Standard Operating Procedures – A Key to High Efficiency

In a business set up Standard Operating Procedures commonly referred as SOP’s are instruction manuals that can help lead your setup into an efficient working system that can strive forward.

4 Quick Tips on how to create an SOP

Standard operating procedures refer to the step by step instruction manual that helps your business organisation run its operations efficiently. The step by step instructions are designed differently and separately for every task that has to perform in a company. All SOPs must be clear, concise, and easily understandable so that the tasks can be performed in an efficient manner without time being wasted in confusion upon technical terms or unclear descriptions.

Now let’s talk about the tips.

  • Good and effective communication with department heads

Different tasks have different merits and different requirements. There is no one shoe fits all while working in an organization. Talking to the department heads gives you insight on all the activities and special events that are going around in the company. Every department head is well acknowledged with the nature of those working under them. Consulting them can give you the best ideas on how to construct the SOPs with the best practices and methods that can help handle challenges and situations. It’s a good practice to take disagreements as positive outcomes of meetings as they jus help u gain more knowledge on how to go about to avoid further problems.from the communication with the heads you can outline the most essential policies that will allow you to smoothly run your business and achieve the desired level of profits.

  • Organizing the outline you’ve made

Organizing the outline in a logical manner is very important. The most effective way in many cases is to number them out. This is of major help as it instantly references major and specific policies from different sections in the document. Having clear numbering with subsections is a great way to collect everything in one place in an organized manner. Having a glossary is useful so that all terms are understandable to all. Having an index can also help to look for specific sections in the document.

  • Assess the clarity of your SOP document.

Before making a final document and circulating it within the organization it is important that you make sure that all policies and instructions are clear and easily understandable to all. An easy way to make this assessment is to check whether a newly hired employee can understand the instructions that are quoted on the document. If new employees have problems deciphering it and continuously make errors you may need to revise your document so that it is less confusing and more effective.

  • Consult with your counseling firm.

Having a counseling service review your document can help a lot as they have experts that can review your document and guide you on what you need to do. They can more easily identify where you are making errors and can help guide you with how to create processes and procedures that are designed as manuals for payroll, HR sales, purchases, etc. They also provide guidance for initiating internal laws for staff training.

 

Accounting Software – Process your data faster now

Accounting Software

With advancing times we have newer problems to deal with. An accounting software might just be the answer to it.

The solution to your accounting problems

Having accounting software can help solve many of your problems. The traditional role of an accountant is now changing. While previously an accountant handled all operations in the accounting department now with advancements majorly they have to overlook the results of accounting software and make sure that all values add up and are in a continuous flow with everything.

You don’t just have to keep your books in good shape but it’s also important to make sure they are in the correct shape. Having software can help lower down the burden of smaller tasks and can instead help to focus on more core functions.

3 reasons why you need accounting softwares.

  • Protects the security of your information:

Accounting softwares help keep your private information secure. It protects your data from becoming public domain and helps keep all your information confidential and within the business organization.

  • Ease of use and improved business performance.

These softwares are user friendly and like many other technology software’s that are being developed they do not require the user to have extensive skill in computers to use it. It makes it easier for accountants to process and overview of the results produced by these softwares.

With these softwares also comes greater accountability to deliver.

  •    Business schedules and cost-effectiveness

The cost structures of accountants vary differently and differ from hour to hour on various firms. Having an accounting software helps you continue with your accounting procedures and you can enlist the help of accounting firms to hire accountants to overview the results of the software.

While human beings have a limit to which they can work, accounting softwares can run 24/7. There’s simply no limit to it. So if you have a pending deadline that requires your accounting results to be available then an accounting software is your way to go

VAT and all you need to know about it.

UAE has always been considered as a hub for investment opportunities. Investors from around the world are attracted to the many new chances of investment which continue to emerge from this place. In 2018 the UAE government imposed VAT ( Value Added Tax) which was the implementation of 5% tax on goods and services. Cost of living in the UAE, at this point, saw a slight rise.

