FAQs

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Why Do I need a bookkeeper if I have an accountant ?

FAQ

Both Bookkeeper and accountant are different in what they are doing. General Ledger of the client are maintained by the bookkeeper on regular basis. A bookkeeper’s common responsibilities consist of:

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    Compiling data on a daily basis
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    Maintaining and reviewing the ledger and categorising
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    General Ledger and Bank Statement reconciliation
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    Preparing financial statements

Shouldn’t my bookkeeper be local ?

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Small businesses no longer need to work with a local bookkeeper. The internet and cloud technology makes it easy for bookkeepers to securely access their client’s books anytime, anywhere. Business owners can now select a bookkeeper who truly understands their industry and operations, instead of hiring the local, community bookkeeper by default.

Do I need to clean up my books before I hand them over to Your Office Partners ?

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No, we’ll include clean-up for you as part of our work estimate. Our team of financial specialists will setup your industry-specific general ledger in the cloud accounting software that best fits your needs.

What accounting software do you support ?

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We use Zohobooks, QuickBooks Online, and We can also support Quickbooks Desktop in some instances.

I have multiple businesses; how can you help me ?

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We specialize in accounting and bookkeeping services for multi-unit businesses and franchises. We can manage the books for each individual location and give an insight into your business’s overall financial performance.

What are cloud-based accounting tools do you work with ?

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Zohobooks, QuickBooks, Xero, and more!.

What others financial services does Your Office Partners provide ?

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YOP provides the following services:

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    Money-in/revenue reconciliation – Recording deposits, matching payments to accounts receivable, cashflow management
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    Expense management – Expenses categorization, accounts payable, receipt and mileage tracking
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    Bill payment – Online bill payment and Document storage
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    Payroll services – Payroll software setup, reconciliation
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    Financial reporting - Producing/reviewing financial statements from GL (i.e. Income Statement, Balance Sheet)

How much does Your Office Partners cost ?

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We charge a flat monthly fee based on your transactions and other requirements. Get in touch with our expert to walk you through the price list.

Do you do bill pay ?

FAQ

We charge a flat monthly fee based on your transactions and other requirements. Get in touch with our expert to walk you through the price list.

Do you help with invoicing ?

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YOP can help you manage your invoice reconciliation process and your revenue tracking etc. We can also send invoices to your clients on your behalf, based our contract.

Do you do payroll ?

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Yes, our complete HR & Payroll management package will allow you to reduce cost and improve compliance and ensure you stay compliant with legislation updates with minimal impact.

Do you serve businesses with under 100k in annual revenue ?

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Yes , we work with start –up , Small , Medium and Large scale organizations.

What is the cost for payroll services in Dubai/UAE ?

FAQ

Our Payroll management is offered as a complimentary service to our clients outsourcing the book-keeping services to YOP. If you are also interested in Book-keeping services please click here. However, if you are only interested in payroll services for now, please feel free to contact us so we can discuss your current need and tailor our services accordingly.

What is Wage Payment System (WPS) ?

FAQ

Wages Protection System (WPS) is an electronic salary transfer system that allows institutions to pay workers’ wages via banks and financial institutions approved and authorized to provide the service. The system developed by the Central Bank of UAE, allows the Ministry of Labour to create a database that records wage payments in the private sector to guarantee the timely and full payment of agreed-upon-wages. The WPS covers all institutions registered with the Ministry across all sectors and industries and will benefit different categories of labour. (Source: Ministry of Labour).

What is end of service gratuity ?

FAQ

End of service gratuity in UAE is an amount every employee is entitled to receive from his/her employer once the employment comes to an end. This is governed by the UAE labour law.

How is the end of service calculated in Dubai/UAE ?

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This depends upon variety of factors. The total salary, basic wages, and duration of employment, type of labour contract, dismissal or resignation – all will have to be considered while calculating the End of Service gratuity. Please contact us for further details.

What types of businesses can I set up in the UAE?

FAQ

There are numerous types of businesses you can set up in the UAE, from Free Zone businesses, Offshore businesses to Mainland businesses. The type of business you choose to establish often depends on the nature of activities your business undertakes.

What are the steps to start a business in the UAE?

FAQ

Starting a business in the UAE typically involves planning your business structure, identifying the legal form of the business, registering the trade name, applying for the necessary licenses, opening a corporate bank account, and fulfilling the visa requirements.

How long does it take to set up a business in the UAE?

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The process and timeframe can vary depending on the type of business and its specific requirements. It can take from one week to a month.

What is the difference between Free Zone, Offshore, and Mainland businesses?

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Free Zones offer 100% foreign ownership and are free of UAE Corporate Tax. Mainland businesses are open to commercial activities in the local market and can undertake government contracts. Offshore companies are set up for international business, they can't have a physical office in the UAE.

Do I need a local partner to set up a business in UAE Mainland?

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As per UAE law, to set up a business in UAE Mainland, you can own 100% of the shares in a company, except for companies that are involved in sensitive activities, regulated activities, or activities that require a license from the government.

What are the benefits of setting up a business in a Free Zone?

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Free Zones offer several benefits including 100% ownership for investors, low tax rate compared to other countries, 100% repatriation of capital and profits, no currency restrictions, and much more.

Can a foreign company open a branch office in the UAE?

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Yes, a foreign company can open a branch office in the UAE. However, they are required to have a local service agent (LSA), who can be a UAE national or a company owned by UAE nationals.

What are the legal forms of businesses that I can establish in the UAE?

FAQ

The legal forms of businesses that can be established in the UAE include Sole Proprietorship, Civil Company, Limited Liability Company (LLC), Private Shareholding Company (PSC), Public Shareholding Company (PJSC), and Branch Offices.

How can I get a business license in the UAE?

FAQ

Business licenses are issued by the Department of Economic Development (DED) in the UAE. The type of license you require depends on the nature of the business activity you intend to engage in.

What is a Trade License and why do I need it?

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A Trade License is a document/certificate that gives the permission to the applicant (a company) to start the specific business mentioned in the license. In the UAE, a trade license is mandatory for every commercial business.

Do I need a visa to run a business in the UAE?

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Yes, if you are a foreign investor, you need a UAE residence visa to run a business in the UAE. The number of visas you can apply for will depend on various factors such as the size of your office, the category of your employee, and the nature of your business.

Can a non-resident start a business in the UAE?

FAQ

Yes, a non-resident can start a business in the UAE. However, they need to appoint a local service agent and also comply with certain legal obligations.

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