{"id":1284,"date":"2022-01-11T02:22:52","date_gmt":"2022-01-11T02:22:52","guid":{"rendered":"https:\/\/gaviaspreview.com\/wp\/conult\/?page_id=1284"},"modified":"2023-05-29T04:29:09","modified_gmt":"2023-05-29T04:29:09","slug":"business-sectors","status":"publish","type":"page","link":"https:\/\/cgmaglobal.net\/index.php\/business-sectors\/","title":{"rendered":"Business Sectors"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1284\" class=\"elementor elementor-1284\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fc0d6db elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fc0d6db\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f8d1cac\" data-id=\"f8d1cac\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a6b57f4 elementor-widget elementor-widget-gva-heading-block\" data-id=\"a6b57f4\" data-element_type=\"widget\" data-widget_type=\"gva-heading-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"gva-element-gva-heading-block gva-element\">   <div class=\"align-center style-1 widget gsc-heading box-align-left auto-responsive\">\r\n      <div class=\"content-inner\">\r\n         \r\n         \r\n         \r\n           \r\n         \r\n                     <h2 class=\"title\">\r\n               <span>Business Sectors<\/span>\r\n            <\/h2>\r\n                  \r\n         \r\n      <\/div>\r\n   <\/div>\r\n<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-63fa569 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"63fa569\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.2 - 23-04-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p style=\"text-align: justify;\"><strong> Trading Companies<\/strong><\/p>\n<p style=\"text-align: justify;\">Trading Industry is known to be one of the most notable sectors of UAE\u2019s economy.\u00a0 However, to be an owner of a Trading Company, it is said to be a big challenge since it takes a lot of time and expertise to ensure that the business is running smoothly. A lot of things must be considered and every aspect such as the inventory, increasing competition and unpredictable market conditions demand time and decision.\u00a0 The growing business compels complicated accounting issues that, if not immediately resolved, can lead to:<\/p>\n\n<ul style=\"text-align: justify;\">\n \t<li>Loss of all your regular and valued customers<\/li>\n \t<li>Loss of possession and resources<\/li>\n \t<li>Damage Reputation<\/li>\n \t<li>Business Closure<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">We at\u00a0CGMA Global Consultants,\u00a0understand the degree of pressure of owners operating the trading industry. Therefore, with the technical skills of our team, we can offer the simplest solution and will let you streamline the procedures that will help your business succeed and continuously grow.<\/p>\n<p style=\"text-align: left;\">Let CGMA manage your books so You can Focus on Sales leading to Business Development.<\/p>\n<p style=\"text-align: justify;\"><strong>Why should a Trading Company need to Outsource the Accounting Service?<\/strong><\/p>\n<p style=\"text-align: left;\">A Business Owner normally chooses the Business on which he has an interest and he is technically skilled. However, not all Business owners are equipped with Accounting and Bookkeeping skills and knowledge. At some point, they will get messed up with the financial management that later on affects the Sales and Customer Service aspects of the business.<\/p>\n<p style=\"text-align: justify;\">If you are a Trading Company owner, most probably you will be facing the following difficulties and complications:<\/p>\n<p style=\"text-align: left;\">Bank records are not reconciled on a daily basis resulting to Cash Flow issues;<\/p>\n<p style=\"text-align: justify;\">Financial reports are not submitted on the agreed time<\/p>\n<p style=\"text-align: justify;\">Accounts Receivables and Payables are not updated<\/p>\n<p style=\"text-align: justify;\">Yearly audit is not done within the first quarter of the succeeding financial year<\/p>\n<p style=\"text-align: justify;\">Tax report is not submitted on time, resulting to penalties<\/p>\n<p style=\"text-align: justify;\">Inventory of goods is not properly monitored resulting to sales decrease<\/p>\n<p style=\"text-align: justify;\">Unable to evaluate the consistent change in market competition<\/p>\n<p style=\"text-align: justify;\">Additionally, if the persons you assigned to handle the financial aspect are not technically skilled and inexperienced, especially in handling the VAT, the following scenario might result to the business<\/p>\n<p style=\"text-align: justify;\">Frequent errors in Posting Journal Entries<\/p>\n<p style=\"text-align: justify;\">Professional description of business transactions is not done<\/p>\n<p style=\"text-align: justify;\">Instead of tax claims, business will incur fine due to late submission and incorrect reporting<\/p>\n<p style=\"text-align: left;\">Inaccurate, incomplete and unreliable financial reports will be submitted<\/p>\n<p style=\"text-align: justify;\">Making regular errors in posting payments against wrong customers or suppliers,<\/p>\n<p style=\"text-align: justify;\">Therefore, definitely the Business requires a Specialist who will manage the Back Office in order to generate an accurate, trustworthy and complete financial information. It is a must to have a good management report to analyse the overall operation of the business to ensure that it is in the right track. This will provide a clear view of what is going on in the Company.