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Challenges That is Faced By The Payroll Accounting Team
  • Accounting
  • 2021-10-19

Payroll is one of the long-term and boring processes which is required for any kind of business. Due to long-term and boring processes, many business owners don’t prefer to spend their time on the payroll process. The payroll process is one of the detailed work that helps the company in comparing the numbers easily and effectively but it’s a time-consuming process. Generally, companies assign this work to HR (Human Resource) or the accounting department to turn down the company cost. If the HR or accounting department has no adequate skills and knowledge about it then they will deliver ineffective results in payroll.

 

What Is Payroll Accounting?

As per the accounting books, the Payroll Accounting process is an important process to calculate, employees’ compensation analysis, management, and recording.  Payroll accounting is managing and tracking employee compensation like money. In this, we use financial journals to records transactions and cash flow. The payroll entries fall under the ledger to sorts all information of the finance. We add the following things in employees’ compensation.

  1. Gross wages, salaries, commissions, and bonuses.
  2. Employer fringe expenses.
  3. Withholding of salary, insurance premiums, and savings plans.
  4. employee taxes and Withholding employer. 

Common Challenges that are faced by the payroll Accounting Team

  1. Delay in Making Payments - Payroll is a good time-consuming process which is required the best level of accuracy and very less error for the calculation. Many companies delay the payment of the employees because either they have a manual payroll system or have no specialized person to manage payroll accounting. Delay in employee payment demotivates them and affects morale also.

  2. Increase Burden - As we mentioned above that most companies don’t have a specialized department or team for payroll. Then it’s obvious that it is handled by the finance department who is already busy with their primary obligations. The team of finance department can’t able to perform any activity properly and feel pressure and burden of the work. The ultimate result, the payroll activity is not performed perfectly.

  3. Old Or Traditional System - Traditional payroll accounting systems focus on the manual payroll system. In this, we have to deal with lots of papers that make us feel bore.  We also have to meet with lots of errors and also difficult to share any kind of report and information within an organization. It’s also complicated to maintain a backup.

  4. Difficult to Compliance With Laws & Rules - It’s very critical for businesses to comply with government rules and regulations.  It is important for the company to have awareness about the tax law, government rules & regulation so that payroll team or performance calculate the wages and salaries and perform the other related activities on that basis. If the company does irresponsibility in payroll then it may get a large amount of plenty or fine.

  5. Secret And Privacy Problems - The data breach is also another critical issue that is faced by the company. The process of payroll keeps the lost information about company workers and employees like personal details, bank accounts details, etc. If any kind of data is stolen, then the company may get extremely harm like payroll financial malpractices, frauds, etc. An organization should apply the strict privacy policy to avoid this.

How Risians Accounting Can help you?

Risians accounting is a group certified team of chartered accountants who has decades of working experience in accounting, auditing, taxation, etc. 

In Dubai commonly, businesses prefer to hire the best trained and experience person to get the payroll process managed. At risians accounting, we also offer effective customized payroll services. Our payroll expert and dedicated team perform the payroll activity in a perfect manner and fulfill the client requirement.

Well, when we need to buy or get any service or product we do research and get the consultant and quotation from a different company and then finalised the one among them. It’s right we also do this when we need any service or product. We are not saying to get service we just want you to add us also to your list. To get a free consultant regarding payroll and other accounting & finance feel free to contact us

 

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Top Six Business Opportunity In Dubai Business EXPO 2020
  • Dubai Business EXPO
  • 2021-10-11

As we know Dubai is the fastest growing city in the world. Dubai Expo is the largest way to gathering in dubai. 190 countries participate in Expo that born the new business opportunity in dubai and also give birth to new business partnership opportunity. The opening of the Expo has born various business opportunities for every industry business. 

The first global expo will start on 1st Oct. 2021 and will continue for six months on 31st March 2022. It’s one of the advantageous Expo which will allow you to meet thousands of investors and customers.  The primary theme of this Expo is mobility, opportunity, and sustainability with the objective is to bring new innovative leaders into the world. 

In 220+ pavilions 190 countries are the representative in this Expo. It includes street festivals, stage shows, parades, musical concerts, and the taste of the different 200 restaurants.

If you are existing in business and want to start your business then you should get your Expo ticket. By visiting this expo you can start your business, grow your business and bring your business to an international level. If your business investor then you will get to see lots of business models that may double your investment. 

Well if you are looking for Accounting, Auditing, Taxation, Business formation, bank accounts, and other accounting related services in Dubai. Then Risians accounting is the best company for you. Because Risians Accounting believes our success is behind the client’s success. 

 

Ticket price of Dubai Expo 2020

The ticket price of the Expo is reasonable. You can get your ticket from the 2020 Dubai Expo Portal or via the authorized seller. The ticket price is zero for the students, children, teens upto 17age and senior citizens 70 age and above.

The ticket price is based on how many days you will visit at Expo. A day price of ticket AED95. A month multi-entry ticket price is AED195 and the six month pass cost is AED495. 

If you like to get a premium experience then the price ticket is AED1,750. It includes a guided tour, complimentary access to the B2Bapp, dedicated concierge, select preferred business event, and 20% discounts on food and beverage. To get in-depth details about the price visit the 2020 Dubai Expo Portal.

Top Business On Which You Can Think To Start.

 

  1. Hospitality Business - With the thousands of tourists, the hospitality service will be at a high peak. As  per the report, 27,000 hotels rooms have added additional by 2018 and is expected to reach 91,000 by the end of 2019, offering accommodation to 25 million tourists. This indicates that starting a hotel business in Dubai will be a workable business due to vast market demand.  We can easily see imagine the demand for the hotel will be high in the emirates. After the 2020 Expo, In the hospitality service, we can see dramatic changes. The aim of Abu Dhabi is to become a business hub of the hotel industry. 

  2. Travel Business - The Expo is expecting to attract 25 million tourists, which will take the tourism industry to next level. Starting a travel business In UAE is very easy you just need to get a permit from the Dubai tourism Authority.

  3. Food and Drinks Business - If t we will see a massive change in travel and hospitality services then it’s obvious the food and drink demand will be increased heavily. Food and drink option is also good business. according to a report released by KPMG. Expo 2020 Dubai has 200+ outlets of food and beverages in the 30,000 square meters area and 85,000 meals are served in an hour.

