Payroll Services Enhance the UAE Economy

 The UAE is one of the most vibrant economies in the world and offers numerous opportunities for businesses and entrepreneurs to operate. Consequently, a growing number of companies are taking advantage of payroll services in UAE to streamline their finances. Payroll services provide a cost-effective way to manage employee wages, deductions, taxes, and benefits. This helps businesses keep accurate records of their financial transactions while ensuring employees receive their rightful compensation packages on time.

Payroll services not only benefit company owners but also help stimulate the economy as they reduce administrative costs associated with processing salaries, bonuses, overtime payments, etc., leaving more resources available for investments and other projects that can create employment opportunities or add value to the local market. Additionally, efficient payroll management allows companies to focus on their core activities and manage personnel more effectively by providing insight into employee performance trends over time.

Payroll processing and management is an integral part of any organization. It involves the collection, calculation and dissemination of employees' salaries and wages. Without proper payroll processing and management, organizations would not be able to deliver salaries to their employees in a timely manner and accurately calculate the deductions due from them. Employers need to ensure that their payroll systems are up-to-date, efficient and secure so that they can retain the trust of their employees.

Today's technology has made it easier for employers to streamline payroll processes by automating various tasks including data entry, calculations, payment disbursement, tracking employee hours worked as well as deductions such as taxes or insurance premiums. By using software specifically designed for payroll processing and management, employers can reduce the time spent on manual activities while improving accuracy in payroll calculations.

Employee leave management is essential to maintaining a successful business. As an employer, understanding the laws and regulations surrounding employee leave as well as tracking hours properly can be a challenging task. Payroll services are available to help employers with the complexities of employee leave management by providing guidance on how to stay compliant with federal and state statutes, tracking employees' vacation time, sick days, holidays, and other absences from work.

Payroll services in Dubai also provide detailed reporting services for businesses who need to track employee attendance accurately and efficiently. This ensures that all employees are being paid correctly for the time they have taken off from work. By utilizing payroll services, employers can easily access up-to-date information on their workforce's attendance records which makes it easier to keep accurate records and remain in compliance with relevant regulations.

Differences internal and external audit

 The audit process is extremely important for organizations. After all, its main purpose is to certify the company's assets.

 There is internal and external audit and, although they have the same objective, they have different characteristics.

 Before we understand exactly what these differences are, it is worth remembering that the audit does not only inspect the financial statements.

 It is critical to ensuring transactional and operational processes such as inventory and processes.

Now that you have a little insight into the importance of Auditors in UAE, it's time to understand the main differences between them, and that's what we'll help you do in this article.

 Keep reading and check it out!

 What is internal and external auditing?

 Internal auditing is the process in which a company's own auditor is used.

 The internal auditor acts primarily to assist the administration and, therefore, is very close to the board or presidency, as their role is to assess whether processes are being carried out correctly and indicate non-conformities.

 The external audit has as main focus the analysis of policies, procedures and financial statements.

 As the name suggests, it is carried out by independent professionals, who must, at the end of the analysis, issue an opinion of what was visualized.

 Large companies are required by law to use external auditors registered with the Securities and Exchange Commission (CVM).

 Understand the differences between audit professionals

 To facilitate the understanding of all the differences, below, we will see the differences between the roles of internal and external auditors in the activities performed.

 Check out the main features of each one:

 Internal Auditor:

is a professional of the company itself;

there is no requirement for training, and specialists can be used in the area of ​​greatest need of the company;

its main action is to analyze internal controls and procedures;

its main objective is to comply with the determinations of senior management and promote improvements in internal processes and fraud detection;

at the end of the audit, actions are recommended to optimize processes and ensure greater efficiency;

although this professional reports directly to senior management, he is not totally independent, and must follow the directives of the board;

the internal auditor has direct responsibility to the company in which he works;

As the focus is on internal controls, the work is on-going.

External auditor:

is an independent professional or a specialist audit firms in Sharjah;

must have a degree in accounting and be registered with the CRC;

its main action is in the financial statements and specific needs;

the main focus is to ensure the accuracy of the financial information and suggest actions to improve the results presented in the financial statements, attesting to the market the fidelity of the information and good practices;

after the audit, the external auditor must issue an accounting opinion , pointing out the identified opportunities and suggesting improvements;

the external auditor has high autonomy and independence;

he is responsible to the client that hired him, the suppliers, the company in which he works and the government;

The external auditor acts only to perform the contracted activity, that is, its activity is periodic.

