IFRS OUTSOURCED ACCOUNTING

IFRS outsourced accounting services represents the backbone of our outsourced services department by completely outsourcing the financial reporting process to dedicated team of qualified accountants with decades of experience and holding advanced professional qualifications, such as the Certified Public Accountant® and Chartered Accountant® designations.

 

Tailored Solutions

 

We begin each and every IFRS outsourced engagement by fully understanding your business and what drives the revenue and cost components. We also take into account any significant relationships that may influence the accounts, such as related party arrangements and bank facilities.

 

After a comprehensive assessment has been made, we develop a unique chart of accounts tailored for that specific business. This chart of accounts can also reflect the parent company chart of accounts in order to deliver a seamless consolidation process at a later stage.

 

This is then followed by a presentation of viable ERP and accounting systems based on the particular business activities, revenue recognition policy and inventory management system, among other considerations.

 

The particular system chosen can also be an online solution that can be on the cloud for easy and convenient access for our clients from anywhere in the world or a more traditional based reporting system with monthly financial reporting by a set deadline subsequent to month end closing.

 

Pro-activeness is in our DNA

 

Regardless of the scope of services and system chosen, you can be assured that our reliable team of specialists will help simplify the management of the business and allow you to focus on the core operations to deliver growth.

 

At Kanaan & Associates, we understand the rules and have implemented a system to ensure to compliance. This allows our clients to minimize risk of regulatory fines or enforcement action by taking a pro-active step that regulatory changes are adhered to on a timely basis. This includes close communication with our clients and sharing best practices and our experience in regulatory reporting.

 

Please refer to the Contact Us page for more information.

PAYROLL PROCESSING

Our payroll processing services involves the outsourcing of the complete task of creating and maintaining records related to monthly payrolls, as well as executing payment on a timely basis with both national and international financial institutions.

 

This allows you to focus on your core operations especially as the business grows and the number of employees increases, leading to time spent on payroll management that could have otherwise been spent elsewhere.

 

Leading Knowledge on Local Matters

 

In addition, the implementation of the Wage Protection System (“WPS”) in the United Arab Emirates in 2010 has added a higher level of detail required that can be time consuming for many companies.

 

Although it may seem complicated, the WPS is simply a database and reporting system that was developed by the Central Bank of the United Arab Emirates in order to allow the Ministry of Labour of the United Arab Emirates to have a tool to ensure and guarantee the complete payment of employee wages in the private sector on a timely basis.

 

Non-compliance with the WPS system can lead to a ban and other penalties until resolved. It is therefore critical that all companies ensure they are compliant and our team of seasoned professionals can help automate the payroll process by utilizing our tailored systems that can track all changes and deductions and ensure the required format of the WPS is adhered to.

 

With You Every Step of the Way

 

Aside from the WPS, our team is proficient with all other local labour laws, whether the United Arab Emirates Labour Law or the free zone rules and regulations, such as the end of service benefit computation that must be accrued based on the provisions of the relevant article that are updated on a monthly basis and when changes in the workforce occur to generate reports on demand.

 

This allows us to be your trusted resource that you can count on.

 

Please refer to the Contact Us page for more information.

HR SERVICES

Outsourced human resources involve building an appropriate HR infrastructure and managing any changes in employees. We are also available as the HR manager to an organization by building an ongoing dialogue with employees to answer their queries, such as sending monthly payroll slips, answering queries on vacation accrual, or the advising them on the computation of the end of service benefit based on the relevant labour law applicable to the company.

 

Keeping You Up to Date

 

As the outsourced HR department, we also provide periodic updates on new changes that can impact the compliance surrounding the management of employees to deliver an efficient support system predicated on full compliance with laws and regulations.

 

 

Personalized Approach

 

Our approach to outsourced human resources services is unique in the sense that we tailor the scope of our services based on the needs of the client.

 

This includes a dedicated point of contact for all employees to simplify the process for ongoing communications. For larger companies with over 50 employees, we may recommend an HR manual to be issued and can provide seminars in a group setting to communicate any policy changes impacting payroll management and communicating human resources policies and procedures set by the company.

 

 

In addition to a personalized service approach, outsourced HR services will allow for a cost efficient approach to management of employees while ensuring confidentiality is maintaining across the company in a secure environment.

 

Please refer to the Contact Us page for more information.

FUND ACCOUNTING

Fund accounting services are provided to fund managers, pension funds, insurance companies, and banks that require a comprehensive range of fund administration services in the United Arab Emirates and major offshore jurisdictions, such as the British Virgin Islands, Cayman Islands, and Ireland).

 

We have also witnessed tremendous growth in the use of an Offshore Company based in the Jebel Ali Free Zone and the International Business Company based in the Ras Al Khaimah Investment Authority as a preferred choice for forming an investment holding company to engage in investments in the Middle East and throughout the world.

 

Dedication

 

Fund accounting typically requires reporting to a large number of stakeholders, in particular mutual funds in which the investors in the fund may number more than 50. This requires an established system in place in order to ensure that all investors are able to receive the fund reports in a secure, internet-based format on a timely basis.

 

In addition, the fund investments will need to be marked to market based on the requirements of IFRS 9. As such, knowledge and practical expertise in performing valuations are essential to accurately recording the fair market value adjustments on a monthly or quarterly basis depending on the legal status and nature of the fund.

 

Comprehensive Time-Tested Solutions

 

As the fund administrator, we can assist with the following functions:

 

  • Computation of the net asset value (“NAV”)
  • Computation of management and performance fees;
  • Preparation of the quarterly and annual shareholder reports;
  • Maintenance and filing of the fund reports;
  • Assistance with the preparation of the fund prospectus; and
  • Monitoring compliance with rules and regulations.

 

We can also implement sophisticated performance measurement tools to ensure compliance with the Global Investment Performance Standards ® (“GIPS”) as approved by the CFA Institute Board of Governors to help create a single global standard of investment performance reporting in 1999.

Please refer to the Contact Us page for more information.