  4. Entertainment Business - Dubai is on track to see a paradigm shift in the entertainment industry. The gathering of thousands of people will bring a drastic change in the entertainment industry.

  5. SMEs Business - 2020 Expo is a pillar for the SME business, It will bring a big change in the SME business industry. As per the report, more than 90% of registered businesses move out to be SMEs. The business owners of the SME can focus on

    - Build up relationships with clients and customers
    - Seek a competitive edge for themselves
    - Build strategies to enhance the brand value etc.
    You can utilize the presence of the expo and take benefits to transform your business.

  6. Real Estate Business - As we know dubai property stay always in demand from worldwide people. If the business is the increase in the dubai then definitely the demand for commercial and residential property will be increased. The starting of real estate is also another good profitable business to start in UAE.

There are several businesses that you can start in the UAE as per your expertise. We have mentioned some businesses that are or will be profitable and demanding business in UAE.

 

 

 

 

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How To Register A Company In Dubai, UAE?
  • Accounting
  • 2021-09-15

Dubai is one of the famous business hubs and largest financial centers in the world. Dubai is a rapidly developing city in comparison to other middle east cities. The company registration procedure in Dubai is uncomplicated and easy.  But it’s required to know and understand all the procedure steps according to the law.

Company Registration In Dubai

Dubai is the prominent largest city or state in the UAE that allows foreign investors to set up their business in dubai. The Middle East has large extensive oil exporters in the world, apart from this, Dubai has developed the opportunities to ensure that there is regular development. There is no direct and indirect tax on living in dubai.

There is a special allotted area which is known as Dubai International Financial Centre (DIFC), not in dubai but also throughout the middle east. This area brings out the different forms of registration activities relevant to compliance.

When we come to foreign ownership company in DIFC, there is no form that restricts foreign ownership in the company.  Foreign businesses can have full ownership when the director and stakeholder of the company have registered in Dubai. As per commercial company federal law No. 2 of 2015. Outside Company jurisdiction has to obey the requirements of foreign investment. It means the company’s 51% ownership will be under resident of UAE.

With the company reference, the ownership aspect would be categorized on the basis of citizenship. It has a proper legal form which means 51% of the company is controlled by the local person. In 2008 from various sectors these investment restrictions were removed.

When we talk about taxation points, There is indirect VAT (value added tax) with a 5% rate imposed. In Dubai, there is no tax that is applied to the employees. In Dubai only a 5%  rate is applied on the product and service. These are the best employees working in Dubai that attract the foreign company registration in dubai.

Main Regulatory Authority For Company Registration In Dubai.

Its Registrar of the company and registrar can act as a unit of the authority to bring out different forms of compliance and registrations related to companies. Applicants of company registration can be the registrar of Companies.

Area Related Company Formation.

There are two types of areas inside DIFC and outside DIFC. 

  1. Outside DIFC - Companies may be incorporated outside the DIFC. As per Federal commercial company law No. 2 of 2015. A company that is outside the jurisdiction of the DIFC has to comply with the requirements of foreign investment. The company 51% is controlled by the UAE people. This includes the legal form to declare that 51% of the company will be controlled by the UAE nation. The restriction on foreign investment has been removed from several different sectors.

  2. Inside DIFC -  It’s the best suitable option for investors to determine company formation. This area has different benefits which include the company registration process. In this area, there is no restriction for foreign ownership in the company. Foreign shareholders and directors can control the 100% ownership inside the DIFC.

 

Advantages Of Doing Business In Dubai.

  1. Low taxes - In the UAE corporates are not the subject of the tax. There are no income taxes for all UAE residents. There is only VAT with a very low rate of 5%. Except for oil and gas companies and foreign banks.

  2. Dubai is the favorite location for business owners due to low taxes and lots of benefits. Business formation in the UAE allows businesses to easily and comfortably access the GCC countries, Asian Market, Africa, and Europe.

  3. 100% Ownerships - In the DIFC area, the UAE government allows 100% ownership for company registration. Shareholders and investors also have 100% equity shares.

  4. Rules and Regulation - There are no hard rules and regulations to run a business in dubai. Business can be run easily.

 

Disadvantages of Doing Business In Dubai.

  1. Local sponsor - To register a business in the UAE you need a trusted UAE nation sponsor. And the company 51% is controlled by the UAE nation. 
     
  2. Compliance Requirement - Every emirate has its own rules and regulations. UAE registered companies have to comply with the nation and emirates rules and regulations. If you register a business in the mainland then you have to follow mainland rules and regulations.

  3. In 2020 UAE introduced new rules and regulations for mainland registered businesses. UBO (Ultimate Beneficial Owner), shareholders, and directors new rules.

 

Business Registration Process In Dubai.

  1. Have to find a local sponsor which is mandatory to satisfy the Federal Commercial Companies Law No. 2 of 2015 (Companies Law).  The company is controlled 51% by the UAE nation if you are establishing your business outside the DICF area. If you want to set up your business inside DIFC then you don’t need a local sponsor. But finding local sponsors will be beneficial and after some time you can transfer the company.

  2. You have to go to the Department of Economic Development to reserve your business name and also pay the name reservation fee.

  3. Draft the article of association of the Company and draft the memorandum of association. The document will deal with the AOA and AOA will be downloaded from the company registry.

  4. After drafting, submit the drafting with required documents to the Companies Registry and the Department of Economic Development.

  5. Under the company registry, you will receive the incorporation certificate to carry out recommended activities. Now you have to select the license which is important to carry out business. Following license in Dubai

    - Professional licenses, includes  services, craftsmen, professions, and artisans.
    - Industrial licenses, includes industrial or manufacturing.

 

 

Required Documents For Company Registration In Dubai.

  1. NOC from the Sponsor.
  2. Business Plan.
  3. Application form of the Business.
  4. MOA and AOA which is duly notarized by the authority.
  5. Passports of the Managers of the Business.
  6. Bank Reference Letter for Each Shareholder.
  7. Passport of the Sponsor to prove that he/she is a UAE National.

Required document for the industry license apart from above.

