The trading industry is a critical component of the UAE's economy. For decades, commerce has benefited not just the corporate environment but also the community as a whole. Being the owner of a trade company is a fascinating activity, but keeping track of all that money can be tiring!
In this day and age of increased competition, difficult economic conditions, and tremendous cost demands, handling that massive amount of business-responsibility and staying on track with all of your clients may easily spin your head. Your expanding business necessitates complicated accounting difficulties that, if not addressed promptly, can result in:
- All of your important clients are gone.
- Loss of Assets and time
- Loss of that hard-earned reputation, as well as the imposition of a permanent SHUT-DOWN
We at Nadeem And Umendra Chartered Accountants understand the level of stress that today's trading sector is under, and we provide you the simplest of solutions to eliminate all of the impediments on your path to profitability. We are one of the few accounting companies in the UAE, along with the Big 4, that has played an important role in the growth and success of trade sectors by providing INDUSTRY SPECIFIC professional bookkeeping and accounting services.
“You do your trade, and we manage your accounting.”
Why Should You Outsource Your Trading Company's Accounting?
You presumably operate a trading company since you're an expert in it, but what about all those difficult accounting and financial issues? It's all too usual for traders to get themselves into a big problem with their documentation. And then get into even more trouble trying to sort them out.
If you are a trader and are experiencing the following issues:
- Failure to receive weekly or monthly financial reports on schedule,
- Your bank accounts are not being reconciled on a daily basis, and your finance department is unable to provide daily debtors and creditors lists.
- Failure to complete your audits within one month of the end of the fiscal year,
- Having examined financials that included several reclassifications,
- Faced with the repercussions of auditors' constant restatement remarks in your financials,
- Authorities are constantly skipping reporting deadlines.
- Having difficulty taking advantage of tax deductions,
- Inability to study market competition, inability to categorize your most helpful trading articles, and inability to keep track of your transaction data
Furthermore, if your finance department's accountants are:
- Making frequent mistakes in sending payments to the incorrect customers or suppliers,
- Incapable of writing thorough professional accounts of commercial dealings,
- Journals that aren't essential,
- Providing you with erroneous, disorganized, and insufficient results,
- Are unprofessional and pay little attention to detail
- Sabotaging your day by repeatedly asking dumb questions and,
- Forcing you to be afraid of depending on their information and reports
Then you'll need specialists to SUPERVISE or TAKE OVER your finance department in order to provide accurate, full, and dependable financial data. It is critical to have solid management reports and clear year-end results, as they are the foundations of every successful trading firm. This will allow you to see precisely:
1. Wherever your company spends money,
2. Where does your revenue come from?
3. Which tax breaks you'll be able to take advantage of,
4. How to Deal with Tough Market Competition
5. Areas of potential and
6. How to Avoid Dangerous Situations
What Does Our Accounting Services for Trading Companies Include?
“All we know is quality service.”
Given our 10+ years of expertise in this field, we cover a variety of intricate and in-debt areas of your trading firm; some of the important components we cover are detailed in depth below:
1. Bookkeeping with any Accounting/ERP System (SAP, QuickBooks, MYOB, Xero, Zoho Books, and so on):
- Implementation and configuration of the software so that you may begin correctly tracking your business transactions.
- Customization of the system to meet unique reporting needs,
- The system has been configured to create automated VAT reports for submission to the Federal Tax Authority.
- Customization of the system to automatically reconcile with the Federal Tax Authority and the Federal Customs Authority.
- System interaction with PayPal, WooCommerce, and Network International, allowing for the automated production of exact transactions. This will start direct feeds from PayPal or WooCommerce into your software.
- In your Books, structure batch invoicing and batch expensing for those large commerce transactions.
- Create informative layouts for invoices, quotations, emails, users, suppliers, company information, and the chart of accounts.
- Incorporation and configuration of precise functionality for Value Added Tax (VAT) recording and reporting,
- Strict oversight and monthly reconciliation of WooCommerce, PayPal, and Network International transactions,
- Reporting templates for creating monthly, quarterly, and yearly reports,
- Management reporting templates that are tailored to the needs of the organization.
