Ethics Plus Public Accountants

BACKGROUND

Introduce your business and what you do there.

I am the finance and strategy advisor for an international industrial chemical and raw materials manufacturer. I play an advisory role in the company’s expansion into various international market segments — I advise the board of directors on strategies and areas of improvement for our employee productivity, legal work, and finances. 

The materials we manufacture are primarily used in the manufacturing of automotive and industrial lubricants. Some of our raw materials also are involved in the painting, coating, and rubber industries. We buy from top manufacturers worldwide, and our customer base is spread across the Middle East, Africa, and the Indian subcontinent. 

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Ethics Plus Public Accountants?

Value-added tax (VAT) laws were only introduced into the UAE in 2019, and we needed to see which aspects of the new legislation would impact our business. 

SOLUTION

What was the scope of their involvement?

Ethics Plus Public Accountants came in and did an impact review study to determine how the new VAT laws would impact our business. Some of the provisions of the law were complex, so Ethics Plus Public Accountants determined the feasibility of the application of the impending VAT law before the law came into force. 

They advised us on our weaker financial areas, how to plug our loopholes, and how to prepare company to adopt the new VAT laws, regulations, and requirements. 

Then, once the VAT went into effect, they initiated the VAT accounts, accounting records, and returns. They held our hand as we got comfortable with the new law — hardly anyone on our internal team had prior experience with VAT. 

Ethics Plus Public Accountants also did some auditing of our financial accounts.  

What is the team composition?

Our accounting and finance department is in touch with at least 4–5 teammates from Ethics Plus Public Accountants a year. We have a point of contact in both the accounting and auditing department and in tax-related services. The managing partner is also available to us. 

How did you come to work with Ethics Plus Public Accountants?

We were referred to Ethics Plus Public Accountants through professional associations through various forums and points of contact. We were told that they would take a friendly, professional approach and get to the root of our problems. Their ethical standards were also appreciable.

Ethics Plus Public Accountants had been in the market for 25 years, and they were one of the specialist providers in this area for SMEs. A group of entrepreneurs run our company, and Ethics Plus Public Accountants had a really good understanding of our ethos and culture. 

How much have you invested with them?

We’ve spent about $70,000–$74,000 up to now. 

What is the status of this engagement?

We’ve been working with them three years, starting in November 2018, and the engagement is ongoing. 

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement? 

Our previous service provider had a lot of issues, but when Ethics Plus Public Accountants came aboard, everything changed — they solved all of our VAT problems. Ethics Plus Public Accountants prepared us very well for the implementation of the new VAT laws.

How did Ethics Plus Public Accountants perform from a project management standpoint?

Ethics Plus Public Accountants met the timelines and deadlines required by our various stakeholders. We initially had some in-person meetings, but during the COVID-19 pandemic, we moved to virtual meetings. Our internal team contacted them when they needed to and Ethics Plus Public Accountants was always available. 

What did you find most impressive about them?

Ethics Plus Public Accountants is knowledgeable in their industry and can clarify complex matters for us. They’re a great team. 

Their user-friendly and customer-specific approach to problems really distinguishes them from the competition. I really liked how they were able to anticipate and advise us in advance on VAT changes. 

Ethics Plus Public Accountants met our requirements perfectly and the owners of our company liked how easy they were to work with. 

Are there any areas they could improve?

I cannot think of any. 

Do you have any advice for potential customers?

Potential clients need to be transparent and treat Ethics Plus Public Accountants as partners and give the Ethics Plus Public Accountants team all of the details of their problems. That way, Ethics Plus Public Accountants can provide the client with the best advice to fine-tune their systems.