Monthly Archives: April 2022

Whether you are launching a small business, working for a few months or even years for your small/medium business, you’ll need to get on top of the accounting tasks that come along with owning a business. This short list of accounting steps will give you the confidence to know you’ve covered your bases and are ready to move on to the next item on your business’s accounting strategy to-do list.

Take a quick read on the top 5 accounting strategies that you should follow for your business,

1. Keeping business and personal finances separate

Having a separate bank account keeps records distinct and will make life easier when it comes to tax time. Separating personal and business finances also protects your personal assets in the unfortunate case of bankruptcy, lawsuits, or audits. Most business checking accounts have higher fees than personal banking, so pay close attention to what you’ll owe. Never make personal transactions using your business account. Check with your bank for which documents to bring to the appointment.

2. Determine the best method for Tracking finances

Bookkeeping is the day-to-day accounting process of recording business transactions, categorizing them, and reconciling bank statements. It also helps to prepare tax returns, and legitimize your filings. Bookkeeping is a crucial step that lets you monitor the growth of your business numerically.

You’ll need to determine how you want to manage your books:

1. You can choose to go the DIY route and use software like QuickBooks or Wave. Alternatively, you could use a simple Excel spreadsheet.
2. You have the option of using an outsourced or part-time bookkeeper that’s either local or cloud-based.
3. When your business is big enough you can hire an in-house bookkeeper and/or accountant.

With so many options out there, you’re sure to find a bookkeeping solution that will suit your business needs.

There are two ways to manage your business accounting. Accrual basis method and Cash basis method. The difference between the accrual basis and cash basis methods is that, under the accrual basis, revenues and expenses are recorded when they are earned, regardless of when the money is actually received or paid. And the cash basis of accounting recognizes revenues when cash is received, and expenses when they are paid. This method does not recognize accounts receivable or accounts payable.

The cash method is best if you deal directly with customers and don’t get paid quickly. Accrual method can work well for large businesses, but it does have cons.

3. Select the right Accounting Software

From the start, establish an accounting system for organizing receipts and other important records. Selecting an accounting software isn’t that difficult. The right decision reaps benefits; the wrong one may leave you with a service provider that is useless and costly. Currently, businesses use a range of accounting software. Small/Medium businesses are most likely to use QuickBooks (43%). Other popular accounting software includes Xero, FreshBooks, Wave, and Sage.

4. Apply for funding

There are many scenarios where a growing business might need external business financing, be it through a line of credit, investors, a business loan, or even a business partner. Brands with big growth goals often need to secure funding to make investments in new product developments, inventory, retail stores, hiring, and more. Add up all the expenses you need the loan to cover, the expected new revenue you’ll get from the loan, and the total cost of interest using our business loan calculator.

5. Find high-quality accounting partners

As a business owner, you’ll need a little extra financial planning help or guidance, there are a few individuals you might want to consider enlisting: 

• Accountant. Accountants can advise at many different points, including your business structure, creating financial statements, obtaining necessary licenses and permits, and even writing a business plan. 
• Certified public accountant (CPA). In case of an audit, a CPA is the only individual who can legally prepare an audited financial statement. 
• Bookkeeper. The bookkeeper manages the day-to-day records, regularly reconciling accounts, categorizing expenses, and managing accounts receivable/accounts payable. 
• Tax preparer. Your tax preparer fills out necessary forms and may file them on your behalf during tax season. Some will also set up your estimated tax payments. 
• Tax planner. These professionals help optimize your taxes before you file them, helping you learn ways to lower your tax burden.

Businesses that follow these accounting tips are well-positioned to claim significant tax refunds and benefits. Accounting for small/medium businesses does not have to be complex. If you take the correct steps in the beginning, such as conserving your records, it will be much easier for you to stay on the right path.

If you are looking for high-quality accounting partners to outsource your accounting and bookkeeping process, contact Kloudac Global.

Call: +94 777 870 464 / +971 5043 53515  

Email: info@kloudac.com

Website: www.kloudacglobal.com

KLOUDAC Global

KLOUDAC Global is a dedicated expansion of KLOUDAC, a recognized accounting firm with branches in Dubai, London & Colombo with 15 years of service experience. KLOUDAC Global mainly focuses on back office accounting with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software, and more.

