed decisions about their investments.

We are committed to providing an unbiased analysis, using both qualitative and quantitative metrics to assess the health of a business, its market position, its outlook, and its overall financial stability.

By evaluating all available information and providing tailored advice, we ensure that our clients make well-informed decisions about their investments in distressed companies or businesses experiencing supplier risk.

Evaluation of Contingency Business Options

Analyzing the current financial situation of the client to understand their obligations, liabilities, and assets to determine the best approach for dissolving and liquidating operations

Assisting in devising a strategy to conform with applicable laws and regulations while minimizing associated costs and risks

Pursuing maximum values from asset sales by leveraging market trends, identifying potential buyers, and utilizing appropriate bidding processes

Leveraging expertise in corporate law to advise on all aspects of winding down operations, including compliance requirements, employee compensation issues, ceasing trading activities, etc.

Performance Optimization

Performance enhancement is essential in every business environment, especially in today’s competitive marketplaces. Companies must proactively invest in resources to expand, diversify, control costs, be efficient, and eventually grow. Our Performance Optimization professionals at ADEPTS collaborate with management to identify opportunities to improve daily operations that impact the bottom line and offer solutions that create sustained operational gains and measurable outcomes.

We employ extensive industry and sector knowledge to address both the financial and operational aspects that impact performance. Linking operational discoveries to financial performance and strategic positioning, ADEPTS is the industry leader. Our performance improvement team provides our clients with industry specialists and operations executives with hands-on experience, delivering financial, operational, and strategic solutions from a single source.

frequently asked questions

What is an example of a cost optimization initiative?

Cost optimization initiatives are designed to reduce costs while increasing the quality of services or products. Examples could include implementing new processes or technologies that allow for more efficient use of resources or reducing the number of vendors used to procure goods or services. Companies can also optimize their supply chains or look into alternative energy sources that reduce energy costs.

What is a balanced scorecard approach?

A balanced scorecard approach is a popular metric used by organizations to track performance across multiple dimensions. It helps measure short-term success (such as customer satisfaction) and longer-term goals (such as strategic vision).

What is involved in footprint optimization?

Footprint optimization is a process of analyzing the existing physical layout of an organization to optimize its operations for maximum efficiency. Through this process organizations may review their current space utilization strategies to determine if the allocated resources are being utilized effectively. This analysis may include optimizing the number of employees within certain areas or offices and reviewing facility size requirements to maximize space utilization while still achieving organizational goals.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

ADVISORY

services

ADVISORY

Expert Advisory Services to Propel Your Business Forward

In the dynamic realm of business, the right advice can be the difference between success and stagnation. Our advisors are dedicated to providing top-tier guidance across Deal Advisory, Legal Advisory, and Risk Advisory.

Deal Advisory

Unlock the potential of your business transactions with our Deal Advisory services. We specialize in guiding you through mergers, acquisitions, expansions, and restructurings with a keen eye for detail and a commitment to your long-term success. Our experts offer due diligence, valuation, and deal structuring to ensure every decision is informed and every investment pays off.

Risk Advisory

In a world of uncertainties, managing risk is paramount. Our Risk Advisory services are tailored to identify, evaluate, and mitigate the diverse risks your business faces. From financial and operational risks to cyber threats and compliance issues, we provide comprehensive strategies to protect your assets and reputation.

Legal Advisory

Navigate the complexities of the legal world with confidence. Our Legal Advisory services provide robust support for all your legal needs, from ensuring regulatory compliance to managing contracts and resolving disputes. We focus on protecting your interests and ensuring your operations run smoothly and efficiently.

Excise Tax Audit

Uncover your future. Identify and remediate Tax Compliance violations with an Excise Audit

Management of excise taxes and knowledge of possibilities to reduce their impact is essential for all businesses operating in affected industries. Businesses must devise effective methods to traverse the UAE’s rapidly evolving Excise Compliance landscape. A third-party expert’s Excise Audit is a smart approach to discover areas of potential future tax non-compliance that could hinder your operations. An Excise Audit identifies not only single occurrences of Tax Compliance violations but also chronic areas, as each violation of Tax Compliance results in a hefty fine.

A third-party expert’s Excise Audit is a smart approach to discover areas of potential future tax non-compliance that could hinder your operations. An Excise Audit identifies not only single occurrences of Tax Compliance violations but also chronic areas, as each violation of Tax Compliance results in a hefty fine.

What is an Excise Tax Audit?

