Renascence Consulting is a business advisory and consulting services firm domiciled in the United Arab Emirates. The literal meaning of Renascence stands as “to revive or reawaken”.
The firm was founded with the main aim of providing solid professional support in all spheres of a business in order to give a fresh perspective and a “reawakened” experience.
Please get in touch with us today to see how we can help you reawaken.
Do we have proper project accounting procedures in place?
Do we get individual project-wise accounting reports?
What is the project accounting structure in place? Does it provide proper information on performance?
Is the project accounting set-up and resulting information accurate?
Are project accounting reports accurate and timely for effective decision making?
Accounting Book-Keeping
What type of software is required for accounting?
Do we have a cumbersome month end process?
Is the software properly implemented with all features purchased?
If the software properly set-up and maintained?
Do adequate controls exist to ensure accuracy and authority of access to accounting information?
Do we have proper number of accounting staff to handle the department as per volume of work? No excess nor shortage?
What accounting procedures are in place to acquire accounting information from all other departments on time?
Does the accounting department check accuracy and validity of information received?
What manual work is done in accounting department and why it is required when software is available?
Are periodic reconciliations of accounts made?
Are all payments made as per cashflows?
Do we pay creditors as per approved credit terms?
Is the respective department performing proper checks as per HR policies for staff salaries considering date of joining, leave, deductions, increments etc.?
Are ledgers properly maintained and reconciled to avoid over-payments?
Is accounting department providing timely and accurate information to other departments for their operations?
Are bank accounts being monitored on daily basis to ensure daily fund availability?
Are any banking issues identified on timely basis to avoid payment issues?
Financial Reporting & Analysis
Are periodic financial statements being prepared?
Are the financial statements prepared accurate and reflect true picture?
Do we get monthly financial statements on time and are they accurate?
Do we perform financial analysis on the financial statements?
Do we provide recommendations to management after financial statements analysis highlighting areas of concern?
VAT Consulting
Do we need to employ a registered VAT agent?
Are we sure our VAT filing is accurate & complete?
Do we file our VAT return on time?
Are we sure we’re correctly claiming the input tax credit?
Are we aware of the consequences of non-compliance with the tax law?