Inventory Audit In UAE: Everything You Need To Know

Organizations, including internet business, may need to review stock whether it is for checking units that are close by or for consistency purposes. The companies can audit the inventory either using the internal resources or the third party services. In all the cases, it is essential to keep check on the inventories for preventing running short out of the products.

Are you running a business in UAE? Inventory review is one of the most crucial activities that you should consider for must. In this article, you will get a profound look into the importance of stock reviewing for a business – keep reading!

What is an audit for stock or inventory?

A stock review is a cycle that actualized the items left in the inventory for crosscheck. In the event that the monetary records of a business coordinate the records for stock or check of the physical products. A stock review need to be performed by experienced auditors because any single mistake can cause havoc on the part of the business. Owing to this, many business people rely on top audit firms in Dubai for checking the accounts of a business. What’s more, affirming whether means stocks are precise.

Procedures used for inventory audit in the business

Nevertheless, there are many different ways to conduct an audit of the stored products and items. The businesspeople should rely on certain authentic practices to ensure proper checking and transparency of the record. Do you want to know about the records? Let’s consider it below:

Cutoff assessment

It is when activities are delayed including dispatching and getting from the time physical include is started so as to ensure that everything is dealt with additionally to ensure everything is represented.

Physical item count 

For this, there is a need to guarantee that the numbers in the framework are coordinating with the supply of the business. This includes checking each and every unit. Item standardized identifications just as gadgets utilized in monitoring stock electronically.

Analytical reasoning processes 

These include examination of proportion of stock turnover, net edges, unit expenses of stock from the earlier years, and much more. So, you can perform a critical evaluation of the available items in the inventory for keeping business operations in the loop for processing.

ABC analyses 

These are when results of various volume and worth are isolated into gatherings. The high worth things will be marked as gathering A with mid-level items in bunch B and low worth items as gathering C. Things can be put away like this likewise as this can make it exceptionally simple for an examiner that will focus on the high worth things of stock.

Freight cost estimations

For these investigations, expenses of getting items from a zone to another will be resolved. Cargo delivering costs, date of receipt, and following of time in the middle of shipments will be represented. The documentation will account units which are additionally on the way, in addition to checking. On the off chance that there are those that are harmed or lost on the way.

Overhead measurement

This is known as the costs that are considered as circuitous from working together. This can help in planning for the next years. As a rule, organizations in UAE record all overhead or operational expenses as a component of their expenses for stock. Aside from work and direct materials, an overhead investigation investigates the shrouded costs like lease and utilities.

Cost analysis of finished goods

It would be ideal for a business that makes its own items as this will show when the items are prepared available to be purchased. An inspector will quickly esteem stock corresponding to a current bookkeeping period. A reviewer will test stock so as to ensure that the business’ fiscal summaries are largely exact.

Reconciliation of items

If there is any disparity that is found in a stock review, an entrepreneur might need to do an examination so as to discover the root case. You would need to follow for certain mistake inclined cycles and watch out for them.

Comparison of shipping logs with invoices

This is the place solicitations are checked on the off chance that they coordinate the quantity of items and cost for stock that is dispatched from a provider or distribution center. It very well may be finished by a review group aimlessly so as to check. On the off chance that the right sums was charged at the right an ideal opportunity to the right client. No matter if you are using accounting software or managing inventory manually, you should acquire the services of top audit firms in Dubai to make the process easy yet authentic by all means!

Feel overwhelmed? Hire professional auditors today!

Summing up, a review will help you in discovering shortcomings including stock that isn’t selling much at all and ones that cause regular stock outs. Incorrectness with stock following method will likewise be revealed along with other operational blunders.

However, review and analysis of the inventory is a tricky thing because it involves a lot of products counting and invoice management. So, don’t forget to hire professional auditing services near you to make it a smooth process for ultimate business success!

