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
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
If you are a business owner, you must be well aware of all the struggles of keeping up with the finances and cash flow of the business. For most people crunching numbers is a headache, and keeping up with the budget can be hard. While you may be tempted to leave books for a while, but it can be a huge problem during the tax … Continue reading Top 10 Hacks to Improve Your Cash Flow
Value-added tax is often applicable to a set of business supplies that can either be a service, material, or product. In GCC, the property is also considered a taxable supply for which the property owners have to pay VAT. There is a certain vendor who is working with non-taxable supplies that are exempt from VAT. Thus VAT serves as an additional cost to those dealing … Continue reading Implications Of VAT On Property Development Sector In GCC
The residents of UAE has enjoyed tax-free living for years. Recently, the Gulf CooperationCouncil has recommended the imposition of Value Added Tax to reduce the burden of revenue generation on petroleum products. Owing to this, UAE has introduced VAT since January 1, 2018, to ensure a new resource for generating income for the state. The government has decided to improve the quality of public services. … Continue reading Mini-Handbook of VAT in UAE
Managing finances is one of the most crucial tasks for small business owners. They often pay more attention to shorten the gap between their demand and supply, which helps them earn a little profit. However, if they keep themselves limited, they will not be able to give their business a big breakthrough. Looking after financial management is an important aspect that can help them monitor … Continue reading Financial Management Essentials Small Businesses Should Follow
Setting up a business in the UAE is pretty easy, but it requires a lot of courage and stamina to manage everything starting from operations to finances. In this quest, many business owners overlook internal auditing, which may be detrimental at later stages. It is because clients, prospective investors, and customers consider the internal audit report of the company to make a decision for joint … Continue reading Why Is Internal Audit Report Important For Businesses In UAE?
Internal auditing is one of the most important departments of any business organization. It is meant to watch the organization is working efficiently while managing the risks and complying with the rules and regulations defined by the authorities. Managing the internal control systems is also an important responsibility of the internal auditors. In developed countries like the United Arab Emirates, internal auditors are stressed to … Continue reading Key Risks Ahead of Internal Auditors In 2020
Outsourcing Accounting services have the potential to transform your finance department and help in boosting the efficiency and potential of your business. One of the most common problems that small business owners make is their attempt on DIY accounts and finance management for their startups. As a result, they end up paying more money later to an accounting team to clean up the mess. However, … Continue reading Should Accounting be outsourced or done in-house?