What is Accounting?

The term accounting is way broader, going into the realm of designing the bookkeeping system, establishing controls to form the system is functioning well, and analyzing and verifying the recorded information. Accountants give orders; bookkeepers follow them.

Bookkeeping incorporates the issues in estimating the monetary impacts of financial action. Moreover, accounting includes the capacity of budgetary detailing of qualities and execution measures to the individuals who need the information. Business managers, investors, and lots of others rely on financial reports for information about the performance and condition of the entity.

Importance of Accounting

Accounting is essential for trivial business owners because it helps the owners, managers, investors, and other stakeholders evaluate the business’s financial performance. Bookkeeping gives necessary data regarding cost and income, benefits and misfortune, liabilities and resources for higher psychological procedures, and arranging and controlling systems inside a business.

The principle goal of bookkeeping is to record financial transactions inside the books of records to measure and communicate financial information. Additionally, charge revealing offices expect you to hold books at the very least level that tracks salary and use.

There are three necessary fiscal reports produced by your records.

It is critical you retain your financial records clean and up to point if you want to keep your business afloat. Here are just some of the explanations why it’s essential for your business, big or small!

 

 

 

 

 

 

 

 

 

 

 

The Accrual vs. Cash Basis of Accounting

To properly implement bookkeeping, companies must first choose which basis of accounting they’re going to follow. Companies can choose from two basic accounting methods: the cash basis of accounting or the accrual basis of accounting. The difference between these kinds of accounting is predicated when the corporate records a sale (money inflow) or procurement (money outflow) within the books.

 Cash BasisAccrual Basis
DefinitionRecord transaction only if cash is received or paidRecord transaction when it occurs, whether or not cash is received or paid
Example: You procured 100 units of a product and will pay for it next month.No transaction recordedTransaction recorded through accounts payable (liability) account

What is Bookkeeping?

Bookkeeping is an essential subset of accounting. Accountancy refers to accumulating, organizing, storing, and accessing the financial information base of an entity, which is required for two basic purposes:

Bookkeeping (also called recordkeeping) may be thought of because of the financial information infrastructure of an entity. The financial information base should be complete, accurate, and timely. Every recordkeeping system needs quality control built into it, which is called internal controls.

Bookkeeping involves the recording, on a day to day, of a company’s financial transactions. With legitimate accounting, organizations are prepared to follow all data on its books to shape fundamental working, contributing, and financing choices.

Clerks are people who deal with every money related datum for organizations. Without clerks, organizations wouldn’t bear in see any problems their present money related position, besides the exchanges that happen inside the corporate.

Accurate bookkeeping is additionally crucial to external users, which has investors, financial institutions, or the govt. – With legitimate accounting, organizations are prepared to follow all data on its books to shape basic working, contributing, and financing choices.

Importance of Bookkeeping

Clerks are people who deal with every single budgetary datum for organizations. Without accountants, organizations wouldn’t bear in see any problems their present fiscal position, moreover, the transactions that happen inside the corporate.

Many small companies don’t hire full-time accountants to figure for them due to the cost. Instead, small companies generally employ a bookkeeper or outsource the work to a knowledgeable and professional firm. One important thing to notice here is that several people that will start a new business sometimes overlook the importance of matters like keeping records of each penny spent.

Activities of Bookkeeping

Book-keeping comprises of plenty of functions and activities bundled together. Some such activities are

Bookkeeping vs. Accounting

 

BookkeepingAccounting
Bookkeeping consists of recording financial transactions in an exceeding logical fashionAccounting concerns itself with summarizing of such recorded financial transactions
It is the basis of the method of accountingAccounting is that the basis for the Business Language
Financial statements aren’t part of the bookkeepingPreparing financial statements is that the ultimate aim of accounting
Managers don’t take decisions based on bookkeeping recordsAccounting records are accustomed to assist managers in making decisions
Bookkeeping doesn’t have any branchesAccounting has branches like Cost Accounting, Management Accounting, etc.
It is done by bookkeepers, who don’t require any special skill or knowledgeAccountants, on the opposite hand, require special accounting knowledge and skills

Difference Between a Bookkeeper and an Accountant

An accountant is accountable for assessing and interpreting the organization’s financial data and reporting thereon. An accountant possesses a higher skill set than a bookkeeper, whose primary responsibility is handling the actual recording of the company’s financial transactions. An accountant usually encompasses a degree or certification and is paid better than a bookkeeper. Typically, a bookkeeper reports to the accountant.

