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Press Releases from NSKT Global (35 total)

Fraud Risk Assessment Templates and what actions to take ? by NSKT Global

Using the fraud risk assessment matrix in the Fraud Risk Management Guide (ACFE) as your foundation, this spreadsheet provides a risk assessment matrix for you to document the organization's fraud risks and controls. The template automatically creates a heat map showing the significance and likelihood of each identified fraud exposure, a fraud risk ranking page displaying each fraud risk exposure from most to least severe, and a control-activities matrix

What is SOP in Business? Importance of SOP ?

With a standardized set of procedures, or SOP from Business Advisory any firm- small, medium, or large can significantly reduce the time required for carrying out operations, increase the productivity of the team, eliminate induced errors and reliance on anybody, and improve industry compliance. This will increase the profitability of the firm and provide a defined path for the solution creation, and protect employees in a healthy and safe environment. Read

What is the eligibility of Employee Retention Tax Credit for business in USA

Employee Retention Tax credit (ERC) is a refundable tax credit for the employees against certain employment taxes which is equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. The eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are

Is your business impacted by COVID 19 Pandemic? Remote accounting can help.

What is a Remote accounting service? Since the whole world was hit by the Covid-19 pandemic, most of the small and medium businesses suffered a lot. The cash reserves that they had in their accounts almost got over. So they started searching for various methods to save money effectively without hampering the smooth running of the business. However, curtailing expenses runs the risk of minimizing business exposure. Forward-thinking businesses strategically cut

How can your business use SOX tools to demonstrate SOX Compliance?

The Sarbanes-Oxley (SOX) Act was passed in 2002 which forced enterprises to implement protection to help fight the frauds and errors happening in the public as well as private companies. In order to comply with the Act, several companies started following SOX tools and software to manage regulatory obligations and prepare for audits. Given below are some of the best tools used by businesses to demonstrate SOX Compliance: SolarWinds Security Event

Why SOX Compliance Programs needed for Private Businesses?

Sarbanes-Oxley Act of 2002 (SOX) was introduced in the USA to protect the general public and shareholders from fraudulent practices and accounting errors which was going on in several enterprises, and to improve the accuracy of corporate disclosures. The act sets deadlines for compliance and publishes rules on requirements of compliance in the business sector. But it has been completely misunderstood that the auditing and financial regulations of the SOX

How does SOX Services help companies in the USA?

Compliance with SOX is not only a legal obligation but also a successful business practice. Companies should, of course, act ethically and restrict access to internal financial systems. But the implementation of SOX financial security controls has the side advantage of also helping to protect the company through insider threat or a cyber attack against data theft. SOX compliance can encompass many of the same practices as any initiative for

How data analytics can help in inventory management?

Inventory management is one of the most crucial parts of managing the business. It involves having the right inventory, in the right amount, and at the right location to meet the needs of the supply and demand of materials and parts provided by the company. It helps in building the right balance between the services of the company and inventory. Data analytics is the process of sorting out structured and

What are the guidelines to comply with the banking business?

Explaining banking business activity in ESR. Economic Substance Regulation or more popularly known as ESR was introduced everywhere to achieve compliance with the major regulatory bodies from the US and Europe, in efforts to offer minimal tax liabilities to the businesses and organizations. This will ensure that such organizations have access to the economic substance in the jurisdiction. The main criteria for ESR applicability on such organizations are that they

How can data analytics improve marketing strategy

Data analytics is a process of examining sets of data to make conclusions regarding the data contained in the analytics. The technique used in data analytics helps to take raw data and find out patterns to extract valuable insights from the data. Data analytics is used by analysts and data scientists to conduct their research whereas data analytics is used by businesses to make decisions and choices. Some of the

Difference between Accrual Accounting and Cash Accounting?

What is Accrual Accounting? When transactions of any kind such as services or products are recorded in the books of account as they occur even if the payment for the same has not been received or made. Accrual means an entry made in the accounts books which records all kinds of revenue generated and expenses incurred without any exchange of cash or credit in any form. Accrual accounting is usually done

What are the ESR changes in 2021? All you need to know

What do you need to know before filing ESR? Recently the resolution of ESR was changed by the UAE Cabinet of Ministers from the ESR resolution of 2019 and issued an updated regulation through Cabinet Resolution No. 57 of 2020. This new regulation supplies firms with 1 January 2019, as the start of their financial years. Additional guidance for the New ESR was subsequently provided by the UAE Ministry of Finance

How to use XERO accounting platform for businesses?