More Recommended:

Top 4 benefits of outsourcing bookkeeping services

Top Reasons External Audit Services Good for Your Business

Understanding Corporate Finance: 5 Key Concepts

Corporate finance is a term used widely, but do people truly understand it? For running a business, it is essential to understand what corporate finance truly is. If you are starting a new business, is the business idea and skills required to undertake projects all you need? No, there’s more.

You have to devise a system for managing the money. Whether you’re a small business owner or a large one, you need to monitor economic activity because this is one area you cannot afford to mismanage. Seeking professional help for corporate finance is thus extremely important for sustaining as a business

This article aims to help you understand the basic concepts of corporate finance, which also highlight the need for hiring a professional.

Concepts of Corporate Finance for every business owner

Every business decision has financial implications, and every decision that you make pertaining to the use of money can be called a corporate finance decision. Corporate finance has some principles of investment, financing, and dividends. In order to fulfill these principles in your operations and decision, you need to understand the following corporate finance concepts:

1.  Capital Budgeting

You need to plan al the expenditures relevant to your business. Especially, the fixed assets that are called capital because of their long-term nature. The process of planning this capital to measure the cash flow expectations is called capital budgeting.

There are two approaches in front of you to choose amongst while going for capital budgeting. The first approach is called Net Present Value. In this approach, you have to discount the entire set of cash flows, including the outflows and inflows, at the capital’s cost for a given project. The second approach is called the internal rate of Return, which is basically a discount rate that helps you take the NPV of a project to Zero. 

2.  Time value of Money (TVM)

If you own 100 dollars today, the cash amount will be worth much more after a few years—the value of money increases or decreases with time. The concept is called the Time value of money in the field of corporate finance. There are several kinds of payments which are guided by the TVM. 

These payments are called annuity and perpetuity. An annuity is a set of payments that you regularly make in order to compensate for the time value of money. Similarly, perpetuity is an annuity that has an infinite count of cash flows. Thus perpetuity never ends.

3. Cost of Capital

Capital is the prime unit in the corporate world, without which no business can run. It is a factor of production and has some cost or value attached to it.  You need to be realistic to understand the cost of capital and seek professional help from bookkeeping and accounting firms in Dubai to make accurate calculations and extract useful information.

This extracted information is essential for developing insights and making important business projections. You have to ensure that all the sources that lend you money receive timely returns.

4.  Working capital management

A firm’s short term liabilities and its short term assets have a very important relationship that falls under working capital management. This practice of management helps your firm continue the daily operations and satisfy the needs of stakeholders and partners.

Your firm’s ability to satisfy the liabilities like short term debt and operational expenses is highly dependent on working capital management. This management includes but is not limited to matters of accounts payable and receivable, inventories, and cash.

5.  Measures of Leverage

The amount of fixed costs that your firm possesses is referred to as leverage. These include operating expenses and financing costs, such as debt interest payments. When your firms have a greater level of leverage in terms of fixed costs of leases, equipment, or interest payments, there is greater variability in the after-tax earnings of the firm as well as the net income from a project.

To use these leverage in the best way possible, seek professional help from an outsourced company for bookkeeping and accounting and enhance the variability of fixed costs. This area is very important to understand in order to excel in finances.

Are you starting your own business? Understand corporate finance first!

People run businesses to make money, and managing this money well is primarily important. Hire corporate finance and accounting professionals from an independent company. In this way, they will be accountable to you, and they will perform their job with the utmost impartiality.

Developing an understanding of the concepts elaborated above is essential because these make you realize the importance of hiring a professional for the job of accounting and financial management. They can even help you with stocks, investments, and attaching value to other companies in the market. They also suggest internal changes and measures which suit your business goals and can trigger success.

More Recommended:

Top 4 benefits of outsourcing bookkeeping services

Top Reasons External Audit Services Good for Your Business

Payroll Processing Mistakes and Strategies to Avoid Them

Payroll processing is an essential and inevitable part of any working organization. The employees work hard throughout the month to get their salaries on time. However, if they have to face the issue of miscalculation or delayed payments, it will cause impatience and uneasiness for them. If the practice keeps repeating every month, they will start looking for a reliable place.

