Category: Blog
The Role of Vendor Down Payment Services in Simplifying Transactions
Vimal Kutty
Phone:- +971 4 327 7775
Mobile:- +971 56 147 0259
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Effective payment procedures are essential in today’s corporate environment for preserving positive supplier relationships and maintaining cash flow. Vendor down payment service is one such approach that has gained popularity. This service gives companies a way to speed up the payment process by providing a way to pay suppliers in advance or on a due basis. Vendor down payment services enable simpler transactions and strengthen relationships between buyers and suppliers by supplying a portion of the payment on time and ahead.
Vendor Down Payment Services: An Overview
Vendor down payment services simplify the payment process by streamlining the management of payments. Instead of relying on manual processes, businesses may utilize these services to initiate payment transactions effortlessly. Vendor down payment services minimize the need for separate workflows and lessen administrative effort.
Benefits of Vendor Down Payment Services in UAE
Businesses can benefit from using vendor down payment services in several ways.
Enhanced relationships with suppliers
Businesses who pay their vendors on time prove to them that they are reliable and dedicated, which leads to improved relations and preferential treatment.
Time and cost saving procedure
Vendor down payment services provide companies with a streamlined approach that lessens the need for human labor, enables them to cut costs, and speeds up the payment process.
Negotiation Leverage
Businesses can negotiate favorable conditions such economical pricing and extended credit terms, based on good faith and confidence. As an additional appreciation for the prompt payment, vendors may give discounts or early access to products and services.
Reduced risks of Inhouse fraud
Vendor down payment services lessen the risk of fraud and misappropriation of funds since it is handled by external third parties providing a consistent flow of services to support corporate operations.
Security and Risk Considerations
Security is a vital factor to consider when initiating payments to vendors. In today’s interconnected world, cybersecurity issues pose a significant threat, including the potential loss of bank credentials. With the involvement of a third party, many businesses can let go of their concerns about the safety and confidentiality of their data. By using cutting-edge technology and ISO-certified software that meets industry standards, you can be assured that your data is in safe hands. One of the other advantages of partnering with a third party is that no cost-incurred security solutions are provided without compromising on quality. Hence, protecting sensitive financial information is crucial to prevent financial loss, identity theft, and reputational damage.
Preserved accuracy due to Multiple checking
Vendor down payment services’ main goal is to make it easier for companies to deal with suppliers. These services also involve “the double-checking of client data,” which is crucial to payment accuracy assurance. The vendor service provider will review the documents associated with the payment request to make sure that payments are made to the right Invoice and appropriate supplier.
Leverage Vendor Down Payment Services for Efficient Financial Management
In the highly competitive environment of today, firms must implement effective financial practices to stay ahead. Vendor down payment services offer a feasible option for streamlining payments, controlling cash flow, and reducing risks. Businesses can enhance their supplier relationships, streamline their procurement processes, and gain a competitive edge by investigating and utilizing these services.
Bottom Line
A business operation’s lifeline is an effective payment system. Supply chain interruptions, strained business relationships with suppliers, and even lost development opportunities can result from slow or burdensome payment processes.
Establishing lasting relationships, guaranteeing the availability of goods and services, and sustaining efficient operations all depend on prompt and easy payments. Vendor down payment services provide a remedy that boosts productivity, promotes cash flow management, and helps companies to swiftly fulfill their financial responsibilities.
HLB HAMT to Assist!
A reputable provider of financial services, HLB HAMT is committed to assisting companies reach their financial objectives. HLB HAMT plays a vital role in upholding strict data protection measures, thereby reducing the chance that hackers will access important information. At every stage of the process, HLB HAMT provides qualified guidance and support in its capacity as an inspector of financial operations.
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How Can Intelligent Automation Aid Tax Operations and Functions?
Midhun Menon P
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Tax operations are expected to make better use of scarce resources to generate value and enhance business insights for better decision-making, all while cutting costs and meeting the demands of an ever-increasing compliance and reporting load. Tax departments are increasingly relying on technology, particularly intelligent automation, to help them do their jobs.
