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Saturday, 9 November 2019
Why Hire Vat Consultancy in Dubai for VAT Accounting?
Topic: accounting
The value-added tax system is not complex to understand but difficult to manage. That’s why businesses eligible for VAT hire VAT consultancy in Dubai ( Ethicsplusuae/vat-consultancy ) to manage VAT operations.

Implementing VAT involves VAT registration, VAT implementation, VAT accounting, VAT audit, VAT filing, and managing post-implementation operations. Unless you are an expert in it, you cannot manage it.
Hiring VAT consultancy to implement and ensure compliance of VAT has numerous benefits. Let’s have a look at some of them.

1. Implement VAT

Not all businesses require paying VAT. If your business is VAT eligible, you have to register your business for VAT with the tax authorities of Dubai. A VAT consultancy provides assistance to businesses for registration. Once your firm is VAT registered, your VAT consultancy helps you implement the VAT. Implementing VAT involves structuring transaction flows, creating an operating model for the entity, assisting in aligning business practices with VAT regulations, selection of accounting software, and assisting through the initial phase. Implementing VAT without the help of VAT consultancy could be a mammoth task.

2. Manage VAT accounting operations

The VAT system is a transaction-based taxation system that requires accurate recording of revenue, costs, output VAT, input VAT, etc. A good accounting system with proper controls helps to identify the impact of VAT on each transaction. A vat consultancy maintains accurate book account in compliance with VAT laws. Account keeping includes recording important information such as the rate and amount of VAT taxable on merchandise and the rate of the merchandise before adding VAT. Your consultancy maintains proper documentation and keeps the original copies of the invoices you receive from your traders to help you reclaim any extra tax you have paid during these transactions.

3. File VAT return and recover VAT

A vat consultancy calculates the amount of VAT return. The basic principle behind VAT return is VAT you pay on goods should roughly balance VAT you receive from customers. There are many legal ways that can help you recover VAT. A vat consultancy has years of experience and ability to find VAT recovery opportunities for its clients. They have the high-end expertise of recording, filing, and reporting the VAT for your business. By appropriate recording and filing, a vat consultancy in Dubai ( https://ethicsplusuae.com/ ) ensures that clients pay only the minimum amount of tax without violating any laws or triggering damage to its clients’ relationship with the UAE government.

4. Ensure VAT compliance

A VAT consultancy provides you a 360-degree solution. It offers you services ranging from VAT registration to VAT accounting, VAT implementation, VAT compliance, and post-implementation services. So you don’t have to worry about VAT compliance, which is the major concern for the businesses. Your VAT consultancy takes responsibility for VAT compliance.

So these are the four key benefits of hiring VAT consultancy in Dubai.

Posted by brucem231 at 4:59 AM EST
Monday, 4 November 2019
Five Benefits of Outsourcing Accounting Operations to Accounting Services in Dubai
Topic: accounting
Unless you have a record of cash flow, assets, liabilities and financial transactions pertaining to a business, you cannot make the right decisions for your business and manage financial operations of a business. That’s where the role of accounting services in Dubai ( ethicsplusuae.com/accounting-services/ ) comes into play.

If you are running a small shop, you may be able to handle financial transactions pertaining to a business by yourself, but when it comes to small or medium-sized enterprises, hiring accounting services is the best way to manage the financial operations of the company.

Outsourcing your accounting operations to accounting services in Dubai has many benefits. Let’s have a look at some key benefits.

1. Expert services

Dedicated accounting firms have to keep themselves updated with the latest in reporting, accounting software, tax laws, and other areas to keep themselves competitive. More importantly, an accounting firm is offering services to various clients, so professional working in an accounting firm usually has a higher level of expertise. When you outsource accounting operations to an accounting firm, you can achieve a high level of accuracy. Financial statement will be highly accurate and error-free.

