Amidst all the glitz and glam in the world of business, there are stories of betrayal & fraud that hit the small time business owners hard and bring them to dust. A recent incident reported in a local daily caught the attention of our founding partners, who later on went on to find further details about the collapse of a once well to do small time business owner.
At the center of the incident was one of the company sales man, who has been transferring large portion of the sales receipts to his home country, and was successful in deceiving the owner and the regular accountant.
Here’s the problem: accounting doesn’t work. It’s useless. Most of the owners of SMEs are running as fast as they can in one direction and their regular accountants (who themselves are under qualified) are scrambling behind them trying to pick up the pieces. It’s a nightmare for the Owner/CEO of the company who has no idea of where he or she stands financially.
This led our founding partners to invest in an accounting and bookkeeping company that would provide quality professional services to Small and Medium Enterprises at costs those are as low as 40% of the cost of hiring a regular accountant who might not be qualified & diligent enough.
Most of these SME owners have given up on their accounting departments. In their mind, an accountant is nothing but an additional cost to business. They hire them just because they know they should have one, and not because they are gaining anything out this relationship.
This gap between the owner and the accountant is what we want to bridge. We want to close it completely and forever. With the introduction of VAT in the UAE, the need to bridge this gap is necessary more than ever. Understanding your taxes along with proper accounting and bookkeeping are a preamble to making your business profitable.