Helping Grow Your Business
We provide you with a remote accountant, who provides a wide range of accounting services that contribute to the development of your business.
Perform accounting operations on your behalf
Accounting is the process of recording, classifying, summarizing and analyzing the financial transactions of an organization. It is also known as the science that studies the measurement, communication and interpretation of financial activities.
Its main objective is to provide useful financial information to various decision makers, such as management, investors, lenders, and regulators.
The importance of accounting:
- Measuring business performance and financial health
- Determine the company's profitability and financial solvency
- Providing information for economic decision making
- Cash Flow Management
- Business Financial Health Analysis
Manage your books
Bookkeeping is an essential process in managing the financial affairs of companies and institutions.
Bookkeeping refers to the process of recording and organizing all financial transactions carried out by a company in a systematic and accurate manner. It is considered an essential part of the overall accounting process.
The importance of bookkeeping:
- Provide an accurate and organized record of all financial transactions.
- Assist in preparing financial reports and statements
- Facilitate the financial decision-making process for management
- Ensure compliance with legal and tax requirements.
VAT return preparation
The VAT return is prepared correctly by specialists in Taksab Business in accordance with the applicable regulations as follows:
- All financial records for the relevant tax period are compiled, including sales and purchase invoices.
- Ensure the accuracy and completeness of financial data before starting to prepare the VAT return.
- Recording details of sales and purchases and VAT amounts collected and paid Calculating the tax due
- Calculating the total VAT on sales and purchases
- Determine the net tax due for the current tax period Review and Audit
- Verify the validity of all entered data and make necessary adjustments.
- Ensure that the figures match the original financial records.
Submit tax return
The VAT tax return is submitted to the Zakat, Tax and Customs Authority after ensuring that all financial transactions are recorded correctly by the specialized team at Taksab Business, with the availability of the original documents, which are:
- Invoices: Sales and purchase invoices.
- Account Statements: Bank Statements and Financial Reports
- Financial Statements: Balance Sheet and Income Statement
- Supporting documents: such as receipts and accounting records.
- Revenue data: Details of all revenues generated during the fiscal year.
- Expenses: Document all deductible expenses.
Filing of financial statements
The financial statements of the establishments are submitted to the Zakat, Tax and Customs Authority by our specialized team at Taksab Business. Which facilitates their review and approval by the competent authority. Filing financial statements is a procedure that involves submitting the basic financial information of the establishment, such as the balance sheet, income statement, and cash flow statement, to the relevant authorities. This procedure aims to ensure transparency and accountability in financial reporting
The importance of filing financial statements:
- Transparency: The deposit helps to enhance transparency in the financial information provided to investors and regulators.
- Responsibility: Enhances corporate accountability towards stakeholders by providing accurate and reliable data.
- Compliance with standards: Ensures compliance with local and international accounting standards.
Submitting the annual zakat declaration
The Zakat declaration is a statement prepared by specialists at Taksab Amal and submitted according to specific forms to the Zakat, Tax and Customs Authority, where it includes the financial items related to calculating Zakat, including determining the Zakat base, which consists of the funds subject to Zakat such as assets and financial rights.
The importance of zakat declaration:
- Legal Compliance: The declaration helps ensure that the taxpayer adheres to zakat laws and avoids penalties.
- Calculating the Zakat Due: Enables the taxpayer to determine the amounts that must be paid based on the financial data provided.
Filing this declaration accurately and on time is essential to ensure compliance with regulations and avoid potential fines.
The Zakat declaration must be submitted within 120 days after the end of the fiscal year, which can be Hijri or Gregorian.
Internal financial audit
Internal auditing is defined as an independent, objective activity designed to evaluate and improve the effectiveness of governance, risk management and control processes within an organization.
It is considered an essential part of the internal control system, as it is carried out by our specialists in Taksab Business to help the facility achieve its goals by examining and evaluating financial and administrative activities.
Internal Financial Audit Objectives:
- Improve performance: by providing recommendations to improve processes and systems
- Compliance Verification: Ensuring that the organization complies with applicable laws, regulations and policies
- Evaluation of control effectiveness: measuring the efficiency and effectiveness of the internal control system
Key characteristics of internal financial audit:
- Independence: Internal audit must be independent from other departments to ensure the objectivity of the evaluation
- Continuous evaluation: It is conducted periodically to provide accurate information about financial and administrative performance.
- Consulting Services: Internal Audit provides consulting services aimed at improving operations and enhancing the added value of the organization.
Internal financial audit is an effective tool for improving operational efficiency and protecting assets, and it also contributes to enhancing confidence between management and investors by ensuring the accuracy of financial and accounting data.
