Cash flow and Trial balance are two different yet connected terms that are familiar to everyone involved in the business. Discussions have been going around for a very long time to decide which is better or which one to trust. Take another look at both before moving on to conclusions based on the knowledge you already have.  Cash Flow  The simplest definition of cash flow is the movement of money into and out of business. A cash flow statement is a financial report that notes the sources of income and expense details of the company in each period. The income is categorized as Cas ..read more

You might have heard the term ‘Bank reconciliation’ multiple times but did not bother to go in-depth to find out what it is. If you are someone who is in the business game or who is interested in such details, you might know this. Let us see what it is and how it helps in your business in the simplest way.  Bank Reconciliation: Definition  Bank reconciliation is the process of identifying, comparing, and matching your financial records and bank statements. Your company’s financial records must match its bank statements. Any discrepancies in it may lead to errors and complications ..read more

As you are on this page, we assume that you either live in the United Arab Emirates or are curious about the subject. In either case, you are in the right place. We cannot avoid paying taxes in our daily lives. We all pay taxes every day in one way or another. So, it’s important to keep up with the latest developments.  In UAE, most of the goods and services are subject to Value Added Tax. After each tax period, every taxable person in the UAE is supposed to file a VAT return with the Federal Tax Authority (FTA).  The new federal corporate tax on business earnings o ..read more

A Payroll Cycle is made up of a series of actions that are done in a specific order every month. Payroll isn’t just about the salary; it’s about a lot more. Salary, wages, bonuses, net compensation, deductions, and more. Every business, big and small, must have a properly aligned payroll management system in order to pay their employees quickly and precisely.  Read more about the steps of payroll processing and its benefits https://www.simpleaccounts.io/2021/11/26/what-is-payroll-management-process/     Payroll operations can be managed in a variety of ways. It con ..read more

If you are a business owner, you might be knowing what a quotation is.  Even if you are not, you might have heard the term quotation multiple times in your life. Imagine that you are a seller dealing with fabrics.   A prospect (someone who is likely to become a future customer) may have learned about the fabrics you are selling. The person approaches you to learn more about the items and the rates for which you are planning to sell. He or she might also approach other sellers. The prospect’s final decision is based on the offer you make. As a result, coming up with a unique an ..read more

Accounting is one of the most well-liked professions. The number of students choosing commerce as a major in college and accounting-related employment is on the rise. Despite the fact that various accounting applications and software have been introduced to the market, none of them has the potential to completely replace human labour in accounting. Companies, both big and small, are looking for the finest accountants.  There is also fierce competition for accounting-related positions. To shortlist individuals, the companies use a variety of processes. Selection of CVs, written tests, mu ..read more

  Accounting is one of the most well-liked professions. The number of students choosing commerce as a major in college and accounting-related employment is on the rise. Despite the fact that various accounting applications and software have been introduced to the market, none of them has the potential to completely replace human labour in accounting. Companies, both big and small, are looking for the finest accountants.  There is also fierce competition for accounting-related positions. To shortlist individuals, the companies use a variety of processes. Selection of CVs, written te ..read more

Aren’t you aware of the deadline to submit your work? You know when and how to fulfill your tasks. However, you may overlook the need to set aside time for taxes. We agree that working with all the numbers on the sheet is tedious, but it is necessary. Calculating taxes is a time-consuming process. Let us simplify the tax filing process for you by breaking it down into a few simple steps. Why should you waste your time learning how to pay taxes by reading pages and pages of information?    Benjamin Franklin once said, “In this world, nothing can be said to be certain, except dea ..read more

Imagine you’re shopping for a new washing machine and the cashier offers you a handwritten bill rather than a detailed invoice. Will you be satisfied with the shop? Will you ever visit the store again or recommend it to someone else?  If you are the service provider, consider yourself a customer to work in a customer-friendly manner.  Accounting automation aids in building a professional foundation for your company. Also, it contributes to giving excellent customer service. Customer satisfaction supports customer retention.  Accounting Automation&nb ..read more

Running a business is not an easy task; it takes constant and diligent effort. We have seen businesses failing due to a number of issues. Damage can also be caused by a failure to analyze profit or loss over a given time period.   Do you think your firm will succeed if you don’t have a solid accounting system in place? Accounting is a necessary component of any business.    Why should you check your accounts on a regular basis?   To analyze the growth trajectory  The only method to determine the scale of growth you acquired is to examine ..read more