We can look at how intelligent automation is becoming the industry standard and how it is assisting tax and tax function departments in providing more value and weathering the current upheaval. The question is no longer “if,” but “where,” “how,” and “when” it can be implemented.
Before we get into how intelligent automation can help tax operations and functions, let’s take a look at the various types of automation that businesses are using these days.
Routine Task Automation
This category of systems (including robotic process automation tools), also known as “bots,” digitalize mundane, repetitive tasks and significantly increase productivity. The term “robotic process automation” (RPA) refers to a software “robot” that mimics human behavior when interacting with a computer. Following the completion of the necessary settings, the software robot may handle routine, rule-based tasks, freeing up tax experts for higher-value work. Three of the most promising areas for robotic process automation are data collection, data entry, and data reconciliation. However, these applications are only the tip of the iceberg in terms of what RPA can do.
Automation of Advanced Processes
This class of systems employs NLP and machine learning to handle complex transactions involving both structured and unstructured data.
Intelligent Automation
Because they mimic human abilities such as perception, evidence gathering, and decision-making, cognitive automation systems are the most talked-about and potentially useful type of AI. Rather than being classically coded, these systems are trained to work in specific knowledge domains, such as a set of tax laws. The strength of cognitive computing is its ability to process large datasets to conclude. We simply do not have the capacity in our brains to process and assimilate this much information.
Intelligent Tax Automation
Intelligent automation is achieved by rethinking and improving processes, expanding the capacities of underlying data systems, and testing out new technological approaches. When we talk about intelligent automation in tax, we look at processes through an automation lens to see where human intervention can be reduced without sacrificing efficiency or output quality.
There are numerous technologies available today that could facilitate intelligent automation and benefit the tax department. Some of the most popular ITA technologies now being deployed in the market as part of tax function transformation are robotic process automation (RPA), extract, transform, and load (ETL) tools, and data analytics tools.
In this context, technology is critical in facilitating the delivery of process improvements and efficiencies, but it is far from the only factor. It is critical to begin discussions about ITA by focusing on its objectives: what are the organization’s basic requirements and needs? Once a plan of action has been determined, the focus can shift to the technologies that will carry it out.
How RPA can help you save time?
RPA can automate the majority of the steps in filing an indirect tax return. The tax robot is intended to access and combine data from a wide range of source applications (ERPs, consolidation systems, SharePoint sites, and so on) with other inputs (excel templates, emails, tax authorities’ websites, and so on) before generating the necessary tax reports for inspection by tax professionals. Another example is the time and effort expended by multinational corporations with complex group structures on tax provision and return-to-provision operations as part of the group tax reporting process. Robotic process automation (RPA) can be a lifesaver, assisting in the collection of data in the appropriate format from critical systems, followed by the execution of the prescribed checks and reconciliations and the identification of any discrepancies. There are safeguards in place to ensure the integrity of the collected detection of data in the appropriate format from critical systems, followed by the execution of the prescribed checks and reconciliations and the identification of any discrepancies. There are safeguards in place to ensure the integrity of the collected data. Now that tax return computation and other reports are handled automatically rather than manually, more time is available for inspection and study. It is especially important during critical reporting cycles to have an automated solution that can help reduce contractor reliance, increase process transparency, and tighten quality control.
Data analytics is a critical tool for Intelligent Automation
Several businesses struggle with even the most basic analytics reporting capabilities, even though many businesses are working to integrate more advanced analytics into their core operations. So, how can tax authorities leverage data analytics? Before delving into more advanced topics in data analytics, it’s best to get your foot in the door by mastering the fundamentals on your own. When tax professionals have mastered the fundamentals, they can progress to more complex analytics, allowing for more precise and up-to-date reporting. Improved data integration can help with data availability.
