What business practices can create gaps in your business & What can you do about them?
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What do a cafe, an advertising agency, a consulting firm, or a salon have in common? The misbelief that their business can grow without proper accounting practices in place. As markets have reopened in the UAE, the business community expects to see some growth. However, certain practices can harm your business if they are left to persist.
Don't compromise on financial statements
As a consequence of the Covid-19 pandemic, several businesses faced loss, forcing some of them to shut down. The lockdown restricted the movement of the consumer, shifting most of them to online platforms. As some small businesses chose to manage the books on their own, they could have compromised the accuracy and quality of the financial records. As a result, there are chances of a few errors appearing in the financial statements that impact the business decisions. An accountant helps you organize your financial data and provide insights to optimize your resources. With that help, you can immediately start cutting unnecessary expenses without laying off your team.
Take a break from manual accounting
While hiring someone for accounting may be the last thing on your mind during the pandemic, you should consider certain important aspects. Although manual accounting (using physical books) is economical, how long does it take you to record finances? Is it free from errors? Do you have a backup of your records? Financial decisions suffer when discrepancies appear in the financial statements.
Communicate with your freelance accountant
While nothing may seem wrong with hiring a freelancer, let's dive a little into this. A freelancer will charge you less as compared to a full-time employee. But is there any guarantee of no errors? Do they file your VAT return on time? Do they inform you of all the financial developments that can affect your business? Do they deliver results on time? These features are extremely crucial, especially during a crisis. Make sure you talk to your freelance accountant regarding this.
Spend less on an accounting software
When you buy software, you either need training or have to hire someone to work on it. This looks like a very stressful option, as well. Naturally, you would've felt that an expert accounting solution is expensive, and you may not want to spend so much right now. We aim to break this false perception. For this reason, we give our app free of cost and charge you only for the service that we render.
Our advice
Don't underestimate the benefits of accounting for your business. This sets the foundation for important decisions that determine the survival of your business. While you may look for the most economical solution, remember that the quality and accuracy are as important, if not more. Here's what you can expect from us:
- Updated and reconciled records even for the past months if you join us now.
- VAT return filing without any delays and pre-approval option for VAT reports before it is submitted to the FTA.
- A tool for invoice management that syncs with the accounting app.
- Consultation with our experts on how you can utilize opportunities for stability and profit.
- You'll get the app (free) and the accounting team with it at the price lower than the accounting service by one professional.
- Instant customer support for all your queries and concerns.
- Minimal effort from your end and all your financial statements from different periods at one place in the app.
At McLedger, the vision has always been to put your business's accounting needs first. We ensure a smooth onboarding process as well if you fear to avail of a different solution, thinking that a large amount of work comes with switching from one service to another. We take care of everything without putting you through any trouble. We understand that the pandemic is impacting many businesses. That's why we are open to giving free consultations in these tough times as well. With creditable customer service, we help you sail through every crisis. It's time you relax, sit back, and leave your accounting on autopilot. Call us on +971565472460 now!
