Use an enhanced invoicing system- Using an upgraded and automated invoice technology that can provide your business with the potential to process authorized invoices electronically is the need of the hour. Creating invoices and billing can turn out to...
The companies that are resident in the UAE will be subject to corporate tax on their worldwide income, including capital gains. However, certain forms of income will be exempt from the UAE corporate tax to avoid instances of double...
• Ensure to collect taxes- It is the responsibility of a businessperson to collect taxes. It is uncomplicated for local businesses that collect payment at the point of sale. But it gets complicated for businesses that accept credit cards...
• The auditors may not be well prepared: At the beginning of a year, when the audit dates are published, auditors promise themselves to be well prepared for the audit and also to execute it differently from that of...
The importance of internal audit for a firmInternal auditing is an activity that is independent and consultative to add value to the operations of the organization. Management can improve internal control with the help of an internal audit. It...
• Lack of management support: The audit manager must make sure that the senior management understands the importance of auditing. One must communicate the cost of audit observations with the management and also the greater cost of not responding...
Finance is the lifeblood of every business concern. Even if the entrepreneurs have innovative ideas but lack adequate funds, then such innovative ideas cannot be converted into any business concern. For the smooth flow of business and survival in...
How to Prepare the Financial Statements for the UAE Corporate Tax?The businesses are required to prepare the financial statements using accounting standards and principles that are accepted in the UAE. It is imperative to use the financial accounting period...
Calculating the taxable income will be one of the key concerns of business owners when the UAE corporate tax comes into force on June 1st 2023. Although spancom in Dubai can help you to calculate the taxable income accurately,...
The next step involves Assessment of risks, where the auditor evaluates the organizational risks associated with the company. By obtaining knowledge and having relevant skills, the auditor can point out the exact sector of the company where the risk...