ACCOUNTING & FINANCIAL REPORTING

ACCOUNTING AND FINANCIAL REPORTING

Smart Group provides a wide range of accounting and financial reporting services responses to the financial requirements of a business in the worldwide market. We are responsible to recognize the financial statements with International Financial Reporting Standards (IFRSs) and keep the highest level of professional standards and quality.

The accounting and financial reporting section is occupied by giving the following services:

• Financial reporting
• Financial accounting system design & implementation
• Setting up of accounting procedures
• Accounts updating on a periodical basis
• Supervision and review of financial accounting records

CORPORATE FINANCE

Corporate Finance: We offer our expertise to provide optimal capital structure at least cost of capital to the organization. We facilitate to cater to the borrowing needs of the organization by leveraging our strong relationships with the banks and financial institutions.

• Assessment of working capital Needs
• Consultancy on bank credit & private equity
• Project financing consultancy
• Consultancy for fixed assets financing and refinancing
• Planning for Reducing Finance Costs

We Smart Group are a Dubai based accounting consulting firm that offers a wide range of Corporate Finance Services in the UAE, China, and other middle east countries. We also provide other accounting and tax services at an acceptable cost.

BUSINESS VALUATION AND RESTRUCTURING

With business valuation and restructuring, we can verify the value of the transaction and to prompt whether to accept the call or not for the business deal is the focal point of this service from Smart Group.
We offer a total scope for business valuation and restructuring, mergers and obtaining service. Our experience is broad with universal exposure and familiarity with different societies and sensibilities converting into value transactions in the complex transaction of mergers and acquisitions. Direction to show up the reasonable value of the business which is reliable for the third party and which suits the motivation behind the valuation from the administration point in an effective way will be attempted. Our group of experts gives help all through a merger or joint venture setup. From starting a discourse with potential accomplices, the setting of right directions to documentation and business plan, our group will collaborate with you at all times.

We can help you with business valuation and restructuring in the following ways:

• Fair value determination for Tangible and more significantly Intangible Assets of the company.
• Undertaking business valuation and restructuring based on the latest methodologies
• Complete analysis of a system, financial & administrative operations
• Identifying profit maximization divisions
• Identifying the loss-making areas
• Consulting for better ways of doing operations
• Identify opportunities that add value to our clients business
• Lead the negotiation process armed with the knowledge of strength weakness
• Advice & assistance with funding the acquisition
• Implementation & review of the transition process

ACCOUNTS OUTSOURCING SERVICE IN UAE

Over the most recent fifteen years, we have seen an immense extension of businesses in the UAE. In addition, the lawful requirement to keep up legitimate books of account is getting increasingly significant in the area. According to the UAE Commercial Company Law 2015, it is obligatory to keep up legitimate books of account for at least five years. In the UAE VAT law additionally, books of account are to be maintained up for 5 years. To keep pace alongside the developing economy of the nation, to consent to the lawful requirements and to compete with the businesses, it is sometimes hard to deal with the accounting exercises of their businesses inside the organization, particularly for SMEs. Thus, accounts outsourcing service could be the best alternative for them to pick.

Advantages of Account Outsourcing Service:

• Outsourcing of non-center exercises can improve the effectiveness, streamlining and profitability of the organization in light of the fact that other independent accounting firms can play out those undertakings proficiently with skill superior to the organization itself.
• Companies can minimize costs significantly by outsourcing account services.
• Organizations can get access to the latest technology without big investment to own the technology.
• Businesses can focus more on their key exercises and not lay weight on accounting systems for smooth working and improvement of the business.
• Businesses no need to hire additional accountants and increase their expenses when accounting is outsourced to the right experts in the field.
• Secrecy can likewise be kept up once the accounting service is outsourced.
• It provides the professional service on a lower cost.
• The problem of preparing the new accountants and the change procedure from the current accountants to other accountants during substitution can be wiped out.

Accounting Outsourcing Services Includes:

• Regular Accounting Service.
• Regular Account Supervision Service.
• Updating of Backlog Accounts.
• Accounts Reconciliation Service.