 

Criteria:

In order to be eligible to pay VAT there is a certain threshold that needs to be met with. While registering for the VAT with the federal tax authorities in dubai it is the individual owner that registers for it with their Emirates ID so accountability falls completely on the individual and not the business entity that he or she owns.

The eligibility to register for vat depends on the company’s turnover. If the turnover of the year is greater than 375000 AED the company has the option to voluntarily register for VAT.

After registration with the FAT of UAE you will need the help of experts to help keep track of your accounting books and that is where the Expert accounting services come in hand. The accountants are generally experienced in 20 years or more of britsh VAT system which is almost similar to the UAE vat system. Vat records are generally required to be kept fo some years yto avoid penalties

 

Penalties

Consultants are important when it comes to handling VAT. They help avoid penalties and overlook the documents and figures that are submissited to the FAT. they are well informed about the procedures and requirements of the entire process.

 

The need for an accounting software

VAT compliant accounting softwares are generally used to help manage invoices, generate bills,and manage all the tax rates and reports.

They make it easier to track your deadlines and have a team of expert accountants that overlook the entire information reports generated.

 

So unless you have an alternates that exempts you from the VAT having an accounting software and expert accountants helps cater to the financial needs of the company. It helps avoid penalties that are taken as a serious offence by the FTA of UAE.

 

Reasons why a CFO is exactly what your company needs.

Cost efficiency:

There are many accounting firms in dubai that offer CFO services full time, however hiring a full time CFO is something that doesn’t really fall under the budget of a newly set up business, however that doesn’t mean that it is not of importance. Having someone that can overlook the accounting books and finances is highly important especially when it is linked to SMEs in a place like dubai where making the margins meet the right way is important to keep your business on track.

Payments are done on an hourly basis hence every time your business needs advisory or consultancy on financial matter profit plus accountants are available to provide these services.

Hiring part time CFO helps save a lot of cost. In months where their services are not needed you don’t need to pay them a fixed salary. Adding to that other expenses such as employee incentives and bonuses are also saved up.

 

Budgeting- an important aspect:

When setting up a business every owner/ entrepreneur is diligent and well informed regarding the markets and their product. This however does not mean that when it comes to accounts they won’t need any help. Inorder to make a business grow it is necessary that proper budgeting is done. Having a service support where you regularly receive balance sheets and profit and loss accounts helps keep you updated and provide you with enough time to focus on your business. The CFOs hired from Profit Plus Accountants provide you with such management services that can help foster development.

 

Keeping your business in a system- Internal Auditing

To make your business consistent and grow further internal audit reports are a necessary part of the equation. Auditing is the inspections of all accounting books and physical inventory that makes sure all transactions done are recorded in the right manner.

SMEs generally have limited funds so keeping them under the right process is the key towards making it a success. Leaked sales is a major concern for many businesses. Hiring a CFO solves this problem as they review all accounting processes, check audit controls and also audit the sales and marketing of your businesses. The added bonus that businesses have by hiring part time CFOS is that they get these services whenever they feel like they need a review of their books.

 

Experts in vat:

Unless you have an alternate license in Dubai, such as freelance or LLC or you are acquiring profits from outside of UAE, you are eligible for VAT payments.

Many people do not know that the UAE VAT system is similar to the UK and EU VAT system apart from a few minor adjustments.

In the scenario that your turnover is AED 375000 or above you must register for VAT payments. Once this is done the expertise of CFO comes in handy as they help explain and derive strategies to keep the business on the good side of customs and HR revenues. To avoid penalties there must be a proper consistent record of all VAT paid or received when they invoice customers or are invoiced by suppliers.

Profit plus accountants provide you with experts who have nearly 20 years of experience in dealing with the British VAT.

 

Having a CFO helps deal with various strategic planning of schemes related to VAT, auditing services and management reports. To help a business grow these are essentials. Hiring a part time CFO helps businesses acquire expertise when they need them at their own convenience and Profit plus has been providing experts to 4 leading accounting firms. They promise reliable and responsible experts which can help tackle complex situations and cater to companies financial needs.