<\/p>\n<p style=\"text-align: justify;\">As an owner and manager, you will clearly understand where does the business spends its money; which tax deductions you can claim; what are the sources of income; how to cope up with the market competition; areas of opportunities and how to prevent the chance of bankruptcy.<\/p>\n<p style=\"text-align: left;\"><strong>What comprises Our Accounting\/Bookkeeping Services for Trading Companies?<\/strong><\/p>\n<p style=\"text-align: left;\"><strong>Sales and Purchases Management<\/strong><\/p>\n\n<ol style=\"text-align: justify;\">\n \t<li>Cash, Credit Card and other online transaction reconciliation<\/li>\n \t<li>Recording of Sales and Purchases accurately and after validation of appropriate supporting documents<\/li>\n \t<li>Maintenance of category list of purchased and sold items<\/li>\n \t<li>Allocation of components to specific product categories<\/li>\n \t<li>Computation of Batch-wise Profit &amp; Loss<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><strong>Management of Books with Accounting\/Enterprise Resource Planning (ERP) System such as QuickBooks, SAP, Tally etc)<\/strong><\/p>\n\n<ol style=\"text-align: justify;\">\n \t<li>Introduction and Software Setups to record business transactions properly.<\/li>\n \t<li>System customization to generate VAT reports for filing with FTA and reports required by Federal Customs Authority.<\/li>\n \t<li>System integration with different online portal payment companies, accordingly monthly reconciliation of the said transactions.<\/li>\n \t<li>Customized reporting templates as per management\u2019s requirements.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><strong>Purchase Order and Inventory Management<\/strong><\/p>\n\n<ol style=\"text-align: justify;\">\n \t<li>Order placement channels reconciliation<\/li>\n \t<li>Monthly reconciliation of dispatched orders<\/li>\n \t<li>Separate records of all non- UAE orders<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><strong>Management and Analysis of Costs &amp; Expenditures<\/strong><\/p>\n\n<ol style=\"text-align: justify;\">\n \t<li>To Maintain the monthly expenses of salaries and general overheads.<\/li>\n \t<li>Item-wise cost allocation for comparison of costs of multiple trading items,<\/li>\n \t<li>Calculation of cost of shipping based on the population of trading consignments and country-wise rates,<\/li>\n \t<li>Product-wise shipping cost allocation,<\/li>\n \t<li>Recording and accurate allocation of refund shipping fees for canceled sales\/purchases,<\/li>\n \t<li>Accurate computation, recording, and posting of discounts given,<\/li>\n \t<li>Appropriate recording and treatment of refund liabilities,<\/li>\n \t<li>Monthly product-wise marketing expenditure,<\/li>\n \t<li>Management of general overall marketing expenditure,<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><strong>Reports<\/strong><\/p>\n\n<ol style=\"text-align: justify;\">\n \t<li>Product-wise sales report \u2013 to identify the most profitable products,<\/li>\n \t<li>Weekly\/Mid-Month\/Monthly product-wise sales comparison reports \u2013 to identify the fastmoving items to ensure the availability of stocks<\/li>\n \t<li>Product-wise sales report VS available stock \u2013 for inventory monitoring<\/li>\n \t<li>Monthly product-wise shipping cost plus inventory insurance reports<\/li>\n \t<li>Monthly batch-wise (product-wise) profitability report to analyze profit per product. Identifying the product with the highest profit margin will result to higher profit.<\/li>\n \t<li>Unpaid Customer Balance Report with aging \u2013 to recognize bad debts<\/li>\n \t<li>Current Sales Report against Previous Week\/Month\/Year \u2013 for comparison<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><strong>Total Analysis of the Business Status<\/strong><\/p>\n<p style=\"text-align: justify;\">In short, we at CGMA will explain and provide you with strategies and plan on how you can continuously improve the business through accurate financial and management reports that will help you analyze the status of the Business.