A bookkeeper doesn’t require any formal training; however, a bookkeeper’s job is vital. The info a bookkeeper is liable for gathering and managing affects how an accountant interprets the corporate financial information. Supported this information, the accountant provides recommendations to management or the company’s owners about spending, tax issues, or other business concerns.

Duties of a Bookkeeper?

The obligations of an accountant differ, contingent upon the corporate. Here is a breakdown of the duties ordinarily identified with an accounting job:

A bookkeeper also incorporates a duty to keep the information he processes confidential, as he will be privy to sensitive financial information, including payroll salaries.

Duties of an Accountant

The duties of an accountant can be segregated into four areas:

Data Management – Overseeing how data is stored, managed, and updated. For example, a bookkeeper might recommend the software for a double-entry bookkeeping system of accounting, but the accountant would approve it.
Financial Analysis and Consultation – Properly assessing data and advising management.
Financial Reports – having the ability to generate quality standard business reports and statements required by businesses.
Regulatory compliance – Being updated on government regulations and ensuring the corporate is following industry standards.

Why Outsource to Accounting Firms in Dubai?

It’s been mandated within the UAE Commercial Company of 2015 that maintaining proper books of account for a minimum of five years is now a legal requirement. VAT in UAE implemented now. It’s a time of tax returns filling; books of account should also be maintained for five years.

There are many things to be done in an organization, and it’s always challenging to fulfill the legal requirements and keep track of business strategies to be consistently within the race with businesses. With this, the accounting side of an organization is quite challenging to manage. Accounting and bookkeeping services in UAE are being offered by HMAS, as outsourcing could be a significant option for companies.

Outsourcing accounting & bookkeeping services in UAE is a prudent move. It can help organizations significantly, especially once you are outsourcing from an accounting services company that uses the foremost up-to-date accounting software in Dubai.

HMAS offers accounting services in Dubai/UAE that maintain quality accounting and financial records. At HMAS, our accountants provide standardized accounting and bookkeeping services in Dubai, which allows the business to run efficiently and effectively. We follow International Financial Reporting Standard (IFRS) to supply well-maintained accounting and bookkeeping services and accounting solutions to ensure higher sales and growth of the company.

Benefits of Hiring Accounting Firms in Dubai/UAE

HMAS is one of the foremost reliable accounting firms in Dubai. We make sure that all the financial data is in proper format and must meet the criteria of the international standards and therefore, the scope of work to supply the effective accounting services in UAE which constitutes:

Internal audit is an independent, objective assurance and consulting activity designed to feature value and improve an organization’s operations. It helps a company accomplish its objectives by bringing a scientific, disciplined approach to appraise and improve the effectiveness of risk management, control, and governance processes.

Why Do Organizations Have Internal Audit?

When the Sarbanes-Oxley Act of 2002 was passed, it made executives of publicly traded companies legally liable for the accuracy of its financial statements and also the internal controls over financial reporting. Internal Audit functions play a critical role in helping executives to achieve their conclusions. Also, Internal Audit efforts to detect breakdowns in internal controls helps safeguard against potential fraud, waste or abuse, and ensure compliance with laws and regulations.

Why it’s important

Types of Internal Audits

Internal auditing has historically been synonymous with the performance of financial audits, which seek to confirm a company is using generally accepted accounting procedures (GAAP)/ International Accounting Standard (IAS) to make and manage financial information through the review of financial statements. Businesses also recognize the necessity for other varieties of auditing that look beyond ledgers and balance sheets with relevance to legal compliance, IT security, environmental, operational, and performance oversight objectives:

Compliance Audits are accustomed to evaluate an organization’s compliance with applicable laws, regulations, policies, and procedures.

Environmental Audits identify the impact of a company’s activities on the environment and determine whether the corporate is complying with environmental laws and regulations.

