Accounting & Bookkeeping Services
Best Accounting Services - Trusted by Clients Accross UAE Landscape
Accounting and Bookkeeping Services in the UAE
Accurate, compliant financial records from a firm that’s kept UAE businesses audit-ready since 1985.
Farahat & Co. has provided accounting and bookkeeping services since 1985, supporting businesses across Dubai, Abu Dhabi, Sharjah and every major UAE free zone.
Our chartered accountants maintain financial records in line with IFRS and UAE regulatory requirements, helping companies stay compliant with VAT and corporate tax obligations while gaining a clear picture of their financial position.
- Four decades of experience across mainland, free zone and offshore company structures
- FTA-registered tax agent, supporting VAT and corporate tax filings directly with the authority
- ISO 9001:2015 certified processes, applied consistently across every client engagement
As an FTA-registered tax agent and ISO 9001:2015 certified firm, we support businesses of every size, from new startups to established groups, with structured, audit-ready accounting.
Bookkeeping vs Accounting: What Is the Difference?
Bookkeeping and accounting are related but distinct functions. Businesses often use the terms interchangeably, but understanding the difference helps in choosing the right level of support.
| Aspect | Bookkeeping | Accounting |
|---|---|---|
| Focus | Recording daily financial transactions | Interpreting and analysing financial data |
| Output | Ledgers, journals, transaction records | Financial statements, reports, tax filings |
| Purpose | Keeps a complete, accurate record of activity | Supports decision-making, compliance and planning |
| Frequency | Ongoing, daily or weekly | Periodic — monthly, quarterly or annually |
Bookkeeping forms the foundation. Every invoice, payment, receipt and bank transaction gets recorded and classified. Accounting builds on this foundation, turning recorded data into balance sheets, profit and loss statements, cash flow reports, and the supporting documentation required for VAT and corporate tax filings. A business needs both functions working together to stay compliant and make informed decisions.
Our Accounting and Bookkeeping Services
Farahat & Co. provides end-to-end accounting and bookkeeping support, covering daily transaction recording through to full financial reporting.
Bookkeeping and transaction recording
We record every sale, purchase, receipt, payment, return and discount with accurate supporting documentation, and maintain organised ledgers across accounts payable, accounts receivable and the general ledger.
Bank reconciliation
We reconcile bank and credit card statements against accounting records on a regular basis, identifying discrepancies and unusual transactions before they become larger issues.
Financial statement preparation
We prepare balance sheets, profit and loss statements, cash flow statements and general ledgers in line with IFRS, keeping your business ready for audit at any time.
Accounts payable and receivable management
We manage supplier payments and customer collections, keeping cash flow visible and reducing the risk of missed or delayed payments.
Payroll accounting
We process monthly payroll, including payslips, deductions, gratuity calculations and payroll reports, in line with UAE labour law and WPS requirements.
Budgeting and financial planning
We assist with budget preparation and forecasting, giving management a clear view of projected income and expenditure.
VAT and corporate tax support
We maintain VAT and corporate tax records and prepare the documentation required under FTA regulations, reducing the risk of penalties.
Audit preparation
We keep your books structured and complete throughout the year, so external and internal audits proceed without delays or last-minute corrections.
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Accounting and Bookkeeping Laws in the UAE
Businesses operating in the UAE must maintain financial records under several overlapping laws. Understanding which requirements apply helps avoid non-compliance and penalties.
- Federal Decree-Law No. 32 of 2021 (Commercial Companies Law): requires every company to keep accounting records that accurately reflect its financial position, retained at the company’s head office for at least five years. The law was amended by Federal Decree-Law No. 20 of 2025, which strengthened financial reporting, governance and audit requirements for larger and cross-border groups.
- Federal Decree-Law No. 8 of 2017 (VAT Law): requires taxable persons to maintain VAT records, including invoices, tax credit notes and import/export documentation, for at least five years. Real estate-related records must be retained for 15 years.
- Federal Decree-Law No. 47 of 2022 (Corporate Tax Law): under Article 56, all records supporting a corporate tax return must be retained for seven years from the end of the relevant tax period. This applies to taxable and exempt persons alike.
