Top audit deficiencies and strategies to avoid them

Audit deficiencies are the most recurring problems, leaving the firms uneasy. The issues arise due to the lack of several necessary strategies in place. The management of a company needs to hire top audit firms in Dubai for availing these strategies. Taking these professionals on board can reduce the chances of audit errors up to a great extent. Moreover, they design methods that can improve … Continue reading Top audit deficiencies and strategies to avoid them

Everything You Should Know About VAT on Real Estate in UAE

The value-added tax applies to a variety of businesses and services in the United Arab Emirates. The real estate industry is one of them; however, VAT applies at different rates according to the type and category of the service. The owner or person leasing the real estate has to pay tax to the authorities. It includes registering for VAT, calculating the amount paying it on … Continue reading Everything You Should Know About VAT on Real Estate in UAE

Why enlist cost of goods sold (COGS) in journal and importance

For every business or manufacturer, there are different expense types during a certain period. Some of the expenses are direct, and some of the costs are indirect. We will discuss indirect and direct expenses later. Still, it is important to understand that every expense type matters when identifying a business’s financial position and conducting audits. A manufacturer or a company produces and prepares products to … Continue reading Why enlist cost of goods sold (COGS) in journal and importance

How to prepare for VAT Audit in UAE

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 in Accounting: How to Prevent Them?

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?

Key Performance Indicators To Boost Your Business Growth

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

Restaurant Accounting 101 – Tips and Tricks for a Profitable Business

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

Top 5 Types Of Audits For Healthcare Institutions & Its Benefits

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

How to Detect Errors While Conducting Audit Process?

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?