A fresh start for Data Integration
Too much data in too many silos is a common problem for corporations, and it is frequently caused by the use of multiple enterprise resource planning (ERP) systems. The amount of time tax professionals spend gathering, cleansing, and visualizing data grows in direct proportion to the number of ERPs in use. Most data collection, cleaning, and visualization tasks are still done manually, which means tax departments are missing out on the efficiency gains that automation provides. If there are different spreadsheets for each step, which indicates that there are multiple data source points, there is the potential for process standardization. The use of intelligent automation to facilitate data gathering and purification processes can improve resource availability in the tax function. Data integration automation can shorten reporting timelines and increase transparency for traceability.
Education in Tax Technology
To adapt and change tax operations for the future, traditional tax and finance expertise, as well as data and technology expertise, is required. Intelligent tax automation is a top priority for businesses that offer both in-house and external tax technology training programs. Tax professionals can learn about intelligent automation technologies and, more importantly, consider and eventually apply them in their work to improve efficiency and risk management if they take advantage of the available resources.
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Enterprise Risks in Chat GPT
Vimal Ramachandran
Phone:- +971 4 327 7775
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Email:- dubai@hlbhamt.com
Generative AI (GenAI) has introduced new enterprise risks that must be properly evaluated in a business context. These risks include technological or procedural expansions of current hazards, legal and regulatory risks, and wholly new dangers. A reference table is provided as guidelines for organizations to assess these risks.
Enterprises can reduce the negative impact of GenAI usage by opting out of having user prompt data used to train future models, accepting a data retention policy of 30 days, declaring a Risk Exception, or investigating an on-premises option.
The authors seek to address data exposure issues related to GenAI and ChatGPT by using large language models (LLMs) to make user input and private data available to rivals. GenAI technologies may use user input for model development, but OpenAI’s stance on this is against it due to potential dangers and issues with biased models.
High Risks
A. Data Privacy and Confidentiality
Private information and non-public enterprise The application of GenAI in the enterprise may result in the access and processing of sensitive information, intellectual property, source code, trade secrets, and other proprietary information. data, either direct user input or the API, including customer or private information and confidential information. This has previously been noted as a problem here.
- Sending secret and private information outside of an organization’s network can lead to legal and compliance issues, as well as risks of information exposure, under CCPA, GDPR, and HIPAA.
- GenAI technologies such as ChatGPT have been handed over to OpenAI, but the third-party SaaS is not yet integrated. This means that users will not be able to view data in real time, and future models may not use user input.
- Corporate documentation states that OpenAI’s API is not maintained for more than 30 days and is opt-out by default, while ChatGPT is opt-in by default and charged a fee. However, provided information is vulnerable to storage and processing risks.
B. Enterprise, SaaS, and Third-party Security
Non-public enterprise data, third- and fourth-party software
CISOs are concerned that data exchange with third parties will increase due to the widespread use of GenAI and integrations in third-party apps, leading to less predictable patterns.
- Risks in the supply chain can be divided into three categories: relying on third-party security, relying on GenAI technologies, and relying on third-party quality assurance.
- GenAI platforms may expose sensitive data such as customer data, financial information, and proprietary business information if their systems and infrastructure are not secure.
- GenAI and ChatGPT are being integrated into third-party platforms such as Microsoft Azure OpenAPI and Office 365, creating a potential risk.
- GenAI platforms are a high-value target for threat actors due to their limited number and increasing use.
C. AI Behavioral Vulnerabilities
Model operator, non-public enterprise data
Actors may use or cause models to be used in ways that reveal sensitive information about the model or cause the model to be damaged. do acts that are contrary to the design’s aims.
- Attackers can use GenAI systems to circumvent AI behavior and make it execute unexpected tasks, which can have a negative influence on organizations and stakeholders.
- Third-party applications with GenAI APIs can allow attackers to access user data, potentially allowing them to take actions on behalf of the user.
- Injection attacks can be used to gain unauthorized access to business systems.
D. Legal and Regulatory
- Regulatory Consideration: GenAI must be used following data privacy rules, such as GDPR, PIPEDA, and CCPA. Italy’s data protection regulator has temporarily prohibited the use of ChatGPT, and Germany is reviewing the issue.