 

 

 

Part-Time Accounting Services: A Wonderful Alternative for Start-Ups in Dubai

CFO

In the last few decades, UAE has seen a remarkable investment boom. As a result, demand for accounting and bookkeeping services has skyrocketed in Dubai

That is unsurprising considering how the UAE government has been consistently following a policy of trade liberalization to draw in investors, entrepreneurs, and business owners to Dubai.

Aspiring business owners took to all the possibilities the ‘City of Gold’ had to offer and began the painstaking process of converting their blueprints into actual businesses

And thanks to the world-class accounting companies in Dubai, their books were the last thing they had to worry about.  This success story highlights the indispensable role accounting functions play in company formation and business setup.

Part-Time Accounting Services for Startups

Clearly, accounting and bookkeeping services are essential. It would be impossible to establish a business – much less run one – if you do not have updated financial records

At the same time, most start-up founders already have too much on their plates – and acquainting themselves with complicated accounting rules and conventions from scratch may not be the best use of their time.

Most business owners rely on in-house accounting departments or hire outsourcing companies to offer financial insights and keep their books in order.

While both these options work wonders for established businesses, full-time accounting is a ridiculously expensive option for start-ups and newly hatched SMEs with limited budgets.

Part-time accounting is the perfect solution for new businesses because it allows them to harness the benefits of accounting flexibly and economically.

Here are core reasons why you should consider availing part-time accounting services for your start-up (if you aren’t already!):

  • Save Money

Part-time accounting services have gained popularity in Dubai because they are more cost-effective compared to full-time services. Affordability is a major metric for startups that are just testing the waters or still in the incorporation phase.

If you establish an in-house accounts office, you will have to pay for the overheads, wages, and supplies. Similarly, an accounting outsourcing company may charge a fortune for handling your accounting tasks.

Part-time accounting is an ideal solution for such situations. Not only would a professional accountant be there to comb through your financial records, update your statements and ensure that you comply with financial regulations, but they would do it at a lower rate, allowing you to save money and invest it elsewhere.

  • Save Time

Part-time accountants have fixed work schedules. They will spend a specific number of hours working on your book.

Since part-time accountants have to do all that’s necessary to update your financial records within this window of time, they are great at meeting deadlines. Therefore, hiring the services of a part-time accountant is the best way to save time and get work done efficiently,

Also, if you have a professional accountant to handle your transactions and audit your records, you save time that you would have otherwise spent pouring over your financial statements.

  • Employee Training

Hiring a part-time accountant will help create a healthy organisational culture centered around knowledge sharing, allowing you to optimally utilize onsite human resources.

A part-time accountant will only work for limited hours, but they can provide training to your employees and help them develop an in-depth understanding of the core accounting functions your organization makes use of.

At Profits Plus Accountants, our expert accountants accomplish this by using Xero, a leading accounting software in Dubai that enables businesses to go paper-free and bring down their accounting costs.

Our accounting specialists teach your staff to use Xero to handle relevant tasks and generate financial reports, so the work does not get disrupted in the absence of an accountant.

  • Immeasurable Flexibility

Flexibility is one of the biggest plus points of hiring a part-time accounting expert. That’s because accounting tasks and requirements vary, depending on several factors including the size and nature of business.

Flexibility is especially important for new businesses that have yet to gather financial data, analyze their performance, and create internal protocols.

To hire a full-time accountant in Dubai, you will have to pay them fixed wages and enter into a year-long contract with them.

Part-time accounting is more flexible in comparison. The contracts are more short-term, and you can easily request relevant changes in your plan.

 

Profits Plus: Part Time Accounting Services in Dubai

Profits Plus Accountants is one of the leading accounting companies in Dubai. All our accountants are ACCA-qualified professionals with decades’ worth of experience. Get in touch if you want to know more about our part-time accounting services.

5 Ways Outsourced Accounting Can Benefit Your Dubai Business

Accounting is a time-consuming task that requires prior practice, knowledge of accounting conventions, and, most of all, patience and consistency. For the layman, accounting may be tedious and even boring but for the business owner, it is nothing short of a necessity.

Accounting is crucial for anyone running a business. It allows business owners to track their revenue and expenses, ensure compliance, and obtain valuable financial information that can be used to make core business decisions.

