Accurate and timely accounting is the foundation of sound business decision-making. Whether you're a startup navigating your first financial year or an established enterprise seeking to optimize financial operations, Ashfaq and Associates provides comprehensive accounting and bookkeeping services tailored to your unique needs.
Our accounting services go beyond basic transaction recording. We ensure your books are always audit-ready, compliant with International Financial Reporting Standards (IFRS), and provide meaningful insights into your business performance. From day-to-day bookkeeping to complex financial statement preparation, our team handles every aspect of your accounting with precision and professionalism.
Based in Dubai and serving businesses across the UAE with over 15 years of experience in India and 5+ years locally, we understand the specific accounting requirements for mainland companies, free zone entities, and businesses operating under various regulatory frameworks. Our cloud-based accounting solutions ensure real-time access to your financial data while maintaining the highest standards of security and confidentiality.
Our Accounting Services
1. Bookkeeping & Account Management
End-to-end bookkeeping services to keep your financial records organized, accurate, and up-to-date. We handle everything from daily transaction recording to bank reconciliations and vendor management.
- Daily transaction recording and classification
- Accounts payable and receivable management
- Bank and credit card reconciliations
- Expense tracking and management
- Inventory and fixed asset accounting
- Cloud-based accounting setup (QuickBooks, Xero, Zoho Books)
2. Financial Statement Preparation
IFRS-compliant financial statements that meet regulatory requirements and provide clear insights into your business performance. Essential for audits, bank financing, visa processing, and investor reporting.
- Profit & Loss Statements
- Balance Sheets
- Cash Flow Statements
- Statement of Changes in Equity
- Notes to Financial Statements
- Management accounts and reports
3. Backlog Account Updates
Fallen behind on your books? We specialize in cleaning up and updating backlog accounts, bringing your financial records current for audits, compliance, or business decisions. Many businesses face this challenge—we're here to help without judgment.
- Multi-year backlog processing
- Data migration from old systems
- Reconstruction of missing records
- Preparation for overdue audits
- Fast-track processing for urgent requirements
4. IFRS Compliance & Conformity
Ensure your accounting practices meet International Financial Reporting Standards. We conduct IFRS conformity tests, identify gaps, and implement corrections to align your financial reporting with global standards.
- IFRS compliance assessments
- Revenue recognition alignment
- Lease accounting (IFRS 16)
- Financial instruments classification
- Disclosure requirements
5. Financial Advisory & Consulting
Strategic financial advice to help you make informed business decisions. From budgeting and forecasting to cost optimization and financial restructuring, we provide insights that drive growth.
- Budgeting and financial planning
- Cash flow forecasting and management
- Cost analysis and reduction strategies
- Profitability analysis by product/service
- Financial modeling for expansion plans
Why Choose Our Accounting Services?
Expert Chartered Accountants
ICAI-certified professionals with deep expertise in UAE accounting regulations and IFRS standards.
Cloud-Based Solutions
Real-time access to your financial data from anywhere, with secure cloud platforms and automated workflows.
Audit-Ready Books
Maintain organized, compliant records that pass statutory audits smoothly, saving time and reducing stress.
Scalable Services
From basic bookkeeping to full-scale CFO support—we grow with your business needs.
Who We Serve
Our accounting services are designed for:
- ✓Startups & SMEs — Affordable, scalable accounting to build a strong financial foundation
- ✓Growing Businesses — Transition from manual to automated systems with expert guidance
- ✓Established Corporations — Outsourced accounting to reduce overhead while maintaining quality
- ✓Foreign Investors — Navigate UAE accounting requirements with confidence
Frequently Asked Questions
What accounting software do you work with?
We work with leading cloud-based platforms including QuickBooks Online, Xero, Zoho Books, Tally, and SAP. We can also help you choose and implement the right solution for your business size and industry.
How often should I update my accounts?
Ideally, accounts should be updated monthly to provide timely insights and ensure VAT/tax compliance. We offer flexible service packages—from monthly updates to quarterly or annual consolidations, depending on your needs.
Can you handle multi-currency transactions?
Absolutely. We have extensive experience managing multi-currency accounts for import/export businesses and companies with international operations. We ensure proper foreign exchange accounting and compliance.
What if my accounts are years behind?
Don't worry—we specialize in backlog clearance. We'll assess the situation, provide a timeline and cost estimate, and systematically bring your accounts up to date. Many clients come to us in this situation, and we handle it discreetly and efficiently.
Do you provide payroll services?
Yes, we offer end-to-end payroll management including WPS compliance, salary processing, end-of-service calculations, and statutory reporting. This can be bundled with our accounting services for comprehensive financial management.
Ready to Streamline Your Accounting?
Let's discuss how we can take the accounting burden off your shoulders.
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