  1. Copy of the Feasibility Study
  2. Information related to the Investor
  3. Existing Company Profile

Required Documents for Branch

  1. Copy which is attested related to the Certificate of Incorporation, MOA, and AOA.
  2. Passport Copy and Original Power of Attorney.
  3. Board Resolution of the Company.
  4. Three months bank statement related to the parent company.

LLC Company Formation Fee in Dubai.

 

 

License Fee For Services

License Fee For Trading 

License Fee For General Trading 

 

Sole Establishment

Civil Company

Limited Liability Company

Limited Liability Company

Trade Name Submission

AED 776.50

AED 776.50

AED 776.50

AED 776.50

Initial Submission Approval

AED 256.50

AED 256.50

AED 256.50

AED 256.50

Local Service Agent Agreement

AED 441

AED 4410

AED 650

AED 650

Virtual Office with Ejari & Tenancy for 1 year

AED 10,000

AED 7,000

AED 10,000

AED 10,000

License Fee

AED 8000

AED 9000

AED 13,000

AED 30,000

Total Dubai Company Setup Cost

AED 19,474

AED 17,474

AED 24,683

AED 41,683

 

Company Investors Visa  LLC Cost without medical health insurance.

 

Descriptions

Fee in AED

(Inside Country)

Fee in AED

(OutSide Country)

Entry permit

AED 1,180

AED 530

Change status

AED 675

-

Medical Urgent

AED 870

AED 870

Emirates ID (3 years)

AED 370

AED 370

Visa stamping Urgent

AED 930

AED 930

Total

AED 4,025

AED 2,700

 

Employee Visa  LLC Company Cost.

 

Descriptions

Fee in AED

Quota Application

AED 83

Quota Fee per person

AED 100

Quota Inspection

AED 500

Offer letter

AED 83

Work permit

AED 83

Labour Card charges - (Category A/B/C/D)

AED 1,500 / AED 2,103 /

AED 2,700 / AED 3,400

Entry permit Inside Country

AED 1,185

Change status

AED 675

Medical VIP

AED 875

Emirates ID

AED 270

Labour contract typing

AED 83

Labour contract submission

AED 83

Tawjeeh Training

AED 160

Visa stamping

AED 685

 

We hope this information helps you if you need help then you can contact us and also get our service.

 

 

 

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Accounting Standard For Private Companies
  • Accounting
  • 2021-09-11

Accounting is very important for the business. It aids the business in reducing expenses and avoiding unwanted expenses. A proper accounting system enables the business to give proper financial insight to the directors, stakeholders, Investors, and senior people. People are establishing their business in Dubai, UAE because of the tax-free system, state-of-the-art infrastructure, and various advantages in UAE that attract business owners to set up their business. As we know all accounting is a major part of the business and Companies also can’t run effectively without effective accounting. 

There are different accounting standards for the different industry businesses and develop the standard that will help the company to keep clear the future problems. Accounting standards also play a major role in enhancing the company’s goodwill. 

Accounting Standards and Definition

International Financial Report Standard (IFRS)

IFRS is an accounting standard that is needed to be followed by the company. The International Accounting Standards Board (IASB) and the IFRS Foundation accounting standard make financial statements understandable across the countries. This standard of accounting enables the different countries’ financial statements to be easily compared with each other to find new and better avenues of investments.

The IFRS specifies different kinds of techniques and methods of recording, defining, reporting, and maintaining and makes an accounting language or methods which is used all over the world and also provides consistency.

The IFRS Accounting standard is used by around 120 countries in the world. Countries companies are mentioned in the report that they are using IFRS standards in accounting. The United States of America and Canada don’t use the IFRS. Canada has their own accounting standard system and the USA uses the GAAP.

Generally Accepted Accounting Principles (GAAP)

Gaap is also a set of standards, accounting principles, and procedures issued by the FASB (Financial Accounting Standards Board). It is a combination of the commonly accepted method or way of reporting and recording accounting information and authoritative standards set by the policy board. GAAP provides and improves the clarity, consistency, and comparability of financial information.  GAAP makes it easier for the investors to analyze and check the useful information of the company from the financial statement.

GAAP is also used by many countries and developed by the International Accounting Standard Board (IASB) and Financial Accounting Standard Board (FASB). GAAP implementation requires good accounting service because it includes the revenue recognition, balance sheets, and outstanding classification of items and shared estimations for public disclosure.

 

Different Between IFRS and GAAP

Currently, For accounting communication globally more than 100 countries in Asia and the European Union are using IFRS. But the USA is still using GAAP. Canada has its own accounting Standard System. 

 

 

S.No.

Generally accepted accounting principles (GAAP)

International Financial Report Standard (IFRS)

1.

In GAAP accounting standards, Inventory reversal is prohibited.

IFRS allows the reversal of inventory in critical conditions of the business.

2.

Implementation cost is expensive

Development costs can be capitalized in IFRS.

3.

The USA uses the GAAP accounting Standard

More than 100+ countries use the IFRS accounting standard.

4. 

It is developed and introduced by the Financial Accounting Standard Board (FASB)

It is approved by the International Accounting Standard Board (IASB)

5.

GAAP supports Last In First Out (LIFO).

IFRS doesn't support Last In First Out (LIFO) 

 

International Financial Report Standard (IFRS) in UAE.

Securities and Commodities Authority (SCA)  and the central bank of the UAE have made the IFRS accounting standard the mandatory accounting system in UAE. The other various non-regulated bodies have to follow the IFRS. All the registered companies under Dubai Financial Market (DFM), NASDAQ Dubai (Formerly known as DIFX), or Abu Dhabi Securities Exchange (ADX) are required to maintain their accounts as per IFRS. Onwards 2013 all the legally listed companies in the Abu Dhabi Securities exchange have to submit the IFRS financial statement. 

 

All banks in UAE and even central banks need to follow IFRS accounting standards and publish financial accounting statements according to them. However, IFRS is not required for those companies that are not listed for various exchanges but implementing IFRS is considered a good practice of accounting. If you are thinking and wanting to establish a business in UAE or looking for the best accounting service for your business, you have landed at the right place. Risians Accounting and auditing is a leading accounting firm that is known for its quality and effective services. Risians Accounting has FTA-approved chartered accountant who has 30+ years of working experience in accounting, auditing, Business formation, and taxation that is the biggest reason for leading a firm in Dubai and also keeps us 1000 steps ahead from the other accounting firm. Make us helping hands for your business success and save hard-earned money on taxes.

