Types Of Audits In Business

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

A Brief Guide to Effective Vendor Management for Businesses

A Brief Guide to Effective Vendor Management for Businesses

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

5 HIDDEN SIGNS OF FRAUD IN A SMALL 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

Common SME Mistakes Related to VAT Filing in UAE

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

Implications Of VAT On Property Development Sector In GCC

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

Mini-Handbook of VAT in UAE

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

Financial Management Essentials Small Businesses Should Follow

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

Why Is Internal Audit Report Important For Businesses In UAE?

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?

Key Risks Ahead of Internal Auditors In 2020

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