Information Technology Audits to judge the systems they are in situ to protect an organization’s information. Specifically, information audits are accustomed to evaluate the organization’s ability to guard their information assets and to accurately communicate information to authorized parties.

Performance Audits assess whether a company is meeting the goals and objectives set forth by the board of directors. If the organization isn’t meeting its stated goals, the internal auditor will identify process shortfalls and make suggestions for improvement to the board of directors.

Operational Audits measure the overall effectiveness and consistency of an organization’s control mechanisms. A necessary component of operational auditing is that the objective review of the way a company allocates resources. If resources don’t seem to be being employed efficiently, the internal auditor will report these findings accompanying recommendations on a way to reduce wasteful or inefficient resource allocation.

What do internal auditors do?

Internal auditors have a knowledgeable duty to deliver an unbiased and objective view. They need to be independent of the operations they evaluate and report back to the uppermost level in an organization: senior managers and governors. Typically, this is often the board of directors or the board of trustees, the accounting officer, or the audit committee.

To be effective, the internal audit activity must have qualified, skilled and experienced folks that can add accordance with the Code of Ethics and also the International Standards.

What activities internal audit conducts?

The role of the internal auditor has expanded in recent years as internal auditors seek to oversee all aspects (not just accounting) of organizations and add value to their employers. The work of the internal auditor remains prescribed by management, but it’s going to cover the subsequent broad areas.

  1. Review of the accounting and control systems. The establishment of adequate accounting and control systems may be a responsibility of management and also the directors. Internal audit is usually assigned specific responsibility for the subsequent tasks.
    1. Reviewing the plan of the systems
    2. Monitoring the effectiveness of the operation of the systems by risk assessment and detailed testing
  1. Examination of financial and operating information. This might include a review of the means accustomed to identify, measure, classify, and report such information and specific inquiry into individual items including detailed testing of transactions, balances, and procedures.
  2. Review of the economy, efficiency, and effectiveness of operations.
  3. Review of compliance with laws, regulations, and other external requirements, with internal policies and directives, and with other requirements including appropriate authorization of transactions.
  4. Review of the safeguarding of assets. Are valuable, portable items like computers or cash secured, is authorization needed for dealing in investments?
  5. Review of the implementation of corporate objectives. This includes a review of the effectiveness of arrangement, the relevance of standards and policies, the organization’s corporate governance procedures, and also the operation of specific procedures like communication of data.
  6. Identification of important business and financial risks, monitoring the organization’s overall risk management policy to confirm it operates effectively and monitoring the risk management strategies to confirm they remain to operate effectively.
  7. Special investigations into particular areas, for instance, suspected fraud.

How Long Does an Internal Audit Take?

Internal Audit may take up to some weeks, dependent on the scope of the audit and also the size of the corporate, or department, being assessed. Before it’s concluded, an audit includes a consultation with the director or board that hired them to deliberate how their suggestions for improvement can best be implemented.

Quality control and internal auditing

Whatever the criteria accustomed judge effectiveness; quality control procedures are required to observe the professional standards of internal audit. Internal audit departments should establish and monitor quality control policies and procedures designed to make sure that each one audits are conducted in accordance with internal standards.

They should communicate those policies and procedures to their personnel in an exceeding manner designed to deliver reasonable assurance that the policies and procedures are understood and implemented. Quality control policies will vary counting on factors like the following. x the nature and size of the department x Organisation x Geographic dispersion x Cost-benefit considerations Policies and procedures and related documentation will, therefore, vary from company to company.

The Institute of Internal Auditors has suggested that a proper system of quality assurance should be implemented within the internal audit department. This could cover the department’s compliance with appropriate standards, encompassing quality, independence, the scope of work, the performance of audit work, and the management of the internal audit department.

Annual review of internal audit

The board or audit committee should conduct an annual review of the internal auditors’ work

Quality of internal audit report

What’s The difference between internal and external audit?