 

 

 

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Everything About Business Environmental Audit
  • Auditing
  • 2021-08-27

Environmental Audi is a tool for auditing that helps businesses to analyze and examine their environmental performance to identify how management compliance and the working process perform. Today. Environmental auditing is important for every business, it doesn’t matter what size and type of business you are in. Understanding environmental performance is complicated in comparison to understanding other functional areas like financial and commercial. The environmental performance impact is not always 100% clear from normal performance. That’s why an environmental audit is conducted on a regular basis to identify and measure the performance outside normal performance.

 

What are the benefits of Environmental Auditing?

There are different benefits of environmental auditing based on your objective and scope of auditing. 

  1. To identify how businesses meet the legal requirements.
  2. To Demonstrate environmental responsibility.
  3. To demonstrate environmental policies are implemented. 
  4. To identify and understand interactions of products, services & activities.
  5. Meeting specific statutory reporting requirements.
  6. To identify and understand environmental risks are managed appropriately.
  7. To develop and implement an ISO 14001 EMS.
  8. To save money and improve environmental performance.

 

Types of Environmental Auditing

There are mainly three types of environmental auditing. These types of auditing are very helpful and organizations also rely on them.

  1. Management Environmental Auditing -  Management performs the environmental auditing to identify and measure their environmental performance are meeting expectations or forecasting.

  2. Compliance Environmental Auditing -  We conduct this type of auditing to identify and understand, review the site or company's legal compliance status (which can be important and costly).

  3. Functional Environmental Auditing - To focus on the environmental element or impact, such as water or electricity.

 

Who Can Conduct an Environmental Audit?

As per ISO 19011:2012 guidelines, environmental auditors should have personal attributes like perceptiveness, open-mindedness, ethics, tact, and understanding of the procedure, principal and techniques. The auditor should have clear objectives which are auditing and how it applies in different organizations. The team leader of the environmental auditing team should have the ability to plan and resources effectively and also have good leadership and communication skills. 

When you need auditors you should consider the above-given lines to find the best auditor who has adequate skills, knowledge, and experience.

 

When Do We Need To Conduct An Environmental Audit?

For environmental policy and performance environmental audit is very important for the organization. There are several environmental rules and regulations that apply to every business. Is your business in environmental compliance? Do you have all the permits? You can’t know until you don’t get the environmental audit done by the auditor. If you are not an expert in environmental auditing then you need to get an environmental audit from the best audit firm. So that You can provide documents on which compliance under you are working to inspectors when they visit your sites.

 

How To Perform An Environmental Audit?

In this audit, there are 3 main stages, or we can say phases.

  1. Pre-Audit
  2. Audit
  3. Post-Audit

 

  1. Pre-Audit

    - First, We select the people who have good experience and skills to make a good audit team.
    - Make the audit plan
    - Review and request the document which includes Permits or permit applications, Production Records, Reports, and previous audit resort.
    - Prepare the list of questions
    - Begin to fill in the Disclosure of Violation Table as issues are identified.

  2.  Audit 

    - Make ground rules
    - Determine and identify the issues
    - Daily information to keep informed.
    - Documents review like  Policies, Compliance, Training, Air/Water/Waste/Noise controls, monitoring and records, Emergency Response Procedures, Response to Complaints, Check documents for completeness, consistency, legal compliance, and whether it’s up to date.
    - Perform site inspection.
    - Check the operation for compliance.
    - Keep simple processes
    - Interact with employees.
    - Discover issues of concern
    - Conduct the last meeting with a report and discuss the issue and find an effective solution.

  3. Post-Audit
    - Make audit reports and Disclosure of Violations.
    - Present the list of issues and areas to concern. 
    - List required action and follow-ups.

To conduct a successful environmental audit, we have to follow the above mentioned points. If you still have any questions and doubts then contact us. We are here to help you.

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Internal Auditing Tips And Tricks By Risians Accounting
  • Auditing
  • 2021-08-24

Internal Auditing is the best tool for business management to evaluate and improve the business working processes. It defines which are working well and which are not and how you can improve. In order to achieve business goals, internal auditing plays a vital role to keep working business processes and procedures effectively. In this blog post, we are going to share simple and easy-to-use tips and tricks that can make your internal auditing process simple and easy.

 

Why Is Internal Auditing Worthy?

Internal Auditing is worthy for several reasons.

  1. The Internal Auditing report provides the proper insight about the processes and procedures of the business that enable the new opportunities to improve business processes and procedures in order to achieve the business goal.
  2. It helps us to find the root cause of any processes and procedures problems.
  3. It saves time, money, and effort. And etc.

Tips and Tricks To Conduct A Successful Internal Audit.

  1. Set Your Clear Goal Towards Auditing - First you have to ask yourself what and why am I going to do and achieve? Create the solid based on determining business processes like production, purchasing, development, warehousing, etc.

  2. Prioritize - Internal auditing is part of the whole organization. You have to set priority to determine which process component needs your attention urgently.

  3. Ask The Right Question - Think carefully about the issues in the planning states so that you can ask the appropriate questions with the associated people of the process. For Example. What is going on currently?How is it running? What is the area of problems and risks? What is the objective and how are we far from it? And etc.

  4. Use The Right Tool - While selecting a tool you need to keep in mind the department process and objective so that you can perform effectively and deliver good results by your auditing.

  5. Performing Internal Audit  - To conduct a Successful internal audit we need a variety of information from different sources to ensure that the process is being followed correctly. To get this follow this:-
    -Learn the expected procedures
    - Observing procedures
    - Check the records and similar documents
    - Interact with the other members of staff

  6. Follow Up - You should verify all the preventions and corrective action during internal auditing so that you can ensure that you are on the right way. In some exceptional cases, it may not be done, it may need time or change to the corrective action.

  7. Documents - It is an important part of internal auditing to make sure that all the relevant documents are correct and maintained properly. The document may be outdated formatted to change the address to non-conformity. You can tell them to correct them so that you can perform an audit with the right information in the right format.

Internal Auditing Mistake that you should Avoid.

  1. Often auditors forget to add value so that you can put value without wasting time.

  2. Most auditors don’t start planning before the day of auditing. They start planning later which consumes a good amount of time.