XERO is an online cloud-based accounting platform that allows businesses to automate most of their time-consuming book-keeping and accounting tasks. The Xero platform has a wide range of features that helps in reducing the amount of time spent on performing the accounting and book-keeping task which is usually repetitive in nature, as well as it also helps in minimizing the overall cost spent on the accounting service of your business. Given

How forensic investigation help business in different types of frauds?

Corporate fraud consists of unlawful or immoral and dishonest acts performed either by a corporation or by a person operating as an employee of the company in their ability. Corporate fraud processes are also highly nuanced and, thus, impossible to recognize. To dismantle a corporate fraud structure in its entirety, it sometimes takes an office full of forensic accountants' months. If a corporate crime is performed by a major corporation's

Why is virtual CFO growing and popular in current times?

Virtual CFO Just as the term of the position implies, an organizational and financial specialist who provides the services of a chief financial officer is a virtual CFO. But instead of providing such services in person and on a full-time basis, the automated CFO operates remotely, on a contracted, part-time basis. Until recently, for most small companies, the strategic guidance of a CFO was not even an option, since financial executives preferred

How business owners can benefit from the services of QuickBooks Certified ProAdv …

Why do small to medium business owners need the services of QuickBooks Certified Proadvisors? A QuickBooks ProAdvisors are certified and independent accounting professionals who provide strategic insights to bring success to your businesses. The person who trains for Quickbooks ProAdvisor is a professional that has been trained, tested, and recognized by Quickbooks as someone that can guide other QuickBooks clients and/or their employees as to how to best leverage QuickBooks software

How accounting and bookkeeping help save money

10 ways in which businesses can save time and money through this service Fetching Records: Automated optical character recognition (OCR) data collection applications allowing you to automatically insert information into your accounting system are available in accounting and bookkeeping services. Time Tracking: A service provider can track time thanks to technology, even though that's not exactly an item that's billed to the consumer. You'll be able to use the time to

5 ways to make your business intelligence strategy more effective

In order to help companies make more data-driven decisions, Data analytics and business intelligence incorporate business analytics, data mining, data visualization, data resources and infrastructure, and best practices. In reality, when you have a holistic understanding of the organization's data and use the data to accelerate improvement, remove inefficiencies, and rapidly respond to demand or supply changes, you realize you have modern business intelligence. By showing current and past evidence

How business advisory services will help your business sustain during this pande …

How can a business advisory service help your business to sustain and grow? Business Operations Consulting: Within the world of business operations, there are several consultancy sector subsets, because whatever problems the company faces, and whatever industry you are in, an experienced contractor should be able to help you become more lean, nimble, and sensitive to market shifts. Streamlining your corporate practices will save time, money, and energy for your company

Artificial Intelligence in sales forecasting

Impacts assessed when not forecasting your sales. A single good big-decision would provide revenue for the whole organization, but missing the forecast could be a bad idea from the organization's point of view. Every company in the world are in strict competition applying every means of technology to win the race, the entire sales and revenue management should know the ‘Sales forecasting’ a powerful technology based on Artificial Intelligence. Whenever Artificial

NSKT Global is A Top Dubai Accounting Firm

Growth isn’t a set or static process. There’s no rule that says a company should stay at a certain stage in development for 3-5 years before they can scale to the next level. Our philosophy has always been to help companies reach the highest level they can get. Why wait for something good to happen in the future when you can make it happen today? This is the attitude we employ

Importance of availing virtual CFO services for your business?

A virtual CFO which stands for Virtual chief financial officer is a highly skilled outsourced service provider who offers assistance in financial matters of an organization. A virtual CFO can be a single person or an entity who does the same work which is done by a chief financial officer for a large enterprise. Many startups and corporate are looking for services which can be outsourced to minimize the number

How is ESR impacting Business Structure in UAE?

Let's look at what the rules specify and how you and your organization could be affected. Structure of Management- When determining if improvements must be made, the manner in which a UAE company is operated and owned is important. Essentially, companies that fall under these rules need either a managing director or a member of the senior management team who is physically based in the UAE and

How do you conduct an enterprise risk assessment in the USA?

What is Enterprise risk Assessment? This is one of the most essential business strategies. This strategy revolves around the process to take note of all the happenings in the environment external to any business or an enterprise for the purpose of estimating its effect on the enterprise itself. The process identifies and recognizes the potential risks which have the caliber to affect the business enterprise and hinder its functioning for

What challenges can ERP solve for an organization?