While sharing some characteristics, internal and external audits have very different objectives. These are explained within the table below:

External auditInternal audit
Reports toShareholders or members who are outside the organization’s governance structure.The board and senior management are within the organization’s governance structure.
ObjectivesAdd credibility and reliability to financial reports from the organization to its stakeholders by giving an opinion on the reportEvaluate and improve the effectiveness of governance, risk management, and control processes.  This provides members of the boards and senior management with assurance that helps them fulfill their duties to the organization and its stakeholders.
CoverageFinancial reports, financial reporting risks.All categories of risk, their management, including reporting on them.
Responsibility for improvementNone, however, there’s an obligation to report problems.Improvement is key to the aim of internal auditing. But it’s done by advising, coaching, and facilitating so as to not undermine the responsibility of management.

 

Advantages of Internal Audits

  1. The major advantage of internal audit is that it’ll result in the discovery of errors and thus when the external audit has completed those errors which were discovered during internal audit would have been rectified by then.
  2. Internal audit reduces the probabilities of frauds because top management cannot look after all things and lots of times top management isn’t competent enough to appear into minute details of accounts whereas internal audit is dole out by professionals and that they are able to learn quickly where are the loopholes in company’s accounts and policies.
  3. As an internal audit is a constant procedure where records are checked regularly it ensures that the accounting staff of an organization keep the records up so far and are always vigilant.

Disadvantages of Internal Audits

  1. Internal audits aren’t full proof within the sense that it cannot eliminate or catch all the frauds and thus some chances of fraud happening even after an internal audit is completed are usually there.
  2. Since the internal audit is performed by the professionals who are outsiders’ likelihood is, they have little or zero attachment towards the corporate and hence they’re going do copulate the work for money instead for betterment of the company.
  3. Internal audit reports aren’t accepted by shareholders and thus it’s for only management use and the company should conduct external audit no matter fact whether it regulates internal audit or not, therefore it ends up in additional costs for the corporate for hiring internal auditors.

Outsourcing the internal audit function

In common with other areas of a company’s operations, the administrators may consider that outsourcing the internal audit function represents better value than an in-house provision. Company management and employees are under particular pressure to make sure that every service represent ‘best value’ and this might prompt them to choose to adopt a competitive tender approach

Advantages of outsourcing

Since the inception of the UAE VAT Law, there has been a significant interest among businesses regarding Free Designated Zones in the UAE. Specifically, how will the VAT apply to business which exists within these zones and how it will affect those businesses that transact with these free zones on a daily basis.

Free Zones are areas designated within the United Arab Emirates which enjoy a special Tax Status and do not require any local partner in its ownership. In layman terms, this means that a person can incorporate a company within a free zone with 100 percent ownership.

Now there a number of Free Zones within the United Arab Emirates. However, for the purposes of the application of the rules of the FTA, Free Zones can be divided into two categories, Normal Free Zones and Designated Zones.

Designated Zones are Free Zones which comply with certain rules set forth by the FTA. The rules are enumerated later on. The list of these zones is published by the FTA and updated as necessary.

For VAT purposes, a designated zone shall be considered effectively out of State. This means that any transaction with an entity existing inside a designated zone shall be effectively treated as outside the State. It will be as you are transacting with a foreign company and the same rules of Import and Export will apply. However, it should be noted that these transactions are subject to exceptions and restrictions.

It is also pertinent to point out that the supply of goods between two designated zones shall be exempt from the application of VAT, provided that conditions prescribed by the FTA are complied with.

The exemption of VAT on supply from and to Designated Zones is only applicable to goods. Services are exempted from this. This means that where services are provided to companies in Designated Zones, from companies in Designated Zones or are executed by companies in Designated Zones to companies in Designated Zones, VAT will be charged at the normal rate of 5 percent.

There are a number of situations that can occur when transacting with a company within a Free Zone. The few basic ones will be covered below:

The following table summarizes the above-stated scenarios:

 

Type of SuppliesFromToTaxability
GoodsDesignated ZoneDesignated ZoneNon-Taxable
GoodsDesignated ZoneMainland*Taxable at 5% VAT
GoodsMainlandDesignated ZoneTaxable at 5% VAT
GoodsDesignated ZoneOversea/GCC countriesNon-Taxable
GoodsOversea/GCC countriesDesignated ZoneNon-Taxable

 

 

FAQ’s Regarding Designated Zones.

