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1

A Bookkeeper or Accountant? Which One to Outsource?

For many entrepreneurs, finance is a complicated task. While most businessmen have superior marketing, sales, and strategic skills, some of them lack the knowledge in keeping their finances in order. They just want to delegate the detail-oriented and number-crunching tasks to some financial professionals.

If you’re one of those big-picture thinking, small-scale entrepreneur, you may want to entrust your recording and analysis of your finances to one of the bookkeeping and accounting firms in Dubai. But because of your lack of knowledge about the distinction between accounting or bookkeeping, you’re still unsure which of the two should you hire.

Main Differences Between Bookkeeping and Accounting

While the functions of the two disciplines overlap, differences remain. So, what’s their difference? Read on.

  • Bookkeeping

Practitioners of this discipline are responsible for taking records, storage, and retrieval of financial transactions for a business venture, nonprofit organizations, and individuals. Some of their regular tasks involve:

    • Billing of the products sold, or services are given to clients
    • Keeping and recording receipts from customers
    • Checking and recording invoices from suppliers
    • Paying suppliers
    • Preparing payroll and salaries of employees
    • Processing and liaising reports submitted to government agencies
    • Recording adjustments in financial records, such as depreciation
    • Providing financial reports
  • Accounting

Accountants record financial transactions of a business in a systematic and comprehensive manner. Moreover, these professionals summarize, analyze and report these recorded transactions to stakeholders, regulators and government agencies.

As you can see bookkeepers and accountants appear to perform the same set of tasks. Both store, record and prepare reports of business transactions. Nowadays, they also use the same set of tools and software.

But on close inspection, the differences will start to unravel. Bookkeepers only require some basic accounting subjects while professional accountants need to finish a full bachelor’s degree. Some even pursue to become a certified public accountant (CPA). Bookkeepers are responsible for the day-to-day, actual recording and preparation of basic financial reports while accountants analyze, verify and gain insights from these documents.

So, if you just need to document the transactions, organize important papers and produce a financial report for stakeholders and government compliance, hiring a bookkeeper is enough. But if you want a comprehensive get insight and relevant information from the data you’ve gathered, you need to ask help from an accountant.

Why Hire a Bookkeeping and Accounting Firm?

For especially for start-ups and small to medium businesses, hiring an in-house bookkeeper or accountant can be too expensive. Meanwhile, doing the accounting tasks on your own will eat up a huge chunk of your precious time. After all, you just need the services of these professionals intermittently. If you have this business condition, you may want to outsource accounting and bookkeeping services in Dubai. Here are some of its proven benefits:

  • Better accuracy – These professionals do this for their living. As such, they have gained a wealth of experience needed to produce quality results. Accurate recording of numerical data is crucial to your business. You may incur huge losses or inconsistent entries that can endanger your business, especially if you’re submitting the report to government agencies. To save your face and your business from having huge discrepancies in reports, it’s best to hire bookkeeping services in Dubai.
  • More savings – Employing a full-time or even a part-time accountant is costly. Apart from her regular salary, you may need to process government-required benefits and perks.  You can save a huge amount of money by outsourcing the task. When you outsource the task, all you need to do is to pay only the services of the professional by the hour. This will save you money while hiring a full-fledged professional.
  • Access to the best software and systems – To remain competitive, accounting firms uses the most sophisticated tools, equipment, and software to provide the best service to their clients. Hence, you can be sure that you get the best tools and professional practices in the industry. What’s more, these companies are also members of professional associations that require strict compliance with industry standards. Hence you can be assured that they only provide quality services, otherwise they will lose clients.
  • More time and focus on your business – As mentioned above, accounting takes a lot of time. By engaging in this task, you can lose your attention to more important parts of your business. To prevent losing your focus to the things that matter in your enterprise, you may just outsource the task to professionals who can provide the best results.

For most entrepreneurs, distinguishing bookkeeping from accounting is already a struggle. To free yourself from worries about the financial recording and reporting aspects of your business, outsourcing your accounting requirements is a great and wise move.

KBA: We are one of the Top Bookkeeping and Accounting Firms in Dubai

KBA Accounting and Bookkeeping Services LLC is a recognized and registered accounting services provider catering to businesses in the city of Dubai and across the UAE. We offer a comprehensive range of outsourced financial solutions that are aimed at helping businesses improve their cash flow and raise their bottom line. We have a team of certified accountants, consultants, and payroll specialists who can develop a more effective system for managing and monitoring the financial health of your business.

Sources:

https://www.accountingcoach.com/blog/what-is-bookkeeping

https://www.investopedia.com/terms/a/accounting.asp

http://outcomess.com/compliance/benefits-of-outsourcing-bookkeeping-accounting-services/

http://www.staffvirtual.com/7-benefits-of-outsourcing-bookkeeping-services

2

How Accounting and Bookkeeping Services Help Startups Grow?

Small-scale businesses need stability and continuous growth to thrive in the competitive market. While continuous operations enhancement is expected, management and internal affairs must be ironed out.

Since finance is the backbone of any company, it’s integral to invest in hiring the best people. A lot of companies start to hire accounting and bookkeeping services in Dubai because of the perks it can give. One of which is the cheap labor cost compared to hiring in-house employees. This means you’re only paying for the accounting help when you need it and not deal with employee-related cost.

First, you need to understand how these two services can help your business grow and expand.

Advantages of accounting outsourcing companies in Dubai

  • Get better control and understanding of cash flow

As a startup firm, you probably want to do everything yourself to avoid expenses. In some aspects, this is actually helping but when it comes to money, there’s a need for systematic or organized processes.

Only professionals can handle tasks involving payroll processing, accounting, tax planning and bookkeeping with absolute precision. They provide value to operations by understanding where the money goes and help business owners make smart decisions.

When you are aware of how the money is being used and managed, you can cut on certain expenses, having a firm grip on your resources.

  • Focus on your core business

If an expert is by your side and looks into the back-end of your operations, you can have more time to focus on your core business and increase your efficiency. Outsourcing administrative tasks are essential not only to meet regulatory and compliant standards but also to have peace of mind knowing your accounting tasks are done correctly.

This time, it’s easier to pay attention to the major components of the business and allot time to actually connect with clients. Not only that, you can also think of better marketing efforts, bring in more clients and partners, improve customer service and more.

  • Be informed with accounting status

Advanced software is being used by bookkeeping and accounting firms in Dubai. This will help you obtain and have access to accurate and up-to-date accounting-related information for important business decisions.

For example, if you’re pushing to hire more employees but not sure if you can afford it, you can simply seek the advice of the accountant.

To understand better, you must draw the line between bookkeeping and accounting in general:

Bookkeeping is responsible for recording financial transactions made by a company. Now, accounting is different in the sense that it analyzes and interprets the data and summarizes reports. Both are crucial functions for any businesses but as a businessman, you must know its differences.

  • Have better and achievable plans in the future

As a businessman, you must think ahead and have a concrete plan for your company in the next five to ten years. If you’re only looking into the operations of the company at the moment, time will come, and you’ll be out of business.

Accountants are able to analyze the goal of the company as well as look at financial projections for the future. Given the expected costs and expenses, they can advise businessmen to cut down on certain aspects before it’s too late. With this, you can stay ahead of the payments plus avoid cash flow issues.

Now that you have a grip on how accounting firms can help your business grow, it’s time to consider who to hire. Below are the qualities of the best outsourced bookkeeping and accounting firm:

  1. Reliable

Since you’ll be entrusting confidential information to these experts, you need to know if they are reliable. See if you are familiar with their clients and don’t forget to check reviews.

It’s also recommended that you check government permits, regulatory compliance and more.

  1. Provides Free Consultation

Before hiring a team of accountants and bookkeepers, make sure to seek consultation. This will give you an insight on whether they have industry insight as well as meaningful experiences in handling businesses like yours.

  1. Offer Customized Services

The one size fits all is not an option to meet the needs of each company. Find a firm that provides in-depth analysis of your business and offer assistance meant to sustain and achieve the goal of your company.

Third-party accounting services can offer the core functions you lack knowledge of. By having money-saving strategies, accurate reports and financial data, you can obtain long-term stability and profitability

Reference:

https://www.invensis.net/blog/finance-and-accounting/top-10-benefits-of-outsourcing-accounting-and-payroll-services/

https://theoutsourcedaccountant.com/blog/focus-on-growth-benefits-of-outsourcing-accounting/

3

How CFOs Improve Your Company Finances?

It’s no surprise that chief financial officers (CFOs) play a crucial role in handling the major duties and responsibilities in the workplace. Through their significant contributions in the organisations, corporations can make strategic decisions that help further the company growth and development.