Is studying abroad on your mind, but you’re not sure what it involves? What to look for? and how to find a good consultant agency? We must admit, the entire process might seem a bit difficult. But if you know each step that needs to be taken and how to prepare everything you need, you’ll find yourself studying a Bachelor’s or Master’s degree abroad in no time.

This is part 1 of our comprehensive and easy-to-follow guide on studying abroad. We’ll go through it step-by-step, and by the end, you’ll have most — if not all — the information you need to prepare for an international study experience.

1. Determine how much you want to spend on your education abroad

Studying abroad is not cheap. Tuition fees for Bachelor’s and Master’s programs vary significantly. Depending on the city and country where you’ll live, you can spend anywhere between 300-1,000 EUR per month. Some study destinations are more affordable than others, but it’s good to know early on.

Tips and tricks

• Some of the countries with the highest tuition fees are: the USA, Canada, Australia, the UK, Singapore.
• Student loans are one way to cover the costs of your education but don’t be too eager to apply for one. Many students regret this decision and, in the US, for example, you have to pay the money back even if you drop out or don’t graduate.
• In many countries, international students can only work a limited number of hours per week, so make sure you follow all the rules and regulations.

 2. Decide what you want to study

You can always choose one of the most popular disciplines and be in-demand on the job market. But choosing something you don’t like just for financial reasons isn’t always the wisest decision.

With that in mind, these are some of the most popular disciplines out there:

• Business and Management  
• Computer Science and IT  
• Engineering  
• Law  
• Medicine  
• International Relations  
• Psychology  

Other ways to discover what discipline matches your personality are:

• Think about what you enjoy doing, what you like doing, even without external rewards.
• Read or watch student reviews of multiple disciplines to get a better understanding of the curriculum, the effort required, and the outcome of studies.
• Eliminate the things you don’t want to study; not knowing what you want often clears the space to figure out what you actually want.
• Look at various job descriptions, career paths, and opportunities available. Which ones attract you the most?
• Reach out to a higher studies consultation service which has the knowledge and experience on the field such as Kloudac Global.

 3. Decide where you want to study

Here are a few questions and suggestions that will help narrow down your search:

• Are you willing to study in a country where English isn’t widely spoken?
• Do you want to work during your studies? If yes, check which countries have favorable policies for international students.
• How important are social life and extracurricular activities to you?
• Do you want to live in a big city or in a quiet town?
• Are you willing to commute to your university?
• Try picking 2 or 3 ideal destinations. Then start comparing the pros and cons of each.

4. Choose your favorite study programs and compare them

You’ve decided what you want to study, but which university should you choose? Each university offers one (or multiple) study programs in the same discipline. Some degrees are more focused on theory, others on practice; always check the program’s overview or list of courses.

Other factors worth looking at are:

• the duration of studies: Most Bachelors take 3 or 4 years to complete, while Masters take 1 or 2 years. Highly specialized disciplines can take 5 or even 6 years. This will also increase your expenses, so don’t overlook this factor.
• full-time or part-time: each approach has its benefits; part-time studies allow you to work on the side and take care of other responsibilities. Full-time studies will take less time and will allow you to enjoy the full on-campus experience.

5. Apply at multiple universities

You should apply to more than one university, even if you have excellent marks and a compelling motivation letter. International students can only apply to a restricted number of universities in particular nations. If you apply to higher education schools in the same nation, the process will be a lot easier.

Just make sure you read the admission requirements carefully and follow the procedure:

• some countries use a centralized system, through which you apply to multiple universities
• in other countries, you’ll need to apply individually to each university
• some universities only ask for digital copies of your documents
• others require physical copies to be sent via post in addition to the digital scans

If you want to apply for a degree abroad Bachelor’s or Master’s, Kloudac Global comes to your aid. We have experienced consultants who can support you to quickly compare your study programmes. They will understand your requirements by checking your budget, current study areas, preferred study areas, preferred countries, and universities. You only need to sign up on the website.

If you are looking for opportunities to go abroad for higher studies, contact Kloudac Global.