 What is the best?

•  It is important to make it clear that one audit does not replace the other, but rather complement each other.
•  You need to first identify your needs and only then choose the one that will best deliver the results you need.
•  For example, if your focus is purely accounting and you want to get loans, investors or increase market value, the suggestion is an external audit.
•  If the focus is operational and process improvement or generating information for senior management, choose internal Auditors in Dubai.

 As we have seen, internal and external auditing is of paramount importance to the company, generating trust and credibility for the market, improving processes and increasing productivity and profits.

 Want to know how your company can benefit? Discover our services and let us help you!

Custom or commercial software: which one to choose for the site?

 There are many variables involved when deciding whether to adopt customized software or existing commercial software for your company.

 In this article we will talk about the difference between commercial software and customized software, that is a customized system, which takes into account the work processes and the particular needs of a company; finally evaluating the pros and cons of both solutions.

 Why does the need to adopt management software arise?

 The software is used to organize work procedures efficiently, it is a fundamental activity for any type of company; obviously on the market there are different types of management software with various features and functionality.

 Management software applications are fundamental in the organization of work procedures, in any type of company. These IT systems allow you to efficiently manage the various activities the company deals with, optimizing time and resources.

 In the absence of a complete management system, the company often carries out various activities using different programs that do not communicate with each other and do not synchronize data; the result is that the various steps and links between the data must be done by the staff, with consequent loss of time, use of human resources and an increased risk of error.

 Think for example of a large repair shop that uses simple spreadsheets to keep track of all the work done, the payments that have taken place and those on hold, the appointments and the staff employed in each activity: at each new commission it should check the calendar program to plan the activity, that of the work already carried out to find out if this customer has already made any interventions, that of the warehouse to find out if the necessary pieces are available ... With a management software it could have all the data organized in a in one place, monitoring both the technicians' work and the customer's profile.

 These considerations reveal the need to adopt management systems capable of simplifying and speeding up work processes, using resources more efficiently and significantly limiting human errors.

 But how do you choose the one that best suits your needs?

 The first need is to choose the most suitable system for the type of activity that the company will have to organize, analyze and monitor. There are standard software that can be purchased ready for use, or customized solutions that are developed ad hoc based on specific work needs.

 So, do I adopt commercial or customized software?

 Going to find out what the digital market offers regarding your business needs, we will certainly find commercial solutions more or less adaptable to your needs; finding standard programs that can be used in all the companies in the sector to which they refer. In some cases, however, the need may arise to have a customized system that meets the specific needs of a specific company.

 Let's think, for example, of an already well-structured reality, which offers a unique product or service. Our company may not want to compromise with the pre-set logic of commercial Customized ERP Software's in Dubai, because it would mean adapting and reviewing the working processes based on the functionality allowed by the software. Then you may feel the need for a customized system, which has some precise functionalities and takes into account your already established working methods. In this case, it can make customized software, choosing all its features.

 Commercial software: pros and cons

 Commercial software are designed to be adaptable to different contexts, they are generally full of features that tend to be generalist.

 Compared to existing procedures within companies, if a commercial solution is adopted, the process of adapting its procedures with respect to the insertion of commercial software is more impactful.

 This is because commercial software was not designed to meet the needs of your company, but more generally it is designed to cover more diversified needs.

 Probably also the times of the company staff are wider for the use of the tool, due to the differences between the operating procedures of the companies and the type of use of the tool itself; obviously this translates into a higher cost of personnel in using the tool.

 Having made these considerations, however, by adopting commercial software, we can evaluate the following positive aspects:

·         Speed ​​of implementation. The software being already existing allows to make it immediately usable within one's own reality.

·         Certainty of the product . By choosing the type of software among the various available, you know for certain the functions that will be managed.

·         Cost monitored . We immediately know the economic effort and the related annual management costs (always if we do not ask for changes to the product from the parent company).

 Custom software: pros and cons

 A customized solution, on the other hand, is built according to the customer's specific needs and has the great advantage of being able to implement numerous features, opening the way to new opportunities.