REGULAR ACCOUNTING SERVICES

With regular accounting services, we update the day-by-day transactions of the organization into the accounting software and create timely reports for the management to take business decisions.

1. WEEKLY VISIT:

If the quantity of business transactions in the organization is relatively large. We can normally refresh the client's budget statements weekly, clients need to submit weekly financial documents/information to our office This will cover the section of all receipts, sales invoices, receipts, payments, bank bills, and different business transactions. Monthly reports will be arranged and provided to the clients toward the finish of consistently in regular accounting services.

2. MONTHLY VISIT

If the quantity of business transactions in the organization is nearly less, only a couple of visits in a month will be adequate to finish refreshing of books of account. Customers just need to present their materials on more than one occasion per month to our office. This will cover the entry of all receipts, deals receipts, receipts, payments, bank bills, and different business transactions. Monthly reports will be arranged and gave to the clients toward the finish of consistently in regular accounting services.

• balance sheet (statement of financial position),
• Profit and loss account (statement of comprehensive income)
• Cash flow statements
• Receivables ageing list
• Payables ageing list
• Inventory analysis,
• Comparative report on sales performance,
• Comparative report on expenses,
• Variance/ratio analysis

So as to do the regular accounting services weekly or monthly, customer needs to keep the fundamental information of the transactions occurred during that period and should be available to update and verify.

Such documents include in regular accounting services:

• Sales invoices,
• Purchase invoices,
• Purchase invoices,
• Receipt vouchers,
• Petty cash expenses,
• Bank statements,
• Cheque counter foils,
• Bank transfer copies,
• Debit notes
• credit notes etc..

Smart Group is a Dubai based accounting firm that offers a wide range of Regular Accounting Services in the UAE, China, and other middle east countries. We also provide other accounting and tax services at affordable prices.

REGULAR ACCOUNTING SUPERVISION SERVICES

A company needs a full-time accountant who will manage all data entry work of the company. We Smart Group cover following things in regular account supervision services:

• The customers must provide the correct information for regular account supervision because the documents and information provided by them will be checked.
• We ensure that the revenue and transactions of the organization are as per the principles of accounting and it meets the business and contract requirements.
• We ensure the transactions done by the company are as per the documents and authorized by the client's organization.
• We ensure that reconciliation of bank accounts, customer accounts, supplier accounts, and other accounts are prepared well in time.
• We also ensure that the prepayments, unearned income, and advances, etc are prepared correctly as per our records.

We Smart Group are a Dubai based accounting consulting firm that offers a wide range of Regular Accounting Supervision Services in the UAE, China, and other middle east countries. We also provide other accounting and tax services at an acceptable cost.

UPDATING OF BACKLOG ACCOUNTS

Actually small and medium-sized businesses sometimes are unable for updating of backlog accounts, but they have to keep proper accounts under the UAE Commercial Companies Act. So, after some time, those small businesses understand that it is mandatory to maintain the backlog accounts and hire an accounting company. Smart Group help the customer to set up the backlog account from the date of consolidation of the organization. However, appropriate supporting documents are important for us to set up the books of account. Subsequently, it is significant for us to get the first supporting documents of the transactions including sales invoices, purchase invoices, installment vouchers, receipt vouchers, petty cash expenses, bank statements, check counter thwarts, bank transfer copies, and so on. We finish the books of account on intermittent premises, regularly on a yearly premise

OUR REPORTS INCLUDE:

• Backlog accounting report (statement of financial position),
• Profit and loss account (statement of comprehensive income)
• Cash flow statements
• Receivables list
• Payables list
• Similar report on sales execution
• A similar report on expenses
• Financial proportion examination
• The working capital analysis
• The breakeven point investigation/edge of safety and so on.