  3. Don’t cover your report with the No. of points. Keep your auditing report easy to read and simple so that management can use it effectively because no one loves to read a lengthy report.

  4. The auditor does not prepare yourself for an unexpecting thing when it appears they take time to resolve. Auditors should prepare some plans for unexpected things so that they make a good image in the eyes of management.

 

We hope these tips and tricks help you in internal auditing. If you are looking for an auditing service we would like to help you. If you have any questions, doubts, and need consultation then feel free to contact us it would be our pleasure to help your business.

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How To Prevent Businesses From Financial Crime?
  • Accounting
  • 2021-07-29

Every Business has to face the risk of financial crime. Due to digitization growth, financial crime is becoming a more crucial issue for global businesses like online banking. It’s become a game between financial criminals and authorities. Authorities always try to prevent crime in the organization and Criminals try to make new different strategies to perform the crime and harm the organization.

 

Financial crime is also a critical challenge for banks, individuals, and institutions. Financial authorities and regulators always work to introduce new rules and regulations to stop, combat and prevent financial crimes. The most common financial crime forms face money laundering, terrorist financing, fraud, tax evasion, and corruption.

 

What Is Financial Crime?

Over the last 3 years, financial crime is increasing and becoming a significant concern for governments in the world. Financial crime is the crime where one party takes the benefits of the crime financially and the second part faces financial loss. It is committed against the property and money for their own profit that belongs to someone else by the individual and organization. It can happen in several different forms and can happen anywhere in the world. In simple terms, someone or an organization performs an illegal activity to take over the property, money, etc for their financial benefits that belong to others. 

 

What are the main types of Financial Crime?

We have mentioned below the types of financial crime and their short definitions.

  1. Money laundering - It is the process of changing a large amount of the money which is earned by criminal activity.
  2. Terrorist Financing - Terrorist financing is the illegal smuggling of cash that is delivered to the terrorist. It’s linked to money laundering.
  3. Fraud - Accomplished property or money by deceiving someone else.
  4. Electronic Crime or Cybercrime - It’s committed by the cybercriminal and hacker to damage someone’s security and computer.
  5. Bribery And Corruption - Giving and receiving unearned money. Giving and receiving bribes.
  6. Tax evasion - Avoid paying the tax by hiding real income.
  7. Forgery - Use of false documents, altering, and false writing for our benefits.
  8. Identity Theft - Steal some identity or financial information to commit fraud.
  9. Counterfeiting - Use someone else's identity for manufacturing or distributing of goods.

Who Commits The Financial Crime?

Before talking about the person who performs the crime in the business, let’s move from the topic and think, you are walking on a road and suddenly someone came with a weapon or knife to steal money. Same in the business employee, a business leader suddenly commits the crime in the business individually or with the collaboration of the outsider of the business.

  1. Employees - Employees can commit a financial crime when they have access to confidential and important information about the business and they know how to control to perform the crime.
  2. Business leaders - Senior managers or executives don’t present the proper and complete financial data and prepare a plan for the future to steal business funds and assets. 

  3. Employee collaboration with the outsider Fraudsters - Sometimes employees meet with Fraudsters or Fraudsters meet with the employee to perform the crime in the business. By doing this they can easily carry out the crime easily to achieve bigger and greater harm to a business.

  4. Customers and suppliers - Supplier and customer can perform a criminal activity in business by using various forms of crime.

How To Prevent Financial Crime?

You would have heard the quote that “prevention is better than cure”. Of course, prevention is better than cure. Business owners should give priority to prevention so that they will not have to face any financial crime. Some important tips to prevent financial crime.

  1. Internal Audit - The most common method is internal audit. Businesses should conduct internal audits yearly or half-yearly. It will provide you with a correct financial report and several other important pieces of information about the business. It will also show you risk and crime are there or not.

  2. Law - Every country in the world has its own rules and regulations. Every business owner should keep updating himself about the change in the laws that are relevant to the business.  Businesses should ensure that we are doing our business as per government law and regulation. If we ignore applying in business, the fraudster can take advantage of performing the crime in your business organization.

  3. Risk Assessment Right - The policy to stop financial crime is to try to get your well-thought risk assessments right. It’s true that all businesses have finite resources. But by focusing on your key risk area you can use your resources well to prevent crime.

  4. Management - It’s the responsibility of the senior management to keep an eye on the risk area of the business. Business managers should provide proper and complete reports about the business, which help the management, understand the business's actual position and take effective steps.

  5. Right Team - Police, rules, and regulation have not only jobs to prevent crimes, but it also includes the right team of procurement, business development, HR, accounts, customer relations, etc. So that risk from all perspectives can be identified early and easily.

  6. Training of the employees - Keep updating and training your employees about business crime forms, prevention policy, and strategies. So that they can easily identify the crime and combat the crime.

  7. Use of Resources -   Use sophisticated resources to identify the clear picture of the threat and its source easily and quickly.  By using it you can detect the crime before getting any harm in business.

  8. Clients and Supplier Deals - Calculate and monitor the client's and supplier's transactions in different ways as you usually do to avoid crime. It allows firms to find suspicious activity and gives warning signals in advance for the future.

  9. State Law - Every state of the country has different laws regarding financial crime and business. Always monitor the state law and new changes. Implement the new changes in your business that will secure the firm reputation and save you from fraudsters.

If you need any kind of help regarding financial crime or other related issue regarding accounting, Auditing and Taxation then  you have landed right place. Risians Accounting team has good expereince to tackle these kind of issues. Get the free consultation. 

 

 

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Cash Flow Management Tips To Grow Your Business
  • Accounting
  • 2021-07-18

With the help of the mentioned cash flow tips, you will get to learn how to grow your business and how to manage your cash flow and increase your cash flow. 

If you are trying to run a business without effective cash flow management, it is like you are trying to ride a bicycle fast without proper paddles. You can get success for some but a poor Cash flow management system is a sign that you will have be shutting down your business soon. According to the bank study, Business often fails due to a poor cash flow management system. 

There is an old adage “Cash is king”.  For Small and mid-sized businesses cash is a major component for success. Generated profit is meaningless without having cash.

To establish a good cash flow management system in the business, hire accounting services in Dubai. In this world, lots of businesses have ended up due to bankruptcy, because the cash amount is not sufficient in comparison to going out of cash. To avoid this let us take a look at, what is cash flow management and why it is important.