An excise tax audit verifies a taxable person’s excise tax liability for a given Tax period. This is an evaluation to determine whether or not liabilities are recorded accurately and paid by the due date.

What is the scope of a UAE Excise Tax Audit?

The Excise Tax Authority may conduct Tax Audit whenever it finds it essential. The Tax Auditor can either visit the taxable person’s location or be invited to the FTA’s headquarters to conduct the Tax Audit.

Who is Subject to Audit?

The Federal Tax Administration will choose who should be audited and how frequently. A person registered for Excise tax or who is required to register for Excise tax may be audited at the authority’s discretion. It shall be determined by the Tax Auditor/FTA based on the anticipated risk of tax evasion or inaccuracies.

How would one be aware of the Excise Tax Audit?

Normally, FTA provides the taxable person with five days’ notice prior to a Tax Audit. In the case of suspected tax evasion, however, an unexpected visit from the tax auditor is always possible.

Process of Excise Tax Audit

During a Tax Audit, the Tax Auditor will examine the taxable person’s records, inventories, and premises, among other things, to determine the actual taxable situation of the taxable person. The Tax Auditor has the authority to take a copy or the original of the papers for further examination. In order to comprehend the business and confirm specific transactions, the tax auditor is permitted to speak with personnel from various company divisions, such as accounting, logistics, warehouse manager, etc.

Requirements for an Excise Tax Audit

A taxpayer subject to a Tax Audit must provide full cooperation and assistance to the Tax Auditor during the Tax Audit. Likewise, if the taxable individual has a tax agent or legal representative, he will also be accountable.

The Tax Auditor should be permitted to enter the taxable person’s premises.
The Tax Auditor should have access to all records and documents about the Excise Tax.
During a Tax Audit, the person responsible for preparing the Excise Tax Return must be present.

What do we do as External Auditors for you?

We will examine whether the documentation maintained for excisable products are under the UAE Excise Tax Law.
We will examine the Tax calculation sheet prepared by the Taxpayer to ensure no discrepancies.
We shall physically check and certify the inventory the Taxable Person maintains on a specific date. This will ensure the accuracy of the Excisable goods movement reconciliation.
We will ensure that the Taxable Person is prepared to face an upcoming Tax Audit.

What records must be kept following UAE Excise Tax?

A tax-paying individual is required to maintain nine records for Tax Audit.

Documentation of all manufactured, imported, and stocked Excise Goods
Documentation of exported Excise Goods Documentation of stock levels
Evidence of exported Excise Goods
Records of stock levels.
Specific documentation of lost or destroyed Excise Goods
Record of Tax Due for Imported Excise Goods
Tax Record for Produced Excise Goods with Due Tax
Tax Record for Due Tax on Excise Goods that have been stockpiled.
As evidence of deductible tax:
- Tax paid on exported Excise Goods.
- Tax paid on Excise Goods constituting another Taxable or Taxable Excise Good.
- Amounts paid in error to the Tax Authority.

frequently asked questions

What are the Tax Auditor's powers during an Excise tax audit?

Throughout a Tax Audit, the Tax Auditor may request the following:

Original records
Copies of documents.
Samples of a product

The preceding documents comprise invoices, a tax estimate sheet, etc.

What are a taxpayer's rights during an Excise Tax Audit?

During the course of the Tax Audit, you will be permitted to oversee the removal of documents by the Tax Auditor. If the Tax Auditor removes records or other materials in connection with the Tax Audit, he or she has the right to retrieve them following the assessment. The taxable person may request a receipt (documentary evidence) for the Tax Auditor's removal of any documents or samples.

What items are subject to the UAE Excise Tax law?

The UAE's Excise Tax law went into force on October 1, 2017. This law applies to tobacco and energy drinks at a rate of 100 percent and to carbonated drinks at a rate of 50 percent.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Excise Tax Health Check

Stay Compliant with Professional Excise Duty Pre-Audit Health Checks

Under the FTA, all registered organizations must determine if their excisable items are taxable and comply with tax duties. This is essential, as the government may contact you if they wish to conduct an excise duty audit. If FTA auditors discover noncompliance, the taxpayer may be subject to hefty fines.

What is Excise Tax Health Check in Dubai?

