UAQ: Accounting Services

​The importance of maintaining accounts should not be underestimated as they are integral in preparing management reports. Ensuring that your accounts are 100% accurate and always up to date is beneficial for a number of reasons.

We insist and advise our clients to maintain accounts of all the transactions, records, and details that can give them a true picture of their business performance on periodical basis.

The business entities are always challenged to reduce costs, avail the best services and add maximum value from their expenditures. Gupta Accountants as cost effective accountants firm, offers completely flexible and innovative Accounting Services .

We are dedicated to helping our clients to improve the quality of their financial reporting. We deal with the form and content of financial statements and provide guidance on financial accounting matters. 

​​​Why, Accounting records and commercial books in UAQ?

The UAE Tax Procedure Law 28 of 2022 and regulations made under this law, stipulates that accounting records and commercial books must comprehensively document various financial transactions related to business activities. These records should capture payments and receipts, purchases and sales, as well as revenues and expenditures, in compliance with the tax law and other relevant regulations. Essential components of these records include balance sheets and profit and loss accounts, detailed records of wages and salaries, and thorough documentation of fixed assets. Additionally, businesses are required to maintain accurate inventory records and statements, detailing quantities and values at the end of each tax period, as well as records of stock counts tied to these inventory statements. Adhering to these stipulations is crucial for ensuring transparency and compliance with the established tax regulations.

In the realm of financial management, it is essential to maintain comprehensive documentation that supports the entries in accounting records and commercial books. This encompasses a variety of important documents, including correspondence, invoices, licenses, and contracts directly related to the business operations. Furthermore, it is crucial to retain any documents that detail elections, assessments, determinations, or calculations made by the taxpayer concerning the tax affairs of their business. Such documents should clearly outline the basis or method utilized in these assessments, determinations, or calculations. Proper organization and preservation of these records not only ensure compliance with regulatory requirements but also facilitate a thorough understanding of the financial health and tax obligations of the business.

In Umm Al Quwain, maintaining accurate accounting records and commercial books is a mandatory requirement for all individuals and entities operating a business, regardless of their VAT registration status under UAE regulations. 

​​Period of Record Keeping in UAQ?

​All accounting records, commercial books, and related information must be meticulously retained and maintained to ensure accessibility for the authority or any authorized employee tasked with verifying tax obligations. It is imperative that these records be kept in an organized manner that allows for straightforward examination and audits. The retention period for these documents is mandated to be between five to seven years, facilitating compliance with tax laws and regulations. This practice not only protects the rights of the authorities but also ensures that individuals and businesses can substantiate their financial activities during this timeframe. Keeping detailed and accurate records is essential for transparency and legal adherence.

Why Outsourcing accounting services in UAQ?

Outsourcing accounting services in Umm Al Quwain with Gupta Accountants offers numerous advantages for businesses seeking efficiency and expert support. Here are some key benefits:  

1. Cost-effectiveness: Reducing overhead costs by eliminating the need for in-house accounting staff.

​2. Access to expertise: Leveraging skilled professionals with extensive knowledge of local regulations and international accounting standards.

3. Time-saving: Allowing business owners to focus on core operations while experts handle financial tasks.

4. Enhanced accuracy: Minimizing errors through specialized accounting practices and tools. ​

5. Scalability: Easily adjusting the accounting services as the business grows or contracts.

6. Compliance assurance: Staying updated with the latest tax laws and financial regulations.

7. Risk management: Reducing financial risks through meticulous reporting and analysis.

By partnering with Gupta Accountants, businesses can thrive in Umm Al Quwain’s competitive market while ensuring robust financial management.

​Best Accounting Services in UAQ

In the bustling business landscape of Umm Al Quwain, our firm stands out by offering the best accounting services tailored specifically for enterprises operating in various Umm Al Quwain free zones. We understand the unique regulatory requirements and financial intricacies that businesses face in this vibrant economic hub. Our team of experienced accountants is dedicated to providing comprehensive solutions to ensure your company's financial health and compliance with local laws. From bookkeeping and tax planning to financial consulting and auditing, we empower our clients to focus on growth while we manage the numbers. Trust us to handle your accounting needs with precision and professionalism, so you can thrive in Umm Al Quwain's dynamic market.

Umm Al Quwain Free Trade Zone in Ahmed Bin Rashid Port - UAQ Port Free Zone 

​Umm Al Quwain Free Trade Zone on Sheikh Mohammed Bin Zayed Road - UAQFTZ 

Is maintenance of Accounting Books and Records are Mandatory? 

In Umm Al Quwain, the maintenance of accounting books and records is indeed mandatory for several reasons. ​

• First, it ensures compliance with local laws and regulations, as the Umm Al Quwain Economic Department mandates accurate financial reporting for all businesses.

• Second, maintaining proper records facilitates effective tax management, helping businesses calculate and file their taxes accurately. ​

• Third, it enhances transparency, which builds trust with stakeholders, investors, and customers. ​

• Fourth, thorough record-keeping aids in financial analysis and decision-making, allowing companies to monitor their performance and make informed strategic moves.

• Lastly, proper accounting records are essential during audits, providing necessary documentation for regulatory assessments.

Overall, maintaining accounting books and records is a crucial aspect of business operations in Umm Al Quwain, promoting financial health and integrity.

Why Gupta Accountants?

• Professionally qualified and experienced accountants  
• Cost Effective accountants 
• Compliance to International standards

We will be glad to discuss how our Financial Services Department can assist you and your company.

UAQ: Gupta Accountants Services

The Gupta Accountants team offers expert accounting services in the UAE. We provide professional support at every stage of compliance required for taxable persons across the UAE, including Dubai, Abu Dhabi, Sharjah, Ajman, Umm Al Quwain, Fujairah, and Ras Al Khaimah.​