Accounting Resources
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A Guide to Liquidation of Companies
A Guide To Liquidation Of Companies When any businesses can no longer afford to operate, liquidation of companies is a formal process that is done by a registered businesses to ensure its meets its obligations to shareholders and other stakeholders (e.g....
Making the right decision for your outsource Accounting & VAT Partner?
Making the right decision for your outsource Accounting & VAT Partner? Outsource Accounting & VAT For any start-up, small or medium sized company, outsourcing your accounting & VAT to an experienced and qualified partner is a credible option...
UAE VAT Resources Survey Results
Recently, we requested input to understand the challenges for businesses in working with available official VAT online resources in the UAE. For any businesses ensuring key personnel are fully equipped is essential to avoid misinterpretations that may come to light under an audit and incur penalties.
Therefore, we asked respondents several pertinent questions to assess how effective these resources are to build effective VAT understanding and implementation approach to their business.
Are You Sure Your Prices To Consumers Are Displayed Correctly?
Are you in the position of being confident that everything is compliant to the UAE VAT law and then suddenly get fined because of noncompliance; and it turns out that it is something so simple that could have been easily avoided?
Substance Regulations Issued Guidance
As of 30th April 2019, The UAE Cabinet introduced economic substance (“ES”) rules. Further guidance (Ministerial Decision No 215 For The Year 2019 On The Issuance Of Directives For The Implementation Provisions For The Cabinet Decision No (31) of 2019 Concerning Economic Substance Requirements) was released on 11 September which provides further elaboration on the requirements for any entity that meets the definition for a relevant activity.
5 Proven Cost Management Strategies for Business
Business can be tough when supply exceeds market demand. This is the time when businesses should pay closer attention to costs. Ask yourself “how much sales do we need to generate profit of $1” and this simple question will bring into sharper focus of the benefit of having a more effective cost management.
Your Cashflow, Your Company’s Future.
Many SMEs, especially those who are just starting a business, often overlook the management of cash coming in and out of their business. It is a common error thinking that if money is coming in, the business is performing and will have sufficient resources to pay for its purchases and expenses. Cash is key to the survival of your business and ignoring the needs for an accurate cashflow management process can lead to shocks that could cripple your business.
Economic Substance Regulations
The United Arab Emirates (UAE) Government has taken a progressive step in its commitment to comply with international good governance standards by ratifying Resolution No.31 of 2019, concerning Economic Substance Regulations in the UAE, “the Regulations” on April 30, 2019.
The UAE Economic Substance (ES) rules have been designed to follow the guidance issued by the European Union (EU) and Organisation for Economic Co-operation and Development (OECD).
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Accounting & VAT Outsourcing
For some companies, outsourcing their accounting and VAT has proved to be a good decision to manage their financial management & compliance obligations at a lower total cost of ownership than inhouse recruitment.
For others it has proved to be a bad experience that leads to frustrations resulting in poor financial reporting, compliance risks and time wasted.
Implementing Accounting Software
The Executive Regulations entail greater discipline to record your sales and purchases accurately to file accurate returns and support the provision of financial statements if requested by the Federal Tax Authority. These legal obligations may be at the forefront of your decision to adopt a platform, in this paper we discuss the key tips to help you implement a successful approach.
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Impact of Mismanaged Finances
For any business, good financial management is the foundation to reaching profitability. But as a start-up or small business, your first thought inevitably goes towards growing the top line and this emphasis can lead to major issues later if you under invest in your financial management framework.
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Case Studies
Salon – Controlling Cash Process
A salon owner operated several branches across the UAE providing ladies cosmetic and beauty services.
read moreRestaurant Case Study – Improving Service & Performance
For a local restaurant business owner, controlling their operations remotely had always proved to be a challenge. They had employed a manager to run
daily operations, but accurate and timely reporting was a challenge with the owner receiving excel
reports for limited information.
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