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What is QuickBooks?

QuickBooks is one of the most popular and pioneer in accounting software for small and medium sized businesses. It is the product of Intuit Inc. that provides an easy-to-use interface for small businesses to take care of their basic and medium type accounting needs. 

QuickBooks provide two types of products. One is software-based product which can be installed in the computers and used. Other one is QuickBooks Online which is cloud-based product which can be accessed from anywhere through online. 

 

Why QuickBooks is suitable accounting software for small and medium businesses?

1. User friendly
QuickBooks software is easy to use and easy to understand. Even business owners, who do not possess any accounting knowledge or financial background, still can easily understand it. They even can enter the data and extract the reports they want.

 

Every company wants to improve its business accuracy; however, mistakes are going to happen—it’s just a fact. When mistakes do happen, the following actions or inactions will take place:

•Nothing changes; therefore, the same mistake can, and probably will happen again.

•Someone needs to be blamed; therefore, the same mistake can, and probably will happen again. It’s not much different than when the company does nothing.

•A lesson can be learned from the mistake, thereby reducing the possibility that the same mistake will happen again. This obviously is the best option and promotes operational efficiency. 

Saturday, 24 September 2016 19:11

Do you like to start a business in Dubai?

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Starting a business in the Dubai should not take you more than a week once you've sorted all your legal procedures.

But before you start your legal formalities, you need to consider some elements required in the process:

 

1. Type of business

Your type of business will determine the kind of license you require. Whether it's commercial, professional or industrial licenses, these will define the basis of your operations. However, while selecting, remember that certain activities such as food trading, jewellery trade, veterinary activities and legal consultancy require further approvals from other governmental departments.

The Department of Economic Development (DED) in Dubai has a list of over 2100 activities you can choose from. If you're unable to find your specific one in there, you can contact the DED. Each free zone has its own regulations and approval formalities.

 

Friday, 05 August 2016 18:23

Why does your company need an External Audit?

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Today many companies think that auditing the accounts once a year is something they must do by law. But most business experts agree that the real value of the audit process is more valuable than that you think.

Today many organisations operate under loss but assuming that they are in profit. This is mainly due to unavailability of correct financial information or improper maintenance of books of accounts. No doubt, Accounting is a vital success factor in a business. It is what shows the real face of a business. How do you know that your accounting process is going well?

In fact, you need independent, unbiased and professionally qualified experts to verify and confirm your accounting process and the success of your organisation. They are the external auditors.

 

Many small and medium-sized business owners are aware of the importance of using accounting software. The days of the accountant using a “pen and paper” system through the ledgers are most certainly over. Today even the smallest business has some form of accounting software to make life easier and to create efficiency for the finances of a company. 

 

Benefits of Accounting Software

1. Fast & Efficiency 
Time is money and for this reason, you should do whatever you can to become a more efficient operation. Using accounting software allows businesses to process their accounts with greater speed than manual processing.

Every company has a goal. That must be gaining a higher profit. It can only be achieved through two things; increasing its revenue or reducing its costs.

There was a time all work-related tasks and services for a business of any size were done in-house. Later, business consultants have long advocated about outsourcing non-core functions. A non-core function is one that is not a profit center (meaning, you don’t charge customers for it). A non-core function may be essential, but doesn’t differentiate your business strategically from competitors. 

Then, businesses worldwide realized that if they outsourced work, they could save money and achieve their goals. Payroll function is one of such functions that is regarded as a non-core function.

Many businesses worldwide, including small to large sized companies, today outsource their payroll function with professional payroll outsourcing companies.

 

Benefits of outsourcing payroll?

1. Save your time
Payroll processing by hand is a time-consuming process. Outsourcing payroll can free up staff time to pursue more important value-added and revenue-generating activities.