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Newsletter 09/2020

Meet our Members | SH Accounting and Tax Solutions

 

Covid 19 and Accounting Practice

It is mandatory for companies to maintain their books of accounts for at least 5 years in accordance with the Federal Law No 2 of 2015 on Commercial Companies and the UAE VAT law. To do this, each Company must record all their transactions in accounting software, remembering to opt for accounting software based on your specific company requirements. Due to the unprecedented spread of COVID-19, completely changing the business landscape and how companies are operating; gaining access to our financial data has been more complex.

Cloud Accounting has sprung to the forefront and its benefits for businesses are clear to see. During the shutdown periods, we had to self-isolate yet remain connected to our work and clients. We were well placed to manage the disruption that accompanied COVID-19 pandemic as we work with our cloud accounting software which enables us to work from anywhere and on all devices including laptops, tablets, and phones. With  cloud accounting software users can access their management systems, cash flow software, core financial data and stock systems easily and securely to ensure their business runs smoothly during this turbulent time. Users can access data simultaneously without having to be in the same location, this also offers multiple user roles giving different levels of access for users at the same time.

During the lockdown period, we reached out to all our customers, offering free VAT deregistration for those who had to liquidate. We also reduced the VAT filing fee (up to 50%) for all customers that were directly affected as well as offering a 30% reduction on all our service fees to new clients to help as many customers as possible during this pandemic crisis, which has been a very destructive event for many businesses.  We also took the initiative to advise business owners and give them our support to help keep them running.

The greatest lessons we have learned from the Pandemic is for us, as corporate bodies, to get digitalized. This crisis has shown just how big a role digitalization plays in enabling a quick response to the unexpected, being able to respond rapidly to changing situations is central to long-term sustainability. Also Companies are urged to put in place genuine digital strategies, use cloud software and build good and responsive websites.

SH Accounting and Tax solutions is a group of certified Chartered Accountants, Federal Tax Authority (FTA) Approved Tax Agency and an Outsourced Accounting Firm with more than 10+ years of expertise in Accounting, Tax Consultancy, Cloud Software and Advisory services. Some of Our Services Include

  • Taxation Services (Certified Tax Agent)
  • Accounting / Bookkeeping/Auditing.
  • Cloud Software (Xero Accounting)

ABCD Member Offer

As an exclusive offer to ABCD members, SH Accounting and Tax Solutions would like to extend a 20% discount on all our services. But wait ... There's more! We will also offer free Accounting software to ABCD Members that get our Silver plan offer!

Contact: admin@shaccounting.ae
Mobile: 050 990 5719
Visit: shaccounting.ae

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