Introduction
Tax accounting is the means of accounting for tax purposes. It applies to all individuals, businesses, corporations, and other entities. Even those who are exempted from paying taxes must participate in tax accounting. The purpose of tax accounting is to be able to track funds associated with individuals and entities. Without these accounting records, financial analysis will be tough, hence, financial mismanagement may occur.
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Accounting
From a business perspective, more information must be analyzed as part of the tax accounting process. While the company earnings or incoming funds, must be tracked just as they are for the individuals, there is an additional level of complexity regarding any outgoing funds directed towards certain business obligations. This can include funds directed towards specific business expenses as well as funds directed towards shareholders. It is recommended that a business use tax accountant to perform these duties., due to complexity of the records involved.
Accounting Review
Accounting review services are for those that already have an adequate solution in place for their monthly escrow accounting function, yet still understand the benefit and value of an independent review. Our team does an in-depth review of your accounts to ensure to reconciliations are within industry standards and that no hidden items are present to cause inadvertent losses to you r firm. A quarterly review could help identify the shortage , missed deposits or bank charges that could add up to a significant cost to your firm.
Backlog Accounting
Businesses have to keep proper accounts under the UAE Commercial Companies Act, however, there are instances that small and medium -sized businesses are not able to do so. It is mandatory that businesses understand the importance of maintaining the backlog accounts, not just for the management but also for regulatory bodies such as Federal Tax Authority. HMA can help the client to set up the backlog c form the date of operation of the organization. However, appropriate invoices, receipt vouchers, petty cash expanses, bank statement, check counter thwarts, bank transfer copies and other necessary financial documents. HMA will complete the books of account on a yearly basis.
Accounting Supervision
Accounting review services are for those that already have an adequate solution in place for their monthly escrow accounting function, yet still understand the benefit and value of an independent review. Our team does an in-depth review of your accounts to ensure to reconciliations are within industry standards and that no hidden items are present to cause inadvertent losses to you r firm. A quarterly review could help identify the shortage , missed deposits or bank charges that could add up to a significant cost to your firm.
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