Benefits of Professional Bookkeeping Services, Bookkeeping, an essential subset of accounting, can often be a headache for small and medium-sized enterprises (SMEs). Recording and organizing financial transactions daily is time-consuming and demanding. Taking away precious hours that could be better spent on core business activities. In this digital age, many businesses in Dubai and around the world are increasingly turning to professional bookkeeping services to help manage this crucial aspect of their operations efficiently. So, what exactly are the benefits of entrusting your bookkeeping to the pros? Let’s dive into the top seven advantages.
The ability to identify common errors while filing UAE VAT returns in the United Arab Emirates (UAE) is a crucial financial obligation for businesses. It ensures that the government collects the correct amount of tax and prevents unnecessary penalties. Here’s an in-depth look at common errors businesses often make and why avoiding them is essential.
The importance of cash flow resides in the important aspects that can make or break the business. Cash flow determines the stability of a small business in the end. The cash flow of small businesses needs to be sufficient to cover everyday operations, handle unexpected expenses, fund growth opportunities, or adjust to other business irregularities. Without a sufficient buffer of cash, any of these factors could result in a cash flow gap.
The Ministerial Decision No. 73 of 2023 has been issued by The Ministry of Finance (‘MoF’) on Small Business Relief in accordance with Article 21 of the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (‘Corporate Tax Law’). This relief will apply only to UAE Resident juridical persons or individuals below the specified threshold.
We have been working with SMEs for more than 8 years. More than a specialization, we are an SME. That is why we particularly understand SMEs’ challenges and needs. One of them being the need of customized financial management, adapted to the stage of development of the company.
To better serve this need, we tied multiple partnerships with leading, innovative solutions that will help your company handle everyday-problems hassle-free.
How to assess the financial health of your company? What indicators can you use for financial analysis?
As a CFO services provider, we provide financial KPI’s for our clients. These indicators are of great use to analyze how your business is doing. They also help us find progression margins for your company.
Here are a few indicators that we often use in the financial dashboards that we build for our clients.
Corporate networking is an essential aspect of modern business operations. It involves building and maintaining relationships with other businesses, industry professionals, and potential clients. Networking can help businesses to grow, improve their reputation, and gain access to valuable resources.
Business planning, reporting and accounting can be challenging for a business of any size, but even more so for a business in its early stage of development. For a startup or an SME to grow, it is necessary to have access to the same resources that any large company would. However, this raises the issue of cost. Hiring specialists for each department – if feasible, be it in HR, sales or marketing, may strain your budget and be time consuming. Outsourcing expertise and CFO services, even part-time, may be the answer.
Startups and SMEs are no strangers to the challenges associated with efficient bookkeeping and financial decision making, and without the right support, can easily fall subject to various accounting nightmares.
Seeking out a business advisor that understands the stage your business is in and what it needs to grow, would benefit a business of any size. Startups and SMEs are particularly vulnerable, whether due to their lack of capital or experience in the market and would benefit greatly from an experienced third-party advisor.
A VAT health check is a type of VAT audit used to detect any risks and errors in the VAT by studying and evaluating the previously filed VAT returns and VAT refunds. It is important to ensure that this is both accurate and current. If not, your business may employ outdated client information and consequently, make a financial loss. The taxpayer is responsible for ensuring that all their items are aligned with FTA guidelines.