But while accounting is invaluable because it allows you to track your expenses, chart your revenues and set a direction for your company, it is like a whole new language that most business owners do not have the energy or time to learn.

That’s why they rely on professional accountants to navigate complicated accounting rules, carry out painstaking computations and help with financial goal setting. One way to do that is establish an in-house accounting department to handle your books. This can only be done if your company is financially secure and you can afford hiring an internal accounting team.

Setting up an internal department to handle accounts is not such a great option for small to medium enterprises (SMEs) and start-ups because of many reasons, budget constraints being one of them.  In recent years, many accounting outsourcing companies have sprung up in Dubai to assist such businesses with day-to-day bookkeeping, managerial accounting, auditing and more.

What is Outsourced Accounting?

Outsourced accounting is just like in-house accounting – except you’re outsourcing your accounting and bookkeeping tasks to a third party like an accounting firm in Dubai.

Your accounting company will then handle all your finances and bookkeeping tasks, much in the same way an internal department would have done.

Outsourcing your accounting is a great option if you own a SME or a new business. It allows you to benefit from expert input as well as all the features of internal accounting, but at a lower cost.

5 Amazing Benefits of Outsourced Accounting

Here are five reasons you should consider hiring outsourced accounting services  in Dubai:

  • Accounting Advice from Experienced Professionals

If you want advice from the most experienced professionals in the accounting sector, you should seek help from accounting outsourcing companies in Dubai.

The best accounting firms only recruit experienced accountants and financial experts with authentic field experience and diverse portfolios. Most accounting specialists working for accounting outsourcing companies are competent professionals who have worked with businesses from many sectors.

Compared to in-house accounting specialists who will only be able to resolve select problems associated with their field of expertise, professionals who work for outsourcing companies will be able to creatively engage with and solve a greater range of accounting problems.

  • The ‘Price’ Factor

One of the major advantages outsourced accounting has over conventional in-house accounting is lower cost. To set up an in-house department, you would need space and funding for recruitment as well as training. You may also require additional resources like accounting software and office supplies.

Once you have an in-house department that is functional, you need to pay a fixed sum to sustain it. This money would be spent on wages, supplies, and maintenance. In comparison, if you have outsourced your accounting function, you won’t need to worry about any of these expenses.

You can also save money by opting strictly for services that your business requires. Most accounting outsourcing companies allow business owners to pick and choose services they require and create flexible and bespoke accounting plans that cater to their specific requirements.

  • Ensuring Compliance

Accountants who work for outsourcing companies are never out of practice. They are well-versed in accounting rules and it is a part of their job requirement to remain updated with the latest accounting rules and conventions.

One of the key jobs of your accounting experts is to ensure that your business is complying with all the accounting requirements and regulations. In Dubai’s dynamic environment, staying abreast of such developments is vital, especially since not complying with rules can result in fines, penalties, and even huge financial setbacks.

Hiring an accounting outsourcing company can help you navigate the financial landscape in Dubai with relative ease and ensure compliance with legal requirements.

  • Boosting Productivity

Hiring the services of an outsourced accountant can lead to a boost in productivity. That’s because you have a panel of seasoned financial experts pouring over your statements and offering valuable insights about where to put in resources and where to cut costs.

Accountants do not only perform audits and offer advice, they also help organizations set realistic, concrete and data-driven goals. They will also help you budget effectively.

  • Effective Time Division

Bookkeeping is a complicated task that requires expert attention. If your employees are currently handling your financial records, outsourcing your accounting to professionals can help you save a lot of time.

Once you outsource your accounting function, you can redirect the attention of your employees to different essential functions and move towards effective time division.

 

Looking for Accounting Outsourcing Companies in Dubai?

Profits Plus Accountants is a leading accounting firm that offers a wide range of expert accounting services to businesses across the UAE. All our accountants are ACCA-qualified professionals with decades’ worth of experience. Get expert advice  now!

