A large manufacturing company, with group reporting requirements, was having trouble closing their books of accounts. They engaged MSI Auditors to assist them with the annual audit and to redesign the accounting system.

Our team first assessed the client’s problem areas: Some of the major issues were in the inventory module, Fixed Assets module, and the VAT reporting sections. More importantly still, the company’s actual costs were not being calculated correctly.

We worked closely with management to design an accounting system fit for their business, trained the internal team and assisted with implementation.

We also undertook the audit, rectified all the accounting issues, and recommended better internal control requirements, which would reduce errors and the possibility of fraud.

Since there were quarterly group reporting requirements, we completed the project efficiently and ahead of time.

Initially the company’s accounting team spent at least 2 weeks closing the books of accounts every quarter for group reporting. Now, they are able to do it with the click of a button.

An SME that had been doing their VAT returns, using another service provider.
The company approached us when they received penalties greater than AED100,000 levied for errors in the tax filing process.

We reviewed all their previous returns submitted, and gave them recommendations on how to correct the errors in the returns. We noticed that a lot of errors in the VAT returns calculations, and a lot of the input VAT to be claimed had been ignored! Including these helped save the SME a lot of money.

We assisted them in their communications with the FTA to reconsider the penalty, which was then reduced substantially. We also recommended implementing policies and procedures to minimize the risk of error, trained the accounts team to file the returns themselves, with MSI’s future role as reviewers.

The accounts team now has a proper streamlined process to follow, saving them tome and improving the accuracy of their reporting. What used to take over a week – calculating VAT returns – is now done in a few hours every quarter.

The owner of a start-up, a few months into operation, was having trouble managing business operations and maintaining the books of accounts.

Accounts were poorly maintained and the owner was not able to get any useful information on the performance of the company.

We initially came in and took care of the complete accounting requirements of the company, and eventually assisted with the VAT registration, VAT returns assistance, and outsourced CFO services.

The owner now has time to run the business and not be bothered about the finance and compliance requirements of the company. They get the professional advice of a CFO, without having to employ a full-time CFO in the company.