 

What is a Designated Zone in the UAE?

A Designated Zone is such a free zone within the United Arab Emirates which fulfills the prescribed conditions in the Executive Regulations. These conditions are as follows:

When a Designated Free Zone complies with the above-mentioned requirements, for VAT purposes transactions within it are effectively considered outside the State [subject to certain restrictions].

 

Are all Free Zones Designated Zones in the United Arab Emirates?

There are a number of Free Zones in the United Arab Emirates, however not all Free Zones are designated zones. Only those Free Zones that follow the procedures set out by the UAE are treated as Designated Zones.

 

Should Companies that exist inside of a Designated Zone register with the Federal Tax Authority.

Despite many transactions, conducted within a Designated Zone, being treated as out of state, it remains that Companies need to follow the registration requirements as enumerated by the Federal Tax Authority.  Where a companies’ output threshold [Sales] increases the minimum requirement set by the FTA, registration should be undertaken.

 

Are there Special Provisions which need to be followed by the Companies within Free Zones?

Yes, Designated Zones do not follow the normal procedures for VAT for many transactions. Broadly speaking:

 

How will VAT apply to services within Designated Zones?

If the supply of Services is made within a Free Zone, they are considered as inside the State. This is in accordance with the Cabinet Decision as issued by the Federal Tax Authority.

How will VAT apply to services within Designated Zone?

The application of VAT Will is as per normal rules and regulations on services within the designated zone. VAT will be applicable at the standard rate [5%]

 

VAT Treatment for Goods transferred from Designated Zone to Designated Zone?

When goods move from one Designated Zone to another Designated Zone, VAT will not be applicable to it. It will be effectively treated as a movement of goods outside the UAE.

 

If goods are supplied from Designated Zone [e.g. JAFZA] to Mainland [e.g. Dubai], will the supply be Taxable?

Yes, the supply will be taxable, however as previously stated, the treatment will be that of goods being imported into the Emirates, and as a result, VAT will be applied under the Reverse Charge Mechanism.

 

How will VAT apply in case of a supply of goods outside of UAE from Designated Zone?

In this scenario, VAT will be charged at the rate of zero percent.

 

What will be the VAT treatment of goods supplied from the mainland of UAE to the designated zone? Is it considered as imports?

No, it will not be considered as imports. The normal rule of treating Designated Zone as outside of the State will not be applicable in this scenario as this one of the exceptions of the widely accepted rule. In this particular scenario, the supplier will charge 5% VAT on those goods.

 

In case of purchase of goods from Mainland, can Designated Zone Company recover input VAT?

Yes, the Designated Zone companies are able to recover input tax paid on the purchase of items from the mainland. This can be done in accordance with the requirements as enumerated within the Law.

 

Is VAT Applicable on Import of Services within a Designated Zone?

In accordance with the requirements of the Executive Regulation 52, Companies located within the Free Zone are required to pay and account for VAT on the basis of Reverse Charge Mechanism for Services Imported from Outside the State.

 

Are there any requirements that need to be followed for the movement of goods between Designated Zones so that VAT is not levied?

Yes, Executive Regulations issued by the UAE specifies certain requirements that need to be fulfilled so that VAT is not required to be levied on the movement of goods between Designated Zones. The requirements are:

 

In the VAT Return Form, are there aby special fields for reporting of supplies related to Designated Zones?

There are no special fields for reporting of supplies related to designated Zone.

 

List of Designated Zones within the UAE

EmirateDesignated Zone
 

Abu Dhabi

Free Trade Zone of Khalifa Port
Abu Dhabi Airport Free Zone
Khalifa Industrial Zone
 

 

 

Dubai

Jebel Ali Free Zone (North-South)
Dubai Cars and Automotive Zone (DUCAMZ)
Dubai Textile City
Free Zone Area in Al Quoz
Free Zone Area in Al Qusais
Dubai Aviation City
Dubai Airport Free Zone
 

Sharjah

Hamriyah Free Zone
Sharjah Airport International Free Zone
AjmanAjman Free Zone
Umm Al QuwainUmm Al Quwain Free Trade Zone in Ahmed Bin Rashid Port
Umm Al Quwain Free Trade Zone on Sheikh Mohammed Bin Zayed Road
 

Ras Al Khaimah

RAK Free Trade Zone
RAK Maritime City Free Zone
RAK Airport Free Zone
FujairahFujairah Free Zone
FOIZ (Fujairah Oil Industry Zone)

 

What are COVID19 IMPACT and global challenges?