When to register your business for VAT; Voluntary or Involuntary

The world of tax as it applies to you and your small business is an incredibly important one, and yet often more than a little confusing; one of the areas that seem to confuse most is that of VAT (value added tax). Most business owners know that they must register their business for VAT but are a little unclear as to the exact rules. If and/or when one should register for VAT is a common question that many businesses would like a simple answer to. Most accounting firms in Dubai will offer you different types of registration, so be mindful of whom you pick.

There is in fact more than one type of registration, which is probably what confuses people; ‘compulsory registration’ is, as its name implies, the point at which the law says you have to register your business. Here in the UAE, this is when the value of your business’ taxable commodities and services reaches £70, 000 in a year. As well as the previous twelve months, the law also states that if you are aware that you will reach this figure in the next month you are also obliged to register.

You are obviously not obliged to register for VAT if your business does not reach this threshold, but many businesses do choose to do so; this is called ‘voluntary registration’ and it has both advantages and disadvantages.

One of the reasons that a business may choose to voluntarily register for VAT before they reach the UAE threshold is that when a business regularly invoices other VAT registered customers they are able to claim back some or all of the VAT charged on their purchases.

Voluntarily registering your business accounting for VAT can also improve your business profile by leading other businesses to infer that you have a much higher turnover than you actually do. This will open streams of business to you from those wishing to do business only with larger concerns as they include you in the mix.

However, once you have registered for VAT you will be required to submit a VAT return each year; adding to your business’ paperwork and form filling obligations will obviously add to your workload; something to be considered if you are a small business owner struggling with an already full-time table.

It is not recommended that you voluntarily register for VAT if your only customers are the general public, who cannot claim back the VAT that they pay, as you will have to add an extra 17.5% to your prices, which could make you uncompetitive, better then to wait until compulsory registration kicks in, at which point your larger turnover may allow you other ways to increase your commerciality.

Whatever size business you have, making a decision about when to register for VAT without first sitting down with your accountant and discussing all of the options open to you would be fool hardy to say the least; most accountancy professionals have a good working relationship with HMRC and an in-depth understanding of the benefits and disadvantages of each alternative, so use their knowledge to make the best decision for your firm.

In simple terms, you must register for VAT if your business is over the VAT threshold, but if it is under it you have a choice; choosing to register voluntarily is beneficial for some businesses and less so for others, but the ways in which this will affect your own business are probably best explored by someone with an understanding of its financial history and its future forecasts.

The main advantages of voluntary registration:
If you are charging business clients who are VAT registered themselves (not the general public), then if you choose to register for VAT this will represent “money in your pocket”, as you can claim the VAT back on some or all of your purchases. Your customers will not mind as they can recover all the VAT back you charge them on your invoices.

Being VAT registered is sometimes viewed in a more favourable manner by other businesses. They may assume that you are VAT registered because you have a higher turnover, even though that is not the case. In essence, being VAT registered could mean that other organisations view your business as more credible.

If you are a business where most of your supplies are zero rated for the purposes of VAT, then it may be worthwhile voluntarily registering, as you will be in a repayment situation each month and can claim the VAT back that has been charged to you.

The main disadvantages of voluntary registration:
If you register for VAT you will be required to submit VAT Returns, and also account for all the VAT on your taxable supplies and purchases, as part of your record keeping. This extra administration can cause a drain on your time and an additional stress if you are a small business.

If you register for VAT voluntarily but your customers are the general public, then you will need to add on 17.5% to your prices; they will not be able to claim this back and therefore this represents a real hike in the cost of your services to them. Therefore, from a commercial point of view, this may not be a good idea as you may price yourself out of your market.

Like all other decisions, as regards tax and accounts compliance, you should make sure that you fully consider all of the consequences before you make a final decision. It is crucial that you consult with your accountant, so that he can look at whether or not it would be beneficial for you to voluntarily register for VAT based on your own circumstances.

So, you’re looking for accounting companies in Dubai, or more specifically a VAT accountant, then check this out!

 

 

 

 

 

An Insight into why your company needs a CFO Service

CFO services can take your business to the next level, helping you achieve your goals much sooner. While larger corporations may be able to afford a full-time CFO and accounting team, small businesses have to allocate their budget wisely. Your organization can benefit from years of experience and financial expertise without having to commit your resources to a full-time CFO.