The developed countries of the world are utilizing high-quality software to avoid the issue of mistakes in payroll processing. Middle Eastern countries, like the UAE, are also following the trend. However, they still face the issue. Payroll processing through software can also face mistakes if the concerned workforce is not aware of utilizing the software properly.

All of this causes a great hassle and adds to the suffering of the workforce. Therefore, most of the successful organizations rely on outsourcing the service. You can also do the same to boost the satisfaction of your workforce.

You can acquire the services of the best accounting firms in Dubai and get your payroll processed by the experts. You can also ensure to avoid all the issues and complete the process on time, without having to face any issues later on. You can also ensure the productivity and trustworthiness of your workforce by paying them rightly for their service.

So, do not disappoint your workforce and face penalties by sticking to old practice and rely on the professionals for the best results.

Payroll Processing Mistakes and Strategies to Avoid Them


More Recommended:
Top 4 benefits of outsourcing bookkeeping services
Top Reasons External Audit Services Good for Your Business

How Financial and Management Accounting Boost Business Profits?

Accounting is the most important part of any business organization. It further has two types, financial accounting and management accounting. One provides support in financial management while the other provides support in setting the strategies and managing business affairs.

Most of the organizations overlook management accounting and focus only on financial matters, which hinders their ability to earn long term success and progress. The major reason behind this is the unavailability of time and expert guidance.

The UAE has made its position in the international business market over the course of the past few decades. The business organizations in the region are aware of the importance of both parts of accounting and utilize them perfectly to ensure their growth.

If you are facing the issue of time and expert guidance, which is adding loss to your business, this is the high time that you start taking the issue seriously and make proper arrangements for its resolution. You can hire the services of bookkeeping and accounting firms in Dubai and ensure that all the aspects of your accounting needs receive equal attention and management efforts.

By trusting the experts with financial and management accounting services, you can ensure to get a detailed overview of the past performance as well as the strategies to realize future progress.

So, trust the experts and look after the accounting needs of your business to achieve success.

How Financial and Management Accounting Boost Business Profits?

More Recommended:

Top 4 benefits of outsourcing bookkeeping services

Top Reasons External Audit Services Good for Your Business

Top ways for auditing risk management process

Carrying out an audit for the risk management process is equally essential as auditing for other financial systems in an organization. Whether your company relies on traditional risk management function or broader enterprise-wide risk dealing, the function should be among the 1st priorities for a chief audit executive.

Owing to this fact, lots of firms who want to prosper in gulf countries are opting for top audit firms in Dubai to get an in-depth and detailed risk identification process for their company. However, there are still a lot of companies that struggle to set up a proper risk management function for their company.

This article comprehensively aims to guide businesses towards carrying out their risk management process successfully.

Top ways for auditing risk management process

3 Ways of auditing risk management

The role of internal audit in risk management gets more significant if a separate risk management department does not exist as it gets crucial to look into the risks with limited resources.

Here are the top three ways through which you can carry out an auditing process for risk management.

1. Ensure shady events are adequately managed

There are events having high-impact and low-likelihood. In simpler words, these events are incidences with high stakes and low probability. Although such events aren’t much harm, pave the way for objective assurance.

Hence, if there is no protection against a catastrophic risk the first time it occurs, one may not get to have the next time. Thus, don’t forget to handle the black swans for an objective risk management assessment.

2. Apply a top level of objective assurance to cater to key risks

There are multiple instances when mid-level executives often overlook the need to handle certain risks identified due to less probability of their occurrence. However, they also fail to understand this that even if experienced one, it can drastically damage the business functioning.

For example, there are specific areas of flood zone where flood occurs to happen once in a lifetime, but once it comes, it affects the lives and assets of masses. Thus, carefully digging into key risks and coming up with safe plans to manage these issues is mandatory.