- Legal Consideration: GenAI used in consumer-facing communications can be regulated, resulting in legal or regulatory consequences. ChatGPT and chatbot services must be disclosed to clients to avoid potential legal action.
Medium Risks
Threat Actor Evolution
A. Enterprise readiness, third parties
Threat actors use GenAI for malevolent objectives, such as phishing attacks and social engineering. To address this, security awareness training and other social engineering measures must be re-evaluated, and controls must be mitigated.
B. Organization’s legal exposure
GenAI models are trained on a wide range of data, including an unknown amount of copyrighted and private content, causing ownership and licensing concerns between the organization and third parties.
- GenAI models have been accused of utilizing material generated by others, which could lead to intellectual property violations and plagiarism, as the same material can be provided to multiple parties.
- GenAI models may inadvertently infringe on copyrighted material without authorization from dataset owners.
- The US Copyright Office has recommended denying copyright protection for GenAI works, allowing them to be freely used and copied.
- GenAI may return code with proprietary content, such as GPL 3, which could be legally binding for organizations to distribute. It is important to consult with an attorney if any infractions occur.
- Policies should be based on current intellectual property concepts.
C. Insecure Code Generation
- Software development projects and developers GenAI-generated code can be used without sufficient security audit or review, leading to the deployment of insecure programs in different systems and as “ground truth” for future model learning.
- Organization’s brand and reputation GenAI’s output can be delivered with significant reputational risks, including erroneous, damaging, biased, or humiliating content, as well as safety concerns such as doxxing or hate speech.
- The current generation of GenAI models has been seen to provide erroneous, inaccurate, incorrect, and deceptive data.
- Using AI outputs without validation can lead to inaccurate assertions and facts, which can result in legal consequences such as libel.
Low Risks
A. Software Security Vulnerabilities
Non-public enterprise data and system integrity
- GenAI apps must be updated and secured with proper controls against traditional software vulnerabilities and their interaction with developing AI vulnerabilities.
- GenAI systems are vulnerable to software vulnerabilities and AI flaws, increasing the risk.
- Attackers can exploit flaws in front-end models to manipulate back-end models, triggering SQL injections when appended to model output.
B. Availability, Performance, and Costs
- Enterprise systems’ Resilience
GenAI and OpenAI can present operational risks such as system downtime, performance, and failure. User mistakes must be included in threat modeling and architectural planning, and backup and disaster recovery methods are required. Operating an LLM can be costly, with each response costing “single digit cents” according to OpenAI.
- Regulatory Compliance
AI is gaining traction due to ethical standards for safety, security, fairness, transparency, explain ability, and general responsibility. Legal and regulatory structures are already incorporating these principles, so it is important to screen for potential impacts and consider mitigation measures. CISOs can also influence rules and educate authorities. ESG issues should also be evaluated.
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The Top five common methods for valuing startup companies
Jovina Varghese
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The economic value of a business or company is determined using the process of business valuation. This involves assessing the financial and non-financial aspects of the business, including its assets, liabilities, revenue, earnings, market position, competitive landscape, industry trends, and management team, among other factors.
Importance of valuing startup companies
Business valuation is typically carried out for a variety of purposes, including mergers and acquisitions, initial public offerings (IPOs), raising capital, taxation, financial reporting, and litigation.
Ultimately, the goal of business valuation is to determine the fair market value of a business, which represents the price that a willing buyer would pay to a willing seller in an arm’s-length transaction. This information can be useful for a wide range of stakeholders, including business owners, investors, lenders, and regulators.
Valuing startup companies can be a challenging task since they usually do not have a long track record or historical financial data to assess their performance.
Methods for Valuing Startup Companies
Here are some common methods used to value startup companies:
Discounted Cash Flow (DCF) Analysis:
The present value of future cash flows is typically estimated using the DCF approach. It involves estimating future cash flows, discounting them back to their present value using a discount rate, and summing them up to arrive at a fair value. This approach requires a detailed understanding of the startup’s business model, market potential, and future growth prospects.
