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Step up financial monitoring, corporates are advised

mainbanner3The UAE hosted the Global trade Development Week EMEA, which will see an unprecedented gathering of influential business and government leaders, entrepreneurs and academics from more than 70 countries. The event, which is the world’s largest trade facilitation, development, investment and customs programme, was held in Emirates Towers, Dubai, from 27 until 29 October.

Businesses are being encouraged by leading financial trainer Genesis Institute to step up their financial monitoring through certified professionals in order to analyse performance, reduce losses, improve profits and detect accounting fraud.

“You don’t have to be a finance expert in order to see when you’re business is in jeopardy and, in fact, it is crucial to be able to tell the signs and see the loopholes in order to save the company before it’s too late,” said managing director Binod Shankar.

“Now that Dubai is booming again, it’ll become more important for lenders to ensure loans are given after careful credit analysis, for senior managers to keep an eye on their finances and for new businesses, especially SMEs, to know the ABCs of understanding the numbers to make better business decisions.

“Financial statements contain useful information for investors, lenders, customers, risk analysts, management, regulators and any other interested parties. The numbers and the notes showcase how profitable the company is, how efficiently it is managing its assets, the level of borrowings and its liquidity, and whether its share is expensive or cheap, among other things. There is a wide array of tools that will quickly reveal all this and more.

“It may sound a bit unreal but if you crunch a few numbers you can even estimate (with some accuracy) the likelihood of a company going bankrupt!”

The institute runs a Financial Analysis Masterclass in both Dubai and Abu Dhabi, which starts with a quick overview of the basics before moving on to talk about Financial Statement Analysis, Financial Statement Fraud and Fraud Detection, Audit and Audit Reports and Bankruptcy Prediction. “It’s a deep dive into the intricate yet highly informative world of financial statements,” concluded Binod.

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