Call: +94 777 870 464 / +971 5043 53515  

Email: info@kloudac.com

Website: www.kloudacglobal.com

Want to dive more into studying abroad, what does it involve? What to look for? and how to find a good consultant agency? Check our part 2 of the blog here.

KLOUDAC Global

KLOUDAC Global is a dedicated expansion of KLOUDAC, a recognized accounting firm with branches in Dubai, London & Colombo with 15 years of service experience. KLOUDAC Global mainly focuses on back office accounting with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software, and more.

With the advancement of artificial intelligence (AI) and automation in recent years, many aspiring number crunchers have begun to ask a logical question: “How is the job market for accountants?”

The quick answer: The accounting job market is good! However, technology is changing the profession, impacting the work accountants perform and the skills they’re expected to need in the future.

What is the accounting job market like?

Accountants are highly sought after in the current job market, irrespective of one’s experience. In fact recent statistics indicate the unemployment rate is low in the field due to the impact of the job and ever growing demand. The BLS projects employment of accountants and auditors to grow by 6% from 2018 to 2028. The average growth rate for all occupations is five percent.

Competition for the best accounting positions can be vigorous, though. Many employers are highly selective when hiring new team members. Also, you may be going up against candidates who work outside of your local area. Now that remote and hybrid work are the norm, companies are casting a wider net in their search for potential hires, often looking to other geographic regions for in-demand talent.

That’s not to say that every accountant has excellent job prospects. Thanks to a shift in accounting technology, most of the traditional work an accountant performs is becoming more automated. As a result, the role of an accountant is changing from one heavy in data entry and number crunching, to that of an advisor. The shift requires new skills that fall into two broad categories:

• Business intelligence and data analytics skills to help accountants collaborate with artificial intelligence, machine learning, and automation
• “Soft” skills, such as emotional intelligence and communication skills, that equip them to provide consulting and advisory services to stakeholders

How to prepare for the demand of the job market?

How can you stand apart from other candidates in the accounting job market and increase your chances of getting hired for the position you’re targeting? First impressions are everything, especially when you’re competing for a hot accounting job. To catch a busy hiring manager’s eye, these tactics can help:

1. Professional summary

The top of your resume should feature a professional summary that gives hiring managers a sense of who you are. The summary should be one short paragraph that encapsulates your skills, background and key attributes. If you’re applying for an entry-level role, this summary would focus more on education and experience.

2. An explanation of value delivered

Relevant technology skills are great to highlight anyway because many employers want and need digitally savvy accounting and finance professionals.

3. Keywords and phrases

Use keywords and phrases to help your accounting resume glide through automated screening tools. Include specific terms outlined in the job description, but only if you have the skills and experience to apply for the position. Examples might include “skilled at working with ERP systems” or “experience with data processing applications”.

4. Prepare to answer a broad range of questions

You’ll likely face several technical questions during your accounting interview. But many employers are also looking for high-potential candidates they can “train up” and position for leadership opportunities. Be ready to highlight all the foundational skills you have to succeed today and that you can build on for the future.

Soft skills are more important than ever in today’s remote and hybrid work environments. Interviewers will look for strong communication, critical thinking and problem-solving skills. Hiring managers might ask you to detail professional experiences in which you had to put your soft skills to use.

5. Know what your skills and experience are worth

You know people who have asked for more compensation and gotten it. More than likely, they did their homework and knew the value of their skills and experience.

There’s a lot to consider when preparing and reaching out to companies for job offers. Keeping your primary objectives in focus will help. That said, be careful not to limit your choices. There are many paths you can take in today’s accounting job market — and being open to exploring them can lead to unexpected opportunities.

If you want to learn more about preparing for the job market and find the correct career path, contact Kloudac Global.

Call: +94 777 870 464 / +971 5043 53515  

Email: info@kloudac.com

KLOUDAC Global

KLOUDAC Global is a dedicated expansion of KLOUDAC, a recognized accounting firm with branches in Dubai, London & Colombo with 15 years of service experience. KLOUDAC Global mainly focuses on back office accounting with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software, and more.