CFOs are some of the most important individuals in the industry. An effective CFO will successfully lay out the company’s plans to help the corporation thrive in the filed for years to come. In a cutthroat world, the chief financial officer might just be more vital in gaining the confidence of the public whilst assuring investors that their stock is worth holding on to.  

What is a CFO?

A chief financial officer (CFO) is responsible for fulfilling various tasks in the workplace. Aside from doing regular financial reports, they are also tasked to handle budgeting, public disclosure, personnel management and overseeing the financial goals of the organisation.

Usually, those holding this position in accounting firms in Dubai require a bachelor’s degree in accounting, finance and other similar fields. At times, most position holders even have a Master of Business Administration degree under their belt.

The Main Duties of a CFO

Whilst these professionals shoulder a slew of obligations, their everyday assignments can be summed up in four points:

  • Controllership Duties

One of the main obligations of a CFO is analysing, presenting and reporting timely financial information about the company they work for. However, since this assignment has become time-consuming, particularly in corresponding with the Securities and Exchange Commission about the current financial standing of their corporation.

It is imperative that these specialists attest to the accuracy of their reports, especially when the decisions of the stakeholders, analysts and other members of the company rely on the information gathered.

  • Management Operations

Aside from fulfilling their controllership duties, these experts are also accountable for managing the investments of the company. This means employing cost-efficient and timesaving strategies to help maximise the profits generated by the organisation. Often, their actions include handling hiring additional employees and making conference calls to shareholders and other important individuals.

  • Economic Strategy and Forecasting Goals

With their extensive knowledge and background in analysing trends in the industry, it comes as no surprise that one of the main duties is to forecast trends and goals for the company. They offer multiple outcomes for varying situations, thereby equipping a company to have the right tools toward their intended success.

By conducting a thorough assessment of the business past and present conditions, they can analyse and report on aspects the company can improve on. Likewise, they can determine what processes and avenues provide the most income for the company, allowing the organisation to pattern other strategies after this model.

  • Treasury Duties

As CFOs of reputable businesses, these professionals control the company’s investment operations. This means that these experts are in the positions to strategize and decide how to invest the corporation’s money and what type of industry they should enter in.

More than this, these corporate entities are tasked to oversee the financial and capital arrangement. They are to find the right balance between debt and equity by considering risk and liquidity factors.

How CFOs Boost Business Finances

As individuals who have a breadth of wisdom in the industry, CFOs have the power to boost the cash flow and overall profitability of the businesses they manage. With their access to financial reports, they cannot provide strengthened partnerships with banks, stakeholders and other internal financers; they can also implement strategic solutions that will drive the company towards new heights.

With their vast familiarity of the industry, they can constantly offer innovative ways that drastically cut down operational costs whilst improving management.

Overall, one can see that CFOs play a huge part in business transactions and transformations. Going beyond meeting the demands of the corporate world and addressing the needs of the market, the role of the chief financial officer is to help provide a stable financial future that allows the company to flourish.

So, if you are looking to create an edge in the industry, don’t hesitate to work with one of the finest accounting companies in Dubai. Their CFO consulting services will certainly play a great role in transforming the way your business works.

Resources:

https://www.cnbc.com/id/100485139

https://work.chron.com/duties-cfo-13541.html

https://www.investopedia.com/ask/answers/what-does-chief-financial-officer-cfo-do/

4

How Hiring a Bookkeeper Can Elevate Your Start-Up Company?

In this technologically advanced and progressive world, anyone can setup a business. However, it requires skill, grit and competence to make sure that it stays afloat and thriving. Whilst business owners are forces that move their business from a mere idea to an operational and profitable one, they will need some assistance from qualified professionals.

One such matter that they need help with is their finances. To ensure that the start-up business is well-handled with regards to its finances, getting bookkeeping services in Dubai is a good step. Read on to find out why:

Get Advice from a Fresh Pair of Eyes

As the business owner, you have in-depth knowledge about your venture, especially if you are the one who prepared the plan, did the computations and everything in between. This makes it harder for you to look at your business at a distance. However, it is always important to have an impartial and fresh view about your company even before the operation starts. This way, you can catch any financial aspect of your plan that might have a negative impact on your business.

By hiring a bookkeeping and accounting firm in Dubai, you can make sure that you will get an objective perspective on your finances and future operations. When getting a bookkeeper onboard, consider getting outsourced services. Here’s why:

  • Focused Service

One of the main reasons why companies outsource the service they need is the providers’ expertise. As third-party bookkeepers are hired solely for their specialty, they are not required to perform tasks for the company that are beyond their job descriptions. This targeted work performance makes them a valuable addition for the time being.

  • Increase Efficiency

Due to their expertise combined with a particular set of goals, an outsourced bookkeeper can make your financial management a more efficient task.

  • Reduce Expenditure

Keep in mind that these individuals can be hired on a contract basis, which means that they will be offering their services only at an agreed upon time and duration. This means that they are not strictly paid monthly and that the payment depends on what their contract outlines. This leads to a more effective use of finances.

Minimizes Errors

When it comes to a startup business, most owners start from scratch, from planning to implementation. Because of this, they tend to be more hands-on with their operations including financial, managerial and even with internal and external relations. However, unless the owner has the same qualifications as financial professionals, this means that an untrained individual is doing the job, which can lead to errors.

Having errors in your accounting books can lead to loss of files, inaccurate recordings, late payments and unaccounted assets. This can be detrimental especially during tax seasons as a company’s financial standing can be suspected because of questionable data in financial statements and accounting books.  

Keep in mind that one of the most important reasons to get accounting services Dubai is to make sure that all financial transactions in and out of the company are recorded accurately. These transactions include salary given to employees, utility expenses, supply costs, revenues and other forms of asset outflow and inflow. With such important matters to handle, it is only right to hire a bookkeeper to minimise the possibility of errors.

On-Time Payments

Most people think that bookkeepers only keep track of assets that go in and out of the company. However, it is important to know that these professionals also take care of the bills. Once they receive bills, they arrange for payment method and make sure that it is settled on time. Similarly, these experts also handle the company’s receivables. When your company renders services to a customer, bookkeepers issue a billing invoice and assist in collecting the payment.

More Time for Other Administrative Tasks

Aside from possibly managing company finances without proper qualifications, doing the bookkeeping yourself can take away more of your time. Whilst being updated about your finances is a positive thing, especially as it gives you a deeper insight into the business, this can also mean that you are not focused on the jobs that need attention.

Getting a dedicated bookkeeper solves this problem. As a business owner, you do not have to be compelled to do financial management tasks, as you know you have a professional doing it for you. This way, you can focus on overseeing your people and other important things that require your full interest.

For owners, there is nothing better than seeing your hard work pay off. Facilitate the successful achievement of your company’s goals by hiring a competent, skilled and qualified individual to help manage your finances. This way, there is nothing stopping you from seeking wider horizons and bringing your business to new heights. Hire a bookkeeper and see how big a difference it can make not only to you but also most importantly, your company and your people.

Resources:

https://www.thebalance.com/why-do-companies-outsource-2553035

https://www.fundera.com/blog/what-do-bookkeepers-do

5

How to Take Advantage of Accounting Outsourcing in Dubai?

With the high costs of operations in any sector, any company will encounter financial difficulties at one point in their existence. Because of this, owners are compelled to look for ways to cut costs whilst maintaining their assets. When it comes to financial management, outsourcing accounting services is a feasible solution. Read on to learn more about this practice.

What is it?

Outsourcing is the practice of getting products or services from a third-party provider. This provider can be a company specializing in the job, an individual from another company who is an expert, a qualified freelancer based locally, or even service providers from abroad.

Reasons Why Companies Outsource:

  • Lack of Expertise – One of the most common reasons why some businesses outsource services is their lack of expertise; especially if it is not a major service they offer but is an essential task to keep the company running. This includes information technology processes and financial management such as accounting. To minimize the impact of hiring a regular professional to perform non-core tasks, the best way to go is to hire a third-party service provider.
  • Cost-Cutting Strategies – Businesses often face financial challenges and understandably so because of the fast-paced and cut-throat nature of different industries thanks to technology. To minimize costs, owners opt to hire outsourced services. Remember, permanently hiring an expert can make a significant dent on your monthly and annual finances. With third-party providers, owners can negotiate with the professional and hold up their end of the bargain based on their contract.

How does it help a company?

  • Wider Pool of Candidates

When you decide to hire a permanent accountant, you are bound to get services from that particular individual alone. This leaves you no room to find a better and more competitive practitioner. By outsourcing accounting services, you are obligated to stick to the contract only for the entirety of its duration. Should you find their service unsatisfactory, you can get help from another professional for the next time you need their services.

