Involving a Management Consultancy is an essential part of your business. They provide effective solutions, ideas, and assistance to ensure that your business consistently improves. They hire experts that are highly qualified and trained to solve any financial barrier that appears in an enterprise. Of course, this consultancy involves numerous phases. But the prime goal is to determine problems and provide solutions to eliminate any hindrance in the business’s performance and profits. Ultimately, the effective approach helps to optimize performance, productivity, and revenue while reducing losses.

Role of Management Consultants:

Management Consultants are believed to carry out numerous tasks. Being part of a team, they are expected to perform the following duties:

Interacting with stakeholders to understand client’s business
Gathering and analyzing data
Conducting interviews
Organizing training and discussions with employees
Using spreadsheets and slides to combine data into information
Visiting client locations and company locations
Examining data to spot issues and develop a hypothesis
Reviewing financial information
Establishing action plans and suggesting initiatives to achieve project objectives
Provision of resources

Benefits of Management Consultancy:

Leading businesses have declared that management consulting is a major influence in boosting their performance. The usage of management consulting services has widespread in Dubai. Hiring these services guarantees the following benefits:
• Accelerated growth
• Reach targets
• Innovative ideas
• Expert advice
• Training of employees
• Risk mitigation and much more

Financial Services by Management Consultancy firms:

Financial tasks are sensitive matters for any enterprise. Both small and large businesses require proper handling of their financial services. AKA is a Management Consultancy in Dubai which provides promising solutions to all your problems and overcomes financial barriers in your business. There are numerous ways a consultancy firm can eliminate any hindrance in the financial tasks of a business.

1. Audit: An audit is the evaluation of accounting records as well as manually inspecting the inventory. This confirms the utilization of systematically documented system for recording transactions and determines the accuracy of the financial accounts of the company. AKA helps in auditing by providing the following services:

i. Analyze the optimum functioning of your organization
ii. Evaluation of the financial transactions conducted by your company
iii. Identify fraud or risk of fraud
iv. Ensure the security of the assets of your company
v. Verification of whether your business conforms to the rules and regulations of governmental and organizational bodies
vi. Appropriate strategies to enhance results

2. Advisory: Advisory means to deliver useful findings for clients’ decision-making. For example, tax planning and strategy, cash flow forecasting, business performance reviews, and others. All of this ensures the growth and success of the client. AKA helps to tackle challenges encountered by your business. Our team can assist with tax-related obligations, manage cash flow, prompt payment clearance, and decision-making taking into account the UAE laws and regulations.

3. Asset Management: Asset Management has important for all businesses. It involves sticking a detectable tag to an asset. This helps to track the assets, especially for businesses with huge stock of assets and inventory. With this, businesses can help to locate and know the exact number of their assets. Also, the details are entered into a spreadsheet. AKA helps to monitor and track your assets in an organized way. Our team can help to identify the number and location of your assets, irrespective of the sector they belong to. We can also help in identifying not used and outdated assets.

4. Accounting: Accounting services in Dubai are necessary for all sorts of businesses. Only an exceptional financial report can help your business stand out from the rest. The management of accounting services is only possible with the assistance of a professional. AKA Management Consultancy provides expert who deliver comprehensive bookkeeping accounting services in Dubai. These include:

i. Highlighting current financial stability and status by gathering data from the client
ii. Writing financial reports fulfilling the client’s expectations
iii. Defining and suggesting rules and procedures to maintain accounting controls
iv. Analyzing and verifying the accounting details to reconcile financial disparities
v. Maintaining customer trust by keeping the financial information confidential

5. Governance, Risk and Compliance: GRC means to integrate governance, risk and compliance systematically. This helps to benefit your company by eradicating waste, enhance productivity, inhibit the noncompliance risk, and directly deliver the necessary information. AKA provides a number of services for governance, risk and compliance for your business. It helps to achieve the following tasks:

i. Supervise policies
ii. Monitor risk, and ensure compliance
iii. Focus on various regulatory changes that can leave an impact on the business
iv. Encourage various businesses to collaborate on a single platform
v. Improve the efficiency and accuracy of internal auditing
We also provide due diligence services that help to analyze, verify and review all the data before you sign a transaction or agreement with another company.