2. Cost saving

Another key benefit of outsourcing for small businesses is cost-effectiveness. Employing a full-time employee with the right experience comes at a hefty cost for a small business or start-up. You have to keep in mind the additional costs including leave salary, travel & accommodation, medical insurance, gratuity, among others, in addition to the salary package. On the other hand, when you outsource, you pay only for the actual cost of the project and save money on operational costs.

3. Flexible and time-saving

It is often easier to terminate an accounting firm’s services as compared to a full-time employee. Accounting firms understand that small businesses do not need an accountant 365 days a year. So, they are flexible in terms of contracts. You can use accounting services in Dubai as and when you need it. More importantly, outsourcing accounting functions frees up a small business owner’s time and gives peace of mind. They don’t have to overlook internal accountant reports and can focus on developing and building their businesses, while these tasks are being taken care of by professionals.

4. Avoid frauds

Frauds rarely happen, but it does. When you have an internal accountant, there is a possibility of fraud. An outsourced accounting firm is accountable for quality and accuracy control. So it helps control any possible fraud by staff within the organization.

5. Exceptional customer service

It is something every customer enjoys. Reputable accounting services in Dubai ( https://ethicsplusuae.com/ ) offer exceptional customer service. In such a tough competitive marketplace, clients matter a lot to accounting firms. In a market where accounting professionals are constantly looking for new opportunities if your internal accountant leaves, your accounting operations will be halted. Whereas these firms usually have a team of accountants, so they can easily offer replacements when the concerned accountant in charge is on leave, which helps you enjoy uninterrupted services.

Posted by brucem231 at 1:30 AM EST
Monday, 22 October 2018
The Offshore Voluntary Disclosure Program is over? What’s next?
Topic: accounting
When it comes to reporting overseas income there are always options in place to help American citizens report their foreign income and foreign bank accounts to the IRS. The most familiar was the Offshore Voluntary Disclosure Program which has recently been discontinued ( www.EsquireGroup.com/Offshore-Voluntary-Disclosure-Program ), as of September 28, 2018. There are still options available for those who have not filed and still wish to voluntarily report.

Some history

The OVDP began in 2009 as a way of recovering lost tax revenues. The United States is one of the few countries that does require all of its citizens to report their revenue even if it was not earned, spent, or banked in the United States. Many citizens do not realize the extent of their reporting requirements and other citizens deliberately do not report. When the program began it brought attention to these obligations, and there were about 18,000 submissions per year, but since 2017, as more and more people have disclosed, the submissions had dwindled to 600. The Offshore Voluntary Disclosure Program recovered about $11 Billion in revenue for the IRS; the program option was popular because there were no criminal prosecutions for non-disclosure, but penalties were high. The program was overhauled in 2014 into a streamlined option, which was simpler and had lowered penalties.

So now what?

Now that the Offshore Voluntary Disclosure Program has ended, what can people do who wish to voluntarily disclose their unreported income? Requirements to be in compliance with FATCA, the Foreign Account Tax Compliance Act are still there, and there are a number of options available for people to file delinquent foreign assets and international information returns.  As a result, the IRS will continue offering the streamlined program, the IRS Criminal Investigation Voluntary Disclosure Program, delinquent FBAR submission procedure and Delinquent international information return submission procedures. These four programs remain in effect.

What’s the difference?

There are many differences, and some may not be obvious at first, and it can be difficult to know which option is the right one without expert advice. The programs have different needs and outcomes and are designed for different circumstances and it can be difficult to understand which one is the right one for you. In fact, the world of international taxation does require having an expert tax firm to guide you through it. A do-it-yourself method of reporting is not a good idea, nor is seeing a private tax attorney without experience in filing taxes for people living, and working overseas. There are numerous ways which a more in-depth look at your taxes can save you money and help you avoid penalties or even prosecution.

One of the reporting requirements that are still in effect even for those who have correctly filed their income statements is the necessity to correctly report all bank accounts they hold, including the foreign bank accounts containing foreign income. These regulations differ and citizens may not be aware of their obligations. The Offshore Voluntary Disclosure Program ( www.EsquireGroup.com/About ) may have ended but its obligations are still in place. If you are an expat, then see an expert for help with your taxes.

