The Key Roles and Functions of Financial Accounting in an Organisation Financial accounting is the process through which a company records, summarises, and interprets its financial transactions. It encompasses the maintenance of all financial records — including profit and loss statements — and the production of financial reports that provide a structured, accurate picture of … Read more
A profit-sharing plan lets employees share in a company’s profits, calculated quarterly or annually, with the company deciding both the amount shared and how it’s distributed. Only the employer contributes to the plan. Recording it correctly involves two things many articles on this topic skip: the actual journal entries behind the calculation, and how the … Read more
A manufacturing audit is a thorough inspection of a manufacturing process, confirming it’s actually performing as recorded, financially and operationally. While the underlying audit approach is broadly similar across industries, manufacturing companies face specific additional procedures around inventory, cost testing, and reserve valuation that businesses in other sectors don’t need to worry about in the … Read more
Why the UAE Has Two Different Indirect Taxes The UAE introduced two indirect taxes within a year of each other — excise tax in October 2017 and VAT on 1 January 2018 — and businesses that encounter both for the first time often assume they work the same way. They don’t. They were designed for … Read more
The UAE has a well-defined legal framework for both setting up and closing a business, but many owners underestimate how many separate steps trade license cancellation actually involves. Skipping a required clearance or leaving visas uncancelled doesn’t just delay the process, it can trigger ongoing fines and legal exposure well after the owner assumes the … Read more
Cancelling an LLC’s trade license in the UAE is not the same process as closing a sole proprietorship or freelance permit. Because an LLC is a distinct legal entity with its own shareholders, assets, and liabilities, UAE law requires a formal liquidation process, appointing a licensed liquidator, notifying creditors, and settling all obligations, before the … Read more
Hold On!
For audit, accounting, tax, or VAT, our team is here to help.
Need Expert Advice on: