Six Ways To Simplify And Optimize Your Small Business’s Accounting System Entrepreneurs having a fair knowledge about the importance of the accounting process often aspire to build a robust accounting system in their organization. Many entrepreneurs in Dubai seek to emulate larger businesses in their pursuit to build an accounting system for their small businesses.
Maintaining proper books of account for at least 5 years is mandatory for the companies as per the UAE Commercial Company Law 2015. Many free zones in the UAE has made it obligatory to their companies to maintain their company accounts and get the audit done from approved & listed accounting & audit firms in Dubai &
Top Ways to Ensure your Company’s Annual Audit Goes Smoothly As an entrepreneur, you can’t undermine the importance of the critical audit report provided by auditors in Dubai at the end of the audit process. The audit report will be used throughout the year as an important document of communication with investors, banks, shareholders and licensing
Who are Tax Agents as per UAE Law? The Federal Law No (7) of 2017 on tax procedures specifies the appointment of a tax agent to represent taxable persons before the Federal tax authority (FTA) with regards to his tax affairs and taxable obligations. Federal Law No. (7) of 2017 on Tax Procedures states tax
Only a week is left for filing the Economic Substance Notification in the UAE. July 31, 2021, is the official deadline given for the UAE companies ( mainland, free zone & offshore) to submit the ESR notification on the Economic Substance Regulations (ESR) portal if your company’s financial year-end is December 31, 2020. If your company
An Accountant’s Guide To Monitor Financial Growth Of Your Company Finance can be intimidating for upstart entrepreneurs but failing to give it due care will steer your business into the wrong trajectory. Tracking the financial performance of your business regularly will help you ensure that strategic decisions are taken on time. Accurate financial reporting and
Top 5 Mistakes to Avoid while Building AML Compliance Framework As the UAE has started bolstering its efforts for a more transparent economy, the businesses are required to enhance their compliance programmes. The government has started cracking down on entities that fail to abide by the Anti-Money Laundering and Combatting Financing of Terrorism (AML-CFT) laws. The
Top Tips To Improve Your Accounting Strategy During Economic Downturn Small businesses are always at the receiving end of economic uncertainties and are hand-to-mouth because they have no futuristic approach to save and build the reserves for uncertainties such as Corona-19. When Covid-19 hit across the world, many small businesses closed down due to cash flow troubles. Economic
Smart Accounting Strategies Every Startup should Adopt in 2021 Startups and SMEs are the backbones of every economy. The UAE has built a favorable ecosystem for startups and small businesses over the years. Yet, along with the stories of startup successes, there is an alarming number of startup failures as well. We can attribute the
Making Budget for Startups: Top Insights From UAE Accountants Preparing a solid budget is essential for the success of every business including startups. A budget, in essence, forms a foundational framework for your company finances. It details past performance and provides you with a tool to forecast the fiscal years, or a given period, with