Posted by brucem231 at 4:31 AM EDT
Tuesday, 16 October 2018
Reasons Why Your Organization Needs a CFO
Topic: accounting
Every business owner strives to take the business to new heights ( ethicsplusuae.com/cfo-services ), and this can only be achieved if the finances of the organization are well managed.

What does a CFO do?

A CFO is a professional who is charged with managing the finances of a company. He / She has the knowledge, expertise, and experience in handling the finances with ease. CFOs are supposed to manage the risk associated with the business and ensure that the company is profitable and valuable to the shareholders. If you want to expand your business or add a new production line, you will need CFO services in Dubai. An accounting professional cannot suffice for the kind of work that a CFO can manage. A CFO is an expert in handling finances and will offer the right advice at all times. They have the ability to manage everything in a business, right from the books of accounts to your assets and investment. Whether you want to expand your business or liquidate the same, there is no person better than a CFO to guide you throughout the process.

CFO services in Dubai are available for every size and type of business. They can make every type of decision for your business and ensure that the decision leads to the generation of income for the business. They have the knowledge and understanding of the industry your business operates in and can help you understand your business better. You will be able to ensure that the business achieves its financial milestones while keeping the assets intact. A CFO can also help in the preparation of the financial statements of an organization and help you meet the expectations of the shareholders.

Do you need a CFO?

There is no right or wrong in hiring a CFO. However, if you think that your business might not be able to afford the services of a CFO, you can look for professional firms that offer the best services for your business. Their comprehensive services will do good to your business and will ensure that all your needs are satisfied. When you hire a CFO for your organization, you need to check whether they have the experience of working in the industry specific to your business.

A CFO can also help manage your finances and help your portfolio grow. As a business owner, you might have made investments into different products and only a CFO will be able to guide you with regard to mitigating the risks associated with the investment and generating wealth. In short, whether it is the business or a personal portfolio ( https://ethicsplusuae.com/ ), a CFO will be able to do justice and help you make a profit. Any business can choose to seek services of a CFO, and these services will definitely make a huge difference to the business in the long term.

Posted by brucem231 at 7:27 AM EDT
Tuesday, 14 August 2018
How Can VAT Consultants Help Your Business?
Topic: accounting
Dubai introduced VAT on certain products from the beginning of 2018 and it is the duty of every business owner to record and pay the same. In order to make the right payment on time ( Ethicsplusuae/vat-consultancy ), you need to consult a VAT consultancy in Dubai which will help you maintain records, file the documents and report the correct amount of VAT. The consultancies are well aware about the latest amendments to the laws and will ensure that your returns are error free.

VAT is an indirect tax which is charged to the consumers. You need to pay the VAT amount collected and report the same in your return. Many business owners are not aware whether their products come under VAT and whether they need to deduct and file a return. Only a professional can help you with the same. Due to lack of clarity with regard to the indirect tax, it is best to approach a VAT consultancy in Dubai and seek their services. Inquire about the tax and learn how it will have an impact on your business.

Apart from offering assistance in VAT, the professional experts will also help you with the process of book keeping, auditing and annual filing of the statement. They have professional knowledge and expertise in the field which allows them to make decisions that are apt for your business. If you hire the services of consultants for VAT, you can concentrate on your business and on those departments which need your attention. It will give you peace of mind and you will be able to understand its functioning and implications. You need to keep in mind that unless you have clarity about the tax, you will not be able to report the same.

Since the tax is new and recently introduced, it is best to hire the services of those professionals who understand the tax implication of the same to your business. You can grow your business with peace of mind, knowing that the right professionals are managing the same for you. Filling the VAT return ( https://ethicsplusuae.com/ ) is not an easy tax and only experienced individuals can help you with it. Hire a consultancy that has an experience in direct and indirect taxation. The professional experts keep themselves updated with any changes in the rules and regulations of the tax system. They will ensure that you pay the right amount of tax and receive a refund in case of an over payment. They will also report the right figures of your sales and purchases which are necessary to calculate the VAT amount.

