Virtuzone Business Intelligence

Category: Finances

Pursuing new revenue streams is tempting for any entrepreneur, but it requires careful planning and a cool head. Get it right and you could turbocharge your business. Get it wrong and your enterprise could be seriously derailed.

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In our latest infographic we look at certain obstacles you might encounter if you do not opt in for Virtuzone’s VirtuAccounts.

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Time is running out: How to become legal as a social influencer in the UAE

Social media influencing has become big business, with some influencers (people with thousands of followers on social media) revealing they can earn monthly or even annual salaries per post. Yet while marketing and advertising are pretty heavily regulated across the globe, the ethics of influencer marketing on social media has so far remained unchecked. The UAE is rectifying this by bringing in new regulations which will now require influencers to obtain licenses in order to continue operating legally.

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Finances for your business

Ask entrepreneurs in the UAE what they most need to upscale their business and the majority are likely to say ‘finance’. Sourcing finance in the early stages of growth is fundamental in taking a company to the next level. It helps business owners to avoid cash-flow problems and barriers to expansion. To help you assess the different forms of business finance in the UAE, we’ve pulled together some of the more interesting options open to entrepreneurs looking to take a startup or SME to the next level.

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In this infographic we look at how the UAE tax system compares to others from around the world.

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Debt collection in the UAE

Past due

The UAE is one of the most challenging places in the world for collecting debt, according to the 2018 Global Ranking on Debt Collection. It’s not getting any easier over time, and it’s time consuming, stressful and costly for business owners. Still, debt collection needn’t be so burdensome if you know what to look out for, and how to respond effectively when your debtor doesn’t pay on time. Here we look at the steps you need to follow to reclaim your debts.

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In this infographic we look at four elements that may be ruining the profit margins of SMEs and what companies can do to avoid each one happening.

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Accounting knowledge

Good financial management is vital to the success of any business. But nowhere is it more important than for startups – where margins are often tighter and the risk of failure much higher than in more established companies. No business wants to fall behind with their accounts. But with busy schedules and limited resources it’s not always possible to stay up-to-date. For businesses in this position, outsourcing can be an option. But before we get on to the merits of outsourced accounting, let’s take a look at exactly what a solid accounting process should entail.

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VAT in UAE

The first day of 2018 is remembered by many in the UAE for the wave of anxiety and confusion that spread across the country as Value Added Tax (VAT) launched for the first time. So three months later, as the dust settles, let’s look at what we have learned in terms of rules, regulations, pitfalls and best practices. And how this can be of use as we move to Q2.

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Financing

At the end of 2015, there were 350,000 SMEs in the UAE, providing jobs to over 86% of the private sector. They accounted for over 60% of the country’s GDP, and the National Agenda of the UAE Vision 2021 projected this growing to 70% by 2021. There’s obviously no shortage of optimistic entrepreneurs in the UAE, and the government knows it. But running a business isn’t the same as knowing how to finance it without outside help.

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