Business Behavior Hub

An obligatory and imperative measure for the active operation of any industry and association is bookkeeping and secretarial accounting. It does not depend on the mass of the organization, either it is a big or a small one, all professions incorporate it in spite of its complexity. In larger industrial sectors there is an isolated section for bookkeeping but it is difficult for small industrial sectors to formulate an isolated section for it. It actually imitates the budgetary data of any association which includes expenditure of trades, treaties, revenue, salaries, and trades of the association. Appointing bookkeeping and accounting firms in Dubai is economically operative and these corporations perform all the tasks you required to do in suitable and reasonable rates. Its main purpose and role is to perform the task of minimizing your economic and economical costs by giving you great designs of commerce and trade. Your monetary data and accounts are handled by these firm...

The value-added tax regime in the region will have a significant impact on business operations and profitability. Companies dealing in goods and services that invite the tax must understand and prepare for the implications. Similarly, entities that import products or transact with Zero-Rate or Tax Exempt entities must, at an initial stage, consider the impact of value-added tax. Group of companies with operations in other GCC countries must carefully review the impact of intra-group and cross-border transactions. While there is a unified VAT agreement across GCC, each member state has the right to enact its laws within the broad framework. These different treatments have to be understood. Step to being a value-added tax Ready: Here is a simple four-step guide to support companies in the UAE to prepare for value-added tax implementation, which can take between 8 and 12 months. It may take  prolonged if some of the activities are outsourced, for example, Information T...

Decision-making of directors is being supported by management accounting as it aids them in making better judgments when it comes to investigating the business costs and operations about the preparation of an internal financial report, records, etc. With the use of management accounting, the economic and value data translates into valuable information for the interest of the managers and officers in a company. The people who manage the management accounting also called the management accountants, distinguish the happenings in business as they consider what the market needs in booming more in the industry. Policies of Accounting Management Four global management Accounting services in Dubai rules issued by the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants that believe to be universal in the sense that it can be practiced to all organizations in the world. These four rules developed by the AICPA and the CIMA...

Not all small business needs a financial pro, but many growing companies find it is an excellent investment to have that expertise in managing finances. It all comes down to determining if the return you get from possessing a bookkeeper is worth the investment. Being a business owner, you wear a lot of caps. And you may tend to concentrate on things such as sales, marketing, and customer retention since those are the things that return more money. Financial tasks such as balancing books tracking expenses can tend you away from other revenue-generating projects, which can affect your bottom line. If you have doubts about whether to choose someone to help with accounting tasks, look for the telltale signs that it is time to take that step. Look out Your Priorities Your business is an outcome of your vision. Admittedly, there are things you do really well, but it’s challenging to manage every perspective of your business yourself. By striving to be everything to everybody, y...

Accounting is the Life Blood of Business: Accounting is the lifeblood for the stable operations of the business. Capital is essential, but when there is no precise system for maintaining check and balance. And to know how banking is going in and out of business, businesses cannot run efficiently. We need a healthy accounting system in business because only then companies can grow and flourish. Accounting is the backbone of the business world. If there were no accounting, the trading world would have been a disaster. Accounting was being created in answer to the growth and development of trade and commerce in medieval times, and it has been moving on since then. Research infers that it was Italy, where first accounting entries were done. 1494 was the first time the accounting business was published by a Venetian monk. Accounting is an ordered methodology that involves procedures for record-keeping and accounting has been around for as long as business and trade industr...

The introduction of Value-Added Tax (VAT) in Dubai, a traditionally Tax-free jurisdiction, draws with it several opportunities and an equal number of challenges. It is among the most complex and demanding tax systems that companies find hard to cope with. A trained professional who can supervise you on the pros and cons of the system and who can act as a mediator between you and the Federal Tax Authority is more than mandatory. They will aid you through the various phases of VAT implementation in UAE and will also aid in achieving tax compliance, carrying out legal activities, managing records and preparing and filing a VAT return. They are trustworthy and ethical, but you need to ensure that you appoint the right one. The VAT in Dubai, UAE GCC countries have decided to implement value-added Tax within the entire region through a written agreement inked by all member countries. UAE has already put into practice the VAT laws and rules with effect from January 1, 2018, togeth...

Business Plan & Feasibility Studies The Auditor is the part of your business even before you start the business. With an extensive experience of working with different industry and clients, Auditor helps you build a Business Plan for your investments and relieve you from the stress of rigorous Market Research. With our engagement, you get your requirements like Market Analysis, Demographic Study & Feasibility Report as per your requirement. Auditors do various feasibility studies and derive different financial ratios for you to acquire capital and make wise investment decisions with the results. Due Diligence Audit Considering the idea of Audit Services In Dubai , it stays at the forefront of finance. Trying into the explanation of the particular meaning of Auditing, it deals with the review or analysis, of a process or quality system, to confirm compliance with requirements. An audit will apply to an entire organization or can be specific to a functio...

Imagine you have successfully established your dream business during a national or international market. Currently your business can enter into multiple transactions each single day. It’s impossible to remember of these transactions, but there's a mandate to manage them, and that’s where bookkeeping comes into the picture. Bookkeeping is the method of recording daily transactions that ensue in a business entity once its incorporation. It’s often misunderstood with the term ‘accounting’ or even touted to be same. Accountancy is an accounting tool that builds the muse of accounting by building and maintaining business records whereas accounting, on the opposite hand, may be an abundant broader construct and it analyzes these records. Method and need of bookkeeping Services for Business Entities The most preferred technique of accountancy is the double-entry technique, wherever every dealing is recorded doubly within the 2 corresponding accounts at the same time. The ent...

The Dubai, UAE, cabinet has approved the entire list of all the administrative VAT Fines and vat Penalties in UAE that may be imposed on businesses for violations of the VAT laws. Administrative penalties are additional amounts imposed on a taxable person for breaching the provisions of the VAT Law. The following are some of the steps which i nvite administrative penalties under VAT in UAE. Actions on Administrative penalties under VAT in UAE All actions inviting penalties under VAT Administrative penalty (subjected to change) When a taxable person, fails to display prices inclusive of VAT 15,000 AED Failure to notify FTA regarding the charge of tax based on margin 2,500 AED Failure to comply with maintenance of the record of goods within designated zones or moving them to other designated zones Higher of 50,000 AED or 50% of chargeable tax Failure while issuing a tax invoice or an alternative docu...

You must be seeing the term – Cloud Accounting in Accounting companies in Dubai fairly often recently and wondering what it is anyway. In easy words, it’s a brand new approach of accessing your accounting software system from the net browser without really installing it. It’s also cited as online Accounting Firms In Dubai . We tend to already use such ‘online softwares’ delivered as services like web banking, email, file sharing sites, etc. Before going into a lot of details, lets 1st perceive what cloud computing is. Cloud computing could be a term accustomed refer to a model of network computing where a program or application runs on a connected server or servers instead of on a local computing machine like a laptop. This hosted application is accessed by any web enabled device like computer, tablet or a smartphone. Rise of Cloud Accounting: Given the rise of cloud accounting technology in cloud companies of Dubai, the power for accountants to move and work more...