Accounting and Bookkeeping
Accounting is important for business owners as it helps the owners, managers, investors and other
stakeholders in the business evaluate the financial performance of the business. Accounting provides
vital information regarding cost and earnings, profit and loss, liabilities and assets for decision
making, planning and controlling processes within a business.
Bookkeeping is the organization of financial information. Keeping your financial records organized makes
it easier to locate and provide to appropriate parties. Bookkeeping is important because it helps with
business analysis , Budget Accurately , See Business Targets , Meeting Government Regulations, Records.
It is a tool used by management to analyse business performance.
VAT Consultation & Preparation
As the UAE is adopting international standards in financial reporting and updating regulations imposed
on privately held firms, we offer specialized financial consultation and tax advisory services to cater
to the currently evolving legal framework. Our qualified and experienced team of professionals are
well-versed in tax complexities and routinely deal with clients across the seven Emirates of the UAE
with our representatives available in Abu Dhabi, Al Ain, Dubai, Sharjah, Ajman, and other Northern
Emirates.
Auditing
An audit is important as it provides credibility to a set of financial statements and gives the
shareholders confidence that the accounts are true and fair. It can also help to improve a company’s
internal controls and systems.
It is also a means of evaluating the effectiveness of a company's internal controls. Maintaining an
effective system of internal controls is vital for achieving a company's business objectives, obtaining
reliable financial reporting on its operations, preventing fraud and misappropriation of its assets, and
minimizing its cost of capital. Both internal and independent auditors contribute to a company's audit
system in different but important ways.
Stock Valuation
The reason for stock valuation is to predict the future price or potential market prices for the
investors to time their sales or purchase of investments. The stock valuation fundamentals aim to value
the “Intrinsic” value of the stock that shows the profitability of the business and its future market
value.
The method for valuing stock depends on how the stock is tracked by the business over time. A business
must value stock at cost. Since stock is constantly being sold and restocked and its price is
continually changing, the business must make a cost flow assumption that it will use frequently.
There are four accepted methods of stock valuation.
- Specific Identification
- First-In, First-Out (FIFO)
- Last-In, First-Out (LIFO)
- Weighted Average Cost
Implementation of Accounting Software
Accounting software gives insights of overall financial performance of the business. It handles all
financial aspects of your company and keeps the record of business transactions. It manages general
ledger, accounts receivable and accounts payable. Moreover, it allows tracking cash flow, revenue and
expenses It also makes it easier for business owners to manage financial procedures, performing
financial tasks correctly and quickly. Keep in mind that it does not replace the role of accounting
managers in organizing company's finances, but instead enhances their productivity.
Implementation of Accounting Software further enhance
- Ensuring Financial Control
- Saving Costs
- Increasing Data Accuracy
- Improving Decision Making
- Improving Financial Data security
POS Billing Setup
With POS systems however, they are designed to be user friendly, with a sole purpose of making life
easier and business better. They allow staff to focus their attention on the customer, as well as the
physical preparation and sale of products, cementing the most important values of retail.
So, the easier you make it for your staff, the more time they have to spend on customer service and
sales. You also save money because you're able to track your finances better via its real-time reporting
feature. Your POS system will also help you prevent waste and loss via its inventory management system.
A POS system is important for your own store as it
- Maximize the checkout process optimization
- Completely eliminate any human errors
- Reduce your losses
- Increase the efficiency
- Update with your Return on Investment (ROI)
Accounting MargERP9 Software
MARG ERP 9+ is an on-premise ERP solution used by small, midsize and enterprise businesses. It offers different modules customized to the needs of retailers, distributors and manufacturers in a variety of industries. The solution offers android apps for customers, storeowners and suppliers.