Importance of Management Consultancy:

Besides the aforementioned services, there are many other financial aspects that must be dealt with vigilantly. With other ongoing operations, finance is a delicate matter that needs the utmost attention. Only external assistance from a Management Consultancy firm can help resolve all your queries and handle financial functions seamlessly. Here, AKA Management Consultancy in Dubai comes into action as it offers skilled professionals providing productive financial strategies so your business runs smoothly without any barriers. We help:

• Identifying problems and offering effective solutions
• Assist in developing a successful organization
• Perform a complete evaluation of the client
AKA provides all the required financial services for your firm to ensure your business reaches its targets and goals.

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A VAT return contains a summary of the number of supplies, exports, and imports of the taxable person that were carried out during the tax period. Along with this, details of VAT liability are also included. It is required to be submitted to the Federal Tax Authority (FTA). After completing all the necessary return requirements, this process can be done on the FTA’s online portal.

VAT Registration in UAE:

Businesses with imports and supplies exceeding AED 375,000 annually must register to VAT. It is optional for those who exceed AED 187,500 on annual basis.

VAT Consultancy Firm in UAE:

AKA provides VAT services. These include VAT Advisory, VAT Implementation, and VAT Return Filing. It comprises a team of experts that have expertise on both local and international issues and are ready to assist you and your business. AKA helps to identify and reduce tax risks, meet compliance obligations, implement tax strategies supplementing the business’ operational objectives, manage tax accounting and reporting issues, and design best tax practices.

Calculation of VAT:

A tax return can be filed when a difference between paid output and input tax exists. In case if the output tax is more than the input tax, the difference must be paid to the FTA. However, if the input tax is higher, it can be used to cover any other payments owed to the FTA. For setting up a VAT return, the following information shall be reported:

• Supplies subject to standard or 0% VAT rate or exempted from VAT
• Provision of supplies via the reverse charge mechanism
• Imported goods to the UAE and declared to the customs
• Changes to items brought into the UAE and declared to customs
• Refunds generated for tourists via the Tax Refunds for Tourists Scheme

A nil VAT return is required to be submitted if no transactions are made within the tax period. Regular VAT filing must be carried out. This is to be done during the 28 days after the cessation of the tax period. However, it depends on every business. Failing to do this can be subject to penalties and fines. The initial delay will cause AED 1000 fine while each subsequent delay can cause a fine of AED 2000.

The procedure of VAT Filing in UAE:

The process of VAT filing can be done on the online portal of the Federal Tax Authority (FTA). Below is a step-wise guide to VAT filing.

1. Create an account with the Federal Tax Authority:

Every VAT-registered business must make an account with FTA. It is mandatory to begin the filing process. It is convenient to hire a tax agency in the UAE to ensure the creation of an account and the correct provision of information. AKA management consultancy provides VAT Return Filing services to numerous enterprises.

2. Provision of details:

The next step is providing the details of the taxable person. Our team of experts assists you with this processing and thoroughly fills in the required details on your behalf. These details include:

• The business name, address, and tax registration number (TRN).
• VAT return period.
• Information on VAT sales and expenses carried out in a period.
• Zero-rated VAT supplies, VAT-exempted supplies, and 5% VAT rate supplies are to be mentioned.
• Net VAT due.
• Other requirements.

3. Declaration:

Lastly, a declaration is submitted to verify the accuracy of the information provided to the Federal Tax Authority.

VAT-registered companies tend to grow more as large enterprises trade with such businesses. All this contributes to a good reputation and confirms the legal security of your business.

Certain businesses are exempted from VAT. Also, the tourist’s refund scheme offers a refund to tourists if they purchase goods from a VAT-registered store.

Businesses must provide 5 years of documentation in order to register for VAT. The most crucial aspect of registering for VAT is keeping the books in order. The business owner is held answerable for any transaction made. It might have a negative impact on your business; therefore it is better to use a reputable company that can assist you with all of these processes together.

Why AKA Management Consultancy:

The process of VAT filing is delicate and needs to be monitored carefully. Wrong or incomplete information can result in severe fines and penalties. To avoid this, AKA management consultancy is the best VAT consultant in Dubai ready to provide VAT Filing for your business. We ensure that you do not have to deal with any fines. We are VAT specialists who carry out the entire process smoothly without causing any inconvenience. Besides, we also provide VAT advisory and VAT implementation.

AKA management consultancy can carry out your every process efficiently. Our team can make VAT filing a less tiring process for you as we have been working with FTA and VAT-related services for a long time. AKA skilled professionals provide hassle-free and quick services related to all your business processes.

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