COVID19 impact and its outbreak have been the biggest challenge faced by the global economy since the Recession of 2008. COVID19 impact on business in the UAE and across the globe in all sectors. This pandemic has broken supply chains, decimated tourism and aviation sectors as well as wiping out at least USD 17 trillion from Stock Markets Worldwide. Throw into this mix, the already plunging oil prices and we have the recipe for a global recession and an economic catastrophe.

To mitigate COVID19 IMPACT, the governments of the world have come together to face this massive challenge. Leading the charge in the United Arab Emirates has put forward measures that will not only control this spiral of the economy but also help not only large corporations struggling with this situation but also the small and medium business owners which form the backbone of every Economy.

COVID19 Business crisis

COVID19 IMPACT ASSESSMENT

Recently a poll was held wherein 77 percent of the CFO’s of the UAE Market considered that COVID19 IMPACT would cause a significant restructuring in their business.

The primary concern for them was that the Revenue stream will be considerably hit.

CFOs looking to cut costs are most likely to consider cost containment and deferral or cancelation of investments, particularly on capital expenditure. From those in the region, this is especially true for the UAE (92%)

Investments in digital transformation, customer experience, and cybersecurity are most likely to be protected, and, as a result of COVID-19 IMPACT, 55% of CFOs expect to make changes to their supply chain.

Despite their concerns, a majority of CFOs in the Middle East believe that if COVID-19 IMPACT were to end immediately, their company could get back to ‘business as usual’ within three months.

MEASURES UNDERTAKEN BY THE UNITED ARAB EMIRATES TO CONTROL COVID19 IMPACT

The measures implemented by the UAE Government in light of COVID19 IMPACT control measures are:

 

 

 

 

What are GLOBAL ECONOMIC RISKS EMERGING OPPORTUNITIES IN UAE?

 

Global Economic Risks

Emerging Opportunities in the UAE

•      With the increased Health, Political and Social Unrest in the Western World, people in the Western World are looking into it which countries have managed this Global Economic Risks in an organized and smart way with the minimum impact on People Health, Disruption in Businesses and Security of the Society as a Whole.

•      In the Post COVID-19 World, there are significant possibilities that investment and businesses will shift towards secure and safe economies, which will provide:

•      Modernized health facilities

•      Political Stability

•      Public Security and Administration

 

•      Fortunately, UAE has all the modernized systems which the World is Looking for In the Post COVID-19 pandemic World such as:

•      Modernized Health Facilities

•      Smart Public security administration infrastructure

•      Dubai is one the top of the list in terms of readily transformable to a Digitized Smart City

•      Dubai has the smart and digitized infrastructure and has the surplus capacity to attract hundreds of thousands of investors for new emerging businesses and investments

•      In the post-COVID-19 era, an enormous shift will likely to seen from the Western World to the economies with readily available smart infrastructure facilities.

 

TRANSFORMATION OF BUSINESS MODELS

 

Pre-COVID19 Business Model

Post-COVID19 Business Model

•      Hierarchical business structure

•      Structural supply chain management systems

•      Structural business processes

•      High fixed overheads

•      Traditional performance analysis measures

•      Least investment in digital infrastructure

•      Smart Business Structures with a blend of

•      Inhouse core staff in core activities

•      Outsourcing of support services

•      Sub-contracting/ Joint Venture arrangements

•      Smart Supply Chain System such as F2C (Factory to consumer)

•      Re-engineering and automation of business processes

•      Least fixed overhead costs

•      Modernized performance analysis measures

•      High investment in digital infrastructure

 

How to Manage transition towards New Normal and to reduce COVID19 IMPACT

 

 


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