As the financial year comes to an end, UAE businesses—whether large corporations or small startups—need to ensure their accounts are accurate, compliant, and ready for a fresh start in the new year. A well-prepared year-end closing process not only prevents costly errors but also sets the foundation for better financial planning.
Here’s a simple year-end closing checklist tailored for UAE businesses:
Reconcile Bank Accounts
Make sure all transactions are recorded correctly and your bank statements match your books. Any discrepancies should be investigated immediately.
Review Accounts Receivable & Payable
Collect outstanding invoices and settle supplier payments before closing the year. This helps improve your cash flow and avoid surprises.
Check VAT Compliance
Verify that all VAT returns are filed accurately and on time. Errors in VAT reporting can lead to fines and penalties from the Federal Tax Authority (FTA).
Analyze Expenses & Profitability
A detailed expense review helps identify cost-saving opportunities. Compare this year’s performance against last year’s to measure growth and efficiency.
Prepare Financial Statements
Ensure your profit & loss statement, balance sheet, and cash flow statement are ready. These reports are vital for business owners, investors, and auditors.
✅ Pro Tip: Start preparing early instead of waiting until December. A smoother year-end process means you enter 2026 with clarity and confidence.
At M.A Accounting & Bookkeeping, we support UAE businesses with professional bookkeeping, tax compliance, and year-end reporting. Get in touch today to ensure your business is fully ready for the new year.