ACCOUNTING

Outsource your finance needs from bookkeeping to management accounts or compilations, payroll consolidated group accounts and technical accounting assistance executed by highly qualified trained accountants assisting you rapidly and efficiently.

Ask us about system development accounting software evaluations and advice on most suitable accounting platform for your business.

We Can Assist You In

Budget design and preparation
Capital budgeting
Capital structure and business financing
Computer controls review
Cost Systems
Debt refinancing
Personal financial statements
Evaluation of internal audit function
Projections and forecsts

Our ACCOUNTING Services

Bookkeeping

Bookkeeping by Vision Taxation involves a comprehensive approach to Managing and Maintaining Accurate Financial Records tailored to the needs of businesses. Vision Taxation offers specialized Bookkeeping Services designed to streamline Financial Processes, Ensure Compliance with Tax Regulations, And Provide Insightful Financial Analysis.

Their services typically include:

Transaction Recording: Systematic entry of all financial transactions into Accounting Software or Ledgers, Ensuring Accuracy and Completeness.
Expense and Income Categorization: Organizing transactions into relevant categories to facilitate accurate Financial Reporting and Analysis.
Bank Reconciliation: Regular Reconciliation of Bank Statements with recorded transactions to identify Discrepancies and Ensure Accuracy.
Financial Reporting: Preparation of Key Financial Reports such as Profit And Loss Statements, Balance Sheets, and Cash Flow Statements to Support Decision-Making and Financial Management.

By leveraging expertise in both Bookkeeping and Taxation, Vision Taxation Helps Businesses Maintain Financial Clarity, adhere to Regulatory Requirements, and Optimize their Financial Strategies.

Financial Statements

Financial Statements by Vision Taxation involve the preparation and analysis of key financial reports to provide a clear view of a Business’s Financial Status. Vision Taxation offers services that include

Income Statement Preparation: Compiling Detailed Reports on Revenues, Expenses, and Net Profit or Loss to Assess Operational Performance and Profitability over Specific Periods.
Balance Sheet Compilation: Creating Accurate Snapshots of Assets, Liabilities, and Equity to Evaluate the Company’s Financial Stability and Liquidity at given points in time.
Cash Flow Analysis: Developing statements that track cash Inflows and Outflows from Operating, Investing, and Financing Activities, Which Helps in Understanding Liquidity and Cash Management.
Equity Changes Reporting: Preparing statements that explain changes in equity, including retained Earnings and Dividends, To Provide Insights into Shareholders’ Equity and Ownership Changes.

Vision Taxation ensures that these Financial Statements are meticulously prepared in accordance with relevant accounting standards and regulatory requirements, providing Businesses with Valuable Insights for Decision-Making and Financial Planning.

International Financial Reporting Standards (IFRS)

IFRS by Vision Taxation involves the application of International Financial Reporting Standards (IFRS) to ensure that Financial Statements are prepared in accordance with Global Accounting Principles. Vision Taxation offers services to help Businesses comply with IFRS requirements, which include

Implementation and Advisory: Assisting businesses in adopting IFRS standards effectively, including transitioning from local accounting standards to IFRS. This involves interpreting IFRS requirements and applying them to specific Business Scenarios.
Financial Statement Preparation: Ensuring that financial statements are prepared according to IFRS, which involves Recognizing, Measuring, and Disclosing Transactions and Events in Line with International Standards.
Compliance and Reporting: Reviewing and Auditing Financial Reports to ensure they meet IFRS guidelines, helping businesses avoid non-compliance issues and enhance Transparency and Accuracy in Financial Reporting.
Training and Support: Providing Training Sessions and Support to finance teams to understand and apply IFRS principles effectively, fostering better Financial Reporting Practices.

By leveraging IFRS expertise, Vision Taxation helps businesses achieve consistency and transparency in Financial Reporting, Facilitating Better Communication with Investors and Stakeholders Globally.

Payroll & WPS

Payroll & WPS by Vision Taxation involves Comprehensive Payroll Management Services and Compliance with the Wage Protection System (WPS) In the UAE. Vision Taxation provides solutions to streamline Payroll Processes and ensure adherence to Regulatory Requirements, including

Payroll Management: Handling all aspects of Payroll Processing, Including Calculating Salaries, Deductions, and Benefits. This ensures employees are paid accurately and on time, while also maintaining compliance with Labour Laws.
WPS Compliance: Managing payroll through the Wage Protection System, which is a Government Initiative designed to ensure timely and full payment of wages to employees. Vision Taxation helps businesses comply with WPS regulations by processing wage payments through Authorized Banks and Ensuring Accurate Reporting to the Relevant Authorities.
Payroll Reporting: Generating Detailed Payroll Reports, including Salary Statements, Tax Deductions, and other Payroll-Related Documentation. These Reports support Financial Planning and Compliance with Legal Requirements.
Employee Benefits Management: Administering employee benefits such as Health Insurance, Retirement Plans, and Allowances, ensuring these are managed and reported accurately.
Tax and Compliance Support: Providing guidance on Tax Regulations and Compliance related to Payroll, including managing employee tax withholdings and ensuring adherence to relevant Laws and Regulations.

