CDA Accounting and Bookkeeping Services

A cost audit is the verification of the cost records, statements, and data. It makes sure that costs are accounted for correctly according to accounting procedures and plans. It keeps a check on all the cost reports and statements, to avoid any mistake, fraud or any kind of malpractices in cost accounting. Importance of cost audit Cost audit is used to evaluate the cost incurred by a firm in manufacturing goods or providing services. The main objectives of this audit are: Identifying unproductive costs It helps in classifying the cost whether they are productive or unproductive, through which the firm can reduce the unproductive cost through which they can increase the profits. Formulation and implementation of strategies Through its cost audit, the firm can develop strategies to meet changes in costs. The firm can make advanced changes in plans. Facilitates budgeting Cost audit reports of past years may help the company to create the budget for the future, as the past cost audit repor...

All firms must take adequate measures to find the right tax advisor . A firm should conduct thorough research regarding tax advisors and ensure that the selected entity will be able to fulfill the expectations of the firm. Some of the points that must be kept in mind before selecting a tax advisor are as follows: The firm must choose an advisor who has complete knowledge of the tax laws of the state. For example, in Dubai, the advisory firm must be familiar with the UAE VAT law and import/export activities. In order for a tax advisor to be qualified, they need to have all of the necessary qualifications and experience. It is important that these qualifications are strictly verified by the firm that is planning to hire them.  It can be one of the best ways for a business to find licensed tax advisors. It is not easy to find an appropriate tax advisor, so the company should take more time to choose a tax advisor, or else it will pay a lot in the future. One thing to keep in mind when...

In June 2018, goAML platform has been introduced in UAE. The platform is a comprehensive system for monitoring and controlling the risk of money laundering and terrorist funding. The goAML system is a digital platform used by Financial Intelligence Departments to collect and evaluate financial information. The system was developed by the United Nations Office on Drugs and Crime to be used by financial intelligence units for analysis of data in order to prevent criminal activities. Who all are required to register on the goAML platform? As per the guidelines issued by the Central Bank of UAE, all reporting entities in UAE are required to send various reports to FID by accessing goAML platform. Also the Ministry of Economy (MoE) in UAE has launched many awareness programs exclusively to urge the registered Designated Non-Financial Business and Professions (DNFBPs) to register on the goAML platform. What all reports are required to be submitted by the registered organizations or persons i...

Zero rating on export services means that the services which are rendered or exported outside the UAE are charged VAT at ZERO rate i.e. the supplier doesn’t have to pay output tax on the export of services and the registered entities can reclaim the input tax on the services provided by them For effective results It will be a best course of action to conduct an audit to ensure that the services provided by a firm can be charged at zero rate and to verify whether all the conditions are fulfilled by the recipient.  Consult with an outsourcing accounting firm in UAE to identify the bottleneck areas and take the required measure to improve it. Things to be known regarding zero-rating on export services in UAE: If the recipient has any of the following establishments in the UAE then it may be considered that he has a place of residence in the state: a) Place of establishment: It can be defined as the place where the business is established and significant management decisions or centra...

Businesses may need financial audits of their records for compliance and evaluation. They must abide by tax laws and Value Added Tax (VAT) rules, file tax returns, and avoid any future chaos. A Business’s internal auditor can help with this. The Roles and Responsibilities of an internal auditor include: Internal Auditors are a valuable asset to an organization. Their main duties include identifying, evaluating, and reporting on risks related to the reputation of the firm. The way it conducts its business operations, its strategic growth plans, and how it manages environmental impact as well as employee treatment. They function as consultants who carry out the appraisal and advise the company administration on how to handle the risk factors that they have recognized.  Proper governance of the firm and assessment of risk management   Safeguarding of assets in compliance with laws and regulations Help to conduct proactive fraud audits to identify potentially fraudulent acts ...

It is often seen that small businesses try to avoid or underestimate budgeting and forecasting processes as it involves huge costs. They rely on opinions and guesses instead of systematic forecasting. But in reality, without having a clear picture of the future, it is exposed to a huge risk of uncertainties. Make sure to meet your financial needs by conducting thorough auditing and forecasting to help them to identify the bottleneck areas and adopt the required control procedure to tackle them.  Let me share some strategies used by small businesses to effectively carry out budget forecasting Try to Overestimate Expenses This is a survival tactic that smaller businesses can use to hedge the risks of uncertainty. It’s common for businesses to face some unanticipated costs relating to a project, and the magnitude of such costs may be out of the firm’s expectations. This type of situation can trickle down into smaller businesses as they have limited resources. All-Round Tracking While...

  Payroll fraud is one of the most common ways to steal money from a company. This type of fraud involves stealing money from your business’s payroll account. It is difficult to detect this type of fraud because it remains hidden for a long period, even though many businesses do not take steps to prevent it. For things to make easier, look for an expert payroll accounting services team that can effectively manage your payroll documentation, expense claim disbursement, and processing pay slips. Let’s Go Through Some Common Type Of Payroll Frauds In A Company: Ghost employees: Frauds are often conducted by issuing payments for fake or former employees. This type of fraud is common in large organizations that may hire temporary laborers or workers. Falsified wages: Occasionally, employees claim that they worked hours that they did not actually work. The co-workers will punch their timecards even when the employee was not present and persuade the employer that he or she worked during...

 A tax advisor is a person who manages the business transactions relating to the payment of taxes and tries to minimize those payments while following laws and regulations. How to Select A Tax Auditor For Your Firm A tax expert must have knowledge of the laws governing taxes in the country where he is providing his services. For example, if a tax consultant works in the UAE, he must have a thorough knowledge of the tax systems that exist in the UAE. A firm must choose a tax consultant who understands the firm’s needs and informs them about their taxes. The tax consultant should have all the required authority and information to carry out his work, such as analyzing the amount of money that has been paid in taxes and how much money is owed. The consultant must work efficiently and effectively, according to the company’s requirements. Also, he should bring changes in taxation methods that may improve the financial position. He should be well aware of VAT policies and also find remedi...

When it comes to the cash flow management of any company, it is often said that cash is king. Most companies that are profitable are still successful because they have money on hand. If you spend more money than you make, you will come up against a cash crunch that stops you from paying suppliers, buying materials, and even paying salaries. If you are looking to outsource your firm’s cash flow management in Dubai , UAE then CDA Accounting and Bookkeeping Services LLC is one of the best there is: How Can You Identify A Good Cash Flow Management Process? They Analyze your cash flow throughout each stage of your business expansion. If you’re a busy owner, hiring a knowledgeable accountant or security analyst is recommended, because they can help solve financial problems. They also identify the common problem areas that arise in business processes during its expansion period. They can Identify Income Gaps To enhance your current income, it is important to fill all the income gaps that ar...

Accurate bookkeeping is the lifeblood of every business. As a busy commercial hub, Dubai hosts many businesses that need to keep their books accurate and error-free.  In UAE, more than a third of small businesses outsource their accounting. It is now harder than ever to find someone at a reasonable rate. Because of this fact, you might consider outsourcing accounting services to a company with expertise and qualifications. If you are looking for an audit firm in Dubai then CDA accounting and bookkeeping services LLC is your best bet!  Here are the benefits of outsourcing accounting It’s Cost Efficient The best advantage of outsourcing accounting is the reduction in costs. Once you outsource your company’s accounting, you only pay for the services you need. Benefits and other employee expenses are eliminated, making it a cheaper option. They Have Access To the Latest Technology Accounting firms always want to make sure they're at the forefront of their industry. A neighborhoo...