<\/p>\n<p style=\"text-align: justify;\">Our highly experienced team of accountants will also help your trading company to effectively manage:<\/p>\n\n<ol style=\"text-align: justify;\">\n \t<li>Inventory Management<\/li>\n \t<li>Cash Flow<\/li>\n \t<li>Foreign Investments<\/li>\n \t<li>Budgeting and Financial Projections<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><strong>Top Reasons Why CGMA Global Consultants<\/strong><\/p>\n<p style=\"text-align: left;\">CGMA Professional Team of Accountants\u00a0are technically skilled and experienced when it comes to the Trading Business. Our team consists of Chartered Certified Accountants, Certified Public Accountants, Chartered Accountants capable of providing Financial services to an extensive range of clients. Our team understands the business, proposes customized solutions and delivers Accounting services specialized to the Trading sector requirements.<\/p>\n<p style=\"text-align: justify;\">As a trader, a huge part of the revenue comes from trading. But taxation on revenue, if not properly handled, can cost you additional money. There are a lot of tax benefits allowed to traders which are not availed because most of the persons handling the Finance do not have sufficient knowledge of the Tax laws and regulations. Our\u00a0VAT consultancy services are free for our accounting clients as we do ensure that prior the VAT filings, the clients\u2019 tax benefits are all availed.<\/p>\n<p style=\"text-align: justify;\">Aside from these, the business saves a big portion of cost on paying an Accountant. Imagine hiring an Accountant or even a Finance team which will cost you to pay for Visa, Insurance, Gratuity, Salaries and of course, during the Annual Leave, who will handle the Accounting\/Bookkeeping side. In some instances, there is also a higher possibility of hiring an incompetent person for the position and that would result to additional useless expense.<\/p>\n<p style=\"text-align: justify;\"><strong>Conclusion:<\/strong><\/p>\n<p style=\"text-align: justify;\">Normally, for the business owner\/investor, maintaining the accounting records is less important than focusing on developing trading strategies to increase sales and profit. So, it is highly recommended to leave the stressful accounting aspect yet very significant aspect to the Accounting experts.<\/p>\n<p style=\"text-align: justify;\">Contact us, CGMA Global Consultants and be a Leading and Stable Company in the Trading Sector.<\/p>\n<p style=\"text-align: justify;\"><strong>Restaurant and Coffee Shop Industry<\/strong><\/p>\n<p style=\"text-align: justify;\">The Restaurant Industry in UAE is continuously increasing and dominating the business sector. Despite UAE\u2019s population, restaurants have various ethnicities, resulting in extensive choice for any cuisines all over the world. Government restrictions are minimum, which makes it simpler for business owners to start up restaurants in UAE.<\/p>\n<p style=\"text-align: justify;\">Technology also has strengthened the way by making restaurants more accessible to customers through mobile apps wherein food is just a clicked away. Thus, mostly restaurant owners need to continuously think of innovations on how to improve their business without compromising the food quality and customer service experience. As an owner, it is very much exhausting to run the business smoothly then manage the employees, plus deal with suppliers and set aside some time to ensure that accounts are properly recorded and classified.<\/p>\n<p style=\"text-align: justify;\">CGMA Global Consultants provide quality restaurant accounting and bookkeeping services in UAE. Our team of professional accountants and bookkeepers who are technically skilled understand what you require to ensure that your business is performing well, particularly from a financial point of view.<\/p>\n\n<h4 style=\"text-align: justify;\">What Comprises our Accounting Services for Restaurant &amp; Coffee Shop Owners<\/h4>\n<p style=\"text-align: left;\">At CGMA, we offer our clients with quality accounting &amp; bookkeeping services which includes but not limited to:<\/p>\n\n<ul style=\"text-align: justify;\">\n \t<li>Setting up of accounting system\/software applicable to the business<\/li>\n \t<li>Recording of daily business transactions (invoices, purchases, etc.)<\/li>\n \t<li>Payment and Receipts allocation to match\u00a0invoices<\/li>\n \t<li>Reconciliation of daily sales against Cash deposit, Credit card and other portal payments.