3 Tips to Stop Struggling with Inventory Management

3 Tips to Stop Struggling with Inventory Management

Manufacturers all across the world deal with the impression that they’re never truly in control of their inventories. You have enough merchandise on hand to meet and exceed client expectations for market demand if you have good inventory control. You will be able to speed up your business and deliver improved client satisfaction if you use the appropriate approach to inventory management.

Tracking inventory:

Manual inventory tracking techniques spanning many applications and spreadsheets are inefficient, redundant, and prone to errors. A centralized inventory management system with accounting features can assist even small enterprises and this will also reduce human errors.  

Your mobile device can provide you with all of the information you require about your inventory. You can oversee inventory and enhance business productivity from anywhere in the globe with mobile solutions and cloud-based applications.

You can also Outsource inventory management to a professional. To help staff follow best practices for working with technical inventory management software features, contract in-person training and give online support.

Documentation for the manual:

Inventory management using paperwork and manual processes is inefficient and insecure. It also doesn’t scale well across numerous businesses with a lot of inventory. 

Provide the necessary inventory tools for the job to your personnel. They require software to replace manual inventory records, as well as paperless invoicing and purchase order interactions.

Reporting:

Any report connected to procurement management, production management, or sales reporting is referred to as an inventory report. 

Having up-to-date inventory reports allows business owners to keep track of their stock’s movement and profitability. They come in a variety of formats and lengths, but effective inventory reports are always clear and comprehensive.

Keeping a healthy product business requires reliable inventory reports. It enables you to swiftly detect problems, control costs, and increase customer satisfaction.

To prioritize your top inventories, use an inventory management system with powerful demand forecasting and reporting options. Consider the availability of the top 20% of your inventory, which accounts for 80% of your consumer demand.

Inventory management software that works well should include the following features:

Reduce costs, increase cash flow, and improve the bottom line of your company.

  • In real-time, keep track of your inventory.
  • Assist with demand forecasting.
  • Avoid shortages. 
  • Excess inventory and raw materials should be avoided at all costs.
  • Allow inventory analysis to be performed on any device.
  • Your point-of-sale (POS) system should be able to reach you.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firm in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world’s leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping are more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, and Recognized accounting software, and more.

Forensic Audit services and its benefits

Forensic Audit services and its benefits

What is a Forensic Audit Service?

The financial statements of a company or an individual are examined and evaluated in a forensic audit. HMRC and tax audits are the most common uses of forensic accounting. Private companies, on the other hand, can use it to get a comprehensive picture of a company’s finances. It may also be required if the business is the victim of fraud or crime.

External Audit

We will extensively examine your financial accounts and records to guarantee that they conform with International Financial Reporting Standards (IFRS) and UAE rules. The entire audit report substantiating the financial data will aid you in establishing the financial health of your organization.

Internal Audit

We will adhere to internal auditing and submit exclusive standards while focusing on your business’s aims and objectives. You will be able to avoid problems and hazards in the future as a result of this. In addition, improving the organization’s production and efficiency. Our useful advice will serve as guiding lights on your route to success, we guarantee it.

Benefits of Forensic Audit Service

01). Detecting and preventing fraud, money laundering, and other financial crimes

Fraud is a constant threat to all businesses, regardless of their size or industry. You should be very careful about your accounting operations since many sorts of fraud are always lurking around the corner. It comes at the expense of one’s reputation and, in some cases, the company itself. 

Mentioned below are some of the factors that KLOUDAC will safeguard you against:

-Misrepresentation that is both false and deliberate

-Any attempt to deceive.

-Facts are being hidden.

-Any lawfully invalid act or omission

-Any benefit that is not legitimate

Detecting Asset Theft

Asset theft can have a negative impact on your business’s growth. In addition, forensic auditing in Dubai can assist you in identifying them. 

Some of the examples of asset theft are:

-Fake bills

-Misuse of funds

– A payment made to a non-employee or a vendor

-Theft of goods

To maintain the smooth and fair operation of your firm, forensic audit acts as a gatekeeper to prevent any unlawful financial actions. It discloses anything that is illegal or in violation of the law, allowing you to take action.

Increasing public trust and brand recognition

All the aforementioned advantages work together to increase your reputation with investors and customers. As a result, forensic audit services in Dubai are mostly used to establish legal procedures. 

If you show transparency, which comes from complete compliance, your stakeholders will trust you. In addition, the forensic audit uncovers and eliminates inconsistencies in your financial activities and documents.