 Deciding to implement custom software, however, is not the easiest thing to do. The client must immediately have clear ideas on the activities to be implemented within the customized software.

 In general, before creating the software, time is dedicated to carrying out together with the client the detailed project of the functions that are intended to be realized.

 The project is carried out together with the figures involved in the client's production process; and only once validated, the implementation of the software starts in a strategic and efficient way.

  CMS to manage a website

 Software of this type is usually also implemented on the website, thus offering the possibility to manage all the contents from a simple control panel. This is an interesting aspect especially for those who have an e-commerce connected to a site to be updated regularly and at the same time must manage e-commerce activities: update the product catalog, check orders, shipments, payments, the warehouse availability.

 There are many solutions on the market for CMS (Content Management System), it is up to the company to understand which one is the most suitable according to their needs. The commercial CMS are already set up with the basic functions and ready for use, generally they however require to adapt their project and the idea they have for the site to the existing templates, offering limited possibilities for customizing the layout and functions. If instead the choice falls on a customized CMS, it is the software that adapts to the needs of the company and not vice versa: it will be built with all the desired functions in order to simplify and speed up all the work processes based on the specific needs of those who will use.

 The Customizer

 A customized CMS is the indispensable solution when standard software does not reflect one's needs or requires too much effort to adapt. It is necessary above all when there is the will to integrate complex functions, such as connecting different warehouses, sharing lists of products and customers, having dedicated systems for customizing product pages. Finally, a personalized CMS allows you to have valid technical tools to optimize the site for search engines and SEO, ensuring good online visibility and smooth and responsive navigation for users.

 Based on these needs, we have chosen to use a custom CMS in Linkomm too, creating The Customizer internally, the management system implemented in many of our production sites.

 The Customizer is a stable architecture that allows full freedom in the management of the website and the e-commerce system, since it is built precisely on the basis of the already existing structure. It offers a wide range of features that are not preset, but made ad hocfor the specific activity of the customer, combined with a practically infinite possibility of modifications and updates that follow the technological evolution. The simple and intuitive use of the platform puts the customer in a position to be able to manage every aspect independently from the first access, and to have at his disposal a competitive system that guarantees excellent performance and a valid partner, useful for the development of his business. .

 A conclusive evaluation

 At this point in the article, we can conclude by making an assessment of the different aspects of a customized software:

 1. Efficiency

 Customized software is built on the basis of the working methods already implemented by a company, considering the critical points in the process and the activities to be speeded up or improved. It is therefore created with unique features, which are not normally available in common standard software.

 Thanks to the structure designed ad hoc, together with the customer, the system allows you to manage your work in a simpler and faster way, allowing you to reduce the time spent on management and free up human resources for other activities.

 2. Times

 Commercial software is made in series; therefore it has the advantage of being immediately available and ready for use. On the contrary, customized software must be made specifically, so it takes some time to develop and test the various features.

 3. Costs

 The cost of customized software is generally higher than that of a standard system, but this expense is then reduced by the considerable increase in productivity that entails its use over time.

 4. Update

 The commercial software is updated by the software house, the customized one can be modified on request without having to wait for the next available update  

 5. Integration

 By designing customized software, where it is necessary, it is possible to maintain already existing and optimized management pieces, simply by integrating them into the new software.

 6. Scalability

 One of the strong points in the realization of customized software is the full scalability of the same.

This is a very positive factor, given the continuous growth of companies.

Knowing that the software that is created is predisposed to future changes, additions and upgrades, allows us to work with strong planning with respect to the company's future growth.

 If you have come this far and are interested in learning more about these topics, do not hesitate to contact us: Linkomm is at your disposal for advice and to design software with your specific needs.

 

Read also: auditors in Dubai

 

Customized management software

 Custom-made or Out of the box? In simpler words: better custom or standard software? Management software can take various forms, from the most to the least complex and expensive, and assessing which of these is the most suitable for the individual company is not a simple thing. Entrepreneurs, managers and internal representatives could be instinctively led to opt for standard solutions with low cost and less impact , and sometimes the choice can prove profitable, but often - especially in the most complex business situations - the customization needs can become essential. But what does it mean to customize an ERP system? And above all, beyond the advantages, what can be - if there are - the risks hidden behind a customized path?

