Our services deliver retail management at its best
The retail industry creates a path which starts from the manufacturer and ends when goods and services reach to the consumer. In this journey of products and services, several layers are creating a supply chain. To keep the optimum functionality of this supply chain, high-grade retail management is required which can only be offered by a few firms such as N R Doshi and Partners.
The person who gets his goods from a manufacturer is known as a retailer. They may also get the products from wholesalers or distributors who are the middleman of this supply chain. From retailers, it directly reaches to consumers.
When retail is categorized, there are multiple industries such as fashion retail, supermarket, consumer electronics, furniture, hardware, jewelry, sporting goods, pharmacy, optics, etc. Each sector has a different supply chain layout depending upon the type of products they deal with.
After the inclusion of the internet, internet-retailing has come into existence, which means the manufactures can even become the retailers by directly selling their products online.
As the manufacturer works with different retailers, and even the customers keep changing their favorite brands, retailers have to face challenges every day. Competition is not only with the local retailers but also with online tycoons.
Therefore, when you maintain all the records of your sales and accounts, it helps one to conduct analytics. With our service, you can keep track of the movement of a single item through our skilled retail inventory management. We even prepare tax returns and conduct VAT consulting for our clients to make sure that their regulatory requirements are met.
We also have a legal department to handle compliance matters related to taxation and anti-money laundering law. We remain at your service from the time of company formation to every step you take. This makes your decisions concrete and more fruitful.
Retail management could be tougher for large-scale industries where manufacturers are retailers themselves. If you own such an industry, we can provide trustworthy external support to your business by providing you with efficient human resources.
In a modern-day environment, where everything is computerized, operating multiple retail stores without IT support is next to impossible. We examine your IT system, policies, operations, and carry out IT audits to ensure that the controls designed to protect your data and intellectual property are aligned with the goal that you want to achieve.
We own one of the top retail consultant teams consists of proficient CAs, CPAs, and accountants in Dubai, who is specialized in compliance check, credibility check, and risk mitigation whose benefit you can take through our advisory service.
Retail has various essential aspects that are required to be taken care of. The industry is becoming aggressively competitive, and if you wish to sustain, you need to share the burden. As one of the best retail management services, we will efficiently handle your information technology department, accounting, and human resources.
Accounting and Finance
As the accounting process in the retail industry involves a large number of transactions, it can be considered complex. Our extensive service of bookkeeping, accounting, and tax preparation will make sure that your business readily takes proper statistically driven decisions.
It will also help you to keep an eye on your sales and inventory. You can easily identify item wise, category wise, department wise, store wise sales and fast-moving, slow-moving, expiring inventory items. We have an exclusive team of accounting professionals to maintain the record of invoices, POS transactions, cash outflow, and account payable. Let the day-to-day mundane task be handled by N R Doshi professionals so that you can focus on implementing your retail strategy.
We provide financial reports based on custom intervals as per our client’s requirement. These reports will help you plan the investments and direct the flow of capital.
The data generated by the reports can be used for predictive analytics, which directly helps in sales growth. Furthermore, based on these decisions, we can create a budget for a particular unit of your business.
Taxation
VAT system, which is also known as the indirect tax system, was adopted and implemented by the UAE government from 1st January 2018. It applies to almost all the goods and services exempting healthcare, education, and food items. We, as VAT consultants, will let you know how different areas of retail industries will get affected by its implementation. We even provide employee training and learning facilities regarding VAT implementation. You can also take the benefit of the VAT compliance check to avoid substantial penalties.
Human Resource
The retail industry generates 4.8 million jobs in the United States alone. Considering this data, one can ensure that there is a massive requirement of man force in this sector. As no formal education is required for most of the job roles in this sector, finding eligible workers won’t be a tough task. However, a background check is necessary to make sure that the hired employee is credible. Our recruitment team will leave with you with no doubt that it owns the best human resource.
After hiring an employee, it is essential to keep a check on his performance to reward him appropriately in terms of compensation. Performance evaluation is a continuous task. Retailers find it difficult to evaluate performance of their sales staff due to ever increasing work pressure and having no formal methods of evaluation. We provide and implement a complete methodology to track and measure the employee performance and help in deciding appropriate increase or decrease in remuneration in line with the performance.
Compensation management contains the payroll service and initial decision making of the CTC of an individual employee. This service can be included with a recruitment service, or you can even select the complete human resource package.
