Audit of Purchases

What are Purchases? Purchases are the acquisition of goods or services for personal or business use. In a business context, purchases are transactions in which a company acquires goods or services from another company or individual in order to produce or resell the goods or services. Purchases are typically made with the intention of generating …

Audit of Sales

What are Sales? Sales is the process of exchanging goods or services for money. It is a common commercial activity that is essential for the success of most businesses. Sales typically involve a seller offering a product or service to a buyer in exchange for payment. The seller may be an individual, a company, or …

Kinds of MIS Reports

What is an MIS report? MIS, or Management Information Systems, refers to the use of information technology to support decision-making, improve business operations, and support strategic planning. In the simplest terms, an MIS report can be described as a system that provides important information for the management of your company. MIS collaborates with people, technology, …

Freezones in Sharjah

Welcome to BHMJ Associates: Your Gateway to Success in Sharjah’s Freezones Unlock unparalleled business opportunities and strategic advantages within Sharjah’s Freezones with BHMJ Associates by your side. Explore the diverse range of free economic zones in Sharjah and embark on your entrepreneurial journey with confidence, supported by our expert guidance and comprehensive services. Why Choose …

How to create a contra entry on Tally

Contra Entry A contra entry is a type of accounting transaction that involves two opposite entries in the same account. Contra entries are used to cancel out or offset the effect of a previous transaction. For example, if a company receives payment for goods or services that were previously sold on credit, the payment would …

How is Gratuity calculated?

Employees end of service benefits End of Service Benefits (ESB) refer to the financial compensation provided to employees when they leave a job due to retirement, resignation, termination, or completion of a contract. These benefits are often a statutory requirement in many countries and are designed to acknowledge an employee’s long-term service. Key components of …

Freezones in Abu Dhabi

How are freezones in Abu Dhabi attractive for businesses? Free zones in Abu Dhabi offer several advantages that make them attractive for businesses: These factors collectively make Abu Dhabi’s free zones attractive for businesses seeking a favorable environment for investment, growth, and international expansion. Here are the free zones which operate differently than in mainland …

Freezones in Ajman

How are freezones in Ajman attractive for businesses? Free zones in Ajman offer several attractive features for businesses: 1. 100% Foreign Ownership: Ajman’s free zones often allow businesses to have full foreign ownership, providing international investors with control over their ventures. 2. Tax Benefits: Businesses in Ajman free zones may benefit from tax exemptions, including …

Cash Flow Statement

Source: https://en.wikipedia.org A Cash Flow Statement is a financial statement that shows how changes in the balance sheet and income affect cash. Cash includes cash equivalents. Essentially, the cash flow statement is concerned with the flow of cash in and out of the business. It is useful in determining the short-term viability of a company, particularly its ability to pay bills. International …

Letter of Credit

Introduction A letter of credit is a financial instrument that a bank or financial institution issues to a buyer on behalf of a seller. It is a guarantee that the seller will receive payment as long as they meet the conditions specified in the letter of credit. This helps to reduce the risk of non-payment …