Market Comparable Method:
This method involves comparing the startup’s financial metrics (such as revenue or EBITDA) to those of similar companies in the industry. The comparable companies can be publicly traded or recently acquired, and their valuation multiples can be used to estimate the startup’s value.
Venture Capital (VC) Method:
The VC method is a widely used method for valuing startups. This method is commonly used by investors and involves estimating the company’s terminal value (future value) based on projected cash flows and applying a discount rate to arrive at the present value. The discount rate is typically higher than other valuation methods to account for the high risk associated with investing in startups. It takes into account factors such as the startup’s stage of development, market potential, and the amount of capital raised.
Scorecard Method:
This method involves assigning a score to the startup based on various factors such as the quality of the team, market size, competition, and intellectual property. Each factor is assigned a weight based on its relevance to the company’s overall success. The company’s performance is then evaluated against each metric, and a score is assigned based on how well it performs compared to the industry benchmarks.
Cost-to-Duplicate Method:
The cost to duplicate valuation approach is a method used to estimate the value of an asset or property. It is based on the idea that the value of an asset can be determined by the cost of creating a similar asset or property. In other words, it estimates the cost to replicate the asset or property in its current state, including all the necessary components and materials.
Combining Methods for Accurate Valuation
It is worth noting that no single method is perfect, and each approach has its own strengths and weaknesses. Therefore, it is recommended to use a combination of these methods to get a more accurate estimate of a startup’s value.
Factors to Consider in Startup Valuation
It is also essential to consider qualitative factors such as industry trend, business model, the startup’s team, product, and market potential, in addition to quantitative factors such as financial metrics, when valuing a startup. However, it is important to note that valuing a startup is an inherently subjective process, and the final value may depend on negotiations between the buyer and seller.
Bottom Line
Startup company valuation is a complex undertaking that calls for a comprehensive strategy. Despite the difficulties presented by limited historical data and unclear market conditions, there are a number of approaches available to calculate their value. Ultimately, a thorough analysis of all available data and an in-depth understanding of the startup environment are necessary for effective valuation.
HLB HAMT to Assist!
HLB HAMT is an independent member firm of HLB International, UK. HLB international is included in the top 10 global advisory and accounting firms. We have 24 years of service experience in the region and an impressive client base of over 3,000 organizations; HLB HAMT offers expert guidance and assistance to navigate the complexities of today’s dynamic business landscape.
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Chat GPT: The Ultimate Trend You Must Try in 2023
Vimal Ramachandran
Phone:- +971 4 327 7775
Mobile:- +971 52 830 7998
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Email:- dubai@hlbhamt.com
An Overview of Chat GPT
Computers may simulate human conversations using ChatGPT, or Generative Pre-trained Transformer, which employs artificial intelligence. It uses machine learning techniques and natural language processing (NLP) to provide an engaging and fascinating conversational experience with a user. Chat GPT may be used for a wide range of applications, including customer service, personal assistant apps, automated consumer help, and more. Chat GPT can deliver correct and personalized solutions to customer inquiries by recognizing user intent and context.
What will Chat GPT’s role be in the future?
ChatGPT is an advanced language generation model that is continually being updated and improved by OpenAI. Here are some potential future developments for the ChatGPT tool:
Enhanced Accuracy:
The quality and coherence of the generated text are anticipated to increase as more data is gathered and the model is fine-tuned for specific jobs. Multitask training improves Chat GPT accuracy by helping models learn more effectively from many targets and so talk more authentically. Expect to see more multitasking training installations this year as firms aim for improved accuracy and quicker queries. Companies that capitalize on this trend will gain an advantage over their competitors, resulting in greater client experiences and enhanced chatbot accuracy.
Greater Scalability:
Because the model has been optimized for larger-scale language production jobs, it can handle more complicated and larger inputs, making it more adaptable. Businesses must use technology to lower expenses as much as possible to remain competitive. Expect increased scalability and lower costs in 2023 because of advances in model optimization approaches. From distributed training and AutoML (machine learning) models to batching strategies and early dumping, these technologies offer a quick, scalable solution that is not expensive. Consequently, companies of all sizes may benefit from more efficient deployments at lower costs.
