Introduction of corporate tax, VAT and other laws in UAE has necessitated maintenance of books of accounts, to have control over periodical accounting and meet the reporting obligations of both the regulatory authorities and business owners. This function now needs critical knowledge of tax laws and International Financial Reporting standards for accounting as the same has become a tedious and complex job for businesses. Many companies have commenced the process of looking at various options and one of them being outsourcing of these functions to firms which would ensure not just the regular accounting but also ensuring the compliance with the laws. Perspective of the accountant has to change from accounting function to finance function.
M&M Al Menhali auditing (M&M) can add value to the business by inducting the right team into the function in order to not just do the accounting of transactions but also provide services related with VAT filing in Dubai UAE, Corporate tax filing in UAE, any commercial law impacting the business like Economic Substance Regulations in UAE, UBO declaration in Dubai UAE, FATCA and any requirements of Anti Money laundering laws. If you already have an accounting team, we can complement their functions by supervising them and providing timely and accurate inputs on all the matters related with tax and commercial laws.
M&M can take up the whole backend functions covering accounts team, banking related services payroll services etc.
Founded in 2001, M&M AL MENHALI AUDITING & MSM Tax consultants (‘‘M&M’’), a member of MGI worldwide network having offices in 102 countries and 251 partners, is an audit, tax advisory and accounting firm. More details are available on our website www.mandmauditing.com. We are local players with global outlook.
One typical example where M&M stepped in to provide a solution encompassing the accounting services is given below.
A mid-sized client, which is into business of oil and gas had a team of 3 persons for accounting, stock management and payroll. Client faced multiple challenges in terms of recruiting the right candidate, experiencing issue of backlog when one of the employees would go on leave, prolonged delay in replacement in case of resignation of one of them, inability of the staff to keep themselves updated on various and frequent changes in the commercial and tax laws which resulted in the client spending to hire the consultant as well. The completion of audit was a herculean task.
M&M stepped in and provided a complete solution covering all their pain points by deploying an experienced senior accountant who took care of the accounting and periodical reports. The two juniors were asked to report to this senior accountant. The senior accountant in turn would get all the information and support all the time from M&Ms different departments like Tax, audit, accounts and HR. A senior member of M&M is also in touch with the owners for providing them updates on all the laws. We are more of a partner in business rather than just an outsourced consultant. Later when the company expanded their business through one of the acquisition M&M stepped in to conduct the due diligence and valuation.
We also provide Audit and Assurance services in Dubai UAE.