The best thing about outsourcing is you can get help from experts employed by accounting companies in Dubai. This way, you do not have to worry about their competencies because their firm can vouch for them. Just make sure that you hire one from a reputable company.

  • Fixed Rates for Services

With cost-cutting being one of the reasons that companies outsource accounting services, the fixed rates offered by independent practitioners are a favorable solution. When hiring a third-party accountant, you will be discussing the terms of the contract and arriving at an agreed way to determine costs, conditions and other aspects of the service.

  • Efficient Operations

You might think that actively looking for a third-party accountant will take away your time, thus decreasing the efficiency of your business. However, accounting outsourcing companies in Dubai can actually be more productive. This helps you avoid hiring an inefficient employee which you compensate monthly, will minimal results. On the other hand, an independent service provider can do the job faster and more accurately as you are dealing with a professional that works within an arranged duration.

Things to Consider When Outsourcing

With the larger pool of accountants to choose from, you want to make sure that you choose the right one for your business. Here are things you might want to consider:

  • Checking the Candidates’ Credentials – Accountants who have worked in the same industry, as yours are sure to have more in-depth knowledge of how your company works. You also want to go for a candidate that is proven to be professional. An interview can help you get a glimpse of their attitudes and industry expertise. Some things you should look for are licenses, recommendations, and membership to a reputable firm.
  • Investing in Communication Efficiency – It is best to have your independent accountant working on-site. However, there are also instances in which these experts work remotely. If this is the case, you want to make sure that you can communicate with your off-site employee efficiently. Issuing a work phone, subscribing to telecommunication services and other similar measures can help.
  • Hiring from an Outsourcing Firm – Yes, you can hire freelance accountants who are not affiliated with any accounting companies. Whilst viable, this can be a risky move as there is reputable firm to vouch for the accountant’s performance. Eliminate this by getting in touch with accounting firms in Dubai.

With various developments in business strategies, it is always smart to employ the approach that works best for you, your company, people and clients. If you are looking for ways to improve your financial management, outsourcing accountants might just be the best way to go.

Resources:

https://www.investopedia.com/terms/o/outsourcing.asp

https://www.forbes.com/sites/deeppatel/2017/07/17/the-pros-and-cons-of-outsourcing-and-the-effect-on-company-culture/#439c7906562d

Senior Couple Meeting With Male Financial Advisor At Home

Instances When You’ll Need an Outsourced CFO Consulting Services

Finance is a crucial department in any company. Any mismanagement and mishandling of company funds and budget can result in possible catastrophic consequences. Hence, any business, no matter how big or small, needs a professional, either an accountant or bookkeeper, to keep their finances in check.

But there are instances when hiring top-notch accountants, bookkeepers and other finance professionals are not enough. Sometimes, you need the expertise of a seasoned finance professional such as a chief finance officer (CFO) to provide sound and actionable counsel to companies with financial challenges and problems.

What is a CFO?

Being the highest officer responsible for financial matters, the CFOs of huge corporations perform a wide range of tasks falling under three major categories:

  • Controllership – this member of the C-suite oversees the financial activities of the company. She prepares the final report of all the monetary actions of the entire corporation. She also collates and audits reports coming from the accountants and bookkeepers below her.
  • Treasury – She has the final say on the enterprise’s monetary status. Hence, she must take charge of the investments the company makes, with special consideration to risk and liquidity. She is expected to have superior investment judgment.
  • Forecasting – She is also expected to be well-versed in giving the C-suite and board of directors a sound foresight on the financial future of the company using forecasting. She should also use her statistics and modeling skills in choosing the right model that will yield the most gains and least cost for the company.

Aside from these, CFOs are also expected to help explain investors and other company stakeholders about the

Outsourced CFO Consulting Services

With their working knowledge of all aspects of finance and taxation as well as some knowledge of economics, CFOs is perhaps the most reliable source of information and advice on different monetary aspects of a business. While in the past, these capable professionals are locked inside the four walls of corporations, fortunately for many companies, there are now accounting firms in Dubai that provide consultation services from notable and qualified CFOs.  

Hiring these experts on an outsourced basis is now gaining traction. In the US and other countries, more and more accounting firms offer outsourced CFO consulting because of rising demand. Many companies prefer the services of CFOs over CPAs (certified public accountants). These entities believe the latter lacks the skills in financial planning, analysis, and strategy.  

Now that you know the competency and edge of CFOs, the next thing you should do is to know when to hire them. Here are some of the primary reasons you need their services:

  • Give Sound Strategic Advice

There are instances, such as meeting with an investor, when you need a clear direction in the financial aspects of your business. While your seniors in your finance department can provide decent answers, you need an authority like a CFO to build trust.

  • Raise Funds and Capital

Raising capital is a tricky task even for senior accountants. You need the help of an expert with years of experience in this activity. An outsourced CFO fits the bill. She has both the working knowledge on the common procedures such as due diligence. They will give insight into the right way of obtaining financing by debt, equity or a combination of both.

  • Fix Monetary Constraints

Your in-house controller and accounting department sometimes encounter problems in budgeting and taxation. They need reliable advice from a senior in the field of finance to help them resolve the issues. To do this quickly without wasting too much time and money, you need help from valid experts.

  • Scale Financial Systems to Adjust to Growth and Complexity

Some companies encounter huge problems when their business grows. Most professionals in their finance department are not experienced in handling more complex tasks and operations. Before expanding your department, you may want to seek advice from a veteran in the industry. This way, your accountants and other finance professionals will be properly guided during the adjustment phase.

  • Provide a Clear Financial Roadmap

While forecasting is part of the accounting curriculum, most entry-level to intermediate accountants are not well versed in foreseeing the future of the company using time-series analysis and other statistical tools. To get an accurate and scientific estimation of the future of your firm’s finances, you need a CFO who can help chart the course of your financial roadmap.

When it comes to financial advice, never depend your decisions on the counsel of unqualified people. Hiring CFO services is the best bet toward a better company. Find a reputable outsourcing financial services company now to help your company reach its full potential.

Resources:

https://www.investopedia.com/ask/answers/what-does-chief-financial-officer-cfo-do/

https://blogs.thomsonreuters.com/answerson/cfo-rent-accounting-firms-can-capitalize-outsourced-cfo-trend/

https://www.preferredcfo.com/what-is-an-outsourced-cfo/

7

Why Bookkeepers are Crucial to Small Businesses?

With small businesses, owners tend to be more hands-on in their management approach. However, this leads to them being swamped with work and doing things beyond their expertise. One aspect of businesses that owners should pay more attention to is their finances. If you are a small business owner, you need to look into hiring bookkeeping and accounting firms in Dubai. Read on to find out the reason.

Who are they?

Bookkeepers are in charge of keeping track of your finances including income and outflow. With this responsibility, they maintain a record of any and all financial activities of the company or organisation. Part of this duty is to categorise the type of expenses, keep receipts and compile any related documents. This makes their service valuable to both private and public organisations.

However, be careful not to confuse bookkeepers with accountants, as a lot of people think that these professionals with distinct responsibilities play the same role. Take note that bookkeepers update, ‘keep’ the accounting books and prepare financial statements. On the other hand, accountants analyse the overall standing of your company and files taxes. Essentially your bookkeeper handles all the hands-on day-to-day financial activity of the company.

When do you need bookkeeping services in Dubai?

  • Before You Proceed with Operations

Keep in mind that these experts meticulously document your income and outflow. If you are going to hire a bookkeeper, the best time to do so is at the very start of your operations. This way, you have a clear record of your expenses from day 1. With this, you can easily track your financial progress and act accordingly. Whilst doing the bookkeeping yourself is an option, this can be difficult to do especially in small businesses in which you might be taking the role of a manager, hiring specialist and other operational matters.

  • When Files Pile Up

If you already started your business without one, you might find yourself needed help especially when you find yourself drowning in receipts and invoices. You certainly can sort these documents based on the date of the transaction or any other system you prefer. However, you also need to remember that in bookkeeping, the type of transaction also matters. Moreover, the cost should also be entered in the accounting book. When keeping up with these becomes too overwhelming, it might be time to hire bookkeepers or accountants.

  • Before Tax Season

Tax season seems to be the bane of any finance-related professionals’ existence. During this time, a lot of organisations are struggling to keep their finances on track in time for the deadline of the filing of taxes. Similarly, business owners are on their toes to ensure that there are no anomalies or discrepancies with their finances and that their company will be able to beat the deadline. The best way to deal with this is to get accounting and bookkeeping services in Dubai.

Why Choose Independent Service Providers?