- Federal Decree-Law No. 7 of 2017 (Excise Tax Law): businesses dealing in excisable goods must maintain records supporting their excise tax position.
- Free zone and DED licensing requirements: most free zone authorities and the Dubai Economic Department require businesses to submit annual financial statements, often audited, as a condition of licence renewal.
All companies are also required to apply International Financial Reporting Standards when preparing periodic and annual accounts, under Article 27 of the Commercial Companies Law.
How Long Must Businesses Keep Financial Records?
Record retention periods vary depending on which law applies, and businesses are often subject to more than one requirement at the same time.
| Record type | Minimum retention period | Governing law |
|---|---|---|
| General accounting records | 5 years from end of financial year | Commercial Companies Law |
| VAT records (invoices, imports, exports) | 5 years from end of tax period | VAT Law |
| VAT records for real estate | 15 years | VAT Law |
| Corporate tax records | 7 years from end of tax period | Corporate Tax Law |
| Transfer pricing documentation | 7 years | Corporate Tax Law |
In practice, most businesses apply the longest applicable period, seven years, to avoid gaps in compliance. Failure to maintain proper corporate tax records carries an administrative penalty of AED 10,000, rising to AED 20,000 for a repeated violation within 24 months under Cabinet Decision No. 75 of 2023. Records can be kept in digital format, provided they remain accurate, complete and accessible to the Federal Tax Authority on request.
Why Accurate Bookkeeping Matters for Your Business
Bookkeeping is often treated as an administrative task, but it directly affects how a business performs, reports and grows.
- Regulatory compliance: UAE law requires accurate financial records for FTA audits, DED licensing and corporate tax reporting. Poor records lead to penalties and can complicate licence renewal.
- Informed decision-making: management needs reliable, current financials to make sound decisions on pricing, hiring and investment.
- Cash flow management: clear visibility into income and expenditure helps a business avoid liquidity issues and plan ahead.
- Performance tracking: organised records let management monitor profitability, track cost centres and assess the return on specific investments.
- Audit readiness: clean books keep a business prepared for FTA reviews, corporate tax checks and internal or external audits at any time.
- Stakeholder confidence: professional financial management builds credibility with banks, investors and lenders, supporting access to financing and new business opportunities.
Why Businesses Outsource Accounting and Bookkeeping
Outsourcing accounting and bookkeeping to a specialist firm is a practical choice for many UAE businesses, from early-stage startups to established groups.
Cost efficiency
An in-house accounting team carries ongoing overhead: salaries, visa costs, benefits, training and software licences. Outsourcing gives access to a complete accounting function without long-term staffing commitments.
Access to qualified professionals
Outsourcing connects a business with certified accountants who understand UAE regulations directly, supporting better decisions on cost management and financial planning without the need to recruit specialist staff.
Continuity of service
An outsourced provider is not affected by staff turnover, sick leave or annual leave. Financial operations continue without interruption, and records stay consistent regardless of personnel changes.
Compliance support
With VAT in effect since 2018 and corporate tax since 2023, businesses must keep accurate, current records to meet their filing obligations. A professional firm keeps books compliant and reduces the risk of penalties.
More time for core operations
Bookkeeping and reconciliation are time-intensive. Outsourcing these functions frees business owners and management to focus on operations, client relationships and growth.
Access to current technology
Professional firms use up-to-date accounting software and cloud tools, giving a business the benefit of modern financial technology without additional investment in systems or upgrades.
Our Accounting and Bookkeeping Support Across Industries
Accounting requirements differ by sector, and Farahat & Co. structures its bookkeeping approach around the specific needs of each industry.
- Trading and import/export: inventory valuation, customs documentation and multi-currency transaction recording.
- Real estate: service charge accounting, owners’ association reporting, and VAT treatment specific to property transactions.
- Retail and e-commerce: sales channel reconciliation, VAT on multi-emirate and cross-border sales, and inventory and cost of goods tracking.
- Professional services: time-based billing, project accounting and client trust account management.