<\/li>\n \t<li>Reconciliation of Bank Statements either on a weekly or monthly basis<\/li>\n \t<li>Setting up\/Verifying and Processing of Payroll<\/li>\n \t<li>Preparing various reports such as Balance Sheet, PNL, Cash Flow Statement, Aged Payables &amp; Receivables and Management Reports that will emphasize the opportunity areas and areas that needs to improve<\/li>\n \t<li>Expense Report (Labour, Food, Bev, Paper &amp; Packaging; Fixed and Variable)<\/li>\n \t<li>Budgets and Forecasts;<\/li>\n \t<li>Comprehensive financial reports as per management\u2019s requirement<\/li>\n \t<li>VAT Filing and VAT Returns<\/li>\n \t<li>Data file backup and storage;<\/li>\n \t<li>Coordinating with the auditor with regards to the external audit of financial statements;<\/li>\n \t<li>Preparing any reconciliation required by external auditors<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Accounting Software and Solutions<\/strong><\/p>\n<p style=\"text-align: justify;\">We support several accounting software and solutions, which include but are not limited to Tally ERP 9, Zoho, Xero, Sage, Quick Books etc<\/p>\n<p style=\"text-align: justify;\">Thus, we are confident to tell that we have proficiency in most accounting platforms and solutions that are being used by businesses operating in various industries all around the world. Plus, our highly skilled and technically trained accounting professionals not only will ensure the immediate implementation of accounting solutions but will also provide client staffs with an opportunity to learn something innovative.<\/p>\n<p style=\"text-align: justify;\"><strong>Why should Restaurant Industry need to Outsource Accounting Service?<\/strong><\/p>\n<p style=\"text-align: justify;\">a. <strong>Cost-Effective<\/strong><\/p>\n<p style=\"text-align: justify;\">Instead of allocating additional cost on hiring a fulltime accountant, wherein there is Visa, Insurance etc, the owner can just outsource the accountant. We do all know that restaurant accountants do not need to work whole day recording transactions.<\/p>\n\n<ol style=\"text-align: justify;\">\n \t<li>b<strong>. Saves Time<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: justify;\">One of the main benefits of outsourcing accounting services is that you will get more time to focus on the core activities of your restaurant. Instead of staying inside the office recording the transactions, owner\/manager can think of strategic plans to improve the business sales.<\/p>\n\n<ol style=\"text-align: justify;\">\n \t<li><strong>VAT Compliance<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: justify;\">There are some instances that some accountants are not fully knowledgeable with VAT filing and claims. Our services would also include reviewing your accounts from the point of view of tax compliance.<\/p>\n<p style=\"text-align: left;\"><strong>Top Reasons Why CGMA<\/strong><\/p>\n\n<ol style=\"text-align: justify;\">\n \t<li>Business Evaluation<\/li>\n<\/ol>\n<p style=\"text-align: left;\">Our accounting services also include reviewing your financial position and performance on a monthly\/annual basis through conducting comprehensive analysis of your accounts and business operations.<\/p>\n<p style=\"text-align: justify;\">Financial Reports Our team will extract and prepare report templates as per the requirements of the owner. We can generate reports to identify the source of revenue as to food\/beverage, break evens, etc.<\/p>\n\n<ol style=\"text-align: justify;\" start=\"2\">\n \t<li>Confidentiality<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">Our team follows strict confidentiality and honesty thus we make sure that all information\/records are secured at all times.<\/p>\n\n<ol style=\"text-align: justify;\" start=\"3\">\n \t<li>Client Support<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">CGMA Team immediately addresses issues as soon as they occur<\/p>\n\n<ol style=\"text-align: justify;\" start=\"4\">\n \t<li>Reasonable Accounting Service Fee<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">We customize our accounting service fees based on the owners\u2019 accounting and reporting requirements.<\/p>\n<p style=\"text-align: justify;\"><strong>Conclusion:<\/strong><\/p>\n<p style=\"text-align: justify;\">CGMA Global Consultants is a team of professional and expert accountants who can assist and support the Restaurant\/Coffee shop owners. Since there is not much revenues, it is important to keep an eye on the accounting cycle. Business owners have to understand and analyse the complicated details of food and beverage industry and it can only be understood with the assistance of accountants who will provide you with a comprehensive financial report.<\/p>\n<p style=\"text-align: left;\">Contact us now and CGMA Global Consultants will provide a Special Package Fee as per your requirement.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Business Sectors Trading Companies Trading Industry is known to be one of the most notable sectors of UAE\u2019s economy.\u00a0 However, to be an owner of a Trading Company, it is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1284","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/pages\/1284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/comments?post=1284"}],"version-history":[{"count":25,"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/pages\/1284\/revisions"}],"predecessor-version":[{"id":2040,"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/pages\/1284\/revisions\/2040"}],"wp:attachment":[{"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/media?parent=1284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}