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Finalization of Financial Statements in Dubai, UAE
In today’s competitive business environment, accurate financial reporting and compliance are crucial for success. At TAXORYX, one of the trusted accounting and auditing firms in the UAE, we specialize in the finalization of financial statements in line with international standards, including IFRS.
Our process goes beyond preparing reports — we verify accounting records, assess supporting documentation, and ensure that your company’s financial data reflects a true and fair view of performance.
Why Financial Statement Finalization Matters
For business owners in Dubai and across the UAE, reviewing financial statements regularly is vital to:
- Understand the company’s financial position at a given time.
- Track performance over different periods.
- Support better decision-making.
- Ensure compliance with legal and regulatory requirements.
With TAXORYX as your outsourced accounting partner, you can rely on timely, accurate, and stress-free preparation of financial statements, eliminating last-minute hassles.
Key Financial Statements We Prepare
Our experts design strategies that delay cash outflows while accelerating inflows to keep your business financially stable. Key approaches include:
- Shows profitability over a specific period.
- Breaks down revenue from core and secondary sources.
- Reflects expenses, losses, depreciation, and provisions for future risks.
- Tracks profits retained for reinvestment versus dividends distributed.
- Reflects equity movements, ensuring alignment with assets and liabilities.
- resents the financial position through assets, liabilities, and equity.
- Ensures compliance with the principle: Assets = Liabilities + Equity.
- A key tool for investors and stakeholders to assess financial stability.
- Summarizes operating, investing, and financing cash flows.
- Consolidates insights from the other three statements.
TAXORYX’s Role in Finalization of Accounts
We ensure every entry and adjustment is properly recorded, reviewed, and presented. Our scope includes:
- Closing ledgers at year-end.
- Posting expenses under the accrual concept.
- Creating provisions for depreciation, bad debts, gratuity, and leave salary.
- Recording outstanding payables accurately.
- Ensuring separation of ownership and company accounts (Separate Entity Concept).
- Recording and grouping expenses correctly.
- Department-wise or cost-centre-based reporting.
- Ratio analysis (e.g., GP Ratio, NP Ratio) for performance insights.
- Management-focused reporting for strategic decisions.
- Presenting liquidity position clearly and advising management.
- Compliance with IFRS in asset and liability classification.
- Fixed asset schedules.
- Gratuity and leave salary schedules.
- Cash flow and bank reconciliation statements.
- Intercompany settlements and subsidiary books review.
Why Choose TAXORYX?
- Deep expertise in IFRS-compliant reporting.
- Strong track record with SMEs, MNCs, and startups in Dubai and the UAE.
- Streamlined process that simplifies audits and financial reviews.
- A client-first approach ensuring accuracy, transparency, and timeliness.
Our services go beyond finalization — we also provide CFO support, auditing, tax consultancy, due diligence, accounting software setup, and VAT compliance.
At TAXORYX, we don’t just finalize numbers — we empower your business with insights for growth.
FAQs?
What is the finalization of accounts, and why is it important?
It is the process of closing books at year-end, ensuring all entries are accurate, and preparing financial statements that reflect the company’s true position. It helps business owners make informed decisions
Why hire TAXORYX for finalization of financial statements?
We ensure compliance with IFRS, accuracy in reporting, and seamless handling of provisions and adjustments. Our team minimizes errors, reduces audit risks, and provides management-ready reports
Why are financial statements important?
They highlight profitability, cash flow, and financial stability, helping companies plan investments, identify risks, and track ROI.
Is it mandatory to maintain books of accounts in the UAE?
Yes. Under UAE company law and VAT law, businesses must maintain accounting records for at least 5 years.
Is it necessary to keep provisions and depreciation?
Yes. Provisions safeguard against future risks, while depreciation ensures accurate asset valuation.