Preventing corruption with the help of Forensic Audit Service

The most significant hindrance to growth is corruption. It obstructs your company’s socioeconomic progress. Furthermore, it stains your organization’s reputation and jeopardizes your business.

In Dubai, forensic audit services are largely used to prevent criminal financial activities. Financial crimes and other roadblocks to advancement are also identified by our capable auditors.

We investigate any effort at extortion, bribery, or anything with a conflict of interest. A forensic audit also assures that your company’s credibility is unblemished. Our auditors perform due diligence to see if someone within your firm is illegally accumulating personal profit.

Expose false financial statements

An illegal financial statement is one that is intended to defraud by giving a false impression of your firm. It also provides a comprehensive view of the company’s genuine financial status and guarantees that revenues and losses are consistent. 

Furthermore, auditors produce trustworthy financial information that demonstrates a company’s true earnings and progress.

Forensic audit services in Dubai are able to assist you in detecting forgery of accounting documents, financial statements, or any other data that does not meet UAE standards.

Fraud can cost your firm a lot of money. It can also be disastrous, costing a lot of money. As a result, the forensic audit verifies that everything is in accordance with UAE norms and regulations.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firm in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

How you can benefit from a comprehensive audit

How you can benefit from a comprehensive audit

A comprehensive audit is a thorough review of a company’s financial and economic activity that covers all aspects of accounting and tax records. A comprehensive audit is a technique for detecting and fixing accounting and reporting mistakes.

Auditing isn’t simply about statistics; it’s about a lot more. Comprehensive Auditors in Dubai contribute to society by adding value to clients and giving critical insights to help companies enhance their performance. Businesses require auditors that are knowledgeable about their industry, geography, political and economic challenges, long-term strategy, and any risks that must be assessed and managed. They need experts who can appropriately incorporate this vital information into the audit process.

Mentioned below are several major benefits that a comprehensive audit provides:

Business improvements

An internal audit examines your company’s internal systems and controls objectively. As a result, the auditing specialists have a great chance to offer modifications that will help your company run more efficiently. The audit process can identify ways to enhance internal controls, business systems, accounting practices, efficiency, governance, and culture.

Credibility

An audit ensures that the financial statements are a genuine and fair depiction of the entity’s current financial status. Hence, this is one importance where Clients, stakeholders, investors or lenders, and even potential purchasers gain crucial credibility and confidence. It is an assurance that everything is how it appears to be financial.

Compliance

One of the main reasons for conducting an audit is to comply with statutory requirements and regulations in your sector. An audit gives business owners and shareholders total peace of mind that the company is in full compliance with all its existing statutory responsibilities. Noncompliance may result in huge penalties, loss of customers, and a damaged reputation. This is a damage that far outweighs the cost and any minimal, temporary inconvenience that may be caused by an audit.

Detection and Prevention of Fraud

Fraud, inaccuracy, and corruption are reported to affect many firms. An internal and external audit may be a useful tool for detecting fraud and opportunities to commit fraud. Workplace fraud may go undetected for years, and the financial and reputational damage can be so severe that some firms never recover. Experienced auditors are excellent at identifying flaws in a company’s systems and controls and recommending strategies to fix them to avoid fraud.

Planning and Budgeting

By analyzing financial transactions, an audit verifies the correctness of an organization’s financial statements. It’s a time-consuming procedure that might lead to the critical examination of several categories of income, spending, assets, and obligations. This in-depth study, along with the financial experience of the auditor, may be utilized by business owners to improve future financial planning, budgeting, and decision-making.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firm in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

Prepare Your Business for Customs Audit In UAE

Prepare Your Business for Customs Audit In UAE

How to Prepare for a Customs Audit in UAE

In recent months, the tax authorities have started conducting customs audits on imports and exports. The Federal Customs Jurisdiction has been given authority by the UAE government to check customs-related and commercial papers connected to the import of items. In consequence, it is a must  for taxable businesses to comply with rules and regulations. If your company is scheduled for a customs audit in the United Arab Emirates, you should contact an audit firm in Dubai, UAE.

Customs Duty In the UAE

The custom tariff specifies whether goods or the products imported into a nation are subject to a customs duty. And they are gathered at the first entrance point. 

The customs duty on the imported goods is fixed and the customs duty is 5% of the value of the goods plus the cost of freight insurance.