Multilingual Assistance:
Open AI is developing models that handle many languages, making ChatGPT more helpful for organizations and individuals that need to connect with others who speak different languages. Businesses must ensure that they cater to clients internationally to remain competitive. Chat GPT facilitates this by offering multilingual help with no further work on the customer’s behalf. This lets customers communicate in their language and GPT agents react in any language they like, providing a more personalized experience. With breakthroughs in natural language processing projected for 2023, organizations should consider offering multilingual customer care.
Improved Speed:
The model will be able to create text at a quicker pace with more powerful hardware and optimized algorithms, making it more suitable for real-time applications such as chatbots or conversation systems. The improved speed of natural language processing is one of the main developments to watch in 2023. The faster GPT agents can receive user input and reply, the better the customer experience they can provide. Businesses will be able to utilize chatbots on many channels, including websites, applications, and social media platforms, to expand their customer support reach. Furthermore, these developments will enable more advanced dialogue tracking capabilities, resulting in better chatbot encounters and improved user satisfaction.
Additional Use Cases:
The model will become increasingly specialized as it is fine-tuned for various tasks and domains, making it more valuable for specific use cases. Businesses will be able to benefit from more particular use cases because of the increasing speed of natural language processing in chat GPT. Customer service representatives, for example, will be able to instantly access and reply to frequently asked customer inquiries as well as more challenging queries by searching customer knowledge databases and client-specific data provided by back-end systems and AI algorithms. This may provide rapid customer assistance 24 hours a day, seven days a week, and automate substantial aspects of the process to reduce costs.
Increased Interpretability:
Artificial intelligence can now comprehend natural language more precisely than ever before thanks to ChatGPT. Because of the enhanced interpretability, developers will be able to leverage the same AI technology to create more complex and nuanced conversational experiences. ChatGPT’s extensive features enable bots to recognize even small variations in language and reply properly by considering the context of chats and user behaviors. By more properly detecting user intents, the technology might become a key tool for developing powerful AI-powered chatbots for a wide range of applications.
Interoperability with Other Technologies:
ChatGPT is intended to connect seamlessly with current conversational solutions such as bots and virtual assistants. Consequently, developers may rapidly integrate the technology into their current bot solutions without requiring considerable development resources or time. This interoperability enables businesses to build on current solutions to develop unique AI-powered chatbots that can comprehend and respond to customer demands in real time.
Security and Privacy:
ChatGPT provides a safe and private environment for chats. It employs artificial intelligence to detect dangerous information, spam, and censorship to provide a secure environment free of intervention or manipulation. Furthermore, ChatGPT does not retain or transfer personal data to any third party. To ensure users’ privacy at all times, all communication with them is encrypted and kept locally.
How does the ChatGPT tool Work?
ChatGPT is a powerful language generation model that may be used in a variety of NLP applications, including:
Generating Text:
ChatGPT may generate writing that looks human. This may be used for writing, content development, and a variety of other purposes.
Dialogue Generation:
ChatGPT can produce conversational answers, making it helpful for developing chatbots and virtual assistants.
Language Translation:
ChatGPT may be optimized for language translation jobs, which is important for a chatbot or customer support applications.
Text Summarization:
ChatGPT may be customized for text summary jobs, which is beneficial for news stories, large papers, and other materials.
Text Classification:
ChatGPT may be fine-tuned for text categorization tasks, making it helpful for sentiment analysis, intent identification, and other NLP applications.
Question and Answer:
ChatGPT may be optimized for question-answering tasks, making it ideal for chatbots and customer service applications.
Text Completion:
ChatGPT may be set up to do text completion tasks, which might be useful for predictive text input and other applications.
It is critical to highlight that the output quality is determined by the quality of the data used to fine-tune the model, the quantity of fine-tuning, and the unique use case.
Chat GPT’s Benefits for Businesses
Cost-cutting Measures:
Using Chat GPT, you can provide support and customer service at a low cost. Businesses may use Chat GPT to minimize the number of customer support agents required to address customer inquiries, which can help cut overhead expenses.
