Payroll processing goes beyond collecting employee hours, calculating wages, and issuing paychecks. Payroll administrators must meet federal, state, and local requirements. Outsourcing payroll can help employers save time and money. Employers can focus on business growth initiatives by not having to spend hours on administrative tasks, and increased accuracy can avoid costly penalties. What is […]
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The company keeps records of all financial transactions. Accountants manage and maintain these records and create reports based on them. A company’s financial statements can be used both internally and externally. Management typically uses detailed data daily, weekly, and monthly to control the company’s performance and productivity. Detailed data helps companies set goals and determine
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Payroll fraud involves siphoning money from a company by manipulating the payroll process. The ascent takes an investigative mindset to explain eight types of payroll fraud and how to spot them. People go out of their way to steal from their employers. A quick Google search turns up the funniest stories, including one about an
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When most people think of verifying information in a company’s financial reports, they believe in auditing. At the same time, a full audit of a firm’s accounting records delivers the highest level of assurance, a financial audit. While providing only limited assurance is also sufficient for companies seeking an independent audit of their financial statements
Here is a comprehensive guide to apprehending internal procurement audits and their importance. Plus, the steps involved in conducting a detailed procurement audit. Procurement audits are an essential part of the procurement cycle. However, procurement can be complex for organizations due to the procurement process and the amount of data processing involved. Purchasing department audit
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Opening a business is not easy, but when you have decided to start a new company, you first find a proper accountant to keep financial records because the accounts department is the critical factor in your business. The accounting department will not generate revenue for your business but will save you money. A qualified professional
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Accountancy and bookkeeping are not simple and easy in UAE as before because many changes have been made and new tax laws, including VAT and cooperate tax law, regulated by the Ministry of Finance and Federal Tax Authority, and an Anti-money laundering law has been implemented in UAE under the regulatory on UAE central bank.
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General practices in Dubai have no Internal Audit or compliance department to check internal control and supporting documents or proper bills attached with expense vouchers and make sure the company follows policies and procedures. We notice that the company’s purchaser takes money from the accounting department to buy some merchandise for the company or organization,
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With the entry of more players, competition in the e-commerce industry in the UAE is becoming more intense, and VAT-related challenges are becoming more critical. Aware of the need to address VAT issues in the e-commerce industry, the Federal Tax Authority (FTA) has come up with a solution in the form of VAT guidance and
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