By leveraging their expertise, Vision Taxation helps businesses manage payroll efficiently and remain compliant with WPS requirements, contributing to Smooth Operations and Employee Satisfaction.

Forensic Accountancy

Forensic Accountancy by Vision Taxation involves specialized accounting services aimed at investigating financial discrepancies, fraud, and other financial crimes. Vision Taxation provides expert forensic accounting services to identify, analyze, and resolve financial irregularities. Key aspects include:

Fraud Detection and Investigation: Identifying signs of financial fraud and conducting thorough investigations to uncover evidence of misappropriation, embezzlement, or other fraudulent activities. This involves detailed examination of financial records and transactions.
Financial Dispute Resolution: Assisting in resolving financial disputes, including litigation support and expert testimony. Forensic accountants analyze financial data to support legal proceedings and provide clear, objective reports.
Compliance Audits: Performing audits to ensure compliance with regulations and standards, identifying areas of non-compliance, and recommending corrective actions to address issues.
Asset Tracing and Recovery: Tracking and recovering assets that have been hidden or misappropriated, helping clients reclaim lost funds or property.
Fraud Prevention Strategies: Advising businesses on implementing controls and procedures to prevent future financial misconduct, enhancing overall financial integrity.

By leveraging their expertise in forensic accountancy, Vision Taxation helps clients navigate complex financial issues, ensure legal compliance, and protect their financial interests.

Taxation Consultancy

Taxation Consultancy by Vision Taxation offers comprehensive Tax Advisory Services designed to help Businesses and Individuals manage their Tax Obligations efficiently and effectively.

Key services include

Tax Planning and Strategy: Vision Taxation develops customized tax strategies to minimize liabilities and optimize tax benefits, ensuring compliance with Local and International Tax Laws.
Tax Compliance and Filing: Assistance with the accurate and timely preparation and filing of various tax returns, including Corporate Taxes, VAT, And Personal Income Taxes, To Avoid Penalties and Interest.
Tax Risk Management: Identification and mitigation of potential tax risks through Proactive Analysis and Strategic Planning, Ensuring Clients Remain Compliant With Ever-Changing Tax Regulations.
Audit Support and Representation: Providing robust support during tax audits, including preparing necessary documentation, responding to tax authority inquiries, and representing clients in negotiations or disputes.
International Taxation: Expertise in handling cross-border tax issues, including transfer pricing, tax treaties, and compliance with global tax standards, helping clients navigate the complexities of international taxation.
Advisory Services: Offering guidance on tax implications related to Mergers and Acquisitions, Business Restructuring, And Investment Strategies, Ensuring Clients Make Informed Financial Decisions.

By leveraging their deep knowledge and experience, Vision Taxation helps clients achieve tax efficiency, compliance, and strategic financial planning.

Bench Marketing and Ratio Analysis

Bench Marketing and Ratio Analysis by Vision Taxation provide essential insights and comparative metrics to help businesses understand their performance relative to Industry Standards and Optimize Their Financial Strategies.

Bench Marketing: Vision Taxation offers Benchmarking Services to compare your Business’s Performance with that of Competitors and Industry averages. This process helps identify strengths and weaknesses, uncover best practices, and set achievable performance targets. By leveraging detailed Benchmarking Analysis, Businesses can implement strategies to enhance Operational Efficiency, Improve Competitiveness, and Drive Growth.
Ratio Analysis: Vision Taxation conducts comprehensive ratio analysis to evaluate various aspects of a company’s financial health. Key ratios analysed include
- Liquidity Ratios: Such as the current ratio and quick ratio, which measure the company’s ability to meet short-term obligations.
- Profitability Ratios: Including Net Profit Margin, Return on Assets (ROA), and Return On Equity (ROE), which assess the company’s ability to generate profit.
- Solvency Ratios: Like the Debt to Equity Ratio and Interest Coverage Ratio, which evaluate the Company’s Long-Term Financial Stability and Debt-Paying Ability.
- Efficiency Ratios: Such as Inventory Turnover and Receivables Turnover, which gauge how effectively the company utilizes its assets and manages liabilities.