ACCOUNTS RECONCILIATION SERVICES

We have a team of accounting specialists who help the customers in their accounts reconciliation whether it is bank reconciliation, customers record reconciliation, supplier’s record reconciliation, inter-organization reconciliation or some other statements/ledger. We give the accounts reconciliation services to small and medium-sized businesses. This causes the company to dispose of lawful issues, to keep up the confidentiality of the basic information and to minimize the possibilities of extortion and defilements. The accounts reconciliation services cover the following:

1. BANK STATEMENT RECONCILIATION:

Convenient reconciliation of financial balances is extremely indispensable to ensure appropriate control and adequate balance of assets in the organization. In a portion of the accounting software utilized by the organizations, there are possibilities for bank reconciliation inside the software. Regardless of whether the software helps to transfer bank statements, it cannot be naturally accommodated by software. In such cases, reconciliation must be done physically. Organizations having an enormous number of transactions (online exchanges, too many cash/check deposits and withdrawals, and so forth), which is hard for them.

2. SUPPLIERS LEDGER RECONCILIATION:

In spite of the fact that appropriate data entry is made through accounting software here and their reconciliation between the supplier ledger and the statement of accounts from the supplier is a bad dream for an accountant. At the point when the number of transactions is gigantic and the contemplations like limits, discount, returns and so forth likewise require, the reconciliation between the accounts turns out to be increasingly difficult.

• To ensure invariably all the suppliers accounts are credited with the invoices received for the supplies they made for.
• To see that purchase returns are properly debited in the suppliers account, for which either debit notes are raised against the suppliers or credit notes received from them.
• Ensure that normally while making payment to suppliers the purchase returns and discounts availed/received were adjusted against amount due for supplies. And the payments made to suppliers are properly debited in the concerned suppliers accounts.
• In case of advances made to suppliers, checking of accounting entries will be made to ensure that all the advance payment made to suppliers will be correctly accounted and before making final payment to suppliers the same have been adjusted against the bill/s due.
• If there is any adjustment (debit/credit) for price variation agreed with the supplier it will be ensured that the same has been adjusted before making settlement with suppliers for bills. Make sure the exchange difference is correct and accounted for.

INFORMATION REQUIRED TO COMPLETE RECONCILIATION:

• Suppliers Ledger statement
• Invoices received from suppliers
• Debit notes issued to suppliers.
• Credit Notes received from the suppliers
• Copy of Contracts/Agreements entered by the management of the company with suppliers.
• Copy of bank statements to check the installments.
• Account statements

3. CUSTOMER'S LEDGER RECONCILIATION:

Like suppliers ledger reconciliation, client’s ledger reconciliation likewise becomes complicated if the number of transactions is more and extra contemplations, for example, discounts, rebates, returns and so forth are engaged with the agreement.

• Make sure all customers' books are billed by opening their invoice. To see the sales returns are properly credited in the customers’ account.
• Confirm whether the discounts given to customers or the terms agreed with them are correctly reflected in their books.
• In case of advances received from customers, checking of accounting entries will be made If there is any adjustment (debit/credit) for price variation agreed with the customers it will be ensured that the same has been adjusted only to the extent customers are eligible, for making the settlement with the company.
• Check whether there are any foreign exchange differences which were accounted properly as per the terms with the customers.

Information Required:

• Customer's Ledger statement
• Invoices issued to customers.
• Debit Notes received from customers
• Credit Notes issued to customers.
• Copy of Contracts/Agreements entered by the management of the company with customers.
• Copy of bank statements to verify the payments received from customers.
• Statement of accounts /Copy of ledger account from customers.

4. INTERCOMPANY RECONCILIATIONS:

Reconciliation between organizations is likewise a big job for accountants. Inter organization transactions can be among headquarters and its affiliates or between affiliates

INFORMATION REQUIRED:

• Statement of accounts from company books of account.
• Statement of accounts from the related party or branch.
• Documents such as invoices, debit notes, credit notes, payment details etc.
• Copies of company / branch related contracts / agreements.

ACCOUNTING SOFTWARE SOLUTIONS

Every business needs to have Accounting Software. Accounting Software is used every day to track the money transactions of your business. It tracks the incoming money and outgoing money for your business. You need to analyze different available accounting software before choosing one.

It is used for invoicing, a record of incoming and outgoing money, and reporting that will analyze your financial strength and other aspects.

As we discussed before, we need to be careful to choose one of the hundreds of accounting software are available in the market. You should think about your business requirements and decide what accounting software is the best one that fulfills all your requirements. It should be cloud-based and a mobile app that you can access the data from anywhere at any time.