Accounting practice involves the day to day gathering and recording of financial activities of a business. Technology evolution has presented opportunities for efficient modern accounting practices. They include:

Use modern technology to store and manage financial activities

Use up-to-date software to record and store financial activities rather than doing it manually to avoid loss of data. You can also save time and reduce costs by emailing your client’s invoices rather than printing and mailing.

Ensure your financial information is always accessible

Modern business activities can be done anywhere and at any time. This is

In today’s business world, many companies are choosing to outsource internal processes and departments to third party specialty companies. Why should you outsource? Outsourcing saves time, resources and money. It also allows employees and management to focus solely on company’s development and income generation. Business owners most often choose to outsource departments which do not handle core business functions.

Information Technology is a common area where businesses decide that outsourcing is a better decision than maintaining an internal department. This can be one of the most expensive facets of a business

Setting the price for your goods and services can be tricky; you want to offer a price that is profitable, but still competitive. And the truth is, most small businesses don’t have a single, set price for their product. The final price is negotiable, depending on what the customer is willing to pay and the business value of the sale.

When negotiating a price, or when a business grows enough to have salespeople who will negotiate on your behalf, the difference between a margin and a markup becomes critical. For small

Planning is one of the fundamental necessities of human endeavour, especially in the business world. To make your organization successful, you must have clear ideas concerning its overall purpose and capacities, the business environment, including the market, and the goals you wish to achieve. Without a clear written statement outlining concrete goals, the company’s direction and purpose remain unclear, so how can your degree of success be measured and evaluated?

Your business plan should state the organizational-legal structure, describe the target market, offer a description of the products offered, and

Factors to Consider When Doing Taxes in UAE

UAE has been among the few countries in the world whose accounting and tax compliance is less complex, but with the planned VAT introduction in 2018, accounting complexities are bound to arise. Here are some of the things entrepreneurs should watch out for when doing taxes in UAE:

Don’t do it alone

Entrepreneurs take pride in managing every aspect of their business. But when it comes to taxes, you should definitely look for professional help to avoid unnecessary penalties.

Keep your accounts separate

This is a challenge

An annual audit is one of the most significant tools in any financial institution. Auditing is simply a thorough evaluation of the institution’s efficiency, appropriateness, and overall performance.

As an entrepreneur or a business owner, deciding to contact an auditing agent at the end of the financial year or immediately after financial mismanagement suspicions are the best verdict. This step is essential in managing financial resources. Setting the precedent now will make it an inevitable routine in future, resulting in a well-organized association.

In addition to protecting your institution’s financial assets,

On January 1, 2018, a Value Added Tax (VAT) of 5% will be added to consumer goods in countries that are a part of the Gulf Cooperation Council (GCC). In the UAE this tax is expected to increase revenue for public services and decrease the country’s dependence on funds from oil and other hydrocarbons.

According to Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, the first step businesses need to take to comply with the new tax is to create an account online via

VAT or value-added tax is a tax levied on the consumption of services and goods. Currently, it has been set at 5 percent in all the GCC countries and is seen to be the lowest levy across the globe. There are countries that charge a VAT that is as high as 20 percent.

The tax gets levied across all stages present in the supply chain. This means that each business present at each point of the chain will get taxed – from the manufacturer, wholesaler, to the retailer. But there are

It is highly refreshing to note that there is an increase in the number of small businesses across GCC countries. But even as more people continue to venture into the world of business, accounting continues to be a major problem for many startups. Accounting is one of the numerous back-office tasks you never get the chance to think about when you decide to venture into business. This is despite the fact that it is an integral part of your business, which can make it very hard to be successful. But