3. Checking for pace in alliance with organizational growth

organizations expand their growth and reach, introduce  new product lines, and incorporate new technologies in business. Thus, it is vital for those related to risk management to look deeply at the steps of progress and move back to observe how are things moving and are there any loopholes that can pave the way for risks in the future.

For this step, to occur, much of critical thinking is required to ensure that the growth pace of the organization is in alliance with our organizational growth.

Final Takes Away!

Risk management auditing is a crucial part of internal auditing and has the power to immensely impact an organization. The trend of calling auditors for an expert risk management process has strengthened roots after the business rivalry and competition has increased.

Thus, if you are running a business in the gulf countries like UAE, don’t forget to opt for top audit firms in Dubai for an extensive risk management process and ensure no loopholes in the system.

More Recommended:

Reasons Every Small Company should invest in a Business Projector

Top features to consider when buying a new laser printer

Importance of Fine Quality Printers for Architecture Students

Top 4 benefits of outsourcing bookkeeping services

Long gone are the days when companies used to hire bookkeepers over monthly wages. In-house bookkeepers not only need to be appointed at monthly payments but also require additional incentives. Proper allocation of office space is also a requirement. Moreover, there can be quieter days, when accounts don’t need much handling, but employed accountants need a monthly salary.

Whereas, in contrast to this, by acquiring accounting services from professional bookkeeping and accounting firm in Dubai, you can avail of the benefits of getting access to high technology software.  Not only this, but you can also ensure a neutral and in-depth picture of your finances and open doors to better scalability options.

Thus, external and reputed accounting firms guarantee a cost and time-efficient financial solution that no organization would want to miss!

Top 4 benefits of outsourcing bookkeeping services

More Recommended:

Top Reasons External Audit Services Good for Your Business

Reasons UAE Insurance Companies Should Seek VAT Consultancy

When a business earns some profits, it has the responsibility of paying back to the country in the form of taxes. The process of taxation seems complicated, and not every businessman/ woman can understand it perfectly. In countries like UAE, some businesses have to pay value-added tax VAT, which is even more complicated for taxpayers.

Insurance is one of the most progressive businesses in the UAE, which makes VAT applicable to it. However, the insurance companies have to look after a number of other issues that managing VAT becomes difficult for them. This is one of the most important reasons VAT experts help struggling people. 

Generally, the insurance companies take help from the best VAT consultancy in Dubai, to ensure a hassle-free tax payment system for the company, as well as their clients. If you want to know the VAT complications in the insurance business, feel free to explore this article.

Reasons UAE Insurance Companies Should Seek VAT Consultancy

Top 4 Reasons UAE Insurance Companies Need VAT Guidance

Insurance companies have to deal with a lot of clients. They also provide a vast range of services and options to their clientele. This requires them to be active and diligent. On the other hand, VAT also requires proper attention and management, which only an expert can provide.

The following are some of the reasons UAE insurance companies need the advice of a VAT specialist for smooth business dealings.

Handle Transitional Issues

Insurance is a bit complicated process. The clients get their due amounts after a certain period of time. The change in policies during the time period of buying the insurance, and becoming able to receive it, change the rule of tax payments.

VAT specialists can handle such transitional issues, in order to ensure that the insurance company, as well as their clients,  do not face any legal issues.

Tackle Issues of Different Insurance Services

Insurance companies provide a variety of services, according to the demand and benefit of their clients. They provide life, health, real estate, education, and some other different insurance policies. The VAT applies to various insurance policies in a different manner.

Only a VAT expert can resolve the complexities of insurance policies according to their types and make the process hassle-free for the involved parties.

Resolve Complications of Bundled Packages

In order to attract more and more clients, insurance companies offer bundle packages. These packages can include a variety of services. The VAT applies differently to every distinct service. It may increase the clients of the insurance company but add complexities to the taxation process.

VAT experts can handle the complications on behalf of insurance companies. They ensure to pay the taxes to the government and solve the worries of their clients.