HR Administration involves the formation of different policies according to which company, as well as the employees’ function. Based on the HR policy, procedures are developed and implemented. Every procedure is created with the vision of providing ease of operation and access to employees while ensuring proper control over their activities. As the retail industry deals with a lot of man force, the chances of conflicts are even more. Therefore, our policies aim to provide a base to give resolution to every arising conflict.
The retail industry requires minimal formal education, and most of the learning can be provided through the training we offer. The entire industry is dependent on the capabilities of the retail sales staff. If sales staff is good enough and motivated to bring the result, nothing can stop a business from reaching new heights. We conduct training for sales staff, accounts department, IT department and management as per the predefined objectives.
Information Technology
If you rely on any software or external party for your accounting service, we re-check the accounting it performs. This makes sure that no reports created based upon the bookkeeping goes wrong. The credibility check is done multiple times to leave you with no doubt that each calculation is correct. In case, if any error is found, we notify it to you so that you can take an appropriate action.
The information assets such as software, hardware devices, cloud storage, network channels, etc., where all the data associated with the supply chain information, sales, and movement of the items is stored are evaluated for their level of security.
This is performed so that cyber-criminals don’t get their hands on your business information. It can harm your business if your competitors know about your business network, sales, and approach.
In the retail business, proper management is the key to get high profits and avoid losses. This can be achieved by making the business process efficient by implementing the latest trends, techniques, and technologies in your business. We study current business processes of the retail business, find out issues, fine-tune them to make them efficient and implement them to achieve higher efficiency. In the process, we also suggest suitable hardware and software changes to take maximum benefit of the available technology.
With the advanced level data analytics and knowledge of data science, our business improvisation team will let you achieve growth cost-effectively and in a shorter period.
Operations
In the case of the retail industry, the risks involved may depend upon the products with which your business is associated or the supplier you are heavily dependent upon for your requirement of inventory items. Our risk management team studies your retail business processes, key elements in the supply chain, IT Infrastructure, and the regulatory compliances to come up with a risk management plan whereby risks can be effectively identified, prioritized, transferred, mitigated or accepted.
We analyze the general risks as well as the risks associated with the products, check the history of events that took place, and learn about the potential threats. Our risk management plan aims to avoid or at least lower down the impact of risks that it becomes insignificant.
Optimum resource utilization is the source of earning a hidden profit. We take out the most out of your resources by detecting different ways of using them. Moreover, if the return of any resource is not equivalent to the investment, we eliminate it to save the costs. In the retail industry, this is one of the promising services as we scan various elements to provide the results.
One must be familiar with the importance of this service before utilizing it. There are various regulations created for every industry for the welfare of consumers and the industry itself. Such rules are present in the retail sector also. In case if your business doesn’t follow any of the laws, heavy penalties or even shut down can be the consequence.
Now the choice is yours. You can use our cost-effective service instead of paying the penalties. Whenever there is any amendment in law, we would be there to notify you and recheck the compliance.
Legal
A retail company requires a reliable supply chain. For that, the company needs a robust market network where it expects to sell the manufacturer’s product
With the experience in the industry, we have managed to own vast web of systems covering everyone from the manufacturers to consumers. Our network will help you forming a company and drawing a business expansion plan.
The requirement of a contract- pricing, terms and conditions, validity, etc. changes according to the size, location and bargaining power of your business. After working with numerous retailers, we have developed an idea of preparing contracts for retailers dealing with various kinds of products. We will ensure that conditions and pricing remain favorable.
Advisory
Our advisory service is beneficial for retailers as it covers different aspects under one umbrella. As the retail industry is getting automated, we design and implement software programs which help your business to boost its sales.
At the initial stage, when you are getting started with your retail business, you can reach us out for a “feasibility study” service. This service will you to define the perfect attributes providing effortless growth in the future.
Auditing
Statutory audit report is created with our opinion on true and fair view of the financial statements. We have a team of expert auditors dealing with retail industry knowing the pulse of the business. We employ our proprietary auditing methods to ensure that all material aspects are disclosed to the stakeholders. We extensively check your retail business processes, POS transactions, receipt, payment, purchase and inventory transactions to ensure arithmetical accuracy and completeness of the accounting.
As we have earned a good reputation in the UAE through our work, our audit report is accepted in all the banks. Read more about our external audit services in Dubai, UAE.
As a company owner, you would always be finding ways to improve the business. Through our internal audit service, we can find out the areas of business where the company needs to pay additional attention.
To make the audit process exclusive, we design it according to your business model and select the audit cycle accordingly. After the audit is conducted, we provide you suggestions to move forward more efficiently. Read more about our internal audit services in Dubai, UAE.