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VAT REGISTRATION SERVICES
Consultation:Hema Accounting and Bookkeeping Services would likely begin by consulting with clients to determine if they need to register for VAT based on their turnover and business activities.
Documentation Preparation:They would assist in gathering the necessary documentation and information required for VAT registration, such as business details, turnover records, and identification documents.
Registration Process:Hema Accounting and Bookkeeping Services would handle the registration process on behalf of their clients, completing and submitting the required forms to the tax authority.
Follow-Up and Confirmation:They would follow up with the tax authority to ensure the registration process progresses smoothly and await confirmation of VAT registration.
Post-Registration Compliance:Once registered, they would help clients understand their VAT obligations, including charging VAT on sales, reclaiming VAT on purchases, and submitting periodic VAT returns.
CORPORATE TAX REGISTRATION
Hema Accounting and Bookkeeping Services would assess the client’s business structure and activities to determine their corporate tax registration requirements.They would assist in preparing the necessary documentation and information required for corporate tax registration, such as business incorporation documents, ownership details, and financial records.
Registration Process:They would handle the corporate tax registration process, completing and submitting registration forms and supporting documents to the relevant tax authority.
Tax Identification Number (TIN) Acquisition:If applicable, they would help clients obtain a Tax Identification Number (TIN) for corporate tax purposes.
BANK ACCOUNT OPENING
Initial Consultation:Hema Accounting and Bookkeeping Services would likely start with an initial consultation to understand the client’s banking needs, business structure, and preferences regarding banking institutions.
Documentation Preparation:They would assist in gathering the necessary documentation required by the chosen bank for opening a business account. This may include identification documents, business registration certificates, proof of address, and tax identification numbers.
Bank Selection:Based on the client’s preferences and requirements, Hema Accounting and Bookkeeping Services may recommend suitable banking institutions that align with the client’s needs, such as banks offering specific services or favorable terms.
GOAML REGISTRATION AND AMENDMENT
GoAML (Global Anti-Money Laundering) is a platform used by financial institutions and regulatory authorities worldwide to facilitate the reporting of suspicious transactions and activities related to money laundering and terrorist financing. However, GoAML registration and amendment processes typically apply to financial institutions and designated non-financial businesses and professions (DNFBPs), rather than accounting and bookkeeping services firms like Hema Accounting and Bookkeeping Services.
If Hema Accounting and Bookkeeping Services were to provide assistance with GoAML registration and amendments, it would likely involve advising their clients, who are financial institutions or DNFBPs, on the necessary steps and requirements.
ESR FILLING
Hema Accounting and Bookkeeping Services would provide ongoing support to their clients to help maintain compliance with ESR regulations. This may include advising on changes in legislation, conducting periodic reviews of compliance status, and assisting with any remediation efforts as needed.
Hema Accounting and Bookkeeping Services regarding ESR filing may vary depending on the jurisdiction and the unique requirements of their clients.
DMCC PORTAL SERVICES
The DMCC (Dubai Multi Commodities Centre) is a free zone in Dubai, United Arab Emirates, offering a range of services to businesses operating within its jurisdiction.Hema Accounting and Bookkeeping Services may assist clients in setting up companies within the DMCC free zone. This could involve advising on business structures, preparing incorporation documents, and facilitating the registration process through the DMCC portal.
DMCC free zone to ensure compliance with regulatory requirements and take advantage of the services available through the DMCC portal. Hema Accounting and Bookkeeping Services may play a valuable role in facilitating these processes and supporting clients in their business operations within the free zone.
MOFAIC REGISTRATION AND INVOICE ATTESTATION
MOFAIC stands for the Ministry of Foreign Affairs and International Cooperation in the United Arab Emirates (UAE). It plays a crucial role in attesting and legalizing various documents for use both domestically and internationally.
Hema Accounting and Bookkeeping Services would start by understanding the specific requirements of their clients regarding MOFAIC registration. This may include determining the types of documents that need to be attested and the purpose of attestation.
Invoice Attestation:
Hema Accounting and Bookkeeping Services would assess whether their clients’ invoices require attestation for use in domestic or international transactions. This may be necessary for invoices related to business contracts, trade agreements, or other financial transactions.They would assist clients in preparing the invoices and supporting documentation for attestation, ensuring they comply with any specific requirements set forth by the relevant authorities.
TAX-FREE PLANET REGISTRATION
Hema Accounting and Bookkeeping Services would assess whether their clients are eligible for tax-free status based on the relevant regulations and criteria in the jurisdiction where they operate.Hema Accounting and Bookkeeping Services would handle the submission of the tax-free registration application to the relevant authorities on behalf of their clients. This involves ensuring that all required documents are accurately completed and submitted within the specified deadlines.After tax-free registration is approved, Hema Accounting and Bookkeeping Services may provide ongoing support to ensure compliance with the regulations and requirements associated with tax-free status. This may include advising on reporting obligations, maintaining eligibility criteria, and navigating any changes in tax laws.