Whilst hiring an in-house bookkeeper is an option, some organisations might find it preferable to hire accounting outsourcing companies in Dubai. Here’s why:

  • Objective Insights

As a business owner, you want to make sure that you get honest opinions from your employees, especially those working with your finances. Remember, your decisions will be based on their counsel, so ensuring that you get objective insights is as important as your operations. This can be hard to achieve with in-house service providers whose viewpoints are likely to be marred with insider knowledge and other similar hindrances. By hiring third-party bookkeepers, you have the benefit of fresh perspectives due to their lack of insider knowledge, attachment to the company or other causes of subjectivities.

  • Cost-Effective Services

With on-site staff, the company will provide a monthly salary for the service. This can be costly especially if there are long periods where there are little to no financial activities, which you cannot handle yourself. Getting help from independent experts is a good way to minimise the cost as they are paid based on an agreed upon duration of service and price.

  • Avoid Conflict of Interest

Having another person handle your company’s expenses can be worrisome, especially with various reports of embezzlement in different sectors. An independent bookkeeper can help minimise the possibility of such crime, as they do not have enough intimate knowledge of your finances. Moreover, there is little chance of them making false reports just to please the boss. With no ulterior motives, these professionals can deliver accurate and efficient outputs.

In this fast-paced world wherein improperly managed businesses come and go, you need to make sure that yours can keep up. For a thorough record of your finances, hiring an independent professional from reputable bookkeeping and accounting firms in Dubai is a great way to stay shoulder to shoulder with your competitors.

We offer a professionalized approach to traditional bookkeeping practices, periodic financial statements, cash flows and reconciliations.

Get in touch with us for your bookkeeping and accounting needs.

Reference:

https://neuvoo.ca/neuvooPedia/en/bookkeeper/

https://www.entrepreneur.com/article/219917

8

Why Every Business Needs Accounting Services?

Many businesses around the world fail to realize the importance of working with accounting services Dubai. As a matter of fact, many owners want to take a more engaged and hands-on approach, leading them to neglect the role these professionals play in their company. However, this management strategy can greatly backfire on their organization, leading them to suffer dire consequences.

To take a more proactive stance against this, working with bookkeepers and accountants can help their company to reach greater heights. Going beyond increasing their profits, companies who partner up with bookkeeping and accounting firms in Dubai can focus on developing and growing their empire. If you belong to a small or medium enterprise, you might want to look into outsourcing your accounting services.

Why should you outsource accounting services?

  • More Focused Approach

Hiring third-party accountants might be a daunting task, especially when you have seen these people as individuals who can take away your precious time from the business. However, when you partner up with these professionals, they will work efficiently than ever before. Since their services are paid for a certain amount of time, they are more likely to focus on the job at hand. With their sole responsibility of keeping your books and your finances in check, you are free to take in a more focused approach to handling your business.

  • Boost Profits

Most companies seek to go greater heights. To do this, it is essential that they save up on a lot of money, especially when it can aid them from investing a lot of capital they can devote elsewhere. Through outsourcing, corporations can effectively cut costs, allowing saved up cash to be used for other important aspects.

  • Expert Help

As experts in the industry, these accounting companies in Dubai are well-versed in the changing atmosphere of the times. This means that they are up-to-date on all the latest rules and regulations. With their expertise in this highly specialized field, your company can save time from trying to figure out the math and keeping up with the changes in regulation.

  • Cost-Efficient Services

With numerous organizations coming head-to-head, it can be challenging to simply keep the company afloat. By hiring third-party service providers, you can help minimize the costs being shouldered by the business. Not only will you gain access to specialists at a fraction of the cost it would take to hire them full-time, but you will also get instant help when you need it.

What types of services should you avail?

  • Accounting – Perhaps the most vital aspect, accounting services provide correct, substantial and relevant financial information to all your clients. These third-party service providers can deliver up-to-date financial records that ensure your operations are running efficiently.
  • Bookkeeping – Bookkeeping services are indispensable to any type of business. This allows companies to keep track of their accounting transactions. By considering factors such as assets, liabilities and equities, bookkeepers can successfully balance books and identify accounts where your sale should be recorded.
  • Internal Auditing – Business enterprises know the importance of internal auditing. Through this service, owners are afforded the chance to evaluate the effectiveness of their management strategies and their overall processes and day-to-day operations.
  • Tax Reviews – Tax reviews allow owners to get the best possible outcomes for their corporation. This means identifying potential deductions that can help address the future of the company.

How would your company benefit from these services?

  • Clear Financial Insight

Internal accountants and bookkeepers that are involved in your company’s day-to-day operations may become emotionally involved when running your organization. By outsourcing these professionals, you are sure to get fair and objective financial opinions about your current position in the industry.

  • No Conflict of Interest

While some owners are very hands-on when it comes to handling their organization’s finances, it cannot be denied that there might be some instances where such motivations are fuelled by personal gain. To avoid such conflicts of interest, particularly when partnerships are valued, hiring independent firms and services is your best bet. These long-time practitioners assure your partners and employees that all your finances are transparent and accurate at all times.

With the help of accounting services, you can facilitate a more effective, standardized and seamless approach to handling your business. Through these offerings, your organization can attain stability and continued growth in the long run.

Resources:

https://www.inc.com/jeff-haden/4-ways-outsourcing-can-really-help-your-small-business-grow.html

https://yourbusiness.azcentral.com/key-benefits-outsourcing-accounting-bookkeeping-functions-6765.html

https://www.thebalancesmb.com/advantages-of-a-bookkeeping-service-for-your-business-4086484

9

Why Outsourcing Accounting Services is a Great Power Move?

Many small and medium enterprises have taken to outsourcing accounting and bookkeeping services. What was once only understood and made accessible to big businesses are now made more available to these smaller companies.

By having a remote team of experts, leaders and business owners alike can gain access to the wealth of information, which can only come from experienced and knowledgeable individuals. The expertise these people bring to your company is simply unparalleled, making your business thrive and your profits grow.

Outsourcing Defined

For those who are still largely confused by this notion, outsourcing is defined by hiring experts or parties outside the company to perform and address specific tasks within the workplace. In other words, outsourcing has become a management and organizational strategy, which partners up with skilled service providers. These include accountants and bookkeepers that can help keep your company’s finances in check.

Why Companies Choose to Outsource

  • Save Money

Perhaps the biggest reason why organizations choose to work with accounting firms in Dubai is saving a lot of money. Aside from being the cheaper and more cost-effective alternative to retaining in-house employees, this strategy also helps saves relevant time. When utilized properly, this can help establishments gain an edge over their competitors in the field.

The money you have saved from outsourcing allows you to allocate resources in tools and software you might need. Doing so helps your corporation increase its productivity and revenue over time.

  • Proper Task Delegation

Partnering with bookkeeping and accounting firms in Dubai allows companies to relieve and lessen some of the responsibilities of their in-house team. This means that the company can properly delegate tasks that their internal employees could focus on, thus streamlining the operations and processes observed by the business.

  • Focused and Proactive Company Goals

As part of the top-tier management, your tasks should be geared towards handing your business. This means expanding your horizons and seeking better ways to improve your organization. When you hire an outsourced accounting team, you are free to achieve your vision one step at a time. Since overseeing the books and number crunching can be time-consuming projects, you would do better by working with professional accountants.

With their highly advanced analytical skills, you can be made aware of critical aspects of your day-to-day operations. By having a great set of hands tackling your finances, you can make informed and intelligent decisions that allow your corporation to reach new heights. These specialists have a particular set of metrics, which allows your corporation to assess the objectives it has already achieved.

  • Excellent Set of Eyes

The field of accounting encompasses a broad spectrum. With the ever-changing laws, it’s essential to have a number of experts who have an in-depth knowledge and an industry-wide experience. Doing so helps you be on top of your operations. Through their specialisation, you can help in ensuring clients and the whole company that they are in good hands. By subcontracting these professionals for your accounting and bookkeeping functions, you can finally boost and optimize internal processes.

How Outsourcing Boosts Your Company’s Profits

A lot of businesses get help from accounting outsourcing companies in Dubai. More and more people are looking into this option for the following reasons:

  • Break Out of Traditional Business Processes

By going off the beaten path, you are paving way for more innovative and effective processes to take place within your company. Taking this measure will allow your corporation to improve your operations through external collaboration, especially when you keep up with the demands of the times.

  • Venture into New Markets

With a new perspective, you can easily tap into new markets with little to no risk. Experts will help reduce potential problems by informing you of your possible encounters at the onset, allowing you to act quickly and effectively.

  • Build Lasting Partnerships

For most companies, subcontracting accounting firms means building a valuable partnership. Having entrusted their business to these professionals, they are assured that internal risk and threats will be minimized over time.

