Accounting Services

We provide accounting and bookkeeping services for your business. This means we maintain your books of accounts for you as an outsourced service provider. This allows the business to focus fully on their core activity of business development and leave the accounting back-end in our able hands.  The benefits of availing of our services are:

  1. Lower costs: No need for employing an accountant as staff member, thereby savings on recruitment, salary, visa, medical and related staff costs.
  2. Access to qualified and experienced accounting and finance professionals.
  3. With our vast network you get instant access to Certified Auditors, Tax Agent and other business-related service providers.
  4. No need for investment in dedicated accounting systems, maintenance and related training costs for your business.
  5. Comprehensive VAT accounting to support your UAE VAT compliance requirements as per FTA guidelines and laws implemented.
  6. Professional consultancy for your business decision evaluation from an accounting, tax and finance aspects.

Why is accounting an important activity for you to consider?
UAE has been a tax-free economy historically, this is the first time that a mass transaction based tax is being implemented. Apart from tax the major impact for businesses is to deliver on their responsibility as tax collectors. The recently published Tax law has a very clear focus on evasion, further, errors and misstatements also attract additional costs for your business. This means it is the business responsibility to maintain proper books of accounts, timely submission of reports and settlement of tax payment obligations.

What does Overture offer?
We manage your accounting. Accounting is a basic necessity for any business and now mandatory with the introduction of VAT from the start of 2018.
We evaluate your accounting requirements based on discussions and review of your business activity and propose the ideal way forward to commence / migrate your accounting to the most optimal platform.

  • We provide you with detailed guidelines on what records are to be kept, how the filing is to be organized to ensure migration of best practices of record keeping to verify the accounting undertaken.
  • The books of accounts are balanced on a monthly basis and monthly financial statements provided for your records.
  • We also extend the use of our accounting systems for you to reduce your investments on accounting systems at the initial stages of starting the accounting activity. We help you migrate the data to your systems as and when you decide to procure one.
  • We are partners with multiple cloud based accounting software services like Zoho Books, Align Books, Reach, Xero and WAVE.  This allows us to provide the customer with a range of choice to suit their accounting and budget requirements.
  • We also cater to bigger organizations by providing outsourced accountants on a full-time basis at very reasonable rates.
  • We also support outsourcing your accounting requirements to a cheaper geography by helping you identify quality outsourced accountants, helping with the migration and acting as a local contact for your outsourced accounting engagement.
  • Based on accounting undertaken, regular inputs are provided to the business on opportunities to improve internal controls and processes.

How is the service delivered?

We have two models of service delivery a) Offsite - Service delivery. b) Onsite - Service delivery.

a) Offsite - Service delivery: - This is our preferred model of delivering the bookkeeping service to organizations.  The key aspects of this service delivery model are:

  1. Cloud based accounting systems – This enables us to maintain the books online for our customers, while it also enables the businesses to access and review their financial statements online 24 x 7 from anywhere in the world. The cloud based accounting systems are extensively deployed globally and have matured over a period time to support data security, accounting standards, multi-currency, reporting standards and local and international tax accounting requirements.
  2. The basis of accounting are the records with businesses, these records pertain to receipts and bills for purchases / expenses and invoices and receipts for sales, Petty cash vouchers, Bank statements and other miscellaneous adjustments undertaken by the business. In the offsite model, the businesses can provide the records at regular intervals (daily, weekly, monthly) to Overture either by email, WhatsApp, Mobile Apps or through couriers.  These are reviewed and accounted for by us.
  3. Offsite models reduce the cost of service delivery by better use of staff time and reduced travel expenses. This in turn enables us to offer a lower rate for the services to our customers.  Given the current state of communication levels, the accountant is always accessible by phone, email, WhatsApp or any other preferred mode of communications.  Periodic meetings can always be held to discuss the Financial Statements for better insights.

Our partnerships:

We have partnered with various cloud based accounting service providers to support our customer requirements.

  1. ZOHO Books – We are official resellers for ZOHO Books.
    1. Certified by Tax Authorities for UAE and KSA as VAT compliant software
    2. Fully customized for UAE VAT
    3. Automatically generate Tax Returns and FTA Tax Audit Reports at the press of a button
    4. UAE VAT Law Compliant Tax Invoices, Credit and Debit Notes
    5. Scope for online payment portal integration.
    6. Subscription based
    7. Try out the software with a free trial - Click Here
  2. XERO – We are Certified as Accountants with XERO
    1. Fully functional accounting system
    2. Comprehensive support for Payroll and inventory
    3. VAT Compliant but not certified for UAE
    4. No support for Arabic
    5. Reports available to support creation of Tax Returns for submission to FTA
    6. Subscription based, scope for lower subscription costs if subscribed through Overture.
    7. Try out the software with a free trial - Click Here
  3. WAVEAPPS – We are part of the Pro-Network with Waveapps.
    1. Basic cloud based accounting system
    2. Limited support for Payroll and Inventory in this part of the world
    3. The system is not UAE VAT compliant
    4. Ideal for start-ups and small businesses, not registered for VAT.
    5. All aspects of accounting covered including maintaining transaction linked electronic records
    6. All data can be exported for further analysis or migration to other systems.
    7. Free to use.  Click Here to check it out
  4. Tally ERP9 – We also provide our Offsite Service Delivery Model on Non-Cloud Based accounting software Tally ERP 9.
    1. Certified by Tax Authorities for UAE and KSA as VAT compliant software
    2. Fully customized for UAE VAT
    3. Automatically generate Tax Returns and FTA Tax Audit Reports at the press of a button
    4. UAE VAT Law Compliant Tax Invoices, Credit and Debit Notes
    5. Non-Cloud Based accounting system. Hence access to accounting records not available to client online.  Need to request accountant for specific Financial Statements as available on Tally ERP 9.

Interested? Click Here.

b) Onsite - Service Delivery

As the term suggests, we visit your offices as per agreed frequency and undertake accounting updates on your systems.  The pricing for this is decided based on the nature and volume of transactions, frequency of visits requested and location of the business.  You can request a quote for Onsite Accounting services HERE