We are Registered Accounting and Tax Consultancy in Dubai UAE

Accounting , Book-keeping & Auditing in UAE

Tax Clinic Team in the office

Accounting Services in UAE

VAT-OK is certified professional chartered accounting firm that provides Financial Consultation, Bookkeeping and Accounting services in Dubai and UAE since 2019. Our Team consists of more than 30 professionals that cover all aspects of accounting and auditing expertise. We customize our services to meet our customers’ requirements. Some examples of our services are:

  1. Book-keeping: We receive all the invoices and transactions from the customer and make the entries into the accounting software.

  2. Accounting: After having all the entries into the accounting software, we produce the Profit and Loss statement, Balance sheet, Cash flow statement, and any other business analytics reports that the customer wish to have.

  3. Financial Reporting: We produce the annual audits reports that are required by the accounting regulations in UAE.

  4. Documentation Storage and backup: Companies operating in UAE are required to maintain their books for seven years. We provide this service of keeping the documents and their backups in safe electronic formats. 

Here down some of the most frequently asked questions about accounting in UAE

Which Accounting Standards are used in UAE?

In UAE, the Federal Tax Authority (FTA) mandates that businesses adhere to International Financial Reporting Standards (IFRS) for accounting and financial reporting. Some key points about the adoption of IFRS in the UAE by the FTA include:

  1. VAT Compliance: Businesses must ensure that their financial records align with IFRS while maintaining compliance with VAT (Value Added Tax) regulations, which were introduced in the UAE in January 2018. Proper revenue recognition, expense reporting, and tax computations are essential.

  2. Excise Tax Compliance: Similarly, for excise tax purposes, businesses are expected to comply with IFRS when accounting for goods subject to excise tax, which applies to items such as tobacco, sugary drinks, and energy drinks.

  3. Financial Reporting: Companies operating in the UAE, especially those subject to VAT or excise tax, are required to maintain accurate financial records in compliance with IFRS for both tax filing and auditing purposes.

These standards are important for businesses of all sizes, as adherence ensures that financial statements are accurate, transparent, and in line with global practices.

Which Accounting Software is compatible with FTA regulations?

The UAE Federal Tax Authority (FTA) does not endorse or mandate the use of specific accounting software. However, it requires that businesses use accounting systems that meet certain criteria for VAT and excise tax compliance. Key features that accounting software must have to be accepted by the FTA include:

  1. VAT Compliance: The software should be capable of accurately calculating VAT on sales and purchases, as well as generating VAT-compliant tax invoices, credit notes, and other necessary documents.

  2. Audit Trail: The software must maintain an audit trail for all transactions, allowing easy tracing of tax records.

  3. Record Keeping: The software should be able to store financial data for at least five years, as required by the FTA.

  4. Filing Capability: It should facilitate the preparation and submission of VAT returns and other tax reports in line with the FTA’s requirements.

  5. Tax Invoicing: The software must be capable of generating tax invoices that meet FTA specifications, such as showing the VAT amount, TRN (Tax Registration Number), and other mandatory details.

Which Accounting Software are we using in VAT-OK L.L.C.?

VAT-OK is using Firstbit ERP system and VAT-OK is an official distributer of the ERP system. Advantages of Firstbit ERP system are:

  1. FTA accredited Software.
  2. Regularly updated for any changes in UAE accounting rules and FTA regulations.
  3. Built in Business intelligence for business insights and analysis.
  4.  Served by experts within UAE for better support, training and troubleshooting.
  5. Online Back to avoid loss of information.

To know more about Firstbit ERP system, visit their webstie Firstbit.ae

VAT-OK UAE

VAT-OK is a Limited Liability Company established in Dubai UAE under the laws and Regulations of UAE in 2019. With More than 30 employees, we are serving more than 150 Satisfied Corporate and Individual Customer, and the list is growing every day. Our mission is to provide our customers with Accounting, Tax, and GOMAL compliance services to meet the fast-chaning laws and regulations in Tax law, Commercial Companies law, FTA regulations, and GOAML regulations.  

VAT-OK L.L.C.

DHANGUARD BUSINESS CENTRE

THIRD FLOOR OFFICE No. 08

Khalid Ibn Al Waleed Street 

Dubai, United Arab Emirates

email: Galina@vat-ok.ae

Tel / WhatsApp: +971 55 3117 591

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