Accounting Practices for Small Business

Key Accounting Practices for Small Businesses

Proper accounting is the backbone of any successful small business. It ensures financial stability, helps in making informed decisions, and keeps you compliant with regulations. Here are some key accounting practices that every small business owner should implement to ensure financial success. 1. Keep Accurate Records Maintaining accurate financial records is fundamental. Track all income …

Corporate Tax in the UAE

A Comprehensive Guide in Corporate Tax for Businesses

The United Arab Emirates (UAE) has long been known for its attractive tax environment, which has been a major draw for businesses worldwide. However, the landscape of corporate tax in the UAE has seen significant changes recently, and it’s crucial for businesses to stay updated to ensure compliance and optimize their tax strategies. This comprehensive …

Embracing automation and AI in accounting

Embracing Automation and AI in Accounting for 2024

As we progress into 2024, the accounting industry is witnessing a significant shift towards automation and artificial intelligence (AI). These technologies are revolutionizing traditional accounting practices, offering numerous benefits that enhance efficiency, accuracy, and decision-making. Here’s why embracing automation and AI in accounting is essential for your business: 1. Increased Efficiency Automation streamlines repetitive tasks …

Importance of Cybersecurity in Financial Systems 2024

The importance of Cyber Security in Financial Systems for 2024

In an increasingly digital world, the importance of cybersecurity in financial systems cannot be overstated. As we move through 2024, businesses must prioritize the protection of sensitive financial data to safeguard against cyber threats. Here’s why cybersecurity should be at the forefront of your financial strategy: 1. Rising Cyber Threats Cyber-attacks are becoming more sophisticated …

Key Accounting Trends 2024

Key Accounting Trends in 2024: What businesses needs to know

As we move further into 2024, several accounting trends are shaping the business landscape. Staying updated with these trends is crucial for businesses looking to maintain financial health and compliance. Here are some key trends to watch: At BHMJ Associates, we understand the importance of staying ahead in the ever-evolving accounting field. Our expert team …

Anti Money Laundering

What is Money Laundering? Money laundering, a sophisticated process, involves making illegally-gained proceeds, such as funds from criminal activities, appear legal or “clean.” It involves transactions intended to obscure the origin of funds, making them appear to come from a legitimate source. Money laundering typically involves three key stages: 1. Placement: Illicit funds are introduced …

Top Excel Financial Formulas

Here are the top excel financial formulas that will help you productively use the office application (i) XNPV: The XNPV function in Excel calculates the net present value of a series of cash flows at irregular intervals. It requires three arguments: the discount rate, an array of cash flows, and an array of corresponding dates. …

What is Financial Audit?

What is a financial audit? A financial audit is an independent review and examination of a company’s financial statements and records. The purpose is to provide assurance that the financial statements accurately reflect the financial position. This is typically done by an independent accountant or firm and is required by law for publicly-traded companies. The …

Specific sector: Hospitals

Things to remember while auditing a hospital 1. Compliance: Ensure the hospital follows all relevant healthcare regulations and standards. 2. Patient Records: Verify the accuracy, confidentiality, and security of patient records. 3. Staff Credentials: Confirm that all healthcare professionals have proper licenses and certifications. 4. Infection Control: Assess the hospital’s protocols for infection prevention and …

Audit of Cash and Bank Balances

What are Cash and bank balances? Cash and bank balances refer to the amount of money that a person or company has on hand in the form of physical cash, as well as the amount of money that is held in checking, savings, and other types of bank accounts. The term “cash and bank balances” …