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3. TRACKING YOUR BUSINESS PERFORMANCE (Financial services)

In an environment of increasing corporate transparency and continuously changing regulations, it is critical to select experienced audit partners that will provide your organization with tailored, objective assistance.

A. Financial & performance audits

The financial audit services experts at The Great Silk Way possess a strong understanding of all unique business, economic, and regulatory environments that can impact performance. Our professionals proactively identify potential accounting and business issues before they become problematic. You benefit from timely advice to help your organization achieve its goals and objectives.

Audits of Financial Statements
  • An audit may be required or preferred by your investors, creditors, and other users of financial statements because it provides the highest level of assurance of the accuracy of a company’s financial statements.
  • A review of your financial statements, performed in accordance with the Standards for Accounting and Review Services issued by the AICPA, will satisfy many companies’ financial reporting requirements at a much lower cost than a full audit.
Our clients benefit from:
  • Consistency of client team, ensuring retained knowledge of clients’ business.
  • Senior partner involvement with audit staff throughout each engagement.
  • Streamlined information-gathering saving time and minimizing disruption to your day-to-day operations.
At The Great Silk Way, we have a single overriding mission: to provide our clients with genuine value in return for their confidence in choosing us as their auditor and business advisor. We accomplish this by forming close relationships with our clients, listening carefully to their specific needs, and bringing together our broad resources to address those needs. Performance Audits The Great Silk Way offers comprehensive performance audit services designed to help you identify and overcome the critical challenges your organization faces. Our performance audits generally follow a six-phase process:
  1. Perform risk assessment, if needed.
  2. Develop audit plan.
  3. Conduct fact finding.
  4. Analyze performance.
  5. Prepare findings and recommendations.
  6. Provide draft and final report.
We aim to deliver high value to our clients, working with them to collaboratively define an objective assessment tailored to their organization, operations, and community commitments. The professionals in our firm who provide performance audit services draw on best practices to develop solutions that are practical, achievable, and affordable, and we deliver results in a manner sensitive to the environment in which you operate.
B. Financial Accounting / Book keeping

With the use of only the most effective accounting system which suits your company, The Great Silk Way provides no less than the highest standards in day-to-day general accounting and bookkeeping. This sets the stage for a completely paperless finance and accounting operations. Our online accounting services allow you to outsource various accounting functions such as, but not limited to:

  • Accounts payable processing
  • Payment proposals
  • Accounts receivable processing
  • Fixed asset register
  • Expense report processing
  • Bank reconciliations
By outsourcing your accounting and bookkeeping requirements, you have more time to focus on your daily business operations.

C. Management Accounting

Using the expertise of our CPAs and the seamless reports created through cloud accounting tools, D&V Philippines offers specialized management accounting services to clients. Through this service, we are able to show support to the internal business financial operations of our clients, empowering them to make profitable financial decisions for the company. This service paves the way for the frequent and regular creation of reports such as:

  • Profit & loss actuals vs. budget comparison
  • Summarized and detailed reports based on key performance indicators / various performance metrics and dashboards
  • Revenue projections
  • Variance analysis for multiple industries
  • Cash forecasts / budgeting
Through the management accounting services offered at D&V Philippines, you can keep a close eye on your business finances.

D. Management consultancy

Our management consulting services focus on our clients’ most critical issues and opportunities: strategy, marketing, organization, operations, technology, transformation, digital, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies. We bring deep, functional expertise, but are known for our holistic perspective: we capture value across boundaries and between the silos of any organization. We have proven a multiplier effect from optimizing the sum of the parts, not just the individual pieces.

E. Financial Analysis

By effectively evaluating the financial position of your business, we at The Great Silk Way finds ways to determine the stability of your enterprise. We do this through the process of evaluating the performance of the business through the use of financial statements. By outsourcing your financial analysis services to The Great Silk Way, you gain access to a host of services in the realm of financial analysis outsourcing which includes:

  • Product cost calculations
  • Benchmarking of various subsidiaries / departments / countries etc.
  • Cost price calculations
  • Profitability analysis
  • Review of credits / rebills
  • Review sales contracts for impact on accounting policies
  • Unbilled revenue analysis

Through our thorough analysis of your business financial data, you will be able to ascertain the performance of your business and make wise decisions about expansions and investments, among many others.

