The proposed UAE Corporate Tax Law will treat the UAE investment funds and foreign investment funds, which are structured as unincorporated partnerships, as fiscally transparent. This is in line with the international tax treatment of such investment funds. It...
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Not reconciling bank is one of the bad habits small business owners must ditch to ensure business success. Regularly bank reconciliation is critical for your small business to detect errors, prevent fraud and verify cash flow. If you are...
Accounting firms in Dubai advise you to perform bank reconciliation at least once a month. Most businesses carry out bank reconciliation after the end of a month as banks usually send monthly statements at the end of the month,...
Lean accounting can be considered an extension of lean manufacturing and production. Lean accounting is designed to optimise and improve financial management practices within an organization. Lean accounting is an extension of the philosophy of, which has the stated...
Finance and accounting teams in an organisation usually execute the following steps to prepare a bank reconciliation statement:Step 1: Compare the bank statement with the general ledgerStep 2: Adjust the general ledgerStep 3: Adjust the cash balanceStep 4: Compare...
The UAE corporate tax regime is set to become effective from June 1st 2023. However, many investors are still unaware of the proposed corporate tax’s impact on their businesses. Lack of adequate preparation may result in compliance failure, attracting...
All entrepreneurs start their businesses to make a profit. However, knowing how much your business spends is critical to determine whether you are making a profit or not. This is where cost accounting becomes significant to businesses. It enables...
Cost accounting is composed of three principal elements such as materials, labour and overhead. We will discuss the se items individually as stated below:1. Direct and Indirect MaterialsMaterials, a key element of cost accounting, are divided into direct and...
Companies often seek additional investment from outside when they want to fund their growth or save it from financial collapse. However, an investor may ask you to see a full valuation report of your company. Potential investors will also...
Business owners, at some point in their growth journey, may think of selling their companies, Many startup owners start a business only to sell it to big companies when the value of their business increases. If you are thinking...