Tailor-made management software: two schools of thought

 The debate on the customization of the management software, particularly heated in recent times, compares equally legitimate positions, but based on different perceptions and needs. On the one hand, there are the supporters of the Out of the box packages, standard solutions that do not require particular adjustments and which, especially in the face of the latest technological developments, can be easily and highly parameterized; on the other, fans of customization, or of the application in the various realities of packages totally sewn on the body of the company. The former base their preference on the low cost of the option (obviously compared to non-standard solutions), on the simplicity and speed of integration in the corporate environment. For the advocates of customization, however, the customer remains a priority, with his needs, his specification and his desire for competitiveness. But which one is right?

 A complex scenario made up of numerous variables

 The answer is easy: nobody, actually. Because, in hindsight, the right and more balanced position on the matter lies in the middle. As always. If both reasons for the two opportunities remain true and justified, it is equally clear that the picture does not end here. Optimize application times, rely on simple solutions to implement, reduce costs and maintenance needs to a minimum (and consequently the TCO), avoid lengthy support and training courses by the vendor, limit the need for assistance: they are all plausible issues in a corporate framework and certainly standard management software can meet in this sense. If we add that the Customized ERP Software's in Dubai provide the customer with a series of best practices imagined precisely to lead the company towards the best implementation of the new processes, it is clear that a non-customized solution can still effectively respond to numerous needs .

 But it is still a non-optimal path, which may not be adequate for all realities. Particularly complex and articulated business sectors, in fact, do not always manage to model themselves on rigid or in any case difficult to shape management software. For them, savings needs do not justify the use of standard solutions that may already be used by the competition or unable to adapt to the peculiarities of the case: that's why customization often becomes a must.

  What does it mean customized management software in practice?

 The choice, in any case, is not necessarily said to be radical. Given precisely this wide range of possibilities, you can in fact go from a particularly simple customization, made of parameter configurations on advanced but still rather standardized packages, up to real "tailor-made" models designed - for anything that cannot be satisfied with the pre-packaged solutions, which in any case generally always play an important role - based on specific business needs. A mix, therefore, of functionality, aimed at creating a harmonious substrate on which the business activity can best flow.

  A path not without risks to consider

 Given therefore the importance, especially in some sectors, of customizations, the gaze must be placed - and the role of the System integrator in this sense is fundamental - on costs (not necessarily economic) and any risks that customization could entail. What the company must keep in mind when embarking on a path with customized management software is that designing a "tailor-made" package means, for the consultant, knowing perfectly the company's needs.

 This obviously translates into the need to proceed with an extremely in-depth analysis of business processes and dynamics: a step that a good System integrator will still have to face, but which in this case is totally suited to imagining innovative, customized and specific solutions for that business. It will therefore be necessary to foresee long preparatory activity times, aimed at mapping company values, waste and identifying all the steps, especially the most critical ones that underpin the production processes. Customizations will not necessarily have to be introduced and applied all immediately (this will depend a lot on business needs): a possibility to avoid a longer running-in time can be to start from the heart of the software and then combine various features, but this option will also entail inconvenience, tying the firm closely to the consultant for longer times .

  This relationship will be necessary and very important to favor a better application of the management software, but the more it will be based on complex skills to be transferred to the staff, the more complex and long it will be to manage. The basic element that companies must take care of to avoid unnecessary risks in terms of productivity will therefore be the competence and ability of the System integrator to quickly imagine the best solutions: it must therefore be an expert consultant in the specific business sector, it will have to prove itself constantly open to listening and analyzing the needs of the company and will have to be able to make all its knowledge available to the company. Only in this way can the customization of the management software be based on guarantee premises, avoiding future risks in terms of bad process management.

 We must not forget, as already mentioned, that the Customized accounting software packages, beyond the economic costs they impose for obvious reasons, are complex and difficult technological functions : they require specific and qualified skills also from a technical point of view and above all impose timing not always adequate for the fast needs of the most advanced businesses.

