Business experts always advise startup entrepreneurs and new business owners to be hands on with their finances, especially when it comes of their business finances. But checking your business funds alone is not enough. You need to educate yourself about the rudiments of business financing to keep your business money intact and straight.
Here are some of the business financial aspects that every business owner should take to heart:
- Accounting and finance auditing
When you are running a business, it is important that you have at least a basic knowledge in accounting and auditing. With accounting, you can see where the majority of your business money goes and whether you are making a profit out of your business. It will also enable you to check whether there are anomalies with the purchases and if you are bleeding money from assets that you might not be needed.
Finance auditing is to ensure that your financial books are balance and it complies with the standards set by the industry and the governing agencies.
- VAT and tax-related issues
Learning business tax is not just about computing how much VAT you will impose in your products and services. It is important that you educate yourself about the laws and regulation surrounding this aspect. This is necessary, especially if you are branching out and expanding your business to different locations. You need to keep in mind that VAT laws and regulations differ depending on the jurisdiction and location. Taking a VAT training in Abu Dhabi will help you know the basics of VAT and its proper implementation.
- Proper product and service pricing
Product and service pricing is definitely one of the hardest thing to do because since you need to factor in a number of things – from the cost of materials and labor, the taxes, and top up for your return of investment. Doing it wrong can either lead to overpricing or getting less than what you are supposed to get.
- Compensation and benefits
Another important financial aspect that you need to study is how paying your employees work. Learning about employees’ compensation and benefits would allow you to create a fair and just offer to top applicants who you want to be part of your team. It will also allow you to know the right and proper benefits your employees should receive. There are training courses in UAE that offers compensation and benefits training.