You Should Follow These 5 Simple Accounting Tips if You Have a Startup

Accounting firms in Dubai

Where startups are concerned, it’s of utmost importance that they keep a close track on their finances, because this is one of the major reason most startups fail to achieve and tend to fail. To keep your business secure, its best you put accounting practices in place which will help you set the strategy for your business – and here we’d like to share with you a few accounting tips to start off with…and incase of any doubts, you must be aware that there are some of the best accounting firms in Dubai, ready to help you out.

  • Don’t directly go for big – It’s advisable to start small, startups don’t really need complicated accounting software, which then becomes difficult to track as well – so it’s best to go for something which you understand, and which can help you take crucial financial decisions, without hampering your business.
  • Learn the basics of accounting – Well, you don’t need to go into the absolute details, for there are audit firms in Dubai – but you must know the basics, to be aware of the basic questions to be asked when you look to outsource services from auditing company in Dubai.
  • Learn to budget – It’s a startup, and there will be a cost factor attached to everything you wish to do, or will be required to do. So budget it all out – because the same set of services can be available at varied costs – this will help you align your expenses and at the same time, help you understand your profit levels.
  • Conduct Market Analysis – It’s of crucial importance to conduct a market analysis, to understand your competition, to know more about your target and to take informed business decisions. This will help you in tough times, always. So as a thumb rule – always know your market when you venture into something new.
  • Strike a balance – While it’s not advisable to pay little attention to your finances, it is not advisable to make them complex either. Get basic software, educate yourself on the basics and post this, get in touch with a professional accounting firm in Dubai who can make this possible for you.
Audit firms in Dubai

Last but not the least, one of the best practices to follow is to fix the mistakes if you find any – mistakes do not mean the business has failed, it just means it requires a certain amount of tweaking.

Also, for expert accounting services, check out TRC Pamco, a leading boutique audit firm in Dubai – who can help you out with their team of experienced and informed professionals.

For more information and ideas about Vat consultants in UAE , please follow the link.


6 Things You Should Prepare for Your Auditor Before an Initial Audit

Accounting firms in Dubai

Audits can be extensive and exhaustive, but more often than not – it helps you with a clear picture of what needs to be improved, or what changes will prove beneficial to you as a business. With UAE making annual audits compulsory, it’s even better to hire an auditor who can help you out the truth about your business. There are various accounting firms in Dubai who can lend you their auditing services with expertise, and it’s about time to hire one! However, before hiring an auditor, there are a couple of important things one should prepare, here we’ll list it out for you.

  • General Ledger: Do you also use QuickBooks? Simply export your ledger to excel or send a backup copy of your QuickBooks account to the auditor. This will help them determine the amount of activity which they need to undertake.
  • Loans, leases and all material contracts: Accounting standards have a requirement for declaration of all loans, leases, material contracts – so it’s best to share this in advance with your auditors so they’re aware, and can fill out the necessary details. Material Contracts include long-term agreements with suppliers or customers, officer employment contracts, buy-sell agreements, etc.
  • Board Minutes: This only implies for board minutes for when the company was under audit, since these contain information related to financial statements.
  • Trial Balance: This is of crucial importance, as this will help them trace back data stated in financial statements, which will give them a clear picture into your business. Audit firms in Dubai require this information to help you with clear and brief audit reports without too many doubts or questions.
  • Payroll Reports: This one is dependent on whether or not you have employees – but if you do – this becomes an important document to share, since they will need it for testing of wage expense.
  • List of fixed assets with invoices: Another important document especially if you’ve had significant fixed asset purchases prior to audit.
Auditing companies in Dubai

Don’t forget to check out TRC Pamco, a leading consultancy, vat firm, tax firm, and Audit firms in Dubai.

How to Manage Auditors When They Come for an Audit?

More often than not, companies rely on auditors to help them with correct financial information and decisions, with reconciling accounts, and writing financial statements. The relationship between accountants and auditors has evolved quite a bit with the management urging all to work closely with auditors.