F. Managed Payroll Services

No software onsite, no payroll department to manage internally, but a complete outsourced service offering you all of the benefits of a payroll department without any of the overheads or responsibility. Our Payroll Services becomes your payroll department and fully manage all the obligations surrounding payroll for your business – from the first input to the final submissions and finishing with the payments in different countries in difefrent currencies. according to local legislation. The right fit for a company that wants to focus its time on their core business, after all that’s what you’re good at, so let the specialists take care of payroll. As part of a Fully Managed Payroll service we will undertake the following processes for you:

  • Detailed Implementation of your payroll with dedicated contact;
  • Dedicated Payroll Manager to process your payroll;
  • Tailored inputs to suit all businesses;
  • SSP, SMP and company schemes processes;
  • Multiple holiday schemes managed;
  • Multiple pension schemes manage.
Comprehensive reporting provided including:
  • Pension reporting;
  • Departmental reporting;
  • Cost analysis reporting;
  • Variance reporting;
  • Bespoke reporting;
  • Detailed Management Reporting;
  • Submissions to local authority;
  • Tamper-proof payslips (these can be sent to employees home addresses);
  • BACS payments for salary;
  • BACS payments of all third party disbursements;
  • ePayslip facilities available;
  • Calculations of all deductions;
  • Full support through a qualified team of payroll professionals.

G. Taxation

UAE to implement VAT on 1 January 2018

The UAE Minister of State for Financial Affairs, His Excellency Obaid Humaid Al Tayer, has stated that the UAE will implement VAT at the rate of 5% on 1 January 2018. The minister was speaking in Dubai on 24 February 2016 after a joint press conference with Christine Lagarde, Managing Director of the International Monetary Fund (IMF). VAT is expected to be introduced at a rate of 5% with some limited exceptions including basic food items, healthcare and education. The UAE are planning to implement on 1 January 2018 — other GCC countries may do so at the same time or by 1 January 2019 at the latest. Background The GCC Member States are in the process of approving the long anticipated common framework for the introduction of a Value Added Tax (VAT) system in the GCC. The common VAT framework will form the basis for the introduction of a national VAT system by each Member State. While there are a number of challenges that still need to be addressed before it is introduced, VAT will help governments to deliver on long-standing plans for economic diversification away from oil, while still being able to deliver social and economic programmes. The exact details of the VAT regime which will need to be set out in the common framework and national legislation are yet to be made available. Takeaway From our experience in other markets, the establishment of clear regulations and efficient administrative processes is vital for VAT introduction to be a success. Businesses in the UAE (and GCC) should start planning now how the changes could impact their business, to ensure a smooth transition. Businesses will have to adapt to the changes by identifying the impact of VAT on their business, and key immediate considerations are to:

  • Assess capability of existing systems
  • Identify VAT implementation strategy
  • Identify contracts that need a VAT action
  • Identify intercompany transactions
  • Undertake training / awareness A potential VAT implementation will also have immediate effects on consumer behaviour which gives opportunities for companies to assess their business direction and to plan strategically

The corporate tax in Dubai

Apart from the UAE taxation system, each Emirate has its own corporate tax system in place. Dubai also has its own corporate tax legislation which imposes certain taxes to companies operating within the Emirate. However, in reality taxes only apply to several types of companies only:
  • Dubai companies operating in the gas and oil industry;
  • branches of foreign banks operating in Dubai.
While Dubai gas and oil companies are subject to a 55% tax rate applied to the company’s profits, branches of foreign banks are required to pay a 20% tax rate on the taxable income. However, there are no withholding taxes for remitting dividends, royalties or interests abroad. For complete information about the taxation of businesses you can obtain more information from our company registration agents in Dubai.

Other taxes in Dubai

Even if there is no value added tax levied in Dubai, there are other indirect taxes applied to individuals. The following taxes are levied by the Dubai tax authorities:
  • a 10% municipal tax applied to hotels and other entertainment facilities;
  • a 10% municipal tax on the rental of commercial spaces;
  • a 5% municipal tax on the rental of residential property in Dubai.
The Dubai Electricity and Water Authority also apply certain taxes on utility bills and there is also a road toll. Foreign citizens must also be aware that bringing or purchasing alcohol within the Emirate is subject to different tax rates. Tax payments and deadlines consume considerable amount of time and energy to business owners. Tax management is a challenge to businesses which is why we offer our assistance to business owners and relieve them from worry relating to tax compliance. We provide assistance to business owners in complying with their tax requirements and deadlines.