Consultancy services

About The Company

A consultancy firm in the UAE, specializing in the airline industry, partnered with Integra Books for outsourced accounting services. They aimed to transition from Excel-based accounting to a sophisticated software system and efficiently manage UAE VAT returns.

Our

Challenges

Data collection : In the absence of books of accounts in the first year, excel sheets became the primary source of data.

Entry backlog: There was backlog of entries which had to completed within short time.

VAT Law: Our team had to learn the VAT law of UAE. This law had been newly introduced in the UAE and our team had to learn all the relevant sections and the return filing process.

Cross currency accounting

The firm invoiced in:

The sales invoiced in EUROS were received in USD. This created a problem in accounting the receipts since Zoho Books did not allow currency switching at the time of recording the customer payment

Creating a voucher system

Our team had to have supporting documents for the entries to be passed in the books. This was required for the audit as well.

A voucher system was created for recording the vendor invoice and was used as a cross reference at the time of the payment.

This helped our team to record vendor payments against the correct vendor invoices

Comprehensive Solution For A Software Company

Cloud based accounting software

We used Zoho Books as accounting software.

Zoho Books was the best choice since it was cloud based and supported multi -currency operations

RESULTS WE ACHIEVED

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The most frequent problems that business owners face are to do with accounting & regulatory compliance. Entrepreneurs view time invested in doing both as unproductive time.

34, Manikanta Sankeerana

Complex, 1st Floor Gangamma Temple St.