Many small and mid-sized businesses fail to adequately measure and manage their finances, even though poor financial management is a major cause of business failure. A great monthly accounting service will handle your profit and loss statements, monthly balance sheets, and regular account reconciliation to help you take back control of your finances without much effort on your part.

Outsourcing payroll saves time and money. When you factor in all the variables, it is actually less expensive to have an outside service process your payroll.

Our Small Business Service Package takes that burden from you. We can tailor the service to allow you to focus on your customers and clients. We also work well with administrative staff in a business where they might not be as well-rounded as you would like, but can perform basic data entry duties or pay bills. We can take it from there.

An internal auditor cannot give the same level of objectivity as an external audit. Internal audit, on the other hand, can’t help but be personally involved in the outcome of their investigations.

Internal audits are carried out by people who are compensated by the company being audited. They work for the company as employees. CPAs who are not employees do an external audit. Independence is provided through an external audit.

The fundamental goal of introducing VAT was to prevent double taxation and the cascading impact that existed in the previous sales taxation system. When a good is taxed at every stage of the sale, this is known as a cascading effect.

Yes. You will be allocated a different TRN for VAT purposes if your application for registration is successful. If you have registered for Excise Tax before, you may find the process faster as some of the answers are prepopulated.

A person can only hold one TRN for VAT purposes at any one time. It is your responsibility to ensure that duplicate applications are not submitted.

VAT applies equally to tax-registered businesses managed on the UAE mainland and in the free zones. However, if the UAE Cabinet defines a certain free zone as a "designated zone," it must be treated as outside the UAE for tax purposes. The transfer of goods between designated zones is tax-free.

Taxable businesses must file VAT returns with the FTA on a regular basis and usually within 28 days of the end of the ‘tax period’ as defined for each type of business.

Our monthly accounting process starts with receiving your source documents. Our staff compiles the information and reports it back to you with a profit and loss statement, balance sheet, and general ledger. These monthly financial reports are presented in digital or hard copy form and become the foundation for our monthly conversations.

Falak Business Consultants Dubai

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