The UAE has adopted a GCC common tariff in general, with customs taxes set at 5% of the CIF (Cost, Insurance, Freight) value of most goods. However, this varies with certain goods. 

CIF is an international shipping agreement where the charges are paid by a seller to cover the costs, insurance, and freight of a buyer’s order while the cargo is in transit.

Customs Duty in UAE on Foreign Goods:

-5% of CIF value of most products

-50% Customs Duty – Alcoholic, Carbonated, and Sweetened Beverages

-100% Customs Duty – Tobacco Products

Auditing

Audits can be done on both imports and exports. Customs officers often perform audits using audit authorities granted by the Customs and Excise Department. The two types of auditing, Internal Auditing and External Auditing, and Income Tax : All these should be taken into consideration when you are preparing your business for customs audit in UAE.

Documentation

During a customs audit in the UAE, the tax authority will frequently send a request for specifics to be addressed. This means you won’t have to worry about every detail of your customs reports; instead, you can concentrate on the products that are being investigated. It will be in these areas that auditors will be interested, therefore you must be prepared to respond to their questions.

There are common documents that you should provide for the Auditor. Taxable entities may be required to provide the following papers from the preceding five years by the Federal Customs Authority:

-Cashbooks

-Sale and purchase journal

-Entries on import and export

-Stock reports / inventory reports

-VAT accounting records

-VAT returns

-Bank Statements, Transfer slips, and Deposit slips

-Accounting Ledgers

KLOUDAC, an audit firm in the UAE, will provide a guide that covers the tax authority’s areas of interest and provide information that will be quite useful for your customs audit.

Customs Audit Checklist

Listed below is the checklist you must be prepared with:

-Make an appointment with your customs Auditor: Contact one our auditors and inform them that you are being audited then they will make the necessary arrangements for the process.

-Gather the required information: Investigate all transactions that are needed to the audit’s main focus. All necessary documents, VAT returns, invoices, and receipts should be conveniently accessible. Please note that your records must be kept for five years from the date of the customs transaction.

-Consider reporting any errors immediately 

-Be prepared for the following questions :

1.Do you have a customs strategy being overseen by a dedicated person or department?

2.Do you have risk management and compliance plans in place?

3.Do you know the total annual amount of duty and VAT paid by your business?

4.Do you know the annual value of your imports?

5.Do you know the latest regulations on tariffs and their classifications?

6.Do you know every step of your supply chain?

-Attend the CBP interview : Make sure to understand their questions properly and answer them directly.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firms in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

Audit guide Dubai Free Zone

An Important Audit Guide for Companies Dubai Free Zones

Most of the entrepreneurs in Dubai start-up their companies in Dubai free zone to take the advantage of unrivaled benefits such as fast permits, complete foreign ownership, tax benefits, and low-cost incorporation. Investors should, however, take care not to forget the necessary criteria when enjoying the various benefits. Since many free zones have made it mandatory for their approved businesses to file annual reports.

Conducting audit via approved auditors in UAE

Auditing can be conducted via recognized and approved auditors in Dubai, UAE. Kloudac is a highly reputed and recognized accounting firm in Dubai, UAE which helps with internal audit services, external audit services as well as forensic audit services. Companies who fail to provide this requirement on time will have to face difficulties and penalties such as the loss of their trade license.

Free zones in Dubai who consider auditing to be a legitimate obligation

Some of the reputed free zones in Dubai, UAE require auditing as an obligatory function. Some of the free zones are,

Dubai Multi Commodities Centre – DMCC
Dubai Airport Free Zone – DAFZ
Dubai International Financial Centre – DIFC
Jebel Ali Free Zone – JAFZA

The aim of this article is to provide you with information on auditing in Dubai free zones.

Book-keeping in Dubai free zones

The aim of start-up companies is to maximize their profit by evaluating business performances. That is the place where accounting and book-keeping plays a major role for the organization’s success.

Now we will draw our attention to financial record maintenance / book-keeping services in Dubai free zones for the audit purposes.

Companies in the UAE are required to keep financial reports for at least five years. This condition has been specified in several free zones’ implementing regulations. But JAFZA, one of the free zones in Dubai, has stated that the Free Zones companies (FZCO) and Free Zone Establishments (FZE) must maintain financial documents for a minimum of six years.

The books of accounts must be held at the registered office or another venue decided upon by the Board of Directors. And at the time of the audit, authorized auditors in Dubai should have access to the financial statements. Meanwhile companies must also hold books of accounts in accordance with UAE tax rules. Furthermore, companies working in Dubai free zones will request advice from the best audit firms in the region. One such audit firm is Kloudac.

