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Success Story 1
My self-Mr. Husain started my warehousing business years back but the past few years has been challenging for me, while i focus more on building a clientele, generally forgets aboutbook keeping and regulatory compliance;which ultimately put me in loss.
With the increased government regulations of filing of returns and payment of taxes I needed someone who can assist me in resource management and curb the losses.
Then I connected to M Al Ali Auditing – leading business consulting firm, which has helped many clients in developing their business. Their team of experts understandmy situation and provides me which the best book keeping solutions to minimize my cost and also manage the regulatory requirement of tax authorities. The support has always been there. Whenever I need any questions answered I feel free to call them. They are responsive and easily approachable.
Choosing M Al Ali Auditing has proven to be the right decision, as now I can focus on developing the business and they take care of the rest.
`Thanks & Good luck
“We M Al Ali Auditing team, thank Mr. Husain for showing his trust on us and we wish him all the good luck for the future”
Success Story 2
Illustrated in this client success story, a Business Process Controls & Performance Analysis, and Information Systems Gap Analysis allows our client to reclaim 8 hours per week of employee time, and minimizing revenue leakages
Background
In a post audit conversation, a leading trading group company, expressed concerns that their business processes appeared to take too long to complete and also there are some leakages in revenue. Management acknowledged that their existing systems capabilities were not being fully optimized, and there were substantial concerns related to the effectiveness of their current internal controls.
M Al Ali’s Audit Partner suggested that the client consult the expertise of our Business & IT Advisory practice to evaluate solutions.
Obstacles and Challenges:
- System capabilities were not fully utilized.
- Users did not embrace the new system.
- Absence of internal control over expenses and cash keeping
- Processes were inefficient.
- Multiple manual entries increased risks.
We were engaged to improve the client’s time tracking, payroll reporting process, and internal control weakness which were highly manual, and painfully redundant. Our team developed an efficient system that changed this process from one that took about 8 hours of work a week, to one that takes less than 2 hour.
Additionally, we implemented effective internal controls, such as verification of expense vouchers, proper delegation of work, dual controls over cash and other activities. This helped our client in savings of approx. AED 825,000.
Our client, a leading real estate developer had been in existence for more than a decade. When it engaged us several years ago, at that time, the client asked us to reform their accounting structure which was a complete mess as the person involved doesn’t have understanding of accounting standards, process and structure.
Client Goals:
Our client needed a quick and reliable book keeping service which involves a complete designing of structure of accounts from the scratch. Our team of experts invested their day and night in understanding the client’s business process and their needs of timely and accurate financial information system. We ensure our client with well-organized financial records and book keeping system so that their business operations will run more efficiently.
We prove them with following services
- General ledger & financial statement preparation
- Bookkeeping (Monthly/Quarterly/Annual)
- Accounting system setup
- Internal audit
- Multiple manual entries increased risks.
Results: Our approach enabled the client to meet its financial reporting deadlinesfor year-end while helping company managers to better understand of accounting standards.Furthermore, we identified a number of potential revenue leakages that had not been previously taken in account and helped to set up systems for capturing that going forward. Because of our work in streamlining the client’s systems for capturing and reporting information, we also enabled the client to keep their annual service costs associated with our firm essentially flat for the last several years. The net savings – from better service efficiencies and better recognition and timing of financial information – has easily exceeded our client’s expectations. They remain extremely pleased with the services, benefits, and exceptional value we deliver.
Businesses in UAE all earlier years had no reporting requirements, but VAT implementation in UAE have changed the dynamics. It is imperative for the businesses to be well prepared for the 2018 VAT rollout, so that they are in compliance with the UAE VAT laws.
Introduction of VAT in UAE has impacted all the business functions in many ways :
- Procurement and supply chain,
- Receipt of goods from suppliers / imports
- Promotions, discounts, clearance sales, rebates, warranties etc.
- Sales cycle from Quotations to sales order, delivery, invoicing, goods return and cash collections
- Accounting, reporting and analysis
- VAT computations, VAT returns, payment and refund claims
How we assisted:
We at M Al Ali is a team of experts that ensures our client’s business is prepared for the economic impact of the VAT implementation in UAE. We help our client in following ways:
- Impact analysis of Vat on their Business functions
- Framing a full proof accounting structure for VAT.
- Overcoming challenges at the time of transition to VAT.
- Provide continuous support on UAE VAT legislation and regulations
- VAT computations, VAT returns, payment and refund claims
Our client says “Choosing M Al Ali team is the best decision as they always come up with the best possible solution. When we are focusing on growing our business their continuous support helped us in overcoming all the challenges”