If you are looking for advice or guidance for your business or you need help getting through a crisis period, an outsourced CFO might be your answer. Keep reading for 11 reasons why you should hire part-time CFO services.

  1. Part-time CFOs are more cost efficient.

With outsourced CFO services, you only pay for the services you need. You can budget your CFO services exactly because you pay by the hour. Your business likely does not require the same level of support every month. Your part-time CFO works and bills you when you need advice or assistance. If you do not need as much support one month, you do not have to pay.

In addition to the savings of a full-time salary, you also do not have to provide benefits or other incentives. Your part-time CFO does not get paid a bonus by your company, and you do not have to provide extra perks to retain an employee. You can also save yourself the time and headache of hiring a new employee if you contact a business that provides such services.

  1. They provide budgeting advice and mentoring.

Small business owners or entrepreneurs are experts in their field, and that field might not be accounting. You can ensure your business is financially solid by trusting a part-time CFO with your budgeting needs. Such services can help maintain your budget and keep you updated on every aspect of the financials for your business.

Your part-time CFO can also provide mentoring for you and your team. Whether you need help training your own financial team or you just want to learn the ropes for yourself, you can contract CFO services to help.

  1. You will receive strategic analysis.

A CFO can do so much more than help with the finances for your company. Your part-time resource can assist with goal setting and strategy development, creating milestones for financial goals and non-financial goals alike. The strategic analysis, such as risks or threats, provided by such services can be essential for your business, setting you apart from the competition.

  1. Their advice and guidance is easy to understand.

You do not have to be a financial expert to understand your CFO. While full-time CFOs tend to get bogged down in industry and company jargon, a part-time CFO serves a wider range of clients. They are used to providing analyses and explanations in a language that everyone on your team can understand. Not only can such an individual communicate directly with you, they can also provide crucial information for your investors, stakeholders, and team.

  1. Outsourced CFOs have a wider range of experience.

Your part-time CFO is constantly learning and growing their own set of skills. They are likely working with multiple companies across various industries while serving your business. This wide range of experience can greatly benefit your organization as your outsourced CFO shares insights into what makes other organizations successful.

  1. You can receive crisis management support.

Nobody wants to think about their business experiencing a time of crisis, but major losses or setbacks do happen. Instead of panicking during that time, you can trust your business with an experienced CFO. Your outsourced CFO can help guide you through the difficult period, providing advice and suggestions to help cut costs, improve cashflow, rework budgets, and raise funds. With a part-time CFO, you will not have to spend your precious resources on a full-time employee during a stormy season.

  1. Part-time CFOs can establish reporting systems.

Whether you utilize the services of a part-time CFO for an ongoing basis or a limited period of time, they can help establish reporting systems that you can use for years to come. They have access to the top financial and reporting systems and can help determine which metrics and tools work best for your organization.

Your CFO can provide insight into managing your business’ financials and communicating your metrics to key stakeholders. They can also guide your team, helping them create the best reports for your organization. Utilizing a part-time CFO for even a short period can provide lasting benefits for your bottom line.

  1. They provide sound advice for business leaders.

Sometimes you just need a sounding board. Whether you are a seasoned pro or starting your first business, it can be stressful work. Entrepreneurs and business leaders are under immense pressure and often feel alone with the burdens they carry. Your part-time CFO is able to serve as a sounding board, mentor, or personal advisor. With their years of experience they can provide valuable insight into the road ahead and act as an outside set of eyes.

  1. You can increase your business network.

Your outsourced CFO has worked with many clients and served various industries throughout their career. Along the way, they have likely picked up some impressive contacts, building a network or professionals and business leaders. Your part-time CFO can help connect you to the right people, providing support for every aspect of your business. They can also lean on the assistance of other CFOs if you are facing a unique challenge or something outside of their experience.

  1. Part-time CFO services are flexible.

With CFO services, you are not entering a long-term commitment. You have the flexibility to decide when you need assistance and what type of support you want for your business. The role and functions of your part-time CFO are entirely within your control, and you can alter them if needed. As your business grows, your needs are likely to change as well, and your outsourced CFO can meet those changes with you.