- Hospitality and F&B: high-volume daily transaction recording, supplier reconciliation and payroll processing.
- Free zone companies: Qualifying Free Zone Person record-keeping, audited financial statements for licence renewal, and correct segregation of qualifying and non-qualifying income for corporate tax purposes.
Each engagement starts with an assessment of the business model, transaction volume and reporting obligations, so the accounting structure fits the way the business actually operates.
Cost of Accounting and Bookkeeping Services
The cost of accounting and bookkeeping services depends on transaction volume, reporting frequency and the complexity of the business. Farahat & Co. offers structured monthly packages based on the number of transactions processed:
Each package includes trial balance preparation, ledger and bank reconciliation, financial reporting, VAT filing and computation, and tax advisory support. Reporting frequency increases with package size, moving from quarterly to monthly and, for the highest volumes, daily reporting. Businesses with more complex requirements, such as multi-entity reporting or industry-specific accounting, receive a tailored quote based on their scope of work.
How to Choose an Accounting and Bookkeeping Firm
Selecting the right accounting partner affects both compliance and the quality of financial insight a business receives. Consider the following before making a decision.
- Regulatory knowledge: the firm should have a solid, current understanding of VAT, corporate tax and excise tax legislation, and the reporting requirements attached to each.
- Credentials: look for chartered accountants and certified professionals with recognised qualifications, and confirm whether the firm is registered as an FTA tax agent.
- Industry experience: a firm that understands your specific business model, whether trading, real estate, retail or professional services, will structure your accounts more effectively.
- Technology and systems: the firm should use reliable, cloud-based accounting software that provides accurate and timely financial data.
- Transparent pricing: fees and scope of work should be defined clearly from the outset, with no hidden charges.
- Responsiveness: you should have direct access to your accountant and receive timely answers to queries.
- Track record: an established presence in the UAE market, with a history of client relationships across multiple industries, is a strong indicator of reliability.
Technology and Cloud Accounting for UAE Businesses
Cloud-based accounting has become the standard for businesses of all sizes, replacing manual, paper-based bookkeeping with connected, real-time systems.
- Automated transaction recording: bank feeds, invoices and receipts sync automatically, reducing manual data entry and the errors that come with it.
- Real-time reporting: management can view current revenue, expenses and cash flow at any time, rather than waiting for month-end reports.
- Multi-user access: teams and external accountants can access records remotely, improving collaboration and reducing turnaround time on queries.
- Integration with payment systems: connecting POS systems and payment gateways simplifies reconciliation and reduces manual matching of transactions.
- Compliance tracking: VAT reports and supporting documentation can be generated automatically, keeping records aligned with FTA requirements.
Farahat & Co. works with recognised cloud accounting platforms to set up, migrate and manage client accounts, giving businesses accurate, accessible financial data without the overhead of building an internal system.
Why Choose Farahat & Co. for Accounting and Bookkeeping
Farahat & Co. has provided audit, accounting and tax services since 1985, making it one of the more established firms operating in the UAE market. Our accounting and bookkeeping practice is built on decades of direct experience with UAE regulations, across mainland, free zone and offshore structures.
- Established track record: over four decades of continuous operation, supporting businesses across Dubai, Abu Dhabi, Sharjah and every major free zone.
- ISO 9001:2015 certified: our processes follow an internationally recognised quality management standard.
- FTA-registered tax agent: our team is registered with the Federal Tax Authority, supporting VAT and corporate tax compliance directly.
- LEA Global member: our network extends to over 70 countries, supporting businesses with cross-border accounting and reporting needs.
- Recognised by UAE courts: Farahat & Co. is recognised as an expert witness in financial and accounting disputes, reflecting the depth of our technical work.
- Free zone approvals: approved across more than 20 free zones, including DIFC, DMCC and JAFZA, giving free zone businesses a single point of contact for accounting and audit needs.
Businesses choose Farahat & Co. because our accounting and bookkeeping work is handled by qualified, experienced professionals who understand UAE regulatory requirements in detail, not by generalists applying a standard template to every client.
