Audit Readiness Support in Sharjah

Our preparation process

Fees, print runs and other income that arrives early

Schools, training centres and publishers in Sharjah often receive money before the work it pays for is finished. Term fees paid in advance, subscriptions and pre-ordered print runs should sit in a deferred income schedule. Release them to revenue as the teaching or delivery happens. Keep a ledger per student or per customer showing the invoice, any discount, each instalment received and any refund. Then a reviewer can agree the total to the bank without asking you to explain it.

For publishers, the stock of printed titles, the returns coming back from distributors and the royalties owed to authors each need their own schedule. A single stock figure that mixes all three is hard to defend.

Making a family business ready for the next generation

Many Sharjah companies are owned by one family and run on trust rather than paperwork. That works until a bank, a new investor or an heir asks who owns what. Open a separate loan account for each family member. Record every amount taken out or put in. Agree the year-end balance with them in writing.

Decide which payments are salary and which are drawings, and keep the two apart. Where a property, vehicle or bank account is held in an individual's name but used by the company, write down the arrangement. Keep the document with the accounts. Verbal understandings are the first thing a lender or a new generation of owners will question.

A month-end routine for workshops and warehouses

These steps take little time when done every month. They give the bank or a successor a dependable picture of the business, including goods held in outer storage yards.

• Count the ten highest value stock lines and record any difference against the ledger.
• List goods received but not yet invoiced, so the liability is not missed.
• Match each delivery note to a sales invoice and flag any that are unbilled.
• Agree the payroll sheet to the WPS file submitted through MOHRE.
• Reconcile petty cash and every bank account, and sign and date the reconciliation.

Paperwork worth keeping tidy

• Licence, ownership and lease documents
• Shareholder and related party ledgers
• Stock and fixed asset schedules
• Payroll and WPS records
• Bank reconciliations
• VAT and corporate tax filings

Risks to watch in Sharjah company books

The limits of our service