  1. You can focus on your business.

If financials are not your thing, your part-time CFO can free up your time to focus on what you do best. Instead of spending countless hours trying to attain a certain level of financial knowledge, you can trust an experienced CFO. You can also decide which roles your part-time CFO takes on, including meeting with investors, managing stakeholder relations, and providing training for your team. With a more open schedule, you can keep your focus on growing your business.

So if you’re looking for the best cfo services Dubai, look no further than profits plus accountants.

 

ABC of Changing your Accountant in Dubai

ABC OF CHANGING YOUR ACCOUNTANT IN DUBAI

Accountancy is a fundamental part of any business and it is vital that accounting duties are executed properly. Moreover, than just dealing with the figures, most accountants offer a full-circle service of managing tax, bookkeeping and often payroll too which makes them a key part of many companies. But what happens if the service that your accountant is providing falls short of your expectations? Many people do not realize that changing your accountant if you are unhappy could be easier than you think.

1) Consider why you are unsatisfied

There are a number of common complaints which people may have with their accountancy service. Some of the most typical ones tend to lack communication with accountants failing to answer calls or respond to emails or not doing this in a timely fashion. Other problems center around fees charged by accountants with many finding this to be erratic and different each month making it hard for companies to budget for accountancy costs. Some also find that it difficult to meet costs when accountants charge them per phone call or email making it an expensive affair to seek even the simplest advice. Here are the complaints we hear the most:

  1. Phone calls and emails are not returned in a timely manner…or not at all.
  2. Proactive tax planning and strategic advice from the accountant simply don’t happen.
  3. Tax returns are often put on an extension instead of being filed on time.
  4. Inadequate answers are given to questions about tax law.
  5. The invoice amount is a “surprise”… after the services have been provided.
  6. Frequent correspondence is received from the government due to simple filing errors.
  7. An accountant is distracted from serving clients due to having other business interests.

The good news is that if you are unsatisfied with the service that you are paying for from your accountant, you do not have to suffer in silence.

2) Find a new accountant

This may seem like an unusual step, but the consequential tasks will make it clearer why this may be a beneficial first port of call. Firstly, consider the aspects of your current accounting offerings which are making you unhappy. If it is the unforeseen costs or ‘bill surprises’ then you could benefit by looking at accountancy firms that charge a fixed fee for their services, so you always know what you are going to be charged regardless. Whether you decide on a fixed-fee service or charge per service accountant, you should ensure that all chargeable fees are made transparently clear to you right from the beginning to avoid any surprises.

Another fundamental aspect is choosing an accountant that provides a comprehensive service, accountants use jargon on a daily basis, but a good accountant should be able to make all communication clear and stable for their clients. Most accountants will offer a free no-obligation initial chat which could help you to decipher if they could be right for you. Moreover looking for an accountancy firm who is members of well-established professional bodies like the Institute of Chartered of Accountants could offer you further peace of mind.

3) Switch over

It really could be as simple as that. In contrast with the misconception that changing accountants is a practically impossible affair, your new accountant could handle the whole switching process for you taking the weight off your mind.

Your accountant could write to your previous accountant and request all the necessary paperwork. You will need to sign a change of accountants’ letter which most accountants can provide you with and guide you through. People often worry that they may offend their previous accountant but the truth is that most firms have clients who move on at some point for one reason or another and will be used to dealing with this, members of the Institute of Chartered Accountants are trained on how to deal with this.

The most important thing is that you are paying for an accountancy service that you are fully satisfied with. Once the switchover has taken place, the final step is to discuss your business needs in detail with your new accountancy firm and explain exactly what you are hoping for so that they have the relevant information to provide you with the best possible solution.

So, if you are out there worried about replacing your current accountants, in this economic climate, don’t settle for less and contact us at profitsplus.ae to sort your accounting needs now.

 

 

The guaranteed way to raise money for your small business

Loans for business used to come under the banner of banks but that time is gone now. Banks now only lend money to companies which are low risk or can secure the loan amount against assets.