Miscommunication elimination and Information consolidation: If there’s an urgent requirement of any important information from other individuals, then such operations suffer very high risk. This may result in total disruption or unavoidable delays in the process. ERP provides a system that stores all important and necessary information in one place, eliminating the person presence risk. This puts a halt to unnecessary chit-chats and unproductive conversations/gossip between employees and eliminates the

What are the biggest cybersecurity threats in 2021?

There are no specified targets, every firm that pays no or less heed to cybersecurity is the potential target in the modern age. With data being the biggest valuable resource of a firm, it is most likely targeted other than finances. The best way to be safe is to be acquainted with modern threats and get partnered with a reputed cybersecurity firm. Here are some of the modern-day threats: Cloud

Outsourcing Accounting & Bookkeeping to increase efficiency in your business?

How Efficiency is improved by outsourcing finance and accounting functions: Improved focus on core activities: With the tedious and laborious work being outsourced, firms can take critical decisions more effectively, through putting in more research and longer discussions. Less focus needs to be given on the numbers and documentation. Accurate accounting through a proactive approach: With the use of the latest integrated tools, the

Data analytics and business intelligence in receivable management ?

Leveraging Analytics for AR An effective AR management strategy allows the firm to take the most feasible aggressive position for credit allocation, with non-payment risk constraints in check. This helps firms in growing rapidly with low risk and provides them with a technical advantage in a similar product and services market. A good strategy emphasizes on post billing factors with lesser pre-billing factors, as they can be controlled by the AR

How can Employee Embezzlement be identified ?

What is embezzlement? Embezzlement is described as the phenomenon of workplace theft in which an employee, who is entrusted with the safety of tangible or intangible property, steals that very same property. It is independent of the hierarchy of the position as it can be done by anyone- senior managers creating fake invoices to lower-level employees such as mere cashiers pocketing a few dollars. Some of the note forms or types

Standard Operating Procedures for educational institutions

Underlying issue: With employees in a higher educational body come and go frequently, responsibilities are shuffled rapidly due to financial constraints or unavailability of the previous holder, or simply an expansion of the department. Lack of a centralized control system and sheer negligence also contribute to the cause. This causes fallouts or a decline in the rate of completion of the processes. Read some the problems and solutions here https://nsktglobal.com/why-standard-operating-procedures-sop-required-for-educational-universities-institutions- Key Problems and solutions:

Importance of SOP? How it can help your business?

Why is SOP important? With a standardized set of procedures, or SOP from Business Advisory any firm- small, medium, or large can significantly reduce the time required for carrying out operations, increase the productivity of the team, eliminate induced errors and reliance on anybody, and improve industry compliance. This will increase the profitability of the firm and provide a defined path for the solution creation, and protect employees in a healthy

Do you need to file ESR and How to file ESR in UAE?

What is ESR Notification? Due to this major transformation in the business landscape of the UAE to introduce global level compliance, mainland, free zone and the offshore companies in the UAE have to provide economic substance in listed relevant activities conducted in the UAE. For the first part of ESR compliance, Economic substance notification needs to be filed to the respective regulatory body in the UAE, within the stipulated period i.e.

What is Brand Sentiment analysis?

Brand sentiment analysis is a process to determine the feedback and attitude towards your brand, service or product. Why is brand sentiment important? Informed decisions could be made when knowing your brand sentiment which helps your business in improving. We will showcase some aspects where sentiment analysis would be beneficial: 1. Brand customer reviews Twitter and Facebook, the popular social media platform is filled with ratings on various brands, people, topics, products and also

How inventory management can help small businesses in UAE?

Inventory management plays a pivotal role in business growth as through this inventory processes can be automated. Thus continuous monitoring can be done and a decision could be taken at different inventory levels; along with movements in stock and variation in profitability of the business. Comprehending Inventory Management: A system of activities carried out with aim of unhindered production, highest customer satisfaction, cost-efficiency in inventory handling, and other processes, through maintaining an

A Study on the Evolution of Internal Controls Impact on operational efficiencies

The main objective of the study was to determine the evolution of internal controls and its impact on the operational efficiencies due to the globalization of economy impacted the evolution of internal control systems. We want to evaluate the success/effect of internal control on corporate governance, specifically in small proprietor firms. The enhanced internal controls are focused on operational efficiencies and control implementation. The stronger control policies will spawn solid

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