With a clear picture of where you want your business to go, it’s always best to equip your organization with the best set of hand. Through building a solid set of partnership with these accounting and bookkeeping services in Dubai, you can properly safeguard your place in the market.

Resources:

https://www.investopedia.com/terms/o/outsourcing.asp

https://www.thebalance.com/why-do-companies-outsource-2553035

10

What You Need to Know About Accounting Firms in Dubai

One of the biggest challenges any business encounters includes their finances. Whether it is improper allocation of money or excessive expenditure, business owners need to make sure that their company is fairing well in terms of finances. After all, economic success is the primary basis for its continuous operations. To make sure that you maintain a favorable status, getting in touch with accounting firms is a good step. Here’s why.

What Sets an Accountant Apart?

When it comes to the financial management of your company, you want to make sure that you hire the professional that you actually need, Because of this, it is important to know the difference between an accountant, bookkeeper and a CFO. With an accountant, you can expect to get an in-depth analysis of your standing, depending on your financial statement.

Your bookkeeper prepares this report. Essentially, these experts handle everything related to your day-to-day expenses. They keep receipts, transaction documents and invoices to meticulously record them in your accounting book. With the documents arranged by the bookkeeper and the analysis of the accountant, a CFO oversees the achievement of the company’s financial goals. This can be in the form of tax filing and audits as well as advising with regards to economic decisions.

The Hallmarks of a Good Accountant

  • Systematic Approach

One of the most important attributes of an accountant is a knack for a systematized work performance. Remember, they will be looking at your financial statement to see if everything is right on track and if there are suspicious transactions going on. With their need to digest extensive amounts of data, keeping track of all the information can be difficult. Because of this, these professionals benefit from a sense of organization and documentation for optimal and accurate work.

  • Detail-Oriented

To make sure that they catch any kind of inconsistencies in your financial statement, these experts need to be detail-oriented. This serves as an integral part of their due diligence. Without this trait, anomalies in your reports might go unnoticed. This can lead to unwanted repercussions especially if there are lapses that can lead to legal actions.

  • Communicative and Articulate

These professionals should also be able to communicate their thoughts well. Remember, they will be giving your reports about your assets. In order to efficiently and accurately express their thoughts, they must be able to communicate and articulate their ideas in a clear and appropriate manner.

  • Professional and Trustworthy

As with any professions, accountants must adhere to a code of ethics that helps them perform their jobs professionally and in an ethical manner. The International Ethics Standards Board for Accountants (IESBA) strived to build a groundwork for creating a code of standards for their field. With a sense of professionalism and trustworthiness, these experts are able to provide transparent services, which is essential especially in their industry.

You Can Hire Independent Accountants

A lot of large enterprises has round-the-clock, on-site accountants. However, business owners also have the option to get help from accounting outsourcing companies in Dubai. Not sure why this is a viable alternative? Check out these reasons:

Why Hire Third-Party Accountants

  • Minimize Expenditure

Hiring a full-time, in-house accountant can lead to more costs as you need to pay them consistently for the duration of their contract even when there is little work to do. As an alternative, you can get a third-party expert who you can consult only when the need arises. Depending on your agreement, you will pay a fixed fee only or an hourly pay. With a one-time cost you will pay only when you need accounting services in Dubai, this can lead to reduced cost of operations, especially if you are running a small business.

  • Expanding Your Business

Any growing business might need to grow their operations. Whether it has something to do with hiring more people or opening up more locations, you want to make sure that it is economically viable to do so. Having an accountant come in and analyze your financial statement is an essential step before making major moves that involve money.

  • Assessing Your Financial Standing

Even if you are not launching projects, growing your business making any crucial steps, it is always smart to get assessments on your finances from time to time. This way, you will always be updated when it comes to your company’s economic standing and will be able to act accordingly depending on your findings.

With a clear idea about your financial standing, you have a better capacity for making informed and rational economic decisions. If you are in need of an accountant, hiring accounting firms in Dubai one might just be your best bet.

Resources:

https://www.inc.com/guides/2010/07/choosing-financial-professional.html

https://www.ifac.org/system/files/publications/files/2011-IESBA-Annual-Report_Web.pdf

Business concept,Executives are instructing secretaries,The secretary is taking note of the executive order and on the desk there is a calculator with the document placed.

Ten Reasons To Hire a Tax Consultant in Dubai

A tax consultant prepares, gives advice and assists individuals or companies with tax filing and returns and suggests steps which would help the company save more money and also follow the government’s tax rules and regulations. Depending on the areas of expertise, tax consultants are broadly classified into two types:

  • Individual
  • Corporate

The main objective is to help keep the clients’ taxes to a minimum while providing the necessary information to ensure that clients are following all the legalities. A consultant reviews records of his clients, adjust, deductions and credits, we give advice based on the financial ability of people or companies.

WHAT ARE THE INCREDIBLE THINGS TO GAIN BY HIRING A TAX CONSULTANT?

  1. Tax policies are very technical and complex and can be confusing for a layman. Your tax consultant makes the job easier and simpler since he understands the process with ease.
  2. Tax consultants are professionals who have undergone extensive training to become qualified and approved before they set foot in practicing; we are experts in document reading and interpreting.
  3. Tax consultants are well acquainted with both government and banking policies, which help them to handle all your taxes smartly leaving you tension-free in the area of investments.
  4. Ignorance of the law is not an excuse: errors in filing your tax returns can attract heavy penalty when investigated. However, hiring the tax expert, who understands the tax laws, can save you from a disaster.
  5. If you have different sources of income like the sale of property, self-engaged services, rentals, etc., it is only best to hire a tax consultant; for appropriate planning, and for protecting your assets, on the other.
  6. Tax structures change every year, while tax consultants are always aware of all policies and schemes related to taxation.
  7. It is also recommended to hire a tax consultant for your business enterprise because they are capable of exposing business figures in a simple and an understandable while maintaining the confidentiality of the client.
  8. Your tax consultant will keep track of your returns and complete the filing on time, because returns that are sent in after the deadline can often affect your business negatively.
  9. Tax consultants can help you to reduce the tax liability so that the resources can be allocated towards other areas of your business.
  10. Tax consultants will look through returns from previous financial years of a company to ensure they were completed properly. Hiring a tax consultant can actually save lots of money for the company.
Businessmen shake hands when entering into business deal,In the hand are document files and smartphones.

Duties and Responsibilities of a Tax Consultant in Dubai

The role of a tax consultant in Dubai is to give advice, to prepare, and to assist individuals or companies in tax filing or returns. We are also known as tax preparers. We also have to suggest steps which would help companies save more money. Moreover, as tax consultant in Dubai, we are experts on matters related to tax. Our Tax consultants, or tax advisors, are financial experts that are familiar with all the tax laws. Because companies and individuals pay high taxes to the government, they need a tax consultant to minimize their tax exposure by using effective tax management strategies.

All tax consultants in Dubai are expected to fulfill certain responsibilities. One, it is to keep client’s tax to the minimum, keep track of the latest schemes provided by different companies, banks, and organizations, and provide suggestions which are conferring to the financial ability of the clients. It is a great responsibility to give suggestions and to provide the necessary information to ensure that clients are following all the legalities.

Additionally, there are also certain duties that tax consultants in Dubai always understand and keep in mind. First and foremost, is to act transparently.

On the preparation and submission of documents to the Federal Tax Authority, tax consultants in Dubai give advice on the best practice. Also, it is important to have very good knowledge regarding environmental factors as well. Such as the change in tax rules and change in other government rules that might affect the client or the client’s business.

Senior woman at home checking her finances and invenstments

All About VAT Consultancy Services in Dubai

Paying your VAT in time is important for both your company and the country. Some people tend to avoid this but in the long run, end up losing more than they expected. It only takes a small percentage of your monthly or yearly earning for your own benefit and you get to enjoy the rest. If you are not comfortable with doing your tax calculation on your own, you can outsource it to some accountants for accuracy and thereby avoid over or over taxation. However, to help you avoid losing, it is advisable to consult the experts like KBA Accounting and Bookkeeping Services to handle your vat payment schedule effectively.

VAT consulting has been made easy by the VAT consultancy service many arising firms offering the best services. However, it does not take time to get the best out of our benefits. You can start by hitting the world wide web internet search, to look at other services we are offering that is available for you. You can finally narrow down your list by getting referrals from people who have used the services our before.

VAT consultancy services, especially in Dubai, has proven to be very. The first benefit that one gets is advice on how to avoid unplanned VAT taxation. VAT consultancies will give you advice on how to do our purchases, spending, and compilations in order to avoid overspending on taxation and VAT issues. Moreover, you will get advice on the best Dubai accountants to give you the best services for your work.