Posted by brucem231 at 3:32 AM EDT
Tuesday, 3 July 2018
Importance of Hiring a VAT Consultant for Your Business
Topic: accounting
The indirect tax rates change from time to time and it is important to meet the necessary requirements of the board. Hiring the services of a VAT consultancy in Dubai ( ethicsplusuae.com/vat-consultancy ) will help you meet your business goals and save ample of time. The experts have professional knowledge and are abreast with the latest changes and developments in the industry. They will help you file the returns on time and make the payment within the due date. You do not need to hire specific employees to manage the indirect taxes of your organization, you can outsource the service to an expert who will manage everything for you at for small fees. Considering the global opportunities for your business, it is important that you focus on the areas that need your attention and leave the taxation in the hands of the experts.

It is expected that VAT will be introduced by the government at the rate of 5% and it is important to entrust your financial management and taxation services to a professional expert who knows where the rates are applicable and how to make the payment for the same. VAT consultancy in Dubai will also provide you with additional services like auditing and assurance, bookkeeping and corporate finance. The experts can help you make the right decisions when it comes to deduction and payment of VAT from time to time. You will be required to adhere to the given deadlines and make the payment due to the government. The consultancy will handle everything for you and will ensure that you do not have to pay a penalty for late payment. The returns will be filed on time and you will be able to prepare the financial statements with ease. It requires professional knowledge and expertise to understand the details and applicability of VAT for a business. Based on the same, the consultants will be able to determine whether VAT is applicable for your business or not. If yes, they will help you with the entire process of filing and updating the books of accounts.

You need to hire a VAT consultant mainly because the tax is recently introduced and there is not much clarity on the same. The consultants will gain knowledge and understand its applicability to as to ensure that you are on the right path. You will not need to spend a lot of time trying to decipher the laws and interpret the same. The consultants will handle everything for you and will also advice you going forward. Hiring VAT consultants ( https://ethicsplusuae.com/ ) will be the best business decision you make.

Posted by brucem231 at 3:52 AM EDT
Friday, 25 May 2018
What is Offshore Asset Protection?
Topic: accounting
Storing one’s assets in an offshore account or offshore holding is a great way to avoid undue or over-taxation, and the greedy hands of creditors. Some foreign countries offer better asset protection than U.S entities, which adds an extra layer of security for a person’s wealth. However, just because a person is storing assets offshore ( www.EsquireGroup.Com/Offshore-asset-protection ), doesn’t mean the assets are safe from potential dangers, such as lawsuits, economic downturns, identity theft, and over-taxation. People are always targeting the wealth and success of others, so it’s important to make sure one has a secure and impenetrable offshore asset protection plan.

Offshore assets allow people to keep as much of their wealth intact as the law allows. It doesn’t mean that offshore assets aren’t liable for taxation – they are – but it does help keep a person’s financial profile discreet.

Plan Ahead

The best offshore asset protection is that which will preserve a person’s wealth for future generations. A professional and experienced lawyer can help his or her clients develop a fool-proof asset protection plan to guard against frivolous lawsuits, identity theft, or the deep pockets of the IRS.

Contrary to popular belief, it’s not only the uber-rich who store their assets offshore. A growing number of people are recognizing the benefits of offshore assets, including less taxation and increased wealth and asset security. One of the ways to strengthen the protection around offshore assets is to set up a trust fund or custodial account in another person’s name or register them under an employee identification ( www.EsquireGroup.Com/about ), rather than a social insurance number, to make the offshore assets harder to track.

The more successful a person is, the more creditors, fraudsters, and criminals will attempt to go after them and take their hard-earned money. Offshore asset protection gives long-term security, and keep the wealth in the hands it belongs to.