Handle Complexities of Reinsurance

One of the most important reasons insurance is considered complicated is because of reinsurance. There are a lot of foreigners in the UAE who also buy insurance policies. The insurance companies have to handle reinsurance and make justified dealings with their clients.

The VAT specialists can handle such complexities for the sake of insurance companies. They make sure to clear the payments of government, insurance companies, and their clients, according to the devised policies.

Worried about VAT management of your UAE based insurance company?

Well, you do not need to worry at all, as you have a number of great opportunities around you. You can hire the services of the best VAT consultancy in Dubai and ensure smooth payment of taxes, as well as handling of legal matters. So, do not suffer and trust the expert to maximize your benefit.

More Recommended:

Impact of Bookkeeping and Accounting on School Businesses

Top Reasons of Outsourcing Accounts Payable for Business

Impact of Bookkeeping and Accounting on School Businesses

Impact of Bookkeeping and Accounting on School Businesses

Bookkeeping and accounting is the basic unit of any business. It helps the company to have a clear track record of their functionality in front of them. Moreover, it is a legal requirement for taxation purposes. Most people consider it a hectic task and do not pay much attention until the government fines them for their negligence.

Where there is a problem, people engage in finding solutions. Such is the case with bookkeeping and accounting. The world is perfectly aware of the business value of the Middle East, which is attracting a number of organizations across the globe. Schools business is one of them.

The school administration has to look after the curriculum of students, manage teachers, and consider other needs and requirements of the students. While handling all of this, looking after accounts becomes difficult. Bookkeeping and accounting firms in Dubai are playing an important role in lessening the burden of such efficient organizations by providing their excellent services.

Top 4 Benefits of Bookkeeping and Accounting Services for Schools

You must be wondering why you need bookkeeping for your school business when banks are handling all your transactions. Your bank statement may provide you an overview of your expenditures and profits; still, you need bookkeeping to maintain a clear record of all your dealings.

Here are the top five benefits of accounting services for the schools, which will motivate you to consider it for your business.

Proper Management of Budget

Schools have to manage a number of expenses on a daily basis. They have to collect fees from students, make payments to their employees, and invest in new equipment and technology for the better education of students. Some schools also offer scholarships and fee concessions to their students.

To do all of this, managing the budget efficiently is crucial, and that is only possible through bookkeeping and accounting.

Tax Preparation

School businesses are a part of the economy. They are making some profit by providing quality education to the students and getting fees from them. Schools are a registered business, which has to pay taxes to the government.

Regular bookkeeping and accounting provide them an opportunity of preparing for tax payment. It also saves them from facing government penalties, in case of not having a record.

Transparency Reports for Investors

Schools cannot function on the fees of the students alone. Such a business also requires the investment of interested and relevant people, to provide all the facilities to the students.

No investor would be willing to trust you if you do not have a transparency report of your operations. Bookkeeping and accounting help in the maintenance of clear reports, which depicts the potential of profit earning to gain the interest of investors.

Opportunity of Strategy Development

Another important benefit of bookkeeping and accounting for the school business is that it helps them in developing their strategies for the future. Schools need to keep introducing innovations in their programs, to align the training and education of the students with the requirements of the modern world.

Worried about bookkeeping and accounting management of your school business?

Well, it is not such a big issue, as you have a number of options in front of you. If you are based in UAE, that is even more beneficial for you. Accounting firms also outsource their services to potential clients like you. Hire the services of bookkeeping and accounting firms in Dubai without thinking twice. Manage your books efficiently to have a clear business analysis report.

Recommended:

Top Reasons of Outsourcing Accounts Payable for Business

Top Ways Comprehensive Accounting Fosters Business Growth

Top Reasons of Outsourcing Accounts Payable for Business

There is no denying the fact that growth of any business regardless of its industry and size depends on efficient management of financial assets. In this regard, the importance of handling tasks and activities related to account payables is essential because it is the critical factor that decides the fate of many businesses.