 

What exactly is cash flow management?

Cash flow management is most important for business and critical for new startups.

Cash flow refers to how much cash is coming and going out of your business in a defined particular period of time.  

Business gets a loan, investments, and then it generates sales. It means that cash flow is coming into the business. A business means paying loan EMI, paying the payment, utility bills, taxes, and other payments. It means cash is going out from your business. All the transaction from which cash is coming into business then these types of transactions is incoming cash flow transaction and all transaction from which cash is going out from the business. These transactions are outgoing cash transactions. 

Happily, You can analyze how your each cash flow with a simple trick, you just have to set a fix time in weak, 10 days or 15 days to see how cash flow is going. By doing this you run your healthy growing business and increase your profit margin. 

Three elements to analyze your cash flow statement.

  1. Account Payable - How much have to pay and receive from the supplier.
  2. Accounts receivable - How much you have to pay and receive from customers and clients.
  3. Shortfalls - How much you have to pay and receive in comparison to liabilities.

Bad debts are very bad for business, and never calculate bad debts amounts in cash in hand.

Best Tips for Managing Cash Flow Statements.

  1. Focus On the Cash Flow - Reconcile your business accounts and generate the report to keep eye on the incoming and outgoing money. You can generate your cash flow reports easily with accounting software and tools. A cash flow report allows you to keep your eye over money flow and you can effectively manage your cash flow to keep business on the track of success.
  2. Maintain Some Cash In Reserve - The future is uncertain; we can only predict the future but not define anything surely.Business is run by money. A best practice to a run business is to maintain a fixed amount of money for future use. As per studies, Startups face a shortfall of money compared to well-established business due to various reasons. Business owners should maintain a fixed amount that will be enough to run a business for at least six months.

  3. Get Paid - Send an invoice after delivering the products or finishing the work so that you get paid fast.Before sending an invoice make sure the invoice is clear, easy to read, and has a method of payment that you accept. You can use an email automation system to send invoices to customers with this you get paid fast because you can add the links where to submit payment. It saves time, effort, and money.

  4. Payment Methods -  In this digital world where everything is online. You can use many online methods of payments like net banking, Google pay, Paypal, etc to get paid faster. If you deliver your product at home and home then it is necessary to use phone payment methods apps.

  5. Take the advantage of the Technology - Use the cloud base storage spreadsheets or add your cash flow spreadsheet on the cloud so that you can manage your business cash flow from anywhere and anytime. Give your best practice to manage and always give priority.

  6. Sell Out Your unused Assets - Sell your no longer needed assets and inventory to generate quick cash. If surely holding the unused assets and inventory why you don’t sell them.

  7. Minimize the Expenses - Create a detailed report on your expenses and try to minimize your possible expense. Negotiate with the landlord and creditor to get some discount or reduction in the amount.

  8. Cash Flow Monitor - Assign the monitoring work over cash flow to a trusted employee. The person should have information about the finance special about your business.

To get free consultation feel free to contact us, It would be our pleasure to assist you and lead your business towards success.

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Everything About Cost Accounting
  • Accounting
  • 2021-06-30

What Is Cost Accounting?

Cost Accounting is a method of managerial accounting that helps the company to identify the real cost of the production by calculating several types of costs. It’s important to remove and eliminate the useless cost from the production of the goods and services. Cost accounting plays a vital role in determining the final cost of the goods to earn a reasonable profit.  The objective of cost accounting is that a company can make better financial decisions, improve the net margin on the product, and put an accurate budget on a particular project. 

Cost Accounting is used to determine the fixed and the variable cost of the good and service production department by the company internal management. It calculates both the costs then compare the input cost with results, to help the business manage the financial performance.  Cost accounting includes several types of costs such as indirect cost, fixed costs, operating cost, direct cost, and Variable cost.

 

Let’s familiarize ourselves with the formulas that we use in cost accounting.

We use the Formulas to reduce and eliminate the cost that you should know. By using these formulas you can easily identify the product price and increase the profit margin.

  • Contribution Margin - Contribution margin = sales – variable costs
  • Target Net Income - Target net income = sales – variable costs – fixed costs
  • Breakeven Formula - Profit ($0) = sales – variable costs – fixed costs
  • Pre-Tax Dollars Needed for Purchase - Pre-tax dollars needed for purchase = cost of item ÷ (1 – tax rate)
  • Gross Margin - Gross margin = sale price – cost of sales (material and labor)
  • Efficiency Variance - Efficiency variance = (Actual quantity – budgeted quantity) × (standard price or rate)
  • Price Variance - Price variance = (actual price – budgeted price) × (actual units sold)
  • Ending Inventory - Ending inventory = beginning inventory + purchases – the cost of sales
  • Variable Overhead Variance - Variable overhead variance = spending variance + efficiency variance

 

Types of Cost

  • Fixed Cost - Fixed cost doesn’t vary on the production level. It’s used for lease payment, mortgage, and any other equipment that is depreciated.

  • Direct Cost - It’s directly related to the production. For example, Company takes an hour to finish the product. Now indirect cost, we calculate the material cost and an hour labor cost.

  • Variable Cost - Variable cost is also related to product production. Often Variable costs fluctuate.
  • Operating Cost - It’s related to the day-to-day operational work of the business. This cost may be fixed or variable depending upon the situation. 

 

Types of Cost Accounting

  • Activity Based Costing - Activity based costing is also known as ABC costing. It includes the cost of the activities of the business, it may be a special task, event, work for a special goal, etc. It helps businesses to identify the product that is not profitable. It reduces the product production cost and helps in reorganizing the production for a particular product and service.
  •  
  • Standard Cost Accounting - It is an old and popular method of accounting. Standard cost is based on the use of labor and raw material to produce the goods under the standard operating conditions. It assigns the budget and saves time and money.

  • Marginal Costing - It helps the management to identify the effect of different levels of cost and volume on profit. It can be used to determine the potentially profitable products, existing product price of sale, and effect on the marketing campaign.  The marginal cost impacts the production cost by adding an additional unit of the production.