2. Sales and Purchases Management:
- Accurate and comprehensive recording of sales and purchases after validation of necessary supporting documentation
- Reconciliation of sales and purchases with payment gateways on a regular basis
- Reconciliations of cash transactions
- Reconciliations of credit card transactions
- Upkeep of a list of purchased/sold components
- Components are assigned to certain product categories.
- Calculation of batch-wise profit and loss, as well as calculation of individual agent sales.
3. Cost and Expenditure Management and Analysis:
- Monthly costs of general overheads, wages, and other overheads are maintained.
- Cost allocation on an item-by-item basis for comparing the expenses of various trade products.
- Shipping costs are calculated depending on the population of trade consignments and country-specific rates.
- Allocation of delivery costs by product.
- Keeping track of and accurately allocating refund shipping expenses for canceled sales/purchases.
- Accurate computation, recording, and posting of granted discounts.
- Appropriate recording and handling of refund obligations.
- Calculation of commissions by agent.
- Monthly marketing spend by product, management of overall marketing expenditure.
4. Inventory and Order Management:
- Inventory calculation in accordance with International Accounting Standards (IAS)
- Separate inventory management for in-house and retailer unsold goods.
- Reconciliations are performed on a regular basis across all order placement channels (online, offline)
- Calculation and precise handling of given items or gift cards.
- Reconciliations of sent orders across fulfillment channels on a monthly basis.
- All non-UAE orders are recorded separately.
- Product-specific sales reports allow you to identify your most lucrative goods.
- Weekly/monthly sales comparison reports by product.
- To monitor your stock-outs, create a product-specific sales report vs available stock.
- Monthly shipping cost reports for each product, monthly inventory insurance cost reports for each product.
- Monthly batch-by-batch (product-by-product) profitability report to examine profit per product.
- A report comparing outstanding client balances with age allows you to identify problematic debts.
- The cash-in-hand report as a whole.
- Report on gifts and product-specific discounts.
- Product-specific and overall agent commissions and sales reports.
- Reports on the execution of current and new restrictions are reviewed on a monthly basis.
- Revenue per region reports allow you to target the locations that generate the greatest revenue.
- A product-by-product comparison with rivals' reports allows you to gauge market competitiveness.
- Sales statistics that compare current year weekly sales to previous year weekly sales (same period) For example, compare January 2019 Week 1 to January 2020 Week 2, and so on.
- Year-to-year P/L comparison reports (Jan-Dec 2019 vs Jan-Dec 2020) are available to assist you.
6. Analysis of Overall Services and Business:
Nadeem And Umendra Chartered Accountants will help you in the following ways, to put it accurately:
- Accounts payable (Creditors) management
- Accounts receivable (Debtors) management
- Credit card management
- Payroll management
- Reconciliations of business banks and trial balances
- Preparation of balance sheets and revenue statements
- Debt management
- Preparation of inventory statements
- Accounting and financial reporting
- Returns on taxes
- Analyses of business
- Calculating sales taxes
- Revenue recognition in accordance with IFRS 15
- Detailed performance evaluations
- Reporting on budget-to-actual
Our highly educated accountants will also assist your trade organization in managing:
- Cash flow in a business
- Inventory control
- Trading capital management
- Foreign direct investment
- Financial forecasts
- Studies of feasibility
- Acquisitions and mergers
- Business valuations
The following are the top ten operational reasons to choose Nadeem And Umendra Chartered Accountants:
A solid bookkeeping department is required to record the financial operations of your trading organization in a timely, accurate, and thorough manner. Expert management of your books and financial transactions gives you the confidence to focus on your primary skill, TRADE.
Accounting and Bookkeeping Services for Trading Companies
1. Flexible Bookkeeping Packages: You will only pay for the bookkeeping services you require. If you are looking for:
a) One-time service – updating your trading accounts
a) Express service - to meet a deadline or avoid a penalty/fine.
c) Ongoing assistance - to take them fully off your hands and ensure that your records are kept independently by us.