Gone are the days when businesses think of becoming self-sufficient. They have now understood the fact of collaborative growth in the market by outsourcing a few tasks and activities. It is evident from the fact that various companies in the UAE look for the best accounting firms in Dubai to ensure error-free management of bookkeeping operations, including accounts payables.

Nevertheless, accounts receivables and payables activities can enhance the overall performance of the company. It enables them to delegate financial resources in time for accomplishing their business objectives.  However, selection of appropriate service providers in the field of accounting is crucial as novice professionals can mix-up operations leading to misunderstanding and confusions in managing accounts. So, you should pay higher attention to hire experienced services in accounts management to eliminate the threats of lower turnovers and delayed accounts processing.

Top Reasons of Outsourcing Accounts Payable for Business

More Recommended:

Difference between Zero-Rated & Exempted VAT in UAE

Top Ways Comprehensive Accounting Fosters Business Growth

Behind every successful man is a strong woman, and behind every successful business is a competent accountant who leaves no stone unturned in comprehensive accounting. That is why organizations who are determined to grow, take accounting very seriously as this determines whether your company is going to stand firm on its ground or not.

In order to operate your business uninterruptedly and ceaselessly, your company needs to make sure that it has precise information about profits, debts, liabilities and all the assets.

Since the foundation, as well as the future of an organization, relies on comprehensive accounting. As a result, to foster business growth, successful companies acquire the professional services of bookkeeping and accounting firms in Dubai. These companies accurately analyze the reports, data and records to incubate your progression.

Top Ways Comprehensive Accounting Fosters Business Growth

To make the right decision at the right time, your firm needs to have adequate information about its capabilities as well as limitations. No one can tell that better than an accountant as he/she knows even the slightest detail of the company.

How effective accounts management ensures business progress

A start-up business necessitates the services of a professional accountant just as much as a grown business. As comprehensive accounting, saves much of your time so your company can take care of other essential aspects without worrying about this one.

It is the topmost priority of successful businesses to reduce risks and save money, and comprehensive accounting allows your company to do so. Listed below are top tips to ensure business progress. Let’s consider the reasons for progress of your business depends on comprehensive accounting.

Solid foundation for emerging businesses Inception of business

A lot of business comes crashing down because of the negligence of comprehensive testing of forecasts and figures. An accountant can provide your firm with the best possible advice, and rigorous accounting ensures a solid foundation for your business to grow. 

Efficient Accounts payables  and saving tax (Efficient account payables and saving tax)

Paying the right amount of tax is just as important as saving the right amount of tax. Calculating your allowances and expenses and that too with confidence is what an accountant can do for your company to avoid any expensive blunders. Moreover, he also devises legal ways to shrink your tax bills using efficient tax-saving strategies by managing accounts payables in time.

Enriching cash flow

This is a substantial part of business growth. Ironically, many startup businesses refuse to acknowledge their importance and suffer later on. Businesses go through profits and losses all the times, but a sturdy cash flow ensures that your company is well guarded against all sorts of mishaps. Cultivated cash flow makes the difference between a business that is running and the one that exists no more.

Capitalization of Growth

Isn’t it a dream of every company to grow to an unparalleled level? But the question is, are they actually ready? Unplanned impulsive growth can be as distressing as a slow one. If it is not adequately managed and dealt with, it can topple or even knock your firm down to the ground. That is why accounting is obligatory to prepare your organization for any unforeseen events as well, so you don’t need to worry at all.

Need an accountant?

Every business may be different than others, but the need for an accountant remains constant. If you wish to speed-up your business growth to compete in the most rivaled markets such as the UAE, it is suggested to look for proficient bookkeeping and accounting firms in Dubai. it is because they provide you with specialized accountants  To accomplish your financial management tasks professionally to meet accounting standards. Make sure to discuss your needs and the goals that you have set for your business so that you get the perfect accountant to take care of your business.

Create your website with WordPress.com
Get started