  • Environmental Accounting - Impact on the cost of goods and services on the environment. Environment accounting helps the management to consider that the product production will be expensive. Environment accounting includes.
    - Prevention in technology
    - Taxes, fines, and penalties
    - Wastage of the management cost
    - Technology to prevent the pollution

  • Lean Accounting - Lean Accounting is very beneficial for the management to improve the financial practice. With the help of lean accounting, the accounting department can reduce the expenses on the production and also save time so that labor can be more productive on the valuable task.

  • Target Costing - It helps the management to consider the cost in advance that we need to pay the production department. It helps the company to earn consistent profit.

 

Difference Between Cost Accounting and Financial Accounting

Comparison

Cost Accounting

Financial Accounting

Meaning

Cost Accounting tracks the various costs of the production department.

Financial accounting presents the financial health real picture of the management.

Information

Record the information about the production departments like labor, overhead, and raw material.

Record each monetary transaction properly in the business accounts.

Who uses it?

It’s used by internal management like employees, managers, directors, and supervisors.

It’s used by both internal and external users like managers, directors, shareholders, creditors, etc.

Type of cost uses

Historical and current cost is used in cost accounting.

Only historical financial accounting is used.

Reporting Time

In cost accounting report is shared with management frequently. 

In financial accounting, a report is shared with the management once a year, commonly at the end of the financial year.

Purpose

To reduce the cost of production.

Keep a full record of every financial transaction.

Forecasting

With the help of budgeting techniques forecasting is possible.

Not possible.

 

Check out The Difference Between Accrual and Cash Accounting

If you are looking for an accounting and bookkeeping service in UAE. then risians accounting is the best accounting firm. Risians Accounting has a certified Chartered accountant team that has decades of working experience in different industries and projects. Under Risians accounting roof, you can get tailor-made accounting service along with the tailor-made package. Contact Us for a free Accounting consultation.

 

 

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How to Fill Economic Substance Regulation Reporting?
  • Economic Substance Regulation
  • 2021-06-28

The UAE Government has implemented Cabinet Resolution no. 31/2019 with effect from 30th April 2019 on Economic Substance Regulations (ESR) in the UAE. This was followed by the Ministerial Decision 215.  However, the UAE government introduced the economic substance reporting regulation on 1oth august 2020 through Cabinet Resolution 57/2020 which revoked Cabinet Decision no. 31/2019. It’s introduced in the bid to comply with the global standard set by the OECD to stop unlawful tax practices. According to the law, mainland, offshore and Freeland have to show the ESR regarding relevant activities in the UAE. All companies must submit the SER notification within giving a due date to the regulatory authorities.

 

Relevant Activities As Per ESR Law

The ESR law is applicable for all mainland businesses, offshore, and free zones area businesses. If any business generates profit relevant to the below activities, then the business is required to comply with the ESR and report to the regulatory authorities. 

Activities

  • Banking Businesses
  • Insurance Businesses
  • Investment Fund Management Businesses
  • Lease-Finance Businesses
  • Headquarter Businesses
  • Shipping Businesses
  • Holding Company Businesses
  • Intellectual Property Businesses
  • Distribution and Service center Businesses

UAE Government Official Page HERE.

 

ESR Filling For Multiples Companies

It’s common for companies to be part of the group for accounting purposes in the UAE. As per ESR law, it doesn’t allow us to report a single notification for multiple companies. Companies need to fill the notification individually and as it is not valid for groups. To clear the process of the ESR companies can contact  Risians Accounting and get a consultation regarding ESR, business accounting, VAT, etc.

Penalty In Economic Substance Regulation

Filling ESR notification is mandatory for the business before the due date. If the company fails to fill the ESR notification along with the required supporting documents before the due date then they will be penalized. The range of the penalty can be from AED 10,000 to AED 50,000. To avoid such penalties, businesses should get ESR services from experts.

The time period For Reporting ESR Notification

At the time of filling ESR notification, Businesses need to consider the right to notification. As per this law, the report time is calculated as the beginning time of the financial year and after 1st Jan 2019. It’s required for the companies to mention the start and end date of the notification report.

It business was incorporated  on 1st  July 2019  with a 31 March 2020 then the report time will be

 Start date: 1 July 2019

 End date: 31 March 2020

 

If the business financial year similar to the financial year then the report time will be

 Start date: 1 January 2019

 End date: 31 December 2019

 

ESR Notification Requirement For Companies Under Dissolve And Liquidation

If the company has been dissolved and liquidated before the deadline of the filling ESR notification then no need to fill the economic substance regulations report.  If the company is under the process of liquidation then filling ESR report is required. 

 

Guidance And Requirement To Fill Notification

  • According to Article 6.7 of Ministerial Decision 100, It’s required for the companies to submit the ESR notification online on the Ministry of Finance Portal.

  •  Article 4.4 of Ministerial Decision 100 says that all the notifications must be submitted within six months from the end of the financial year.

  • Article 8.4 of Decision 57 says that all the ESR reports must be submitted within twelve months before the end of the financial year.

How To Fill an Economic Substance Report?

It is very easy to submit the ESR notification. Companies need to just create a user account, but before creating an account they need to read the privacy policy regarding registration and login, Privacy policy link

User Registration link.  If you have already created the login to your ESR portal. Login link.

Now you can easily submit your ESR notification report. You can also watch the webinar to use the Economic Substance Filing Portal. Webinar link.

If you want to consult about How to prepare an ESR Notification Report and any other issue then risians accounting ESR service is best for you. Currently, we are providing our ESR service to many businesses in the UAE and saving their business from the plenty. 

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What is Accrual Accounting?
  • Accounting
  • 2021-06-21

There are two basic accounting methods, one is accrual basis and the second is cash basis. Generally, businesses choose one of two accounting methods in their bookkeeping system.

Accrual Accounting calculates the company position and performance by recognizing the economic events. In accrual accounting, transactions are recorded in the accounting book if payment for the particular goods/services has not been received or made. This process is important to evaluate the organization's health and position in financial terms.

It follows the matching principle so that we can recognize the revenue and expenses in the same period of time.

In simple terms - Accrual accounting refers to records of all the transactions even if the payment for the services/goods has not been received by the customer. It is a very appropriate way to measure the company position and health in finance.

