Manufacturing business is a unique form of business where the products are developed from scratches. The manufacturing sector contributes to the overall GDP of UAE at 15% as per 2020. Dubai is expected to be one of the biggest trade hubs for manufacturers by 2021. As a diversified economy, the manufacturing sector has shown 4.8 per cent steady growth as compared to previous years. Considering the future expansion, manufacturing sectors will pay away to the Middle East and other economies to switch to non-oil sectors. Major manufacturing sectors include:
* Metals and ceramics
* Electronics and machinery
* Home and Garden
* Marble and Stones
* Medical Equipment (Health)
* Paints and Coatings
A reputed accounting firm can focus on the accounting tasks and make you free when you focus on the core areas. They ensure that your accounts are fully compliant. They also save your time by preparing your tax filing and payroll. Given below are the common accounting methods adopted by the experts. As per the international standards and reporting framework accounting for manufacturing companies consists of mainly 2 aspects; inventory valuation and cost of goods sold. These aspects follow simplified levels of understanding:
A manufacturing company consists of a set of raw materials which are the core part of the production process, and some products remain work in progress for the completion of activities.
Major Inventory in Manufacturing companies includes:
Cost of goods sold is one of the highest expenses that a business organisation suffers. It is mathematically calculated by using the formula opening stock plus purchases less closing stock. The matching principle can be used for this recognition. It must be considered as the foremost offsetting expense. It occurs prior to selling and administrative expenses and to be considered earlier. The factors which influence the cost of goods sold are:
In manufacturing industry accounting is inevitable in part due to the high range of operations and activities of sales. Implementing a well-structured accounting for manufacturing companies helps in:
As an accounting and auditing team, CDA experts can help you in data management, analysis and finalization of financial statements in a timely manner. Our expert can help you to choose the right accounting software and a cloud-based system for easy access. Our accounting services for manufacturing companies include:
To set a right accounting system for your business you need to maintain the following information in a systematic manner. We help you to sort the data under Assets and liabilities, Expenses and revenues, Cash, Inventory, etc.
CDA team recognises that an effective internal audit service can make a very positive contribution to the management of risk and the smooth operation of the business. CDA provides the following services in Internal Audit to its clients: Risk calculation, Process review and documentation, Testing of controls, Reporting to management.
As a part of accounting services, it is necessary to analyse the process of manufacturing to maintain efficiency and productivity in functioning. Based on the analysis financial advice is provided. There are different types of analysis which measure the efficiency which includes: Cost analysis, Variance analysis, Constraint analysis, Profitability analysis.
Tax payment is compulsory for any business in UAE as this revenue is used for the development of the country. Tax accounting services ensure that companies and individuals comply with tax laws by filing their tax returns. A single fault in the accounting process may lead to a heavy business loss. So, individuals or companies must be extra vigilant while preparing a Tax Account.
CDA offers quality accounting services for manufacturing companies in Dubai and UAE. We provide cost-effective value-added solutions to meet all business needs of manufacturing companies. We have qualified & dedicated professionals with an innovative and commercial approach to meet today's highly challenging business environment. We have wide experience in providing accounting services to manufacturing companies across the UAE. Besides providing accounting services for manufacturing companies, we provide various other services including Bookkeeping, VAT Consultancy, TAX, CFO Services, Management Accounting and Internal Audit.
As software consultants, we conduct a systematic study of our client’s requirements and recommend the suitable accounting software pertaining to the client’s needs.
Our prices are in competitive nature, we charge 50% advance payment for all our services. Our monthly rates are based on the following factors:
Audit and assurance services can enhance the efficiency and effectiveness of your financial system ensuring transparency and stability of accounts.
CDA experts are professionally qualified with ACCA and CMA certifications for providing services. Our tax experts can provide excellent consultancy services on your tax filings.
No, your access to data will be always at your fingertips. Well, planning can be done on your core business areas by giving us your bookkeeping services.
Our business advisory services include business planning, strategy building for each department, undertaking on the research and development front in order to improve business operations.
The Digital Tax Stamp Scheme or the DTS is a recently introduced tax managing scheme by the FTA by which the tobacco manufacturers and stakeholders are to comply with certain improved standards while importing and selling tobacco in the UAE market. The DTS ensures unique pack marking and indoctrination with end-to-end traceability.
Yes, our team implements a perpetual inventory system to track the exact volume of stock within the company.
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