Posted by brucem231 at 6:02 AM EDT
Monday, 27 May 2013
How to Select Accounting Law Firm Professionals
Topic: accounting

Law firms deal with case sensitive information on a daily basis; their clients rely on them to preserve their privacy and protect the vital information they entrust to them. For these reasons, any outside service that law firms choose to hire, has to meet certain criteria of discretion. Accounting Law firm protocol is of particular importance, as financial matters must be treated with caution.

A law firm must be able to ultimately trust the accountant that is hired; there are signs to look for when searching for such an accountant that will clue one into his character. Firstly, the process by which one searches for accounting law firm professionals is vital in weeding out those who would otherwise be untrustworthy. Start off by consulting other attorneys that have uses accounting services or independent accountants in the past, and check whether or not they have continued to use these services. Law firm accountants should ideally be successful enough that their services are retained for the long term; after finding the right accountant it is a good idea to maintain this relationship.

 After informally asking around as to which services have been the most successful for other attorneys and firms, one can undergo an independent search. Online resources can be a great option, but may also be incredibly overwhelming. Be sure to limit the search to those who are fully licensed, have an established presence in the community, and who have visible reviews or contact number. After isolating a few accounting law firm professionals and services, call and make an appointment to meet in person, to determine if they truly are the right fit.

When sitting down to meet with an accountant, don’t be afraid to ask as many questions about their previous experience as possible. They may not be able to give detailed accounts due to privacy, but through these conversations a lot can be gleaned about their successful and not so successful interactions. If the accounting law firm professional is vague and standoffish, this is likely a sign that they are hiding a sub-par track record. To ensure that the services they offer are of the highest quality, it is useful to ask to see client reviews and their qualifications. In addition, look at the surroundings and ascertain how organized the office is; how they treat their space is likely how they will treat their job. If there is an organized filing system that likely means they are efficient and timely, which are two very good qualities to look for in any accounting professional.

 Once an accounting law firm professional has been deemed a good match for the firm, determine the cost of the service upfront. Hidden charges can be avoided if one inquires as to any possible additional fees that could arise and be avoided. If it is an independent accountant, the fees can likely be debated, but through a service these fees are far more inflexible. Overall, make sure to be as upfront and inquisitive with ones potential accountant as possible, and one might very well find a faithful accounting partner for life.

This article was written by Maxima Dubler, on behalf of RBZ, offering reliable and affordable accounting services to legal firms. To know about the duties of a legal accounting supervisor, you may also visit eHow.

 

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Posted by brucem231 at 6:07 AM EDT
Updated: Monday, 27 May 2013 6:31 AM EDT
Saturday, 23 March 2013
How to Get a Great Accounting Los Angeles Professional
Topic: accounting

When you own your own business, no matter how big or small it is, one of the most important jobs is to proper keep your financial records in order and attended. Many people simply find this confusing due to the lack of education they have in the area of business law, accounting, and tax law. Financial records that have been mishandled and contain many errors or entries that are careless have the potential to turn into big problems that can include both fines and interest charges. If you find that your business is growing, and you are in over your head in paperwork, then it is time to get on the ball, and find a professional with an established firm that has a great reputation in accounting Los Angeles laws and federal tax laws.

The money and possible integrity of your business is what you are risking, if you hire a company or person that is inexperienced in the practices of accounting in Los Angeles. You want to be sure that you find someone who is going to be able to accommodate to your particular needs, while still offering quality services at affordable prices. There will be some things you need to verify and check out to make sure that you are hiring a legitimate accounting Los Angeles professional and not someone inexperienced in accounting, and definitely not someone scamming small business owners into handing over access to their finances.

 

When looking for a professional in accounting in Los Angeles, it is a good idea to do some investigation first. Asking around to for reputable companies in your area can help you find in which firm in Los Angeles, is accounting going to be the best for your business.