 

Examples To Understanding The Accrual Accounting

Understand accrual accounting with an example: - Suppose you are running a firm and the firm name is XYZ Pvt. Ltd. and you are using the accrual accounting system to maintain your accounting books. If you sell any product/ service on credit, the transaction is recorded in the sale book based on the generated invoice. The transaction is also recorded when we buy the raw material on credit from the supplier.

We record cash, credit, etc. transactions in the accounting books so that we can get a real picture of the company's financial transaction.

 

How Does Accrual Accounting Work?

Concept of the accrual accounting is that economic events are recognized by matching the expenses and revenue at the time of the transaction occurring if the payment is received or not.This method allows us to combine the current cash inflow and outflow for expecting future cash inflow and outflow, to provide an accurate real picture of the company's financial position. Its relative complexity makes it expensive to implement. This method works better for those companies who offer goods and services on credit and those businesses who take projects and receive the payment after a long period of time.

It gives instant feedback on the cash inflow and outflow so that business owners manage their resources.

 

Cash Basis Accounting VS Accrual Basis Accounting

 

Cash Basis Accounting

It recognizes the revenue when the cash is received on the sale and expenses are paid. It does not recognize the receivable and payable accounts.

It is simple to maintain and there is no need to track the receivable and payables accounts. It is very easy to determine when the transaction has occurred and the payment is received in the account or in cash.

The cash method accounting is very helpful and beneficial in terms of tracking how much cash the business has in the current period of time.

In cash basis accounting, we don’t record the transaction until the cash is received or paid, the business income is not taxed until the cash is not in the bank.

Accrual Basis Accounting

In this method, we record the income and expenses transaction in the accounting books rather than payment is made or received. For example - your company sold goods but the payment has not been received. The sold good transaction is recorded in the sale book.

Commonly, businesses use accrual basis accounting rather than cash basis accounting.

This method gives a more realistic idea of income and expenses during a period of time. It provides the financial picture of the company which cash basis accounting does not.

Accrual accounting does not give information about cash flow. In this, the business can appear more profitable but in reality, has an empty account. If we don’t monitor the cash flow in the accrual accounting then we have to face potential harmful consequences.

 

Accrual Accounting

Cash Accounting

Record transaction when the sale invoice is generated rather than money is not received.

Record transaction when we received the money on the sale.

Record transaction when we receive the invoice on the raw material or other expenses rather than money is not paid.

Record the transaction when we pay the expenses or raw material bill.

Paid tax on money that we have owed.

We don’t pay tax on money that is not received yet.

To use accrual basis accounting requires over $25 million in revenue.

It’s used by small businesses and individuals.

 

 

Hope this article will help you if you have any question and query then freely contact Risians Accounting Firm. It will our pleasure to assist you.

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Avoid these Common Mistakes in Small Business Accounting
  • Accounting
  • 2021-06-16

Business owners have to face different challenges to run the business but the accounting department is not also different.  To manage your accounting is a different task where you wear different task hats in your daily routine.  Small Business owners don’t have enough budget to arrange all the resources.

 Lack of financial resources can create errors, mistakes, etc in bookkeeping, Inaccurate books, over-reported profit, etc. When these types of issues occur then businesses have to face big problems in finance. If we don’t correct the accounting issues, they can harm the business after a long time, like downsizing the business, making the business financially weak, etc.

It’s best for the small business to keep awareness about the common accounting problems so that you know well what to do and not, and how to overcome the problems.

Small business owners often make these mistakes in their business accounts.

  1. Not keeping full information about the business finance.
    Being a good business owner, it’s your responsibility to know the financial health of the business. To know about it you should know how accounting and bookkeeping work and how to consider business financial health. If you don’t understand it then you can’t take better action or make a decision for business future. A small business owner should have awareness of the assets & liabilities standing and where is your cash and how much. Often business owners make one big common mistake, they think we are doing good in business just because we have cash in the bank. If you don’t compare your cash to liabilities, you can’t assume that you are doing good. Business owners should compare their business liabilities to cash so that they can see where they stand. 

  2. Rely on Accounting Software.
    We can detect accounting errors and mistakes easily while manual auditing. But small businesses can’t detect it because they totally rely on accounting software. Small owner thinks we have purchased the accounting software. Now we don’t need to worry regarding the accounting and bookkeeping, but they should perform the audit process to ensure every transaction has been recorded properly, There is no error in the spreadsheet, etc. Sonner, you will realize that all the errors are not detected by the software. Errors and mistakes in accounting become a huge problem for your business after a long period.

    Don’t rely totally on the accounting software but set one particular time for an audit. Please don’t think that we should not use accounting software. Well, accounting software is good. It saves time, money, effort but it can’t detect all types of errors and mistakes.

  3. Updating Records Infrequently.
    When you don’t record the transaction daily then it is easy for the errors to enter your accounting system. And sometimes small businesses avoid recording the small business transaction.

    It doesn’t matter which type of accounting transaction has been done, we should always record the single transaction accurately and timely to prevent unrecorded data.

  4. Not keep backup of old financial records.
    Businesses make one common mistake that they don’t keep back up the old financial records, they store the data in one place that would be an external hard drive, computer, and paper.  They don’t think, what if we lost the data accidentally then there is no way to recover and we know the power and importance of the old data.

    Smart business owners keep their accounting data and others in two places. Generally, they use the cloud backup site to store the business financial data.

    By storing data in the cloud, you can access your data from anywhere and anytime in the world just you need an internet connection.

    Old financial data helps the business to fix errors and mistakes. By using cloud backup you can easily restore the data into the system and fix the errors and mistakes easily and also in a short time.

  5. Financial Health.
    Bookkeeping and accounting define where your business stands. Successful business owners don’t take any action blindly. They analyze the business finance health to know where their business finance stands, after that, they make any decision for business growth. By doing this business owners can choose the best way among no. of ways. It helps the business owner to invest a particular amount in the project. 

    If businesses don’t analyze the business finance health then it’s easy to invest unnecessary amounts on the project, software, expenses, etc which is not beneficial for the business. 

Final Thought

To start a business is easy but to drive a business toward success is not easy. Accounting and bookkeeping are a major part of the business. Being good business owners, we should record every financial transaction properly and also do the business accounting audit to identify the mistake, error, etc into the business accounts. By doing these we can know the business is financially healthy. 

If you have any issues and query contact risians accounting

 

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