With the thought of shopping and retail goods, the first thought that pops into our minds is that of the malls in the UAE. In the last two decades, the UAE has seen a massive change in the retail sector. Efforts of both the government and the various private companies have resulted in UAE holding the title of the most prominent trader not only in the Gulf Cooperation Council (GCC) but in the entire world. The retail sector in the UAE is gradually increasing, and now it is considered as the cash cow of the country.
With its ever-increasing number of malls, state of the art infrastructure and a variety of shopping festivals, the UAE attracts visitors from all around the world. Often called as the queen of “Shopping Malls”, UAE has been crowned the second most important market in the entire world. This has been complemented with the rise of e-commerce and the IT sector.
With so many items and transactions to keep count of, accounting and bookkeeping services are a must for any business, especially a retail business. Apart from accounting for even the smallest of the objects, they are also subject to the rise and fall in the demand of the goods based on the different seasons, making the planning for the future a very complicated and difficult task. In such a situation, an experienced and knowledgeable accounting firm can help us out.
Features to Look for in an Accounting Firm for your Retail Business
The basics of the accounting process may be similar all over the world, but the overall accounting process may differ according to the domain of the company. Each domain will have a completely different focal point. This means that the accounting of a hospital would be vastly different from the accounting of a restaurant. This is the reason a retail business should be aware of the accounting process relevant to their domain. Some of the important features that a retail business should look into before availing the services of an accounting firm are:
Payroll Accounting of the Retail Business
A retail business would see a lot of ups and downs due to a particular season or a festival. The number of temporary employees, as well as the number of permanent employees, may rise or fall according to the mood of the customer or the seasonality. This would mean that the salaries paid to the employees will also be fluctuating and keeping a record of the salaries of the employees is a huge task which would be taken care of by the accounting process. It is necessary that the accounting firm provides payroll accounting services.
With the advent of technology, there is a rise in the use of accounting software by various companies. There are a number of benefits of using accounting software that provides updated and relevant information about the company which could be utilized for the betterment of the business There is also the option to customize the software according to the needs of the business. If a company wants to stay ahead of its competitors, they should definitely opt for a firm that provides accounting software.
Keeping track of the Inventory
Any retail firm cannot afford to keep their shelves empty nor they would like to keep more than required stock. In the former case, there would be nothing to sell by a retail business and in the latter case there would be an excess of goods and all the funds would get tied up. To tackle this problem, the perfect balance of accounting and bookkeeping in UAE is required so that the management figures out the proper number of items to be kept at a point in time.
Keeping a track of the number of goods that have left the shelves and the total number of goods ordered is also a great task which should be kept in check. Proper accounting and financial services should help you out in these matters.
Reporting on VAT
This is the latest addition to the various function that one should look for while deciding about which accounting firm you should opt for. The VAT has been recently implemented in UAE and the businesses are still a little in doubt about the VAT process. In the UAE, one should always select an accounting firm which would provide simplified vat reporting services.
The above four functions are a must to look for while selecting an accounting firm for your real estate firm in the UAE but there is one more feature that is not limited only to accounting firms for retail businesses. That is the feature of security. A firm providing accounting services will be privy to very confidential information which if falls in the wrong hands may lead to the complete destruction of the business. Thus, it is very important that the retail business chooses a reputed and experienced accounting firm so that your business can reach new heights of success in the business environment.
If you are looking for a reputed accounting firm, JAXA can help you and your business to overcome your accounting problem. The advice of the experienced and professional financial advisors in the UAE would help your business to flourish in the business environment. For details about the various service that JAXA provides do contact us, we would be happy to help.