Accounting and Bookkeeping

Our flexible solution enables SME owners make the right financial decision by providing timely, accurate and value-added information

We Offer

IFC provides bespoke financial reports and services based on professional standards that keep you compliant with the Law and prepare you for upcoming opportunities and risks. At IFC, we have developed a unique proposition that ensures our clients records are updated daily and they have 24/7 access to their financial records.

  • Accounting Outsourcing

    Accounting refers to the periodic processing of records for various purposes like monthly MIS, budgeting, reporting and strategy. Bookkeeping is a prerequisite to accounting.Our clients who have internal bookkeepers to process the daily transactions require our services to come and review the work done by bookkeepers and help close the monthly books of accounts. Our experienced team of qualified accountants work with a customised checklist that ensures monthly reports prepared for the owner and CEO are accurate.At IFC we pride ourselves in the simple and non-technical way in which we communicate the impact of financial reports to our clients.

  • Accounting Software Implementation

    There are many accounting software that are available in the market ranging from free versions, monthly subscriptions to desktop solutions developed locally as well as internationally.At IFC we have an experienced team who have worked on majority of the software in the market. However, if a new software is introduced our team has a comprehensive testing process ensuring that it is compliant and satisfies the client needs. Some of the software that we have worked with are:Xero, Quickbooks, MYOB, Oracle, Hyperion, Freshbooks, Zoho, Sage, Tally, SAP, IRIS .The above is not a full list of our capabilities.We have many instances in which a prospective client has approached us to change their current software. Upon detailed review we have noted that the issue may be of implementation rather than the software. In these cases we have re-engineered their current software ensuring higher acceptance due to familiarity with the existing software and reduced cost of implementation and software purchase.We are happy to review any software and implement it using our bespoke methodology.

  • Accounting Software Training

    There are many accounting software that are available in the market ranging from free versions, monthly subscriptions to desktop solutions developed locally as well as internationally.At IFC we have an experienced team who have worked on majority of the software in the market. However, if a new software is introduced our team has a comprehensive testing process ensuring that we are familiar with the functionality.Our team develops a training program specific to the client needs. We do a detailed study of the internal processes and reporting requirement of the client and then design and deliver training program that is practical and enables the client team to perform their role better.

  • Accounting SOP

    Standard operating procedures (SOPs) are the documented processes that a company has in place to ensure services and/or products are delivered consistently every time. When a company is growing, it is often highly dependent on the owner for all major decisions.Our qualified staff have helped many businesses streamline their accounting function resulting in efficiencies and cost reduction. Our staff balance the processes between the commercial and practicality vs benchmarking against the best practices.

  • Bookkeeping Outsourcing

    Bookkeeping and accounting are the integral and critical functions for any organization. Keeping accurate accounting records helps streamline your business operations and aid in achieving better control over your organization’s capabilities. Any errors made in bookkeeping can have severe impact on the functioning of your enterprise and potentially bring your entire business operations to a standstill.UAE Federal Law and Executive Regulations stipulate in detail the requisites for all businesses in UAE to maintain proper accounting records.At IFC we have a specialised team of experienced Bookkeepers that ensure you stay compliant with the Law. We have developed a unique proposition for our clients that drives efficiencies at our clients.

  • Forensic Accounting

    Forensic accounting is a combination accounting and investigative techniques used to discover financial crimes. One of the key functions of forensic accounting is to explain the nature of a financial crime to the courts.Forensic accountants analyze, interpret and summarize complex financial and business matters. They may be employed by insurance companies, banks, police forces, government agencies or public accounting firms. Forensic accountants compile financial evidence, develop computer applications to manage the information collected and communicate their findings in the form of reports or presentations.Our team at IFC is experienced in various techniques to detect financial misappropriations and has helped many clients uncover fraudulent transactions in their organisation.

  • Other Adhoc Services

    Our clients sometimes require additional support to their inhouse accounts departments during busy periods, staff transitions, staff holidays or to catch up on work.The following list below contains the services that we are offering:
    1. Cloud accounting
    2. Dashboard KPI’s on daily basis over the phone
    3. Bookkeeping for individuals as well as enterprises
    4. Setting up and implementing new accounting software
    5. Upgrading clients’ current software
    6. Training clients about the new accounting software
    7. Support for any accounting software
    8. Converting and cleaning accounting data
    9. Reconciliation of bank statements
    10. Profit and loss statements with balance sheets
    11. Payment of bills
    12. Entry of client invoices and payments
    13. Reviews of clients’ bookkeeping (monthly/quarterly/annually)
    14. Troubleshooting data issues
    15. Rolling cash flow forecast

  • Updating Backlog Accounting

    Accounting records are essential to understanding the profitability, cashflow and net worth of any business. It is prescribed in the UAE law that all businesses in UAE are required to maintain proper books of accounts. Sometimes, start-ups and SME’s are not aware of the requirements of the law and fail to record the transactions in an appropriate manner.There are many reasons for updating the books of accounts for the past years or periods. As the business grows the entrepreneurs realize the importance of having proper books of accounts. Additionally, due to growing awareness of the law, the owners want to be complaint. Sometimes, when the owner is looking for additional funding, debt or equity, the investor requires the past records to be made available so that they can make informed decision.At this stage we help owners with re-creating the books of accounts from the incorporation date or from the date agreed with the owner. Our experienced team at IFC guides the clients and has a flexible approach to updating backlog, as we understand that not all records may be available from the past.

Our Approach to Accounting and Bookkeeping

  • IFC's team of Qualified Chartered Accountants provide Accounting and Bookkeeping services based on International Financial Reporting Standards (IFRS).
  • We are experts in Cloud based Accounting solutions with our preferred software being XERO. However, we work with most cloud and desktop based software to meet the client needs.
  • Working with IFC is like having an inhouse accountant as we update data on a daily basis, not just at the end of the month. This enables entrepreneurs to manage and control their finances based on real time information. Therefore, business decisions are made on facts and not assumptions.
  • We work with our clients onsite and online depending on their flexibility and convenience.
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