VAT consultancy services are meant to help you get the best. Our qualified consultants will guide you on the best way for VAT preparation as well as help you find the best accountants for your tax preparation.

SIGNIFICANT ROLE OF VAT CONSULTANCY DUBAI

VAT financial advisors can help people with all tax-related issues. Separate individual who has a source of income has to file an income tax return with respect to their income as well as saving. Depending on the income there are different slabs of the VAT that has to be paid. The VAT that is paid is used by the government for the improvement of the society as well as the nation. The government has given fixed income slabs to all and if the income rises beyond that then the individual is liable to pay tax. No doubt it is important to pay VAT and other taxes relate fess, but even more important is to calculate wisely and pay the appropriate tax.

Apart from filing a return, vat consultants can help to transform a complete business by giving fruitful financial advice. We give advice on the business expansion plan, they help rearrange payments and expenditures, and they make certain changes to the course of income. All this advice helps any business improve their profits as it helps them to cut down improve their money cycle and formulate a return in such a way that less amount of tax has to be paid. Our VAT consultancy can also be helpful during an audit as they are experts in financial issues and can answer any query of the tax officials. This helps save the business from falling into any kind of trouble and issue.

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Benefits of Outsourced CFO Services

Mаnаgеmеnt dесіѕіоnѕ rеԛuіrе a thorough analysis of rероrtѕ аnd this requires information that is rеаdіlу аvаіlаblе аt thе сlісk оf a buttоn. Cаѕh flоw rероrtѕ and ассоuntѕ рауаblе and rесеіvаblе аgіng, аѕ wеll аѕ сhесk and саѕh rесеірtѕ jоurnаl, аrе рrоvіdеd whеn уоu оutѕоurсе уоur CFO (Сhіеf Financial Оffісеr) ѕеrvісеѕ at affordable monthly charges. Pауrоll ѕеrvісеѕ аlоng wіth appropriate tаx іnрutѕ are аlѕо taken саrе оf while оutѕоurсіng accounting and can be аvаіlеd оf to hаvе оnе ѕіnglе аgеnсу wіth which уоu ѕhаrе аll your dаtа. Almоѕt all buѕіnеѕѕеѕ nееd fіnаnсіаl соnѕultіng, though nоt еvеrу business саn аffоrd tо hіrе a full-time Chіеf Financial Officer (CFO). Aѕ a result, small аnd mеdіum-ѕіzеd buѕіnеѕѕеѕ аrе progressively turnіng tо expert оutѕоurсеd CFO ѕеrvісеѕ.

Hеrе іѕ hоw an оutѕоurсеd fіnаnсіаl consultant can benefit your соmраnу:

  • Cоѕt Rеduсtіоn

Outsourcing a ԛuаlіfіеd ассоuntіng professional tо hаndlе уоur CFO services саn hеlр уоur company ѕаvе a lоt оf money. Yоu will bе getting еxреrt ѕеrvісеѕ without having tо аdd аddіtіоnаl реrѕоnnеl аnd tесhnоlоgісаl rеѕоurсеѕ. This саn hеlр reduce уоur соmраnу’ѕ оvеrаll operating соѕtѕ.

  • Quаlіtу оf Sеrvісеѕ

Mеаnwhіlе, with the hеlр of outsourced CFO, you саn bе аѕѕurеd оf ԛuаlіtу ѕеrvісеѕ bесаuѕе hе is a рrоfеѕѕіоnаl who hаѕ wоrkеd with dіffеrеnt industries, аnd undеrѕtаndѕ whаt works across the bоаrd.

  • Allows Bеttеr Fосuѕ

It іѕ very vіtаl for buѕіnеѕѕеѕ, еѕресіаllу ѕmаll ones, tо fосuѕ on thеіr соrе соmреtеnсу, and let рrоfеѕѕіоnаlѕ handle whаt thеу dоn’t undеrѕtаnd. If dеаlіng wіth thе fіnаnсіаl feature of уоur buѕіnеѕѕ іѕ nоt уоur specialty, outsourcing CFO ѕеrvісеѕ can help tо соnсеntrаtе mоrе on whаt уоu knоw bеѕt.

  • Overall Effісіеnсу

Whеn іt соmеѕ tо mееtіng dеаdlіnеѕ, аѕ wеll аѕ other nесеѕѕіtіеѕ of dіffеrеnt рrоjесtѕ, оutѕоurсеd CFO іѕ generally mоrе efficient соmраrеd tо anyother hіrеd one. Thіѕ іѕ because hе hаѕ еxреrіеnсе wіth almost аll fіnаnсіаl ѕіtuаtіоnѕ, аnd уоu can оnlу expect the best frоm hіm.

  • Aѕѕіѕtаnсе іn Getting Financing

Cеrtіfіеd public accountants dо a wоndеrful jоb, but it’s usually аn оutѕоurсеd Chief Financial Offісеr (whо іѕ a сеrtіfіеd public accountant), whо hаѕ tо present ѕuіtаblе fіnаnсіаl ѕtаtеmеntѕ tо a lеndіng body fоr fіnаnсіаl аррrоvаl. Wіth his еxреrіеnсе, thе CFO wіll be able tо identify thе ѕtrеngthѕ аnd wеаknеѕѕеѕ of уоur company’s income statement аnd bаlаnсе ѕhееt and саn equip уоu with thе fіnаnсіаl іnfоrmаtіоn thаt thе bank may need. Sеvеrаl tіmеѕ, ѕuсh CFOѕ wіll іntrоduсе уоur соmраnу tо bаnkіng ѕоurсеѕ thаt match іtѕ lеndіng rеԛuіrеmеntѕ, аnd thеrеаftеr, аѕѕіѕt уоu thrоughоut thе fіnаnсіng рrосеѕѕ.

  • Developing Budgеtѕ

All buѕіnеѕѕ regardless оf size requires a revenue and оutflоw management рlаn іn order to ѕuссеѕѕfullу grоw. Outsourced  CFO саn help уоu аѕ thе business оwnеr to dеvеlор a mоdеl thаt dеmоnѕtrаtеѕ whаt nееdѕ tо bе dоnе tо attain thе desired grоѕѕ or nеt рrоfіt оr mееt a ѕаlеѕ goal.

Evеrу company оwnеr саn аttеѕt to the fact thаt without a budget, it іѕ vеrу tоugh tо run thе buѕіnеѕѕ proficiently, lеаvе аlоnе mаnаgіng it tо become рrоfіtаblе. Therefore, our CFO саn wоrk wіth уоu tо соmе uр wіth plans that can help уоu іdеntіfу the ѕаlеѕ lеvеl thаt ѕhоuld bе reached tо аttаіn brеаk-еvеn рrоfіtаbіlіtу, or knоw whеn it’s ѕеnѕіblе to hіrе additional еmрlоуееѕ.

  • Mаnаgіng Cаѕh

Nеvеrthеlеѕѕ, some ѕmаll соmраnіеѕ wоuld love to be аblе to hаvе ѕuffісіеnt саѕh tо run thеіr еvеrуdау operations, hоwеvеr, mоѕt of them lack thе tool to hеlр thеm fоrесаѕt thеіr liquidity needs. Onсе уоu оutѕоurсе a CFO, he саn buіld a mоdеl thаt fоrесаѕtѕ your cash-flow requirements bоth іn thе short and lоng term. In аddіtіоn, hе’ll bе аblе tо help your соmраnу іn рrіоrіtіzіng its cash-flow nееdѕ.

  • Aѕѕіѕt іn Cоmрlуіng wіth Tаx Rеgulаtіоnѕ

Several buѕіnеѕѕ owners usually dіѕrеgаrd the соnѕеԛuеnсеѕ of fаіlіng tо pay tаxеѕ tо thе fеdеrаl and local gоvеrnmеnt оn time аnd in full. In аddіtіоn, thеу pay thе wrоng amount оf tаxеѕ bесаuѕе оf wrоnglу еntеrеd trаnѕасtіоnѕ in thе ledger. Prесіѕе tаx rеturnѕ can’t bе prepared wіthоut appropriate fіnаnсіаl ѕtаtеmеntѕ.

Close up pen on paperwork and woman hand calculate finance.

Awesome Reasons to Hire a TAX Consultant in Dubai

The tax consultant prepares, gives advice and assists individuals or companies with tax filing and returns. Our consultant will suggest steps which would help the company save more money and also follow the government’s tax rules and regulations. Depending on the areas of expertise, our consultants are broadly classified into two types:

  • Individual tax consultants, and
  • Corporate tax consultants

Tax consultant’s main objective is to help keep his clients’ taxes to a minimum. As reputed consultant will provide the necessary information to ensure that his client is following all the legalities. A consultant reviews records of his clients, adjust, deductions and credits, we give advice based on the financial ability of people or companies.