By integrating these services, Vision Taxation equips businesses with valuable financial insights, aiding in Strategic Planning, Performance Improvement, and Long-Term Success.

Chart of Accounts Development

Chart of Accounts Development by Vision Taxation involves creating a structured framework for organizing a company’s Financial Transactions. This service ensures that all financial data is accurately recorded, easily accessible, and effectively managed for Reporting and Analysis Purposes. Key components include –

Custom Design: Vision Taxation works with Businesses to Develop a Customized Chart of Accounts (Coa) that Aligns with Their Specific Operational Needs and Industry Requirements. This Tailored Approach ensures that all relevant Financial Categories are covered and that the structure supports Business Objectives.
Standardization: Establishing a Standardized System for Classifying and Recording Financial Transactions. This promotes consistency and accuracy in Financial Reporting, Facilitating Easier Comparison and Benchmarking against Industry Standards.
Scalability: Designing the CoA to accommodate future business growth and changes. This includes planning for potential new accounts or restructuring to ensure the system remains relevant and useful as the business evolves.
Compliance: Ensuring that the Chart of Accounts complies with relevant accounting standards and regulatory requirements. This helps businesses avoid compliance issues and supports accurate Financial Reporting.
Integration: Facilitating seamless integration with existing Accounting Software and Systems, ensuring that the CoA enhances overall Financial Management and Reporting Capabilities.

By leveraging Vision Taxation’s expertise in developing a comprehensive Chart of Accounts, businesses can achieve better Financial Control, Improved Reporting Accuracy, and Enhanced Decision-Making Capabilities.

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ACCOUNTING

OUTSOURCE YOUR FINANCE NEEDS FROM BOOKKEEPING TO MANAGEMENT ACCOUNTS OR COMPILATIONS

ACCOUNTING

WHAT IT IS
- Outsource your finance needs from bookkeeping to management accounts or compilations, payroll consolidated group accounts and technical accounting assistance executed by highly qualified trained accountants assisting you rapidly and efficiently.
- Ask us about system development accounting software evaluations and advice on most suitable accounting platform for your business.
- Financial Accounting
  - i. Bookkeeping
  - ii. Financial Statements
  - iii. IFRS
  - iv. Payroll & WPS
  - v. Forensic Accountancy
  - vi. Taxations Consultancy
  - vii. Bench Marketing / Ration Analysis
  - viii. Chart of Accounts Development
- IFRS
  - International Financial Reporting Standards (IFRS) are the most widely accepted accounting model in the world. They provide a consistent worldwide reporting method. By complying, you will create comparable, reliable, and transparent financial statements that will facilitate greater cross-border capital raising and trade.
  - VT has been working in the UAE for many years making sure that its clients follow IFRS. However if your company does not yet follow IFRS, without question, the time has come for it, ask us how.
- Payroll & WPS
  - The Wage Protection System (WPS) introduced by Ministry of Labour in UAE, is a compulsory means of payments of wages & salaries to all employees inside the UAE through involvement of the Organization, its bankers, the Ministry of Labour & the Central Bank of the UAE, The WPS does not yet cover the Free Zones of the UAE.
  - VT will assist you in administering & running WPS application or presenting advice on its regulation, whether you employ one employee or many.
- Forensic Accountancy
  - VT’s team has acted as experts at several courts in the UAE (Civil, Criminal & Commercial) at all stages from Primary to Appeal to the Supreme Court (in Abu Dhabi) or Cassation Court (in Dubai), hence provides investigative and valuation reports for a wide range of forensic or legal purposes.
  - VT’s forensic accounting experience, enables you to submit your case to the Courts in a most efficient & speedy manner at any stage of the proceedings.
- Management Accounts
  - VTprovides you with the necessary management & financial information, reviews these accounts with you and make suggestions for improving your business efficiency and profitability.
- Examples of our services in this field
  - Budget design and preparation
  - Capital budgeting
  - Capital structure and business financing
  - Computer controls review
  - Cost Systems
  - Debt refinancing
  - Personal financial statements
  - Evaluation of internal audit function
  - Projections and forecsts
- Management Accounting
  - Management Accounts Preparations
  - Cash Flow and Profit Projections
  - Business Valuations
  - Compliance with Contractual Agreement
- Cash Flow and Profit Projections
  - Cash flow projections show how cash is expected to flow in and out of your business to give you a better idea of how much capital investment your business idea needs to run the business for the period of projection.
  - The profit projection determines how profitable the business venture will be.
  - As part of your business package, VT provides you with cash flow and profit projections to enable you to get the most of your business, to ensure smooth financial operation and to help you plan the future of your business.
  - Ask us about projection of your tenders (such as contractors tendering for projects) making the tender more solid and practical.