Disruption….Disruption….Disruption that’s what we are hearing from the past few months. Disruption on human lives, Disruptionin development, disruption in economies and for businesses disruption in financial statements. For now Let’s focus on problems faced by the business houses and how it is disrupting financial statements of the companies.
Coronavirus today has spread all around the world having its negative impact on individuals, governments and businesses and its impact is such huge that its difficult to assess in a proper way.
The Economy is most affected during corona virus after health of people as businesses have been shut for a long time, and certainly it has affected the accounts of the business leading to the disruption on Financial statements.
Covid-19 situation has created some of the big problems like, Cash Management and Statutory dues.
The problem of Cash Management cycle may result in non–payment of dues of loan installment, stocks for working capital requirements, and payment of salaries.
Cash flow issues would also affect the submission of statutory dues such as provident fund, Employee provident fund, GST, etc…
Such problems like Cash Management, Statutory dues, deferred taxAssessment may ultimately affect on the Financial statements of the business leading into complication of numbers in the accounts and statements.
However, you have not to worryabout such disruptions when you have excellent Audit firm like ‘NUF CHARTERED ACCOUNTANTS‘.
We are a Dubai based business consultancy firm that offers end-to-end solutions such as Feasibility studies, Company Consolidation, Accounting & Book Keeping, in addition to Audit and Guarantee. It is approved by UAE’S Ministry of Economic situation and certified by Dubai’s department of economic development. We are best in meeting clients needs locally and internationally and that’s one of our strength we don’t confine ourselves to the human made borders we serve our clients all over the world.
So let’s grow together in this situation of Covid-19 and not let Corona Disrupt us.