Failure to submit audit reports,

The financial statements of businesses registered in the Free Zones must be audited every year. Failure to comply with the regulation by free zone companies in Dubai can result in severe penalties.

Non-compliance can impact the renewal of a trade license because most free zones require regular audit reports to be submitted at the time of renewal. Furthermore, Companies must employ a certified auditing company.

Kloudac as an approved auditor in Dubai Free Zone

It is a must for the companies to maintain financial records for minimum of five years and get them audited by approved auditors in Dubai, UAE. Since, Companies authorized by and working in Dubai free zones must have their accounts audited on time.

Kloudac is one such authorized auditing firm in Dubai, UAE.

Our internal audit services provide:

  • Setting up Internal strategical and Tactical Audit Function
  • Providing support to existing Internal Audit Function
  • Internal Audit Quality Assurance Reviews

and many more. Whereas external audit services provide:

  • Financial statement Audits
  • Advice on the application accounting policies, accounting, and auditing standards
  • Accounting System and Control reviews

These are some of the auditing services provided by Kloudac. Having 15 years of experience and 500+ customers were handles over the period. Kloudac as a leading audit firm in Dubai, UAE will help you with dealing audit issues in Dubai Free zone.

Advantages Of Hiring Auditors In Dubai

Proper utilization of time

Auditors in Dubai assist a business association in paying attention on more significant core activities which are directly associated to the profits gaining process.

Cost-effectiveness

By hiring accounting services in Dubai, you can save more money that would have to be invested on payroll, training, and infrastructure.

Benefit from the expertise of the outsourcing accounting firm

The outsourcing chartered accountants in Dubai based in Dubai is extremely skilful in carrying out their tasks. They have access to the newest accounting software and stay updates with the latest developments in the accounting area in different countries.

More accuracy

Accounting is a job which can be carried out more professionally at a quiet place as it involves lots of concentration. Even a single error can spoil the entire process.

Easy to handle

By hiring the accounting tasks to a company based in India, you need to deal with only the contractual obligations.

Developing businesses always gets to some extent where they have expert financial advice but are not capable to pay for a full-time CFO.

Cost-effectiveness –

By Auditors in Dubai, you can save more and more money that would have to be used on payroll, training, and infrastructure.

Furthermore, remuneration charged by the hiring companies based in Dubai is much less than the service rates in the developed countries. In addition, all this money can be spent in core functions for optimizing the business prospective of the organization.

More accuracy –

Accounting is a job that can be done more professionally at a private place as it comprises lots of focuses. Even a single error can mess up the entire procedure.

Top Audit Firm Dubai UAE

Following are the advantages of auditing companies in Dubai:

High level of accuracy

The vat consultancy services in uae have professionals and know how to deal with accounting data precisely. When it comes to dealing with records accurately, accounting services can be advantageous for you.

Avoid tax penalties

Wrong accounting records can inflict penalties on you throughout tax season. Accounting service provider provides you access to the newest software, decreasing the chance of mistakes.

Save time

You don’t need to spend your valuable time on accounting. Accounting service will assist you to avoid from preventable pressure and leave you with enough time to carry out your core business jobs.

Increase productivity

Auditing Companies In Dubai allow you to pay attention on revenue-generating business activities, increasing your overall productivity. In addition, you need to scrutinize the real financial health of your business.

Scam Prevention

Accounting services specialists help to keep all records of your payments, profits, expenses and financial development on track with their professional management. As you will find a thorough record of all the financial records, it assists you in scam prevention and future decision making.

Accuracy level – We all understand that accounting services. Thus, it is vital that the precision level must be 99.99%. That is where accounting services show to be helpful. It deals with your accounts and keeps your business on the accurate track.

Accounts forecasting – With fully analysis, accounting services provides a complete and clear picture about errors, where your investments will be profitable & loss situations are there, and many more. In addition, you meet about which financial step you should eradicate.

Perfect time allocation – Because the outsourcing team processes your work, you can gain access to essential financial information, when you want. Your job will be done in a given time without any mistake or delay. In this way, you can concentrate on your core tasks.

Make Bookkeeping Process Hassle Free in Dubai

Accounting plays a crucial role to run your business productively. But as a business owner, you might not have enough time to deal with your accounting work as you have to manage other things as well or you perhaps not a pro in accounting. For the sake of your business, hiring a professional accounting service accounting firms in Dubai is the right option.

