Value Added Tax is not a distant dream but a reality in the Middle East and Gulf States. It is evident from the fact that UAE along with many other Gulf countries have imposed a standard rate of 5% VAT. It is similar to the general tax which aims to eliminate the financial burden on the petroleum resources. For this reason, all the businesses meeting … Continue reading How to prepare for VAT Audit in UAE
Bad debts are the worst nightmare for any business organization. They cannot only ruin the image of the organization but cause its destruction in a short period of time. In developed countries like the United Arab Emirates, where there is already tough competition in the market, bad debts prove to be the last blow. Customers and clients might be the blamed parties for bad debts; … Continue reading Bad Debts in Accounting: How to Prevent Them?
Starting a new business often seems a promising venture which is full of opportunities and actionable ideas. However, establishing this business, especially in competitive markets like that of the United Arab Emirates, is not easy. It requires not only extreme hard work and passion but also expert level skills in different niches of business. Few tools lead to the progress of any business, and measuring … Continue reading Key Performance Indicators To Boost Your Business Growth
The restaurant business is very rewarding as you get to serve delicious food to people and see the smiles and satisfaction on their faces. However, it is a tricky business that requires a lot of management to run successfully. It has its own bookkeeping and accounting needs. Most restaurant owners often overlook these aspects as they cannot make sense of all the numbers. However, there … Continue reading Restaurant Accounting 101 – Tips and Tricks for a Profitable Business
Just like other industries, hospitals also have auditing needs that need to be met effectively for better operations. However, unlike other businesses, healthcare facilities have additional auditing needs apart from the traditional financial audits. Regular auditing is essential for healthcare facilities as it ensures that they are going forwards in the right direction and are complying with all the regulations. There are numerous kinds of … Continue reading Top 5 Types Of Audits For Healthcare Institutions & Its Benefits
The audit is one of the most critical financial processes that helps any organization identify and fix the mistakes in their routine financial activities. The mistakes can take place due to the carelessness of the bookkeepers, accountants, or due to fraudulent activities. The organizations have to show their progress and pay taxes to the authorities, and the mismatching numbers can make them face the external … Continue reading How to Detect Errors While Conducting Audit Process?
Financial management is one of the most critical aspects of running successful businesses. It is not just limited to the business companies, but every organization pay greater attention to ensure effective bookkeeping. However, it is incomplete without conducting comprehensive audits. Keeping this into consideration, many organization conduct their audit in routine such as once a year to ensure improved accounts management. If you haven’t conducted … Continue reading Types Of Audits In Business
For successful operations and revenues, all businesses need suppliers and vendors. And when managed poorly, these relationships and business partnerships result in adverse financial impacts on the company. Therefore, effective vendor management is the core of successful companies and businesses. In this competitive market, your business needs to look for ways to get maximum value from suppliers while maintaining material quality and reducing the risk. … Continue reading A Brief Guide to Effective Vendor Management for Businesses
The year 2020 has disrupted the normal workplace, which is very challenging for small businesses. One area of major concern is that some employees may take this as an opportunity to start a fraudulent activity under the lack of in-person supervision. This problem is more heightened in the case of a lack of internal controls. One of the biggest problems with small businesses is that … Continue reading 5 HIDDEN SIGNS OF FRAUD IN A SMALL BUSINESS
In the past few years, several small and medium enterprises have established their business operations in the United Arab Emirates. They have been struggling with their operational issues that value-added tax was implemented in the region. It was a new form of the tax system which caused confusion and fear to the SMEs. Although, it has been around two years since the implementation of VAT … Continue reading Common SME Mistakes Related to VAT Filing in UAE