  A world that goes in one direction

 All these assessments are the basis of the growing disaffection of companies towards highly customized solutions and the growing success of parameterizable solutions: that is, based on standard foundations but equipped with parameters that can be configured according to the needs of the case. Statistics now seem to give success to this type of management software, but it remains true that, in many cases, it is not trends that prevail, but needs. Many particularly critical processes continue to require specific customizations, beyond the possibility of parameterization: the essential is that the companies that opt ​​for this way are aware and aware of the consequences, from longer implementation times to higher costs, up to the need to review the budgets in the upgrade and training items. A good consultant, net of everything, can only prove valuable in this difficult decision-making process.

 Regardless of the size of your company and the segment in which it operates, having better control over the actions and information generated will be essential to build a strong competitive differential, stand out in the market and grow in a sustainable way. But, after all, what is the importance of internal audit at this stage?

 Basically, it's all about the process. After all, it is what will enable the discovery of operational failures and opportunities for improvement for the business. You still don't do an internal audit in your company? See from now on, in detail, why it is so important for your company:

 Enhances the company's risk management

 Most United Arab Emirates companies are exposed to risks such as fraud, registration errors, operational inefficiencies and numerous irregularities. All of this can be committed precisely by those who should fight them the most: managers, employees, suppliers, etc.

 This makes accounting management a fundamental strategy for the internal Auditors in Dubai, if it is not considered, these problems can become increasingly difficult to detect accurately, causing damage to property and causing serious penalties applied by Organs supervisory bodies.

 On the other hand, an internal audit can help to solve these problems, identifying unfilled gaps in the processes, which would nullify the facilities for fraudulent actions within the company, considerably reducing the error rate.

 Promotes best governance practices

 Another point that raises the importance of internal auditing in the company is the fact that it assesses whether the adopted work standard is being complied with by managers and employees from all departments.

 In fact, it is common to see departmental managers and their employees disrespecting and changing certain norms, guidelines and other determinations imposed on the ideal behavior and methodologies they must follow. This non-fulfillment of orders can jeopardize the performance of the sector and affect the results of the entire company.

 However, with a periodic internal audit, these misconduct will be easily discovered, ensuring credibility and transparency in the activities performed by the company.

 Generates improvements in internal processes

 Through a  professional internal audit,  it is possible to identify compliances and, mainly, non-compliances, helping managers to discover more easily what can be improved to add competitiveness to the business.

 This includes ways to reduce waste of resources, increase productivity with quality and reduce production time, for example. In this way, operations are optimized using methodologies and technologies that are among the best practices of the moment.

 That is, in addition to monitoring compliance with the norms and standards by its managers and employees, the internal audit will assess whether it is necessary to change any of these procedures to further improve the level of efficiency of the activities.

 The idea is that after the first internal audit in the company, it will act more in the sense of prevention than correction of procedural failures, representing an activity with a great focus on control and bringing significant changes to the business over time.

 It is worth mentioning that internal audit has a very high strategic level and requires a very high degree of know-how (specialization) from those who will put it into practice. Therefore, seek  professional support . Thus, you will have the vision of an outside expert, who will present appropriate solutions to improve the management of your business.

 Now that you know the importance of internal Auditors in UAE, don't waste any more time. Put it into practice today and raise the efficiency level of your business.

Crucial outlook of VAT compliance

 Rapid changes in business activities around the world and updated legal formality have made VAT registration challenging. Correct information reporting and also transparency while staying current on VAT compliance has to be met with a limited amount of time.

A taxpayer should update or amend the Federal Tax Authority (FTA) on any circumstance which has a direct impact on the records kept by FTA that was given during the initial registration period, and that too within the timeframe set by FTA.

Few circumstances that don’t need approval from FTA are:

• GCC activities
• Customs registration information
• Business activities

But some amendments need approval from FTA. In this case, you can hire us to get help with the process. We are one of the best accounting firms in UAE.

We have highly experienced and approved auditors in Dubai. They will make VAT registration in Dubai seamless concerning the fields that need FTA’s approval and some restricted fields as well.

Our team has VAT compliance experts who will help you prepare and execute VAT registration amendments with the best accounting software with VAT. We offer a wide range of accounting services in Dubai as well.