We will work in accordance with your specifications. Our specialists will:
- Visit your place anytime it is necessary.
- Assist you with online support anytime it is required.
- Process critical ad hoc jobs and assignments, as well as a variety of additional support services.
2. Qualified Professionals: Our professional team is comprised of highly talented individuals, including:
- ACCA – Associate Certified Chartered Accountants
- CA – Chartered Accountants
- CPA – Certified Public Accountant
- CFE – Certified Fraud Examiners
- ABV – Accredited in Business Valuation
- ASA – Accredited Senior Appraiser
- CITP – Certified Information Technology Professional
We have professional accountants and bookkeepers from all over the world, so you may PICK and CHOOSE from a diverse choice of nationalities.
3. Outsourcing saves you money in other ways: Have you ever considered how much you have to spend extra for your hired accountants? Remember those enormous amounts for:
- Last month, you paid for life insurance, medical insurance, and gratuity payments out of your own pocket?
- Or how about the unexpected compensation you had to pay to an injured employee?
- And what about that pointless lawsuit you filed after firing an incompetent employee?
- Not to mention the price of delivering all of that equipment, consumables, training, and so on.
- You may avoid all of these extra fees by outsourcing your books to us, and we will take care of the rest, leaving you with a lighter load and a larger wallet.
4. Budgeting and Planning: Due to large financial withdrawals, keeping a tight watch on your budget is critical in trading enterprises. Our analysts will create a budget roadmap tailored to your company's needs, allowing you to efficiently predict your future spending and the resources needed to meet the projected outflows. PushDigits can help you with:
Effective planning necessitates a thorough comprehension of the past as well as a great understanding of the future. Because our accountants have vast expertise and experience in the trading business, our accountants will make your tactical and strategic planning more practical and feasible.
(a) Create specific monthly or annual budgets to help you keep track of where your business should go and what trade goals you need to meet.
(a) Descriptive Actual VS Budget Analysis - This will allow you to identify cost centers that have differed from their budgeted costs.
5. Tax Preparation: As a trader, you earn a significant portion of your revenue from trading. However, income taxation, if not managed properly, may be quite unpleasant. There are several tax benefits available to traders that are rarely utilized owing to a lack of awareness of tax rules and regulations. Our VAT consultation services in the UAE are provided at no cost to our accounting customers. Our VAT Advisors in Dubai collaborate with accounting consultants to guarantee that all potential tax advantages are utilized prior to VAT filings.
6. Business Analysis: In the trading industry, managers must carefully examine business performance. This analysis will assist you in tracking:
- Revenue streams and areas for development
- Possible bad debts
- Litigations involving potential sources
- Concerns about the running of a business, among other things...
7. Financial Management: Your trading performance is determined by how carefully you manage:
- Your overdue invoices
- Customers' outstanding balances
- Suppliers' outstanding balances
- The need for money, either through stock investment or bank facilities
- Management of integral financial ratios in order to meet bank requirements for the reinstatement of bank facilities
- And there are many more...
8. Stakeholder Reporting: The majority of stakeholders in trading organizations, mostly equity investors and banks, want to evaluate the company's financial performance in order to assess the value of their investments. Our accountants will not only provide yearly financial statements, but will also create specific financial and operational reports for each conceivable stakeholder in your company. These reports adequately meet the standards of:
- Employees, and so forth.
9. Easier and faster audits: If you own a significant trading firm, you understand the necessity of timely submitting audited financial statements to investors (for confidence building and/or new investment) as well as banks (for the resumption of bank facilities or to avail additional facilities).
We promise that the audit will be completed within one month after the end of the fiscal year.
Existing client references can be offered or obtained independently to substantiate our claim.
10. Available to you 24 hours a day, seven days a week: We have offices on all continents. We will be available to you 24 hours a day, seven days a week! Our team will not only help you, but will also be accessible for any questions you may have 24 hours a day, seven days a week, and 365 days a year. So we're available whenever it's convenient for you.