CUSTOM CODE REGISTRATION,AMENDMENT,RENEWAL AND LINK WITH FTA
Hema Accounting and Bookkeeping Services would provide comprehensive support throughout the customs code registration, amendment, renewal, and linking processes, ensuring compliance with regulatory requirements and facilitating smooth operations for their clients’ businesses in the UAE. Clients should consult directly with Hema Accounting and Bookkeeping Services for detailed information on their services, fees, and timelines related to customs code registration and compliance with tax regulations.
TRC APPLY SERVICES
Tax Residency Certificate (TRC) Application Services:
Hema Accounting and Bookkeeping Services would start by consulting with their clients to determine their need for a Tax Residency Certificate (TRC). This may involve assessing their residency status for tax purposes and identifying the jurisdictions where TRCs are required.They would assist clients in gathering the necessary documentation for the TRC application. This may include proof of residency, tax identification numbers, identity documents, and any other supporting paperwork required by the relevant tax authorities.Hema Accounting and Bookkeeping Services would handle the submission of the TRC application to the appropriate tax authority or regulatory body. This involves completing the necessary forms accurately and providing all required documentation.
Hema Accounting and Bookkeeping Services would provide ongoing support to ensure that their clients remain compliant with tax residency requirements. This may include advising on residency rules, maintaining accurate records, and fulfilling any reporting obligations associated with TRCs.
ACCOUNTING SERVICES
Bookkeeping Services: This involves the day-to-day recording of financial transactions such as sales, purchases, receipts, and payments. Bookkeeping services may also include bank reconciliation, accounts payable and receivable management, and maintaining general ledgers.
Financial Statement Preparation: Accounting firms often prepare financial statements, including income statements, balance sheets, and cash flow statements. These statements provide a summary of a company’s financial performance and position over a specific period.
Tax Preparation and Planning: Accounting firms may offer tax preparation services, ensuring that their clients comply with tax laws and regulations while minimizing their tax liabilities. They may also provide tax planning advice to help businesses make strategic decisions that can reduce their tax burden.
VAT FILLING PROCESSES
Registration:Businesses must register for VAT with the relevant tax authorities. The threshold for mandatory registration varies by country.
Invoice Management:Businesses must issue VAT invoices for sales and ensure they receive VAT invoices for purchases. These invoices must include specific information such as VAT numbers, descriptions of goods or services, and the VAT amount.
Record Keeping:Detailed records of all sales and purchases, including VAT amounts, must be maintained. This includes:
- Sales ledger
- Purchase ledger
- VAT account
- VAT returns are usually filed quarterly, though some businesses may file monthly or annually.
VAT CONSULTANCY
VAT consultancy services play a crucial role in ensuring that businesses comply with VAT regulations, optimize their VAT processes, and minimize their tax liabilities. By leveraging the expertise of VAT consultants, businesses can navigate the complexities of VAT, avoid costly mistakes, and focus on their core activities.
1.VAT Registration:Evaluating whether a business needs to register for VAT based on its turnover and activities. Assisting with the VAT registration process, including the preparation and submission of required documents to the tax authorities.
COMPANY BUSINESS SET UP
Setting up a bookkeeping and accounting business requires careful planning, adherence to legal requirements, effective marketing, and a focus on quality service delivery.
- Decide the range of services you will offer (e.g., bookkeeping, accounting, tax preparation, payroll services, financial consulting, VAT consultancy).
- Decide whether to operate as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each has different legal and tax implications.
LIQUIDATION OF COMPANY
Liquidation is the process of winding up a company’s financial affairs, selling off assets, paying creditors, and distributing any remaining assets to shareholders before the company is formally closed. In bookkeeping and accounting, liquidation involves specific steps to ensure accurate financial reporting and compliance with legal requirements.
- The liquidator, often a licensed insolvency practitioner, is appointed to oversee the liquidation process. Their role includes collecting and selling assets, paying off debts, and distributing remaining funds.
- Notify relevant authorities, including the tax authorities and the company registrar, about the appointment of the liquidator.
GENERAL ACCOUNTING AND BOOKKEEPING
Chart of Accounts
Asset Accounts
Liability Accounts
Equity Accounts
Revenue & Expense Accounts
Journal Entry Posting
Journal Account Coding
Approvals
Posting
Filing
Expense Allocations
Obtain Approvals
Record Expenses with Allocations
Estimate expenses incurred but not billed
Account & Bank Reconciliations
Reconcile Revenue With Cost of Goods Sold
Reconcile All Balance Sheet Accounts
Reconcile Bank
Fixed Assets Management
Record All Assets Purchased
Record Disposals
Book Depreciation
Reconcile Accounts
Financial Reporting
Prepare Financial Statements
Issue Management Reports
Issue KPIs and Dashboards
Perform Variance Analysis
FINANCE SERVICES
Financial Analysis: Accounting firms may provide financial analysis services to help businesses understand their financial performance, identify trends, and make informed decisions. This may include ratio analysis, trend analysis, and benchmarking against industry standards.
