Frequently Asked Questions
Tax and Accounting Services
General Accounting Questions
Bookkeeping involves the day-to-day recording of financial transactions, while accounting encompasses bookkeeping plus financial analysis, reporting, tax compliance, and advisory services. MBK/24A Plus provides comprehensive services covering both functions.
Outsourcing provides access to experienced professionals, reduces overhead costs (salaries, benefits, training), ensures continuity of service without dependency on individual employees, and offers scalability as your business grows. It also provides access to multiple software platforms and latest compliance knowledge.
The choice depends on your business size, transaction volume, industry-specific requirements, reporting needs, and budget. During our System Implementation service, we assess your requirements and recommend the most suitable platform among Tally, QuickBooks, Xero, Zoho, or other specialized software.
We identify the errors, determine their impact, prepare necessary adjustment entries with proper documentation, and guide your team on implementing corrections. We also provide recommendations to prevent similar errors in the future. This ensures your books are audit-ready before the statutory audit begins.
Our fees are based on the scope of services, transaction volumes, complexity of business operations, and frequency of service delivery. We provide transparent fee quotations after understanding your specific requirements. For ongoing services like bookkeeping and supervision, we typically offer monthly retainer arrangements.
Service-Specific Questions
Accounting Supervision is an ongoing service where we regularly review and guide your accounting staff throughout the year. Accounting Review is a one-time service conducted at year-end to prepare books of account for statutory audit. Supervision is preventive and continuous, while Review is corrective and periodic.
We offer flexible arrangements based on your needs. Services can be delivered remotely through cloud-based systems, or we can schedule on-site visits monthly, quarterly, or at mutually agreed intervals. The frequency depends on transaction volumes and your preference for interaction.
Yes. Our team is trained on multiple platforms including Tally, QuickBooks, Xero, and Zoho. We can also work with other accounting systems based on your requirements. If needed, we can recommend and implement a more suitable system through our System Implementation service.
The timeline varies based on business complexity, data migration requirements, and customization needs. Typically, implementation takes 2-6 weeks from project initiation to going live. This includes planning, installation, configuration, data migration, testing, and training.
Compliance and Regulatory Questions
Absolutely. We adhere to strict professional ethics and confidentiality standards. All staff members are bound by confidentiality agreements, and we implement appropriate data security measures for both physical and electronic records.
Yes. All our services are designed to ensure compliance with UAE laws and regulations including Federal Tax Authority requirements, Free Zone regulations, and mainland DED requirements. We maintain up-to-date knowledge of regulatory changes and ensure our clients remain compliant.
Auditing Services
General Audit Services
Statutory Audit is mandated by law and conducted annually by an independent external auditor to provide assurance on financial statements. Internal Audit is initiated by management, can be conducted periodically throughout the year, and focuses on specific operational, compliance, or risk management objectives.
The duration depends on the size and complexity of the organization, typically ranging from 2-4 weeks for small to medium enterprises. We work closely with clients to minimize disruption to operations.
Most companies in the UAE require statutory audits for license renewal, tax compliance (if revenue exceeds AED 50 million), and banking relationships. Requirements vary forFree Zone and mainland jurisdictions.
Specialized Audits
Forensic Audit should be considered when there is suspicion of fraud, embezzlement, financial irregularities, or in legal disputes requiring detailed financial investigation and evidence gathering.
The scope is defined based on client needs and can cover general compliance with all applicable regulations or focus on specific areas such as tax, HR, AML, cybersecurity, or health and safety compliance.
Liquidation Services
License cancellation is a simpler deregistration process offered by some Free Zones. Formal liquidation is a legal process required under UAE Commercial Companies Law and involves appointment of a liquidator, asset realization, liability discharge, and submission of a liquidator's report.
The timeline varies depending on the complexity of the company's affairs, typically ranging from 2-6 months. Factors include asset disposal, creditor settlement, obtaining clearances, and regulatory processing times.