Following are the advantages of accounting services:

High level of accuracy

They are professionals Accounting Firms In Dubai and know how to deal with accounting data precisely. When it comes to dealing with records accurately, accounting services can be advantageous for you.

Avoid tax penalties

Wrong accounting records can entail penalties on you throughout tax season. Accounting service provider provides you access to the newest software, decreasing the possibility of mistakes.

Save money

No need added benefits such as life insurance, leaves, holidays and pension plans, etc. to your provider as you offer to an in-house staffs. You will only pay to the accounting services you are obtaining at a specific time. They will give you the correct results that can be up to 99.95%. However, hiring accounting process is comparably inexpensive.

Also Read :- Chartered Accountants In Dubai

Save time

You don’t need to use your precious time on accounting. Accounting service providers will assist you to avoid needless stress and leave you with more time to perform your core business tasks.

Enhance productivity

Bookkeeping services Dubai allows you to pay attention to revenue-generating business activities, increasing your overall output. Furthermore, you can analyze the authentic financial health of your business and proceed accordingly.

Fraud Prevention

Accounting services experts will keep all your business payments, profits, outlays and financial development on the right track with their proficient management. As you will have a thorough evidence of all the financial records, it assists you in scam prevention and future administrative.

Hire An Eminent Accounting & Bookkeeping Services In Dubai

Accounting & Bookkeeping Services In Dubai – Do you feel like your market players are increasing faster than you are in the fields of information technology support, skills, education, knowledge of resources or complete economic circumstances? They might be balanced of seizing your customers!

Profit is certainly one of the major aspects of business development and growth, but it is not the only part. Development changes your life and one and all else’s who are in one way or another related with the business and it provides your business a superior status and brand image in the market.

Here are the top 10 benefits of hiring accounting and Bookkeeping services Dubai

1. Develop and sustain your firm faster and stronger by outsourcing CPA and accounting services.

One of the great reasons to hire accounting & bookkeeping services Dubai is that you can have enough time in your hands to augment your competence, develop your company and functions, and make the most of your return on investment (ROI) on the core competencies of your business. You can make use of this added time to try to make more clients, by augmenting your marketing efforts and customer services, as you won’t have to lose sleep about hiring, training, managing, reviewing, firing, and etc. Hiring CPA or accounting services is most expected to diminish your outlays by 30 to 50%.

Also Read :- Audit Firms In Dubai

2. You don’t have to pay horrible overheads, you can just pay for the genuine work you need to be completed.

When you are hiring accounting and bookkeeping services, you are of course registering to pay only for the actual work you need to get completed. In your business functions, it means that you no longer have to pay for the operating cost, vacation, sick leaves, payroll taxes, training and other outlays of the accounting section. Therefore, you can considerably augment your profit margin and also allow yourself to get more work done anytime.

Hire The Top-Notch Accounting Firms In Dubai

Know benefits of hiring accounting firms in Dubai and they are:

1. Fast Reporting

Accounting Firms In Dubai – However, you have to wait for the Bookkeeping services Dubai or the complete to their reports to conclude official financial reports, you will always get up-to-date balance sheet to inquire about the latest state of the accounts. You can find these data to any interested party, giving more confidence both in your work as an executive and in the company’s health in total.

2. Better Relations with Banks and Investors

That confidence wills certainly develop business associations with your investors and shareholders. Furthermore, banks are willing to offer you with more affordable loans once they can find how your company is flourishing. Any time a shareholder is interested in the well-being of your company, you can only show the latest detailed sheets and show that the company is thriving. 

Also Read :- xero dubai

3. Faster Business Response Time

When you have instant information about the state of your accounts, you can easily respondto any changes that occur to the market or to your business. You will understand the amount of your resources and latest outlays and offering you with right insight.

4. Faster Financial Analysis

As bookkeeping tends to be cost-effective and better way than accounting, it’s useful to know that by having proper records you will simplify the length of time an accountant will spend on scrutinizing your accounts and making financial statements. This will not only cut the price of accounting.

5. Easier Audits

Creating financial reports is much easier and speedier when you have a perfect data-recording model. You will get easier time carrying out an audit than you would if your accounts are untidy, disorganized or even a little out of use. They can make their report rapidly and any flaw will hover to the surface.

This way, the accountants work perfectly and quickly without any hassle.