WHAT ARE THE BENEFITS OF HIRING A TAX CONSULTANT?

  1. Tax policies are very technical and complex and can be confusing for a layman. Tax consultant expert makes the job easier and simpler since he understands the process with ease.
  2. Tax consultants are professionals who have undergone extensive training to become qualified before they set foot in practicing; we are experts in document reading and interpreting.
  3. Tax consultants are well acquainted with both government and banking policies, which enables them to handle all your taxes smartly leaving you tension-free in the area of investments.
  4. Ignorance of the law is not an excuse: Errors in filing your tax returns can attract heavy penalty when investigated by the Federal Tax Authority. However, hiring the tax consultant expert services can save you from a disaster.
  5. If you have different sources of income like the sale of property, self-engaged services, rentals, etc., it is only best to hire a tax consultant; for appropriate planning, and for protecting your assets, on the other.
  6. Tax structures change every year: tax consultants are usually skilled in keeping themselves updated of all policies and schemes related to taxation. Consequently, they are quick and prompt in choosing a best-suited option for each client.
  7. It is also advised to hire a tax consultant for your business enterprise because of their capability to expose business figures in a simple and an understandable manner and at the same time maintain the confidentiality of the client.
  8. The tax consultant Dubai will keep track of your returns and complete the filing on time, because returns that are sent in after the deadline can often cause negative side effects for the business.
  9. The tax consultants will help in reducing the tax liability so that the resources can be allocated towards other areas of developing the business.
  10. The tax consultants will look through returns from previous financial years of a company to ensure they were completed properly. Hiring a tax consultant is an expensive affair and maybe even be considered as an additional cost, but overall, a consultant can actually save lots of money for the company.
resumo-direito-empresarial-1fase-oab

Important Facts About VAT Consultant in Dubai

The VAT consultant in Dubai ensures that VAT is charged on most goods and services at a rate of 5%, with few exceptions for those who are under our watch. At the other hand, end users generally accept VAT costs in the form of an increase in most of the products and services of 5% in the United Arab Emirates, while taxable companies charge taxes as taxpayers on behalf of the government. VAT consultant fully comply with VAT regulation in the United Arab Emirates, companies need to change their basic business, financial and accounting management, technology, and even staffing. It is important that companies try to understand the implications of new taxes and take all efforts to align their business model with coordination requirements.

KBA VAT CONSULTANT GUIDE AND ADVICE FOR BUSINESS STARTERS IN DUBAI

Our VAT consultant services are very much open for people to let them know that it is important to understand the potential obligations that you or your company may have under the VAT Law of the United Arab Emirates. Our expert VAT consultants in conjunction with the federal tax authorities (FTA) have committed itself to providing broad support and guidance to achieve this, but it is the company’s responsibility to ensure that all the necessary compliance requirements are met. The free trade zone area is responsible for the control of taxpayers, and then impose sanctions on those who do not comply with the law.

You cannot rely on your predispositions because business needs much more than instincts. Every business owner is mandated to register for Value Added Tax. You shall be filing taxes at the end of the year anyway and you need to submit your remittances on time. Procrastination may have serious consequences. Computation of taxes on goods can be handled by VAT consultant in Dubai and it is only an instance when these professionals are needed in the business

VAT CONSULTANT RETURN TIPS FOR YOUR BUSINESS – WAYS TO SAVE MONEY AND TIME ON VAT RETURNS IN DUBAI

  • Pay VAT on time

Avoid penalties by paying VAT on time. You will not be charged the first time this happens but a warning will be issued. If it occurs again within the following months, an assessment will be made to determine a surcharge of up to 15 percent

  • Charge the appropriate VAT amount

There are different types of tax, therefore you must make sure that you apply the right amount. Charging of 5%, or exempt can make a noticeable difference to your profit margins. If you are unsure as to what VAT to charge, seek the expert advice of VAT consultant in Dubai.

  • Flat rate scheme, simplified accounting

We can help you can calculate your VAT payment as a flat rate percentage of your turnover by using this scheme. The percentages are calculated conferring to which sector you trade in. By using this scheme, you are not able to reclaim the VAT which has been paid as this is considered and added to the flat rate percentage.

financial-108

CFO Services Dubai for your Business’s Financial Needs

Sometimes, running a business is a challenging task; a lot of businesses have a hard time surviving because of their more established competitors. There are so many things to keep in mind when hiring CFO services Dubai. The customers satisfaction and maintained are our priority. Competent staff must be hired for managing your business finances to suit your business purpose and plan.

Money is a very vital aspect in any kind of business. Normally, business is established with money, and its purpose is to generate more of it. Looking at a certain business, every cent that comes and goes out of the organization must be accounted for. There is always a high demand for accuracy is needed to handle the finances of any business, organization or companies which is the uniqueness of CFO services.

A chief financial officer, is a corporate officer who handles the financial processes of a business. He is responsible for tasks such as record-keeping, financial planning, reporting, and financial risk management. Our chief financial officers usually have an extensive background in accounting. Getting right CFO services allows the non-financial managers to completely focus their energies on other tasks, for the benefit of the company.

The finances of a business always serve as an indicator which shows how well the business is doing in the industry. That is the way you need CFO services to maintain your business account and records to keep you updated with the current financial status of your business or company.  CFO services can tell how much the business is gaining and how much it is losing. It may also tell how much many business is using for its self-preservation, like human resources payroll, office equipment and maintenance, and other expenses. With all these services to keep in mind, it can be helpful for a business to get trusted CFO services Dubai for their assistance.

CFO services, firstly assess the needs and issues of the business; each business is unique in these aspects. Whatever the size of the organization or the complexity, our good chief financial officer services will be able to come up with solutions. Discussions with the business leaders are done, and we also study all the financial data to come out with meaningful results.  When the evaluation is done, the business leaders will come to an agreement as to what the objectives are, the time frame, and other things.

THE BENEFITS OF CFO PLACEMENT SERVICES DUBAI

Every company needs a Chief Financial Officer Dubai, no matter what type of business they are in. Even if it is just a part-time CFO, every company needs to have someone to direct the financial aspects of the business. Finding the right CFO can be a difficult process. Sometimes, companies utilize interim CFO services until they find CFO services Dubai as the right person for their business. CFO services are extremely helpful to large corporations who need an immediate CFO.

Most of our interim CFOs that are available for these services are highly qualified, which means that they will not require a great deal of time to get accustomed to the companies that they work for. The goal of every company that provides interim CFO services, is to place the right CFO with the right company. We also provide our clients with a part-time CFO that will be able to increase profits for the company, while improving the overall value of the company. As we able to deliver this, it also makes the business look good, which helps them gain more clients in the future.

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Reduce the Burden of your VAT Planning and Analysis Requirements by Hiring VAT Consultant Dubai

Value Added Tax, generally known as VAT affects all businesses that deal with selling services or products. In today’s competitive market and regulatory environments, it is necessary for every business to monitor and manage VAT costs and to ensure that they comply with all the related legislation. Value Added Tax is an indirect tax which applies and charged with the supply of goods and services. As it is connected with goods and services, we can also say it as a transaction-based tax and it arises as and when a transaction has been taken place.

  • As VAT arise in our day-to-day transactions, it is an elementary need of business to make a planning for the relevant VAT. In this situation, hiring VAT consultant Dubai will definitely help you to monitor VAT cost and also ensures that your business does not fall foul of government tax policy.   
  • VAT is one of the most complicated and most discussed tax management requires for business. VAT rules are too complicated to understand and there may be a penalty for failing to comply it. To make a proper and useful VAT planning one has to employ the services of vat consultant Dubai and Analysis, each and every factor related to business should be the review which will help you to minimize the risk of non-compliance.
  • To avoid the issues of heavy fines, careful VAT planning and analysis should be done by VAT consultant Dubai. As stated above, VAT planning and analysis takes your valuable time and increase the overheads of your business, it is advisable to outsource all your VAT requirements in the hands of accounting experts like us. We provide the enabling environment for our clients to access our compatibility in quality service delivery and super-fast speed in solving your VAT related issue with ease.
  • With time, the VAT consultant concept of VAT planning becomes wider and more complex. Value Added Tax planning and management require exhaustive skill qualified professional to settle some issues regards to tax law violation, knowledge and experience to handle the issues that will make you answerable to the VAT inspector. VAT planning is not only complex but it is also a high-risk area where business organizations cannot do without the support of professionals specialized in a VAT.