The relationship between an auditor and company management is one that filled with a bit of friction, given their different roles – although both strive for the same result. Standard and regulatory authorities require the auditor to be independent which doesn’t always go down too well with the client/company creating a very different viewpoint of an auditor. While the management expects a fully independent report on the financial performance of the company, in compliance with accounting standards and tax laws, they seem to be disappointed with the auditor If that’s not the case.

With the introduction of VAT in the UAE, there has been a lot of debate on the matter regarding VAT consultancy firms in Dubai, and whether or not the companies operating here are tax compliant or not. Here is when the need arose to partner with audit firms in Dubai, to avoid any legal issues.

Tax Firms and Vat firms also like to avoid conflict as much as possible, but clients tend to miss out on this very important fact. In fact, the truth it, most auditors actually wish to avoid this confrontation, they just believe that their audit must have minimum issues and their judgements should be in sync with that of the management.

While working with auditors, it’s best to be transparent and provide them with all the support, as they will be the best ones to help you with the financial condition of your business and help you take all the right decisions in your business. Knowing what’s happening to the business is good, but having it on paper in all its glory helps you understand where exactly you stand.

While there are many accounting firms in Dubai, there is TRC Pamco, a boutique consultancy firm ready to assist you with any accounting and assurance services which can help you grow your business further, while keeping in compliance with all the tax laws.

For more information and ideas about VAT Firms in Dubai, please follow the link.

Financial Audit Procedures for Small Organizations

It is important to conduct an audit of your company, because the auditor gives an independent opinion about the company’s financial position and the trustworthiness of its financial statements. Tax firms undertake company audits to ensure proper compliance of accounting policies and procedures, effective management of organization, efficient control of company assets and so on. 

There are numerous audit firms in Dubai, providing audit and tax services. The audit firm you choose can perform both internal and external audit procedures for your company. The audit strategy prepared by the tax firms basically cover all terrains of the organization. The strategies used for large organizations may not be practical for small firms as they do not need to get as extensively audited as large companies.

Auditors of small companies face many challenges while undertaking the audit procedures. The tax firms, or the accounting firms in Dubai get significantly involved in the audit planning process before the audit gets started. Auditors perform several procedures like inspection, observation, inquiry, external confirmation and recalculations to obtain required audit evidence.

 The audit procedures carried out by tax firms or VAT firms include the physical inspection of accounting records and the confirmation of their correctness with the relevant documents and vouchers available. The main purpose behind the inspection of accounting records includes the detection of omissions, errors or unusual entries in the financial statements. Minutes of the Board of Directors meeting is the documentation of decisions and motions undertaken during board meetings, annual meetings and committee meetings.  Audit procedures includes the inspection of the minutes of the year of audit as well as minutes for subsequent years. Fixed assets’ verification is another essential area where asset registers are inspected by the tax firms to ensure that accurate record of asset additions, disposals, depreciation are maintained on an annual basis.

TRC Pamco, a reputed and qualified audit firm in Dubai, specializes in providing reliable accounting and audit services, VAT consultancy, Bookkeeping, Business set up services and other professional services in UAE. The highly qualified and experienced accounting and audit team offers a wide range of professional services to the clients with a promise to keep up the highest standards of integrity and ethics.

For more information and ideas about Vat Firms in Dubai, please follow the link.

7 Local Marketing Ideas for Accountant

It’s true – an accounting firm also needs to market itself. The industry has been undergoing so many changes, and with small firms believing they don’t need an accountant – it might be time to refurbish some of the old thoughts of accounting companies in UAE. To help you innovate and improve your strategy, we bring to you 7 marketing ideas that will help you.