Website: www.kloudacglobal.com

In the world of internet marketing, social media has become an incredible resource. It enables companies to interact with their customers and market their goods and services. Understanding the fundamentals of social media marketing is more crucial than ever for businesses and marketers.

Many companies, on the other hand, struggle to create interesting content and reach their target audiences. With social media playing such a crucial part at the top of the funnel, let’s dive into everything about social media marketing – what it is, what it can do for your brand (benefits), and the basics of social media marketing. 

What is social media marketing?

The practice of developing content for social media platforms to advertise your products and/or services, establish a community with your target audience, and generate traffic to your business is known as social media marketing. Social media marketing is always changing, with new features and platforms appearing on a daily basis.

The most popular social channels today are: 

• Facebook
• Instagram
• Twitter
• LinkedIn
• Pinterest

Benefits of Social Media Marketing

Boost the visibility of your company

Increasing involvement in social media has been shown to increase brand exposure. Comments, likes, shares, reposts, and saves all count as forms of social interaction. 

It also aids in the promotion of your brand by sending visitors to your website. 

Incorporate direct connections to your website via your profile, bio, and posts to accomplish this.

Maintain a positive relationship with your consumers

You can establish long-term connections with your social media followers by interacting and engaging with them. This may be accomplished by connecting with them on your postings, replying to their questions and comments, and offering them any assistance they require.

Increase lead generation and conversions

Because you’re advertising to individuals who have chosen to connect with you by following your account, promoting, and sharing your items on social media is a straightforward approach to drive lead generation, conversions, and sales.

Here are a few instances of how you may utilize social media to increase your lead generation.

• Stream live video
• Create contests 
• Include links to your website and offers 
• Sell your products through your social profiles.
• Create a social media marketing strategy.

• Create a social media marketing strategy.

Basics of Social Media Marketing 

Only the finest brands will climb to the top among the millions of enterprises competing for recognition online. The measures you need to do are the same whether you’re creating a large following or generating new leads to your site. To engage your audience, you must develop and distribute excellent content.

Find out who your target audience is

Diverse social media networks appeal to different audiences. As a result, you should go where your chances are.

For instance, a restaurant will do better on Instagram/Tik Tok. An accounting business, on the other hand, may acquire a lot more clients by using LinkedIn.

Of course, this does not imply that your company should just exist on one platform. Identifying your target clients and their interests, on the other hand, aids in selecting the appropriate social media outlets.

Set Up Accounts for Your Business

On each site you picked, you must now build a social profile. The most important thing for you to keep in mind is to retain a strong brand identity. On these social media channels, you want to keep your firm in front of every prospect.

Make sure to include your professional contact information. To improve trust, use a legitimate phone number, address, and website.

In addition, professional design, including your logo and brand colors, should be used in your profile. As a result, you’ll be able to maintain consistency and leave a lasting impression on all prospects.

Consistently publish new content

You’ll create a content marketing plan in this stage that includes the following elements:

• What kind of information will you share?
• How frequently will you update your post?
• When should you share your posts?
• How to use social media to engage with your audience

After that, you’ll begin sharing content in various formats, including photographs, videos, and simple text.

Examine Your Performance Measures

In every marketing campaign, keeping track of progress is important. You should be aware of whether or not your content is producing the best results and how you can improve it.

The following are the most important SMM metrics to keep track of:

• Post reach/impressions
• Following engagements (likes, reactions, comments, shares)
• Number of page likes/follows
• Tags for accounts
• Views (for videos)

KLOUDAC Global

KLOUDAC Global is a dedicated expansion of KLOUDAC, a recognized accounting firm with branches in Dubai, London & Colombo with 15 years of service experience. KLOUDAC Global mainly focuses on back office accounting with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software, and more.

Whether you’re starting a business or thinking of expanding your existing business to Dubai, the main decision you need to take before is to choose the right location to set up the business. As a well-known trading hub of the Middle East and North Africa (MENA) region, Dubai boasts a wealth of benefits for businesses and companies looking to succeed, thrive and connect to the rest of the world.  

You generally have three main choices to choose from when establishing your business in Dubai: mainland, free zone or offshore. Each has its own merits and drawbacks with the right choice depending on your business activity performed by your company, intended trading partners, ownership structure and other factors. Let’s deep dive in to check which area is good for your business and why?

