FAQ

WELCOME TO CHARTERED ACCOUNTANT

Is my business too small or too big for outsourced accounting?

All businesses from a solopreneur to a 100+ employee firm can benefit from outsourcing their accounting.

Will I lose control of my business by outsourcing my bookkeeping and/or accounting?

You would always have complete control of your decision. All we do is to provide you with the relevant data & information & may give you advise on your

request.

In fact you would gain more control as you are now empowered to make timely & more accurate decisions based on accurate facts & figures.

Are CPAs and accountants the same thing?

Yes and no. All CPAs are accountants, but not all accountants are Certified Public Accountants (CPAs). The principal differences between accountants and CPAs are education, experience, and opportunity. Becoming a CPA is a challenging goal, but one very much within your reach.

In order to

become a CPA, there are education and experience requirements you’ll need to fulfill, and a Uniform CPA Exam that you must pass. Receiving your CPA certification distinguishes you from other business professionals – the benefits are increased trust, opportunity, and financial reward.

Who should register under VAT

All the businesses who have a place of residence in the state of UAE and whose value of supplies in the member states in previous 12 months has exceeded AED 375,000 should mandatorily register under UAE VAT. Also, if the businesses anticipate that the

total value of supplies will exceed the mandatory registration threshold of AED 375,000 in the next 30 days, then they too will have to register under UAE VAT.

Will I lose control of my business by outsourcing my bookkeeping and/or accounting?

You would always have complete control of your decision. All we do is to provide you with the relevant data & information & may give you advise on your

request.

In fact you would gain more control as you are now empowered to make timely & more accurate decisions based on accurate facts & figures.

How long should I keep tax records ?

All business records, especially sales and payroll must be kept for seven years.The govt will audit within the seven year window. Keep all federal, state and local returns indefinitely and the all supporting documents for seven (7) years. Real Estate and stock market transactions

records should be kept. Tax consequences of a transaction can depend on events that happened years earlier. Taxpayers often keep files in a single, easily accessible location. Consider keeping your files in a safe deposit box or other safe place outside your home.

Who should register under VAT

All the businesses who have a place of residence in the state of UAE and whose value of supplies in the member states in previous 12 months has exceeded AED 375,000 should mandatorily register under UAE VAT. Also, if the businesses anticipate that the

total value of supplies will exceed the mandatory registration threshold of AED 375,000 in the next 30 days, then they too will have to register under UAE VAT.

Are CPAs and accountants the same thing?

Yes and no. All CPAs are accountants, but not all accountants are Certified Public Accountants (CPAs). The principal differences between accountants and CPAs are education, experience, and opportunity. Becoming a CPA is a challenging goal, but one very much within your reach.

In order to

become a CPA, there are education and experience requirements you’ll need to fulfill, and a Uniform CPA Exam that you must pass. Receiving your CPA certification distinguishes you from other business professionals – the benefits are increased trust, opportunity, and financial reward.

Is my business too small or too big for outsourced accounting?

All businesses from a solopreneur to a 100+ employee firm can benefit from outsourcing their accounting.

Will I lose control of my business by outsourcing my bookkeeping and/or accounting?

You would always have complete control of your decision. All we do is to provide you with the relevant data & information & may give you advise on your

request.

In fact you would gain more control as you are now empowered to make timely & more accurate decisions based on accurate facts & figures.

How long should I keep tax records ?

All business records, especially sales and payroll must be kept for seven years.The govt will audit within the seven year window. Keep all federal, state and local returns indefinitely and the all supporting documents for seven (7) years. Real Estate and stock market transactions

records should be kept. Tax consequences of a transaction can depend on events that happened years earlier. Taxpayers often keep files in a single, easily accessible location. Consider keeping your files in a safe deposit box or other safe place outside your home.

Who should register under VAT

All the businesses who have a place of residence in the state of UAE and whose value of supplies in the member states in previous 12 months has exceeded AED 375,000 should mandatorily register under UAE VAT. Also, if the businesses anticipate that the

total value of supplies will exceed the mandatory registration threshold of AED 375,000 in the next 30 days, then they too will have to register under UAE VAT.

What is accounting and why is it important?

Accounting is often called the “language of business” because it deals with interpreting and communicating information about a company’s operations and finances.

Accounting is extremely important to any company because the financial information, as interpreted by CPAs, allows executives to make informed business decisions-decisions that

help those companies become more successful.

Economic events are measured and described by accounting. Everyone works with and uses accounting ideas, whether they’re managing a business, investing money, or just deciding how to spend their paycheck.

In business, accounting links the past with the future. It provides decision-makers information about recent financial activity, as well as information and recommendations useful for forecasting future events.

Are CPAs and accountants the same thing?

Yes and no. All CPAs are accountants, but not all accountants are Certified Public Accountants (CPAs). The principal differences between accountants and CPAs are education, experience, and opportunity. Becoming a CPA is a challenging goal, but one very much within your reach.

In order to

become a CPA, there are education and experience requirements you’ll need to fulfill, and a Uniform CPA Exam that you must pass. Receiving your CPA certification distinguishes you from other business professionals – the benefits are increased trust, opportunity, and financial reward.

Who should register under VAT

All the businesses who have a place of residence in the state of UAE and whose value of supplies in the member states in previous 12 months has exceeded AED 375,000 should mandatorily register under UAE VAT. Also, if the businesses anticipate that the

total value of supplies will exceed the mandatory registration threshold of AED 375,000 in the next 30 days, then they too will have to register under UAE VAT.

How long should I keep tax records ?

All business records, especially sales and payroll must be kept for seven years.The govt will audit within the seven year window. Keep all federal, state and local returns indefinitely and the all supporting documents for seven (7) years. Real Estate and stock market transactions

records should be kept. Tax consequences of a transaction can depend on events that happened years earlier. Taxpayers often keep files in a single, easily accessible location. Consider keeping your files in a safe deposit box or other safe place outside your home.

latest knowledge base

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  • A fresh and proactive approach to their accounts and tax planning
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  • A fresh and proactive approach to their accounts and tax planning
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  • Sed facilisis dictum blandit. Vivamus eget mauris
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