5 Golden Reasons for You to Become a Business Consultant

 You may have heard about business consultancy many times and, therefore, you have been wondering if being a business consultant would be a good option to put yourself back in the job market. Perhaps you are thinking that this is not the best time to invest in  a  consulting career , after all, we are still in a time of crisis. However, this area has been identified as one of the most successful in the business world.

The reason for this success is the fact that large companies that are fundamental to the economy, such as banks, industries and commerce, use this service on a daily basis to increase their capital and expand their businesses.

The assistance of a business consultant has been shown to be fundamental for companies, NGOs (Non-Governmental Organizations) and even public entities to achieve their strategic objectives and improve their operations. In other words, the market is increasingly dependent on consulting services and this is the best time for you to specialize and start providing the service.

Do you still have doubts if this is the best way? Check out our 5 golden reasons for you to become a business consultant.

What are the activities of a Business Consultant in UAE?

The consultant is a person who works from ideas. In addition to the skills related to the analysis and processing of numbers and the ability to observe the business, finding positive and negative points in the operation, the professional must be passionate about ideas and work so that they take shape and make a difference in the life of the company. and its collaborators.

The work is done constantly in teams with the aim of solving the greatest possible number of customer problems. This task may involve cutting costs, process efficiency, new markets and many other possibilities. The duration of the projects may vary and they are usually carried out at the client's company headquarters.

The consultant is always surrounded by people and works at all times as a team, so it is necessary that the professional has a profile that fits these relationship needs.

The first phase of the project is called diagnosis and is a more analytical phase. It is necessary to understand the client, ask the right questions, analyze reports and observe the day-to-day of the company to understand what is already done and how the consultant can reach the desired goals.

In the second phase, a strategic plan is drawn up so that the business can leave the situation in which it finds itself and achieve the desired scenario. It is very important that the customer is within the entire strategic process, as he is the one who knows the business best.

 

What is the importance of business consulting?

The business consultancy activity is an exchange relationship between the organization and the professional, aiming at an objective or the formulation of  solutions  to problems. Choosing a good consultancy is the best way for the company to count on the support of highly trained professionals with experience in the market.

The consultant will assist in making strategic decisions and will find the best way to obtain results. That is why the career of a consultant is so important, even in times of crisis.

 

What are the main reasons for you to become a consultant?

If you are still unsure about becoming a business consultant, we will list some golden reasons for you to put this idea into practice.

1. You will be able to choose your area of ​​expertise

There is no point in accumulating diverse knowledge over the years and not putting it into practice. As a consultant, you will be able to work with the area you love and specialize in. This is one of the few professions that makes this choice possible.

It is important to observe the behavior of more experienced professionals in the chosen area, so as to seek maximum professional qualification to make your environment more organic.

2. You will own your own business

Being a business consultant you can make your own schedule, obtaining greater flexibility and flexibility in the agenda. This will allow you to set aside more time for your family and the things that are important to you.

The routine of a successful consultant allows the professional to be free to choose his clients and determine his work routine.

3. You don't need physical infrastructure

To start a consulting business, you do not need to make a large investment in physical infrastructure or even in employees. The  cost s  to start work in the field are basic and downs.

It will only be necessary that you are committed and have the necessary knowledge to  sell  your project and apply it to your client's business.

4. You can help companies achieve results

After years of study, in addition to being able to put your knowledge into practice, you can still help hundreds of people and companies to achieve their goals and achieve the best results.

Helping a company to restructure itself  financially  is priceless. In addition to the owners of the organization, you will also help families that depend on this business.

5. You will have a great financial return

In addition to flexibility and freedom, as a business consultant, you will  earn more  than you would if you were a formal worker.

Everything will depend on your performance and results. By providing consulting services, you will be much more valued and your value / hour will multiply.

When pricing your work, remember to consider all expenses, such as phone, travel, internet, food and parking. If your customers are in different cities, you will need to travel frequently, so it is important to take these expenses into account.

Now that you know what the activities of a business consultancy are, their importance and what are the golden reasons for becoming a business consultant, you probably already understand why the area is growing more and more, despite the crisis.

 

Read also: Are you looking for Auditors in Dubai

 

Do you feel that this is the opportunity that was missing to seek your replacement in the market? Are you ready to start your journey? If you have any doubts about your career as a consultant, please  contact us  so that we can help you take this step in search of success.