Accounting
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What is bookkeeping services?
Bookkeeping is a recording of financial transactions and part of the accounting process in business transactions may include sales, purchase, receipts, payments, cash, etc..,
Why you need bookkeeping services?
To run the business with the desired path is the wish of every business individuals. To achieve that path certain financial tactics are essential. These financial, accounting and bookkeeping services are our capability that helps you to get the success in the competitive environment.
Importance of booking keeping:
- Easy to make routine business decision
- Evaluation of business
- Regular reporting, proper reporting to investor/share holders
- Management of cash flows& forecast
- VAT returns can be submitted with ease
Services provided
Payroll process in a tax free economy is not as simple as it appears. The diverse expatriate nationalities and the ever changing local regulations make payroll an intricate process.
Furthermore, a proper documented payroll process has become imperative for all companies operating in the UAE after the implementation of Wage Protection System (WPS) as mandated by the Ministry of Labour in UAE. This development has led to a lot of companies, whether on-shore or off-shore, seeking expert support from outsourced payroll providers.
When you’re operating across borders and employing an international workforce, you need careful planning and scrutiny so that you are both fully compliant with your global HR policies and procedures, and more importantly with local regulation requirements. Companies that are non-compliant will risk facing legal sanctions including fines, being banned from applying for new work permits and may suffer reputational damage.
With our highly qualified professionals and the state of art software, Beehive Consultancy FZE LLC can manage your end to end payroll process.
Beehive Consultancy FZE LLC offers a wide range of payroll services across the UAE:
The UAE introduced an electronic salary transfer system in 2009 which allows companies and institutions to pay workers’ wages via banks and financial institutions approved and authorized by the Central Bank.
The Wages Protection System (WPS) was developed by the UAE Central Bank and the Ministry of Labour to ensure timely and full payment of wages through a database. Companies that fail to abide by this process will face punishments and fines and will not be able to obtain work permits.
To participate in this system companies must select one or more banks or agents licensed by the Central Bank. Once the company’s authorized bank receives the salaries, it sends a notification to the Wages Protection System. The system then sends the workers details and wages as well as the salary transfer instructions electronically to the Central Bank of the UAE, which will in turn forward those details to the Ministry of Labour database in order to ensure that the details received correspond with those registered with the Ministry. The system will then send the approved information to the appointed agent in order to start paying the wages.
The WPS covers all institutions which have their employees registered with the Ministry of Labour across all sectors and industries, and will benefit different categories of labour.