Chartered Accountants in Dubai
  1. Speak at Industry Events: This will help you stay relevant and in the loop. This is also a very important exercise to build credibility. When you’re up there on the stage, you’re automatically considered to be an expert – which means companies can rely on you. While you’re in this process, consider collecting information – to conduct follow ups.
  2. Local Search Results: Ensure your firm shows up in search listings – which means you’re present when someone is looking for an accountant.
  3. Networking Events: This is where you build relationships and meet potential clients – when you share your business card – include a small note, a small call-to-action, which will help them get in touch with you. Your message can vary depending on the kind of event or clients you’re reaching out to.
  4. A responsive website: Nowadays, with everyone just looking up information on their phones, it’s essential to make your website design responsive, which means it must appear perfectly on the phone as well as the desktop. A clear website with relevant call-to-actions can be a powerful attraction for prospects looking to engage with you.
  5. Sponsor local events: Along with your clients, sponsor local events – this will help you leverage your client along with building your brand name. Brand building is extremely important in the life of an accountant, as that is what prospective clients will be looking out!
  6. Host seminars: This one is to attract people within the same field. Hold seminars based on relevant topics, which will help potential clients learn some tips. While the goal remains to make more clients – empowering them will make them believe you can do it better, as you include a few ways in which you can help them.
  7. Testimonials: Go after them, if you aim to acquire new clients. This builds trust and is a proven strategy to gain more clients.

While there are many auditing and Accounting Firms in Dubai, you must go for someone that is reliable and can offer end-to-end services. Here is where TRC Pamco steps in, a leading accounting and consultancy firm in the UAE.

Acquire the Best Assistance of our VAT Consultant to help your Business

With the introduction of VAT in Dubai, there has been a lot of chaos within organizations with understanding the many requirements and regulations around VAT. However, with the number of VAT firms in Dubai, it’s also become far simpler to use this to your advantage and help your business grow. It might be daunting to decide whether to have an internal team or hire a team of consultants – because companies tend to feel they will be in a vulnerable situation when their financials are exposed to external consultants.

However, instead of being bogged down by the consultant’s expertise, it’s advisable to use it for the company’s benefit. TRC Pamco, a leading VAT firm in Dubai, offers exceptional VAT services with a team of knowledgeable professionals.

The role of a consultant is to ensure that the business continues to grow in regard to the strategies, trends, methodologies etc. Along with this, the management will be inundated with questions but they should use this and ask for in-depth explanations which will help them in the long run.

The next task would be selecting a tax firm in Dubai, but it’s essential to go for someone with the complete expertize, one who would understand your business and its goals.

At TRC Pamco, they’re dedicated to being there 100% for your business, which means you can have the time to dedicate yourself to other important aspects of the business, ensuring hire profitability.

For more information and ideas about Vat Firms in Dubai, please follow the link

Key points about VAT Registration in UAE

Ever since value-added tax (VAT) has made its way to the UAE, businesses have been having a tough time keeping up with the various conditions put up by the Federal Tax Authority (FDA). We’ll highlight the few points that you need to keep in mind regarding VAT registrations, since businesses are required to comply with the law. There are good tax firms in Dubai who help you make this process simple too.

Tax Firm in Dubai
  • If your supplies exceed 375,000 then it is compulsory for you to do a VAT registration. However, if you do not meet the voluntary registration of AED 187,000 then you aren’t required to register for VAT.
  • Natural (legal) persons need to register for VAT if their supplies reach AED 375,000.
  • The Tax Registration Number (TRN) is extremely important for carrying out any business transactions. In this case, the VAT registration certificate isn’t as important, the TRN will work.
  • If your business is not registered with FTA, you cannot have your goods and services b taxed. These companies cannot issue tax invoices either. However, they are still expected to pay tax on any imported goods.
  • FTA requires a number of documents from the businesses to help them get fully registered for VAT – like the trade license copy, the partners or the business owner’s passport copies, Emirates ID, company’s address, contact details, Memorandum of Association, bank details, income statement, business’ experience and the owner’s contact details. These are just a few documents, there could be a requirement of any other document for which you will be informed well in time.
  • The mandatory threshold for VAT in the UAE is calculated basis the total business revenue generated by a business on taxable supplies over a period of 12 months. This is calculated on the value of goods & services, not on profits.

While these are some important points, there are a lot more regulations for VAT registration, and it’s important to stay in compliance with them. TRC Pamco is a VAT firm in Dubai who makes this process simpler for you!