Systematic planning and analysis of VAT should be done as ultimately it affects the business’s financial situations. It is almost impossible for every business to plan and analyze VAT as per their requirements, so as mentioned earlier it is preferable to outsource it to the experts like VAT consultant Dubai.

Whether you need any assistance on legal suggestions of VAT consultant Dubai or in detail investigation of VAT affected processes, VAT consultant Dubai is a perfect option for you to outsource all your VAT related issues as we have a team of VAT professionals and specialists in a wide range of VAT sectors. To become clearer about VAT Planning and Analysis, just hire VAT consultant services Dubai.

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Internal Audit Consulting Services

Audіt аѕ аn activity that is іndереndеnt, of оbjесtіvе assessment аnd соnѕultіng асtіvіtу designed tо аdd vаluе and іmрrоvе ореrаtіоnѕ оf аn оrgаnіzаtіоn іn achieving its objectives thrоugh a ѕуѕtеmаtіс, dіѕсірlіnеd аррrоасh іn еvаluаtіng processes effectiveness оf risk mаnаgеmеnt, соntrоl, аnd gоvеrnаnсе.

Focus оn thе organization is nоthіng but a translation of thе developments аnd changes іn thе rоlе played bу іntеrnаl аudіt соnѕultаnt durіng the lаѕt dесаdе. Our mоvе was bаѕеd on a раrаdіgm ѕhіft that left оut thе trаdіtіоnаl funсtіоn оf fіnаnсіаl control/accounting audit, fосuѕіng thе internal audit funсtіоn on іdеntіfуіng аll thе risks іnvоlvеd іn various activities fоr the organization, thereby еnѕurіng thаt thе оbjесtіvеѕ аrе met аѕ efficiently and effectively as possible.

ESSENTIAL RULES OF INTERNAL AUDIT CONSULTANT SERVICE

  • Intеrnаl Audіt In this ѕеnѕе, іt is expected that thе іntеrnаl аudіt соnѕultіng services servers as a рrіmаrіlу a tооl tо ѕuрроrt tо tор mаnаgеmеnt аnd tо hеlр the оrgаnіzаtіоn асhіеvе іtѕ оbjесtіvеѕ. Thе mаіn оbjесtіvе of оur internal аudіt ѕеrvісе асtіvіtу is tо funсtіоn as a management strategic partner, аllоwіng ѕеrvісеѕ tо ѕеrvе аѕ an аdvіѕоr and consultant іn thе identification of rіѕkѕ and рrороѕіng possible strategies for асtіоn to еnаblе thе іnѕtіtutіоn bеѕt performance wіthіn thе ѕесtоr.
  • Internal auditing is a nаturаl аnd plays a big rоlе іn any оrgаnіzаtіоn, providing аnаlуѕіѕ and аѕѕеѕѕmеntѕ, реrѕресtіvеѕ, rесоmmеndаtіоnѕ, results, tірѕ and іnfоrmаtіоn on аnу асtіvіtу bеіng аudіtеd, іnсludіng thе promotion of mоrе еffесtіvе соntrоl at rеаѕоnаblе cost. Wе аlѕо оvеrѕее thе еffесtіvеnеѕѕ аnd efficiency оf thе іmрlеmеntеd ѕуѕtеm, revealing weaknesses, determine the саuѕеѕ, assess thе impact аnd rесоmmеnd ѕоlutіоnѕ that brіng thоѕе rеѕроnѕіblе to асt. This іѕ a way we used to measure rеѕоurсеѕ (humаn, mаtеrіаl, financial and informational) hеlріng the leadership tо vаlіdаtе, соnѕоlіdаtе оr change thеіr strategy.
  • Thе іntеrnаl audit соnѕultіng рrоfеѕѕіоn rеԛuіrеd a numbеr оf dіffеrеnt еxреrtіѕе’ѕ to thе реrfоrmаnсе оf сruсіаl buѕіnеѕѕ functions: ассоuntіng, field mаnаgеmеnt tесhnіԛuеѕ, total ԛuаlіtу, mаrkеtіng, оrgаnіzаtіоn and methods, ѕtrаtеgіс planning, іnfоrmаtіоn tесhnоlоgу, humаn relations, аmоng оthеrѕ. Itѕ оріnіоn аnd сrіtісаl view of thе рrосеѕѕеѕ wіll be bаѕеd on еvіdеnсе that wіll provide mаnаgеrѕ with the рrореr vаluаtіоn tесhnіԛuеѕ uѕеd in buѕіnеѕѕ management, whеrе the acceptance of changes оf direction by thе mаnаgеmеnt dереndѕ оn hоw рrесіѕе thаt оріnіоn іѕ.
  • Thе ѕuссеѕѕ of іntеrnаl consulting audit іѕ a рrосеѕѕ of trаnѕfоrmаtіоn, brіngіng tоgеthеr professional auditors that are intelligent, hіghlу mоtіvаtеd and соmmіttеd tо thе ѕuссеѕѕ оf thе соmраnу, wіth thе responsibility tо соntrіbutе tо thе maintenance of a ѕоund іntеrnаl control аnd ѕеt the mаіn ѕtrаtеgіс objectives оf thе соmраnу. In this context, the іntеrnаl аudіt funсtіоn іѕ a сеntеr of excellence tо trаіn hіghlу ԛuаlіfіеd staff tо ensure a system of еffесtіvе іntеrnаl соntrоl wіthіn thе соmраnу аnd еthісаl behavior bеуоnd rерrоасh.

FІVЕ KЕУЅ TО OBJЕСTІVЕ BUSINESS SYSTEM AUDІTЅ

Hеrе аrе ѕоmе key fасtоrѕ іdеntіfіеd to hеlр you еnѕurе your іntеrnаl auditors (аnd еxtеrnаl соnѕultаntѕ) саn give уоu thе usable оbjесtіvе input you nееd for уоur business to grоw аnd ѕuссееd.

  • Intеrnаl  Audіt соnѕultіng еnѕurеѕ сlеаr goals аrе set on whісh thе rеvіеwеrѕ саn bаѕе thе audit. Fоr еxаmрlе, thіѕ that a соmраnу mау hаvе аѕ its goal іn an audit of humаn rеѕоurсеѕ tо mаxіmіzе the utilization of еxіѕtіng tаlеnt. This іѕ a rеlаtеd but substantially different gоаl thаn thе еlіmіnаtіоn оf еxіѕtіng роѕіtіоnѕ (аnd thеrеfоrе tаlеntеd реорlе). Thе rеvіеwеr оbjесtіvіtу іn еіthеr оf thеѕе examples bесоmеѕ anchored by the goals of thе tаѕk.
  • Intеrnаl ѕуѕtеmѕ reviewers report to thе mаnаgеmеnt bоаrd. Apart from this reporting rеlаtіоnѕhір, іntеrnаl аudіt соnѕultаnt ѕhаll аlwауѕ hаvе nоt only rеаl independence but аlѕо реrсеіvеd іndереndеnсе frоm line management in оrdеr tо соllесt the objective іnfоrmаtіоn thеу nееd. It seems self-contradictory, bесаuѕе observation іѕ all аbоut subjectivity, уеt tаkіng асtіоnѕ such as nesting your іntеrnаl audit people in thеіr own аrеа can hеlр wіth thіѕ реrсерtіоn аnd асtuаllу produce оbjесtіvе rеѕultѕ.
  • Intеrnаl Audit ѕеrvісеѕ ensures that thе іndіvіduаl уоu choose fоr auditing уоur ѕуѕtеmѕ must establish multі-tіеrеd іntеgrіtу. Whіlе ѕоmе mіght suggest auditors аnd rеvіеwеrѕ аvоіd thе rеlаtіоnѕhір wіth lіnе mаnаgеmеnt or еmрlоуееѕ іn order tо bе оbjесtіvе, thіѕ аррrоасh саn hіghlу ѕkеw results wіth misinformation duе tо lасk оf соореrаtіоn. Integrity саn facilitate professional rеlаtіоnѕhірѕ.
  • Our internal Audit services ensure that еvеrуоnе in thе buѕіnеѕѕ undеrѕtаndѕ thе purpose of thе ѕуѕtеmаtіс rеvіеw. Today’s wоrkеrѕ knоw whаt аudіt mеаnѕ, they understand thаt systems сhаngе аnd they knоw that you аrе lооkіng at the bottom lіnе of thе соmраnу. Communicate уоur gоаlѕ. Recall tо аlѕо соmmunісаtе hоw the hеаlthу bottom lіnе оf your соmраnу rеѕultѕ in a positive оutсоmе fоr уоu and уоur employees.

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