Free Zone: Most entrepreneurs who want to save money on taxes choose to establish a free zone since the free zone authorities offer a variety of benefits and incentives to firms that set up shop there.

Mainland : Also known as an onshore corporation. It has been granted a license by the Department of Economic Development (DED) of the relevant emirate, allowing it to operate freely in the local market as well as outside the UAE.

Offshore: An offshore company is one that is incorporated in one jurisdiction but has its parent firm in another. There is no need for a physical office, thus this is not a branch firm. They have no physical presence in the nation in which they have chosen to incorporate as an offshore corporation.

Free Zone Company

Free zones are economic areas where goods and services can be traded, usually with preferential tax and customs rates. By operating in one of Dubai’s 30 free zones, you can enjoy benefits such as 100% foreign ownership as there is no need for a local sponsor or service agent to start a business, 100% corporate tax exemption, 100% repatriation and capital funds. The free zone concept was introduced by the Dubai government to generate foreign interest to set up businesses in the city. However, one of the key limitations of operating a company in a free zone is that you are not allowed to make direct trade with the UAE local market (Mainland). 

The cost to set up and run your business in one of Dubai’s free zones varies significantly. Below is a breakdown of the four main fees incurred with Dubai business set up and operations: 

1. Company Registration Fee
2. License Fee
3. Office Fee
4. Share Capital

Mainland Company

Mainland companies (often referred to as an onshore company) benefit by having access to the local market and outside the UAE. To get registered as a Mainland LLC company, you must obtain a license by the Department of Economic Development (DED) of the respective emirate.

Prior to the new UAE laws on commercial company ownership, foreign business owners established as a mainland company in Dubai could only acquire 49% of company shares, leaving the remaining 51% acquired by a local sponsor. However, as of December 1st, 2020, the UAE passed a law to permit 100% foreign ownership for mainland companies. Since the resolution is so new, it is not yet implemented and fully explained. 

Also, unlike a free zone or offshore company, mainland companies have a mandatory office space requirement. The minimum office space requirement set by DED is to lease a minimum 200 sq ft office. Virtual offices are not allowed to mainland companies.

There is no visa limitation for a mainland company. The number of residency visas granted is based on the size of leased office space or a business facility. So, the larger the office space, the greater the number of residence visas your company may become eligible for. Generally, it is calculated as one visa per 80 square feet.

Some of the initial costs that business owners can expect when setting up a mainland company are: 

• License fee – The DED offers various license options, but the standard trade or service license is typically 5% of the rent. A General Trading license Instant license, Merchant license and launch license doesn’t apply to this
• Initial Approval from DED
• Dubai Chamber of Commerce
• Approval of trade name
• Office rent 
• Attestation of Memorandum of Association (MoA)
• Drafting of contract and court agreement attestation
• Registration with Ministry of Economy
• Trade license fee
• UAE local Sponsorship fees depend on the nature of the business

Offshore Company

Offshore companies are not entitled to operate any business activity in the UAE directly. However, an offshore company can be a shareholder of any UAE mainland or free zone companies, enabling this entity to enter the UAE market and allow business activities through such subsidiary companies. Which means an offshore company can have full ownership of the company but cannot have a physical presence in the UAE. An offshore company cannot have any physical office in the UAE. Their office must be located outside the country. 

Offshore companies are not authorized for issuing a visa. Only mainland and free zone companies in Dubai/ UAE can issue a resident visa.Offshore companies are relatively affordable to set up. Given that they have no minimum requirements for capital deposits before incorporation, no costs associated with office space or obtaining a visa, setting up an offshore company in Dubai is the cheapest option out of the three jurisdictions. 

If you want to set up your business, contact Kloudac Global

Call: +971 5043 53515 /  +94 777 870 464

Email: info@kloudac.com

Website: www.kloudacglobal.com

KLOUDAC Global

KLOUDAC Global is a dedicated expansion of KLOUDAC, a recognized accounting firm with branches in Dubai, London & Colombo with 15 years of service experience. KLOUDAC Global mainly focuses on back office accounting with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software, and more.