Dubai is not a well-established participant among the gold trading hubs in the world, but is Best Accounting Firm Dubai enough to hunt the market that is not yet explored. Therefore, UAE is now one of the leading nations that deal in gold. In terms of statistics, UAE imports gold from several countries, mainly from South Africa, South America and South Asia, but here traders are able to import directly gold and sell the identical (SIRA rules that apply). This has led to a large an increasing number of participants in the business of trading gold.
The gold market differs from the markets that are available for reserve currencies around the Best Audit Firms in Dubai and sovereign securities. Thus, trading in gold can raise a number of questions pertaining to accounting, the price of buying and selling, inventory , etc. As an expensive metal accounting and inventory is a vital aspect as small differences in handling the same could result in large differences in the amount that is reflected on financial reports. It is essential to keep track of adjustments and follow the advice of expert experts to help in the growth and sustainability of your company. The expert experts at Horizon Biz Consultancy Accounting and Bookkeeping Services offer exceptional accounting and auditing Best accounting software uae for companies involved in trading gold.
The main things to bear in mind when it comes to gold accounting are as follows:
- Accounting in accordance of the IFRS Standards as (IFRS) 9 explicitly declares that gold is not an investment instrument in the financial market and is instead a commodity that should be treated as such.
- Accounting taking into consideration the taxation and other legal requirements such as the import of gold that is to be disclosed in the tax return filings and in the event that reverse charge mechanism.
- Accounting can aid or aid in the process of documenting within the business because documentation is among the most important requirements for an accounting system that is properly run.
- Accounting of Export and local sales in which the procedure would differ in relation to the vat.
- inventory tracking and managementis the procedure of keeping track of the commodity through the entire supply chain beginning with the raw material, buying through processing and final sales. It also assists in monitoring inventory levels to avoid shortages, improve inventory forecasting, quicker errors, and more.
- Invoicing and Accounting in accordance with the Purity percent and applying the fluctuating rates of gold in accordance with the same
- Accounting for Foreign gain and loss arising from imports and exports that are made under several currencies.
- Accountability and tracking of security deposits used to purchase the gold and the way they are recorded and their adjustments at the moment of closure
- assists with the preparation for the annual auditswith the most current information and meeting the needs of external auditors.
When you record the above-mentioned transactions, the following benefits can be Financial Consulting Firms in Dubai that will help in the development of the company.
- To be able to provide accurate and up-to-date financial forecasts for the company.
- To ensure compliance with the statutory regulations, such as VAT and the upcoming Corporate Tax.
- To effectively determine Business Valuation & Brand Equity.
- to develop clearly defined financial strategies and an plan of action.
- Ageing reports for A/R and A/R with the necessary ratios like quick ratio as well as turnover ratio, liquidity ratio etc.
- Preparation and presentation of custom MIS reports.
- The proper calculation of the major financials such as GP, NP, EBIDTA to determine the future and current value of the business
- The calculation of cash flow requirements and the provisions in a correct way
- Assisting in the definition of the ideal business model.
- The best and worst revenue-generating propositions.
- The development and implementation of an Ecommerce budgets for the major, costs that are not avoidable.
- Sales Forecasting.
- AML Requirements
- ESR Regulations
How Can We Help?
Request a Free Meeting with Horizon Biz Consultancy to know more about Accounting Service for Gold Trading Business
Horizon Biz Consultancy is experienced in tax services, accounting consulting, company set-up consulting for business, outsource payroll and business licenses, trading licences CFO and other services as well. Our UAE certified accountants, auditors, and consultants have worked with many companies and small businesses. companies.
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