It is much more difficult in Dubai to get business loans as almost 80 percent of the population consist of ex-pats. Who may well exit, depending upon situations in both Dubai and home country. But it’s not as if they will not pay up on their debts before actually exiting.

Small businesses struggle the most as the cash flow is inconsistent at times which can hinder the growth of that business at times. The common traits which a failing small business has is them having an absence of funding and taking on more debt to pay the original debt off. Moreover, if the timing of these events is coinciding, this may well yell doom for the business itself. With that being stated, it is no doubt that small business is the lifeline of a country.

So how does a small business owner compete in not only the local market but with freelancers as well? Those freelancers sitting across the globe with lesser overheads.

Appropriate Practices for Business Owners

Investors, individuals or institutional, look for a number of things when deciding to lend:

  1. Owner – the character behind the enterprise is the most important, so emerge as a likable man or woman and professional in your enterprise endeavors. If you prepare a meeting, keep to it, if you want to make a payment do it straight away, if you make a promise, make certain to deliver on it. Your popularity will unfold shortly within the business neighborhood and amongst your peers. These are the equal individuals who could be contacted or approached for lending in the future.
  2. Accounts – hold precise debts from the day you begin and no longer when you want a loan. Maintaining accurate books is so important and have to no longer be ignored. Try to use a cloud accounting software program that offers you get admission to real-time administration accounts.
  3. Processes – create a stable workflow in your business, get organized, forms go in documents do now not draw. Keep data well organized, maintain a CRM device if possible.

These are just the basics of any enterprise and without these, you will war to elevate even the smallest loan.

Personal Loans

When borrowing for your small commercial enterprise it may also be less complicated to borrow personally, specifically if you are on an employee visa inside your personal company. Banks and Credit Cards (not recommended) will lend to personnel with 3-6 months of revenue proof.

The following are links to platforms that would be a good start to personal lending:
1.  SouqMal: This is an exquisite place to start for non-public lending. Applying via SouqMal will assist you to get admission to a heap of lenders in the UAE with just one application.
2. MyMoneySouq: Another amazing platform to get right of entry to hundreds of personal lending picks with just one application. Review the lending charges and the terms all online earlier than talking to anyone.
3. Friends & Family: Always the high-quality and cheapest option, subsequently the reason to be a high-quality individual two

Business Loans

Banks are the closing vicinity we recommend for Business Loans, there are many small enterprise pleasant alternatives and we analyze some of these below:

  1. Friends and family. At the top of the list are pals and family. Consider approaching those who are employed as a substitute than entrepreneurs. People who work have much less time to consider innovative investment alternatives and generally stop storing their money in financial savings debts paying less than 3% per annum. If you can offer them a return of over 5%-10% per annum, then you should be a better option for most humans who truly work and save.
  2. Beehive.ae, think about going to people but through a platform. Beehive is a peer-to-peer lending platform that connects small enterprise owners with buyers without the want for a conventional intermediary. Its focus is on finance from AED 100k on reimbursement terms from 6-36 months. Check it out on www.beehive.ae
  3. Eureeca.com, a terrific platform for those looking to raise extra than $200k. Launched in 2013 the group at Eureeca has helped many high increase corporations increase widespread amounts. Check them out on www.eureeca.com
  4. Dubizzle, What the…? I hear you ask, Dubizzle, Really? Well, Yes. Dubizzle is an exquisite platform in Dubai and posting in their business section for an investor, with as plenty detail as possible, does without a doubt work. Just be careful to pick the proper person.

Although there are many other options, I in my view accept as true with these are an exceptional vicinity to start, however, take note to make sure the following statistics in place:

  1. Access to a correct set of accounts. We can assist with that www.profitsplus.ae
  2. Good processes, software, and CRM. Check out Zoho CRM
  3. Try to maintain the enterprise in the blue by way of reducing overheads and growing your fees. Only develop when it is justified.
  4. A solid internet site will also assist and a top nice online presence.

Good Luck with your fund-raising exercise and do message me if you need any help. If you want to speak to an advisor to help you with VAT, Funding or Accounting in AE then contact me, Ali Afzal, on +971585442030 or email me on [email protected]