Implementing Distinct Financial Records to Ensure Full Compliance with the UAE Tax Regulations

Headquartered in the UAE, the client is a global leader in aquaculture and pet nutrition and has had a longstanding association with Nexdigm. Since the beginning of this relationship, Nexdigm has been consistently supporting the client’s headquarters with accounting and compliance services, alongside managing centralized expense booking and subsequent recharges to group entities based on their respective cost centers.

Nexdigm implemented a structured and proactive approach to resolve the crisis:

• After conducting thorough research of potential solutions within the existing ERP framework, we identified an advanced version of the system that offered key benefits, including cost center accounting, data backup and restoration capabilities, and customizable reporting formats for both consolidated and branch-specific financial views.
• To mitigate the risk of data loss, the existing license was upgraded to this advanced version, and an additional license with the enhanced features was procured.
• A pilot run was conducted using a select set of sample entries to thoroughly test the solution before its full-scale implementation.

The identification and seamless implementation of the advanced ERP version not only ensured the client's compliance with UAE tax regulations but also provided access to customized financial reporting. This enabled the client to make informed decisions for both locations, facilitate branch-specific adjustments, and strengthen internal controls.