There are a few things that you want to find out about each firm when you contact, including the specific types of services they offer. There are many different firms in Los Angeles that offer accounting and it is beneficial to you and your business to find the one that offers the exact accounting, tax, and consulting expertise that you are looking for. An accountant is able to assist you in many different areas of your business finances and it is important to know exactly what you are looking for before you begin your search. You will also want to be able to ask questions in a comfortable setting with an accountant who is truly paying attention to you, so that they can recommend services that will best suit you; many times there are solutions that business owners do not know about until they describe their business and ask questions. 

Accounting firms that are readily available to address your concerns and give you lots of information and details about their services should be your top choices. This shows that not only do they know all about business accounting in Los Angeles, but they are ready to help you with the success of your business.

Having ‘that right hand’ assistance and management with accounting in Los Angeles with your business finances is critical for your business success. The reason it is so vital is that you can finally get your focus back where it belongs; on your services, products, and customer service. Finally, you can do that instead of worrying about catching up on laws and news that are applicable to your business financials.

 This article was written by Dorsey Bershadsky on behalf of RBZ, our accounting team understands the industry specific issues that often determine business success. To know how to prepare a fund flow statement visit eHow.com

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Posted by brucem231 at 2:12 AM EDT
Updated: Wednesday, 3 April 2013 2:42 AM EDT
Monday, 11 February 2013
Benefits of Hiring an Accountant in Tampa for Your Business
Topic: accounting

An accountant is a person who practices accountancy and who is trained in bookkeeping, auditing and analysis of accounts. An accountant is required to meet the legal requirements of any state he wants to practice. Many states in the US have terms such as accounting practitioner and registered accounting Practitioner. This is usually used for non-certified accountants. CPAs are highly qualified and provide DCAA compliant accounting. In this article, let us discuss the benefits of hiring Tampa CPA Accountants.

A Certified Public Accountant is the statutory title conferred to those accountants who have successfully cleared the Uniform Certified Public Accountant Examination and met the requirements for certification as CPA. Only Licensed CPAs can provide attestations for financial statements.

Tax planning: Your accountant Tampa help you to resolve your taxation problems with Internal Revenue Services. Some of the core taxation matters such as IRS audit notification, nonpayment of payroll taxes, owing back taxes, tax lien on your personal assets are handled with great care, caution and professional expertise. Tampa Accountants offer some proactive financial measures that help in tax saving. Accountants in Tampa advise on tax saving investments that produce income and deferring tax liabilities through certain investment choices. As the saying goes, “A stitch in time, saves nine”, tax savings are particularly important for small corporates for their growth and sustenance in the longer run. CPA’s adhere to guidelines, which help in eliminating tax penalties. 

Bookkeeping: Accountants in Tampa provide bookkeeping solutions for your businesses. All you have to do is to provide them your inputs. They ensure that the bookkeeping deadlines are met.

HR compliances: Routine HR processes such as time sheet management, leave reimbursement; accountants in Tampa efficiently manage payrolls.

Labor costs: Outsourcing your financial services to an accountant in Tampa will reduce constraints related to headcount in the organization. There will be no payments on employee insurance, gratuity and other compensatory matters of work force.

New business setup:  New entrepreneurs, setting up their business should consult accountants in Tampa  on startup capital investment, marketing, quantifying borrowing requirements and approvals on local licenses and permits.

Unlimited consultation:  Accountants in Tampa provide consultation on business matters, taxation and marketing throughout the year. The qualified CPAs provide useful information on minimizing taxation to your business by legitimate tax reduction strategies.

Managing support services for a medium sized business is expensive, considering the hiring of resources and managing their compensation. Accountants in Tampa help in tax preparation, HR services and payroll matters of your organization. They also reduce labour costs and help you focus on your core business.

This article was written by Courtney Browne on behalf of SK Financial CPA. To know about accounting professionals, please visit Wisegeek.com.

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Posted by brucem231 at 9:51 PM EST
Updated: Monday, 10 June 2013 6:07 AM EDT

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