Your HR team and your finance team might seem as though they couldn’t be further apart–but the truth is, synergy between these two departments might be one of the most important steps your business takes. By creating a great partnership between your HR department and your finance team, you can reap a number of benefits that will substantially impact the way your business operates.

HR and Finance Can Learn from Each Other

Your financial team and your HR department likely have very different goals. While HR is focused on the human

The UAE’s widely anticipated VAT law has come into effect on January 1, 2018. The tax rate is pegged at a modest 5%. Officials are hopeful that the new law will be the means of diversifying the UAE’s economy. Other GCC (Gulf Cooperation Council) countries are slated to follow suit with their own VAT laws by 2019.

Education and healthcare are zero-rated as per the new UAE VAT. The tax will allow the UAE to continue providing important government-funded public services such as medical care, sanitation services, recreational parks, law enforcement

Nothing is more important for a business than having a strong accounting department and function. Unfortunately, accounting regulations have continued to make this role more challenging. For many, a better option would be to automate the accounting function as much as possible as automation provides a number of different benefits.

Accuracy

One advantage of using an automated accounting system is that it will lead to a higher level of accuracy than more traditional accounting methods. Nothing is more important than having a current and accurate financial picture for your company. Having an

Accounting practice involves the day to day gathering and recording of financial activities of a business. Technology evolution has presented opportunities for efficient modern accounting practices. They include:

Use modern technology to store and manage financial activities

Use up-to-date software to record and store financial activities rather than doing it manually to avoid loss of data. You can also save time and reduce costs by emailing your client’s invoices rather than printing and mailing.

Ensure your financial information is always accessible

Modern business activities can be done anywhere and at any time. This is

In today’s business world, many companies are choosing to outsource internal processes and departments to third party specialty companies. Why should you outsource? Outsourcing saves time, resources and money. It also allows employees and management to focus solely on company’s development and income generation. Business owners most often choose to outsource departments which do not handle core business functions.

Information Technology is a common area where businesses decide that outsourcing is a better decision than maintaining an internal department. This can be one of the most expensive facets of a business

Setting the price for your goods and services can be tricky; you want to offer a price that is profitable, but still competitive. And the truth is, most small businesses don’t have a single, set price for their product. The final price is negotiable, depending on what the customer is willing to pay and the business value of the sale.

When negotiating a price, or when a business grows enough to have salespeople who will negotiate on your behalf, the difference between a margin and a markup becomes critical. For small

Planning is one of the fundamental necessities of human endeavour, especially in the business world. To make your organization successful, you must have clear ideas concerning its overall purpose and capacities, the business environment, including the market, and the goals you wish to achieve. Without a clear written statement outlining concrete goals, the company’s direction and purpose remain unclear, so how can your degree of success be measured and evaluated?

Your business plan should state the organizational-legal structure, describe the target market, offer a description of the products offered, and