Since 2018, the UAE has imposed excise taxes on certain products. Under the FTA, all registered entities are expected to determine if their excisable items are taxable, file a monthly excise duty return. This is crucial to keep in mind, as the authorities may contact you if they need to conduct an excise duty audit. If FTA auditors discover noncompliance, the taxpayer may be subject to hefty penalties. In light of this, our tax consultants in Dubai will give you an expert excise duty pre-audit health check. By following these precautions, businesses can prevent future FTA penalties.

What is an Excise Duty Audit?

An excise audit is an examination and verification of the tax compliance of a registered legal organization. The purpose of the audit is to check that the taxpayer’s excise tax liability is accurate and has been paid on time.

Who Conducts Audit of Taxes in UAE?

The Federal Tax Authority (FTA) is the official regulatory authority in the country, able to conduct VAT/excise tax audits to examine businesses’ operations and tax compliance.

Why is a Pre Audit Tax Health Check Important?

A pre-audit health check is significant for all United Arab Emirates-based excise taxable businesses. This preliminary tax assessment evaluates potential tax difficulties. Identifies areas of noncompliance with excise duty rules and business risks. Before the auditor checks your excise records, you must correct any errors or omissions. We will perform a pre-audit review of your excise records to identify any potential issues.

How Does the FTA Determine if it will Conduct an Excise Audit?

The Federal Tax Authority identifies businesses for excise tax audits, but no particular criteria are specified. It is solely up to the FTA to choose what will be audited and at what periods. They can conduct a formal tax audit at any time and location.

The FTA sends the taxable firm a five-day notice of the excise duty inspection. However, when tax evasion is suspected, auditors make an unannounced visit to the business. They typically determine the location and time of the UAE’s excise duty inspections. Auditors may request originals or copies of your excise paperwork. Under the UAE Excise Procedure Law, they may also conduct a second audit if the company fails to meet its tax requirements in the first round.

How Should you Prepare for an Excise Audit?

The auditors will require pertinent information and documentation pertaining to your excisable goods. The following are the bare minimums for an excise audit in the UAE:

A summary of all excise items produced, imported and accumulated in the previous year
Export evidence and documentation of excise products
Monthly sales of excise items for the previous tax period, including bills
Excise items produced, imported, and discharged from specific zones
Tax records for all excise goods that have been damaged or lost
Accounting for excise duty payable on excise items imported, accumulated and manufactured
Details on the kind, amount, and monetary worth of excise items
Detailed information on excise products stock levels
Excise goods duty deduction registry

Our Excise Inspection Services Involve the Following Steps

When preparing your company for an excise audit in any emirate in the UAE, we will focus on the following critical areas:

We will check the excise returns you filed and correct any mistakes.
We will ensure that all excise duty entries are in accordance with FTA rules.
New ideas and recommendations for excise tax planning.
We will inspect your excise records for accuracy.
Recognize concerns about UAE tax compliance.
Provide proof on your behalf to FTA auditors.
Assist you with any future regulatory authority requests.
You can call us right now for our complete excise pre-screening health check service

frequently asked questions

Who must register for the Excise Tax Health Check?

Any business in the UAE whose total value of taxable supplies made within the UAE exceeded AED 375,000 threshold in the previous 12 months, or they expect to make taxable supplies with a value exceeding the mandatory registration threshold in the next 30 days must register for excise tax.

Who may apply for voluntary registration?

Any firm in the UAE may register if the total value of their taxable supplies or taxable expenditure in the preceding 12 months exceeded the voluntary registration threshold of AED 187,500, or they anticipate exceeding the voluntary registration threshold in the next 30 days.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Taxation

services

Taxation

Navigating the complex world of taxes can be a daunting task for businesses of all sizes. Our team of tax professionals is here to guide you through every step, providing personalised and strategic tax solutions that meet your unique needs. With expertise in Corporate Tax, Value Added Tax (VAT), and Excise Tax, we're equipped to handle all aspects of your taxation requirements

Corporate Tax

Our corporate tax services are designed to ensure your business complies with all local and international tax laws while optimizing your tax position. We provide thorough tax planning strategies, assist with compliance obligations, and offer advisory services tailored to your industry, whether you're a start-up or a multinational corporation.

Excise Tax

Understanding excise tax is essential for businesses dealing with specific goods and services. Our experts help you comply with the latest regulations, calculate duties correctly, and advise on how to minimize liabilities, so you can focus on what you do best.

Value Added Tax

VAT management is crucial for maintaining financial efficiency and compliance. Our VAT services include assistance with registration, accurate filing, and strategic planning to navigate cross-border transactions and reclaim opportunities, ensuring you understand and meet your VAT obligations