Budgeting and Forecasting: Accounting firms can assist businesses in creating budgets and forecasts to plan and manage their finances effectively. This involves estimating future revenues, expenses, and cash flows to guide decision-making and goal-setting.
Cash Flow Management: Maintaining healthy cash flow is crucial for businesses. Accounting firms can help businesses develop strategies to optimize cash flow, manage working capital, and ensure sufficient liquidity to meet their financial obligations.
Planning and Budgeting – FP&A
Revenue – Volume, Price, Mix
Channel Strategies
Projections
Execution Timelines
Product Innovation / Disco.
Trade Spend and Sales Discounts
Spend by Channel
Promotion Strategy
Retailer Strategy
Promotional Calendar
Cost of Goods
Bill of Material
Purchasing Savings
Manufacturing Efficiencies
Production Footprint
Cash Flow Projections
Projected Financial Statements
Strategic Plan
Profit & Loss
Balance Sheet
Investment Plan
Projected Cash
Operating Activities
Investing Activities
Financing Activities
BUSINESS EJARI AVAILABLE
Legal Protection:Registered lease agreements offer legal protection to both landlords and tenants.
Transparency:The Ejari system promotes transparency in the rental market by maintaining a centralized database of lease contracts.
Dispute Resolution:Properly registered agreements can aid in resolving disputes between landlords and tenants.
Financial Accuracy:Accurate registration and documentation help in maintaining precise financial records and reporting.
OPERATIONS SERVICES
Financial Transaction Processing: Operations systems facilitate the processing of financial transactions such as invoicing, payments, payroll, and procurement. This includes the use of accounting software and systems to record transactions accurately and efficiently.
Budgeting and Planning: These systems help in developing budgets for various departments or projects within the organization, as well as in monitoring actual expenditures against budgeted amounts. They may involve forecasting tools, cost allocation methods, and financial modeling techniques.
Financial Reporting: Operations systems generate financial reports such as income statements, balance sheets, and cash flow statements, providing stakeholders with insights into the organization’s financial performance. These reports are often required for internal decision-making as well as for compliance with regulatory standards.
Demand and Supply Planning
Demand Planning
Generate Demand Plan
Previous Period Consumption
Sales Input
Trade Promotions
Revenue Projections
Production Planning
Supply Chain Plan
Materials Plan
Production Plan
Capacity Plan
Pre-S&OP Meeting
Matrices and Reports
Gaps and Resolutions
Meeting Agenda
Executive Meeting
Review Recommendations
Make Decisions
Consensus Plan
KPIs
Inventory Management
Projected Financial Statements
Pre-S&OP Meeting
Executive Meeting
Demand Planning
Supply Planning
Inventory Balances
Minimum Order Quantities
Safety Stock
Slow Moving
Lot Tracking
Trade Promotions Management
Data Driven Planning
Global Brand Plan
Promotion Guidelines
Promotion Plans
Trade Budget Allocation
Chargeback Verification
Retailer Backup
Promotion Contracts
Syndicated Data Analysis
Internal Approvals
Promotion Reporting
Baseline
Lifts
ROI Analysis
Month End Reporting
Period End Closing
Month End Accruals
Accrual Analysis
Reconciliation with GL
Unauthorized Spend
AUDITING SERVICES
Operational Audits: Operational audits focus on evaluating the efficiency and effectiveness of the organization’s operations, including accounting and bookkeeping processes. Auditors assess whether resources are being utilized efficiently, internal controls are adequate, and operational objectives are being met.
Internal Audits: Internal audit functions within HEMA organizations provide independent assessments of internal controls, risk management processes, and governance structures. Internal auditors help identify areas for improvement and ensure compliance with organizational policies and procedures.
- Financial Statement Audits: Auditing firms may conduct financial statement audits for HEMA organizations to provide assurance on the fairness and accuracy of their financial statements. This involves examining the organization’s financial records, transactions, and internal controls to assess whether they comply with accounting standards and regulations.
LEGAL ADVICE
Providing legal advice in accounting and bookkeeping services involves guiding clients on legal matters related to financial transactions, compliance, and regulatory requirements. While accountants and bookkeepers are not typically licensed to offer formal legal advice, they often collaborate with legal professionals to ensure comprehensive service.
- Ensuring that the business complies with relevant financial regulations and standards, such as tax laws, financial reporting standards, and industry-specific regulations.
- Providing advice on tax compliance, tax planning, and the implications of various financial transactions on tax liabilities. This often involves collaboration with tax attorneys for complex issues.
GOLDEN VISA
Accounting and bookkeeping services play a crucial role in assisting clients with obtaining a Golden Visa by providing financial planning, documentation preparation, investment management, and compliance support. By understanding the specific requirements of the Golden Visa program and ensuring that clients meet these criteria, accountants and bookkeepers can help facilitate a smooth and successful application process.
A Golden Visa is a type of residence permit that offers long-term residency to investors, entrepreneurs, and individuals who meet certain criteria, typically involving significant investment in the country’s economy.