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Accounting & Bookkeeping

Accounting and bookkeeping for UAE businesses

Clean, current books that keep you compliant and show you how the business is really doing.

Book a consultation What we cover

Good accounting used to be mainly about knowing your numbers. In the UAE today it is also a legal necessity. Corporate Tax returns start from your financial statements, VAT returns must reconcile to your records, and many licensing authorities, banks and investors ask for audited accounts. Records that are incomplete or months behind make every one of these harder and more expensive.

Many owner-managed businesses do not need, or cannot justify, a full in-house finance team. What they need is someone dependable who keeps the books current, closes each period properly and raises problems while there is still time to act on them.

We provide that function at whatever scale fits, from straightforward monthly bookkeeping to management reporting, payroll and part-time CFO support. Accounts are prepared under IFRS, and because we also handle VAT and Corporate Tax, your books and your filings stay consistent with each other.

What we cover

Accounting & Bookkeeping services

  • 01

    Outsourced bookkeeping

    We record your sales, purchases, expenses and bank transactions on a monthly, quarterly or annual cycle, depending on your volume and reporting needs. Every period closes with reconciled bank accounts and receivable and payable balances you can rely on. You send documents in whatever form is practical for you, and we turn them into a complete, organised set of books.

    • Monthly, quarterly or annual bookkeeping cycles
    • Bank, card and payment gateway reconciliations
    • Receivables and payables tracking
    • VAT-ready records with supporting documents filed
  • 02

    Accounts finalisation and financial statement preparation

    At year end, the books need adjusting for accruals, prepayments, depreciation, provisions and closing stock before they become proper financial statements. We finalise the accounts and prepare a full set of financial statements in line with IFRS. These form the starting point for your audit, your Corporate Tax return and any reporting to banks or investors.

    • Year-end adjustments and closing entries
    • Statements of financial position, profit or loss and cash flows, with notes
    • Audit schedules and supporting files
    • Alignment with Corporate Tax return requirements
  • 03

    Management reporting and MIS

    Statutory accounts look backwards and arrive once a year. Management reports show you, month by month, how sales, margins, costs and cash are moving against your plan. We design a reporting pack around the figures you actually use to run the business and deliver it on a fixed timetable.

    • Monthly or quarterly management accounts
    • Profitability by product, branch, project or customer
    • Budget against actual analysis with commentary
    • Receivables ageing and cash position summaries
  • 04

    Payroll processing and WPS compliance

    Salaries for most mainland employees must be paid through the Wage Protection System, and errors can lead to penalties and restrictions on new work permits. We calculate monthly payroll, including allowances, deductions, leave and end-of-service gratuity, and prepare the salary information file for your bank or exchange house. Payroll records are kept ready for labour inspections and audits.

    • Monthly payroll calculation and payslips
    • WPS salary information file (SIF) preparation
    • Leave, overtime and end-of-service gratuity calculations
    • Payroll reconciliations and employee cost reports
  • 05

    Virtual CFO and financial controller services

    Growing businesses often reach a point where they need senior financial judgement but not a full-time CFO salary. Our virtual CFO service provides that experience on a part-time basis. That means reviewing results, strengthening controls, preparing for bank or investor discussions, and helping you make pricing, hiring and investment decisions with the numbers in front of you.

    • Regular results reviews with the owners
    • Financial controls and approval procedures
    • Preparation for bank facilities and investor discussions
    • Support on pricing, cost and investment decisions
  • 06

    Accounting software setup and migration

    The right accounting system saves hours every month, while the wrong one, or a poorly configured one, creates errors that build up over time. We work with ERPNext, Tally, Zoho, Odoo and the other major accounting and ERP platforms, and help you choose one that suits your size and industry. We set up the chart of accounts and VAT codes correctly, then migrate and check your opening balances and historic data before you go live.

    • Software selection based on your size and workflow
    • Chart of accounts and VAT code configuration
    • Data migration and opening balance checks
    • Walkthrough for your team on day-to-day entry
  • 07

    Backlog and catch-up accounting

    If your books are months or even years behind, it is fixable. We rebuild the records from bank statements, invoices and whatever other evidence is available, reconcile them, and bring the accounts up to date period by period. This is often the necessary first step before overdue VAT returns, a Corporate Tax filing or an audit can go ahead.

    • Reconstruction from bank statements and source documents
    • Reconciliation of historic balances
    • Identification of missing documents and gaps
    • Preparing records for overdue filings and audits
  • 08

    Budgeting, forecasting and cash-flow planning

    A budget sets expectations; a cash-flow forecast tells you whether you can meet them. We build realistic budgets and rolling forecasts from your actual trading history and update them as results come in. That way you can see funding gaps, seasonal pressure and the effect of major decisions well before they arrive.

    • Annual budgets built from historical performance
    • Rolling 13-week and 12-month cash-flow forecasts
    • Scenario planning for expansion or new hires
    • Variance tracking against actual results

Process

How we work

  1. Review your current position

    We look at your existing records, systems, transaction volumes and deadlines to understand exactly what is needed.

  2. Agree scope and timetable

    We confirm the services, reporting cycle and delivery dates, along with exactly what we need from you each period.

  3. Set up and onboard

    We configure or tidy your accounting system, confirm opening balances and agree a simple routine for sharing documents.

  4. Deliver every period

    Books are updated, reconciled and reviewed on the agreed cycle, with reports delivered and any issues raised promptly.

  5. Year end and filings

    We finalise the accounts, support the audit, and carry the results through to your VAT and Corporate Tax compliance.

Accounting & Bookkeeping

Why clients choose Shastra

  • 01

    Books kept with tax in mind

    Because we also handle VAT and Corporate Tax, your records are kept in a way that makes filings straightforward.

  • 02

    Partner oversight

    A partner of the firm oversees each engagement, so senior attention is available when questions arise.

  • 03

    Reporting in plain language

    We focus on the figures you need to make decisions and explain them without jargon.

  • 04

    Scales with the business

    Start with bookkeeping and add payroll, management reporting or CFO support as the business grows.

FAQs

Frequently asked questions

Have a question that is not answered here? Ask us directly, and we will give you a straight answer.

Ask a question
Is bookkeeping a legal requirement in the UAE?

Yes. UAE companies must keep proper accounting records, and both the VAT and Corporate Tax laws require records to be retained for a minimum number of years and produced on request. Accurate books are also needed for audits, bank facilities and licence renewals in many free zones.

Which accounting standards do you follow?

Financial statements are prepared under International Financial Reporting Standards (IFRS), the framework used in the UAE. Smaller businesses may be able to use IFRS for SMEs, and we will advise which applies to you.

How often will my books be updated?

That depends on your transaction volume and how you use the information. VAT-registered businesses generally need at least quarterly bookkeeping to support their returns, while many owners prefer monthly updates so they always have current figures to work with.

My books are behind. Can you still help?

Yes. We start from whatever records exist, rebuild the missing periods from bank statements and source documents, and bring everything up to date so that overdue filings and audits can be completed.

Do I need to change my accounting software to work with you?

Not necessarily. We work with ERPNext, Tally, Zoho, Odoo and the other major accounting and ERP systems, so if your current system works and is set up correctly, we work within it. If it is causing problems, we will explain why and recommend a better fit before any change is made.

Do you prepare financial statements for Corporate Tax purposes?

Yes. Corporate Tax is calculated starting from the accounting profit in your financial statements, so we prepare year-end accounts with the tax return in mind. Some businesses must also support their return with audited financial statements, and we prepare the accounts and audit schedules for that.

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  • Audit & Assurance

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  • AML & Compliance

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