AM Audit Expert Shares His Journey Through Risk Management
Today’s businesses, operating in a rapidly changing and complex global market, must prioritize risk mitigation as a cornerstone of their corporate governance. This article offers a deep dive into critical accounting risks, complete with practical examples and proven strategies that have helped businesses safeguard their financial health. Financial Reporting Errors Financial reporting errors represent one […]
How the Dirham-Pegged Stablecoin Will Revolutionize Business Transactions
As the UAE continues its ambitious drive to establish itself as a global financial and technological hub, the impending launch of the dirham-pegged stablecoin by Abu Dhabi Securities Exchange-listed Phoenix Group and digital asset firm Tether represents a pivotal moment in the region’s economic evolution. Scheduled for release by January 2025, this stablecoin—anchored to the […]
Accounting Under DIFC’s Digital Assets Law No. 2 of 2024
The DIFC Digital Assets Law No. 2 of 2024 covers the regulation and recognition of digital assets within the Dubai International Financial Centre (DIFC). This legislation establishes a comprehensive legal framework for the ownership, transfer, and management of digital assets, encompassing digital representations of value that are tradable, transferable, or usable for payment or investment […]
Recent Sukuk Issuance: Accounting Considerations for UAE Businesses
The recent surge in sukuk issuance, reaching $91.9 billion in the first half of 2024, highlights significant growth in Islamic finance, particularly impacting businesses and auditors in the UAE. This trend is crucial for financial institutions, corporate issuers, investment firms, regulatory bodies, and SMEs involved in or considering sukuk issuance. Understanding these implications ensures compliance […]
Ensuring Compliance and Financial Integrity in Dubai’s Real Estate with Escrow Accounts
Dubai’s real estate market faced significant regulatory action when three developers were fined Dhs500,000 each for failing to comply with the necessary registration procedures for off-plan projects. These fines were imposed by the Dubai Land Department (DLD) under Law No. 8 of 2007 on Real Estate Development Escrow Accounts. This incident underscores the critical role […]
Dubai Property Shakeup: Cash Limits on the Horizon? (Case Study Included)
Dubai’s real estate market is on the cusp of a significant change with major developers considering stricter limits on cash transactions. This blog post dives into the details of this proposed regulation, its potential impact on accounting practices, and explores a revised case study that delves into an advanced financial issue related to the news. Understanding the Potential Cash […]
UAE Tourism & Travel: Forecast & Strategies for Sustainable Growth (Next-Level Accounting & Tax Solutions)
The UAE’s tourism industry is poised for a meteoric rise. 2023’s record-breaking visitor numbers and the highly anticipated launch of a Schengen-style unified GCC tourist visa by year-end paint a picture of an overflowing cornucopia of opportunity. But beneath the surface of luxury hotels and dazzling attractions lies a complex financial landscape demanding sophisticated strategies. This isn’t just about […]
Business Advice: 4 Strategies to Improve AR Collection and Strengthen Your Accounting Practices
Slow collections on accounts receivable (AR) can disrupt cash flow, hindering growth and causing accounting headaches. While traditional methods like sending reminders remain crucial, here are four effective strategies to supercharge your AR collection and strengthen your accounting practices in the UAE: 1. Automation: Leverage Technology for Effortless Collections and Accurate Records The UAE boasts a tech-savvy population, and […]
Accounting Mistakes: A Threat to Profitability and Financial Health
In the dynamic world of business, accounting plays a crucial role in maintaining financial transparency and ensuring the long-term success of an organization. However, accounting mistakes can have a significant impact on a company’s profitability and financial health, potentially leading to inaccurate financial statements, inflated profits, and even legal repercussions. Common Accounting Mistakes That Can […]
SKILL UP YOUR ACCOUNTING DEPARTMENT
As with a promising leadership position, managing the accounting team requires more than technical know-how; a good amount of empathy and compassion to always grow should also be included in the equation. It is vital for the CFO and accounting managers to work closely together to lead their team to achieve the organizational objectives at […]
Bookkeeping: Why does it matter?
Bookkeeping is vital for maintaining accurate financial records. Yet still, several organizations fail to implement this necessary process. Besides the fact you are required under the UAE law to retain your books of records for 5 years, doing this will also help you in business enhancement. Bookkeeping is the art of recording your financial facts so that […]
Which accounting software is best in UAE?
As the saying goes, “You ask the wrong question – You get a wrong answer”. And that is certainly implied in everything we say or everything we want to know. So, are you sure you are asking the right question when you tell which is the right or the best accounting software for your business? […]
A Complete Guide to E-commerce Accounting in the UAE
The sustenance of your business depends on how financially aware you are. To determine this, you have to keep track of your financial transactions; simply put; you have to account. E-commerce is a new form of commerce and a response to how much people have grown with technology. E-commerce is using the internet as a […]
What part can Chartered Accountant play in the battle against climate change?
Climate change risk must be integrated into corporate planning, finance, processes, and communications by chartered accountants and the companies they deal with. The unparalleled trials raised by Covid-19 have reminded us that as a global society, we must face challenges. Although the pandemic has taken center stage of our attention over the last year, we must not overlook another […]
Is your Accounting conforming with the Accounting laws?
Article 26 of Federal Law no. 2 of 2015 states, ”Every company shall keep accounting records showing its transactions to accurately reveal at any time the financial position of the company and enabling the partners or shareholders to confirm that the accounts of the company are properly kept in accordance with the provisions of this […]
Bookkeeping for freelancers in UAE
Any freelancer or solopreneur requires a comprehensive plan to achieve their financial goals, including accurate record keeping, increased profitability, and tax compliance. You, too, will profit from hiring an accounting firm to help organize your finances, regardless of the scale of your start-up. If you want to increase your work chances in the future, you […]
Accounting checklist for Start-ups in UAE
When launching a new business, it’s tempting to imagine that doing it yourself will get you through the early stages of funding before the new venture has completely developed its financial teeth and takes in more money than it invests. However, if the DIY solution involves attempting to manage financial activities without the help of […]
Why Getting a Professional Accountant was Crucial to Growing My Company?
Listen to Sara’s Story I understood that establishing my online fashion business would be a long-term investment. It’s something that I’m optimistic about, so it doesn’t sound like a job. Yet I didn’t know how much more time I would have wasted from not getting the correct accounting solution in place from the outset. I’ve been increasing […]