Increased Efficiency:
ChatGPT can help businesses provide rapid and effective customer service. Businesses may use Chat GPT to swiftly reply to client queries without having to wait for customer care staff.
Improved Customer Service:
When compared to traditional customer service methods, Chat GPT can provide a more personalized experience for clients. Chat GPT can assist in providing clients with a more personalized answer to their concerns, thereby improving customer happiness.
Increased Engagement:
Chat GPT can aid in more engaging customer engagement. Businesses may create a more engaging customer experience using Chat GPT, which can help promote customer loyalty.
Quick Response Times:
ChatGPT can reply swiftly to incoming messages, making it ideal for real-time interactions.
Automated Conversation:
ChatGPT can produce a dialogue on its own, eliminating the need for operator interaction.
Natural Language Processing (NLP):
ChatGPT understands natural language and can answer in a way that is relevant to users.
Flexibility:
ChatGPT is suited for enterprise-level applications since it can be implemented in large-scale applications.
What distinguishes Chat GPT from other AI programs, and what exactly does it do?
Chat GPT (Generative Pre-trained Transformer), a natural language processing (NLP) technology, allows computers to understand and conversationally respond to human language. It employs a deep learning approach known as the Transformer architecture for language processing. It is better capable of understanding and reacting to user input than other AI systems.
It may also produce relevant replies to user requests without relying on pre-defined responses.
Conclusion
Finally, ChatGPT is a cutting-edge language generation model with the potential to dramatically transform how businesses engage with their customers. It may be used to automate time-consuming and repetitive operations such as answering frequently asked questions, providing personalized responses, and even creating content.
Businesses must also be conscious of the ethical implications of utilizing this technology, such as ensuring that the model does not produce biased or objectionable language. ChatGPT, when used correctly, may have several potentials for expansion while also improving a company’s overall efficiency.
ChatGPT is a great tool, but it cannot replace human thought and may create biased or objectionable content if not correctly calibrated. As a result, it is critical to use this tool with caution and with ethics in mind.
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Assessing Your Digital Quotient: Evaluating Skills and Strategies for a Digital Future
Sumesh Krishna, Partner
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Digital knowledge will become one of the skills of finance professionals, and it must be connected to the overall business and how it achieves goals. Proficiency in technology alone is insufficient without alignment with organizational culture. Moreover, the ethical considerations that finance professionals put play a crucial role in digital transformation.
Developing your Digital Quotient
- A digital quotient is a collection of several degrees of skills.
- You must consistently invest in your digital skills as a finance and accounting professional to take advantage of your opportunities.
- Accounting and finance professionals that are effective continue to raise their digital quotient in two areas:
- Recognize the value of the digital landscape to their position and be aware of how technology is used to accomplish the Company’s strategy.
- Use the specific skills related to the organization’s technology – Digital applications.
Four components of the digital quotient are as follows:
- Digital capabilities
- Digital practice
- Strategy
- Existing and emerging technologies
Digital Capabilities
- The skill set required to manage a transformation entails various aspects such as project management, program management, IT governance, data governance, and data labelling.
- With the abundance of data sources available, both internal and external, structured and unstructured, maintaining the credibility and reliability of the data is crucial.
- As finance professionals already possess expertise in this field, expanding by collaborating with others is necessary if needed. Therefore, in transformation management processes, finance professionals can be responsible for regulating data and technology governance.
Digital Practice
- Accountancy and finance professionals must possess skills in data management, operational data utilization, real-time visualizations, data inquiries, cybersecurity, and coding to manage the digital environment effectively.
- The use of data, including structured and unstructured operational data, requires essential skills that enable professionals to provide insight and accurate forecasting.
- Real-time visualization expertise is necessary for effective analytics and forecasting, while coding is a fundamental skill required for success in this field.
Strategy
- The organization’s strategy, which includes IT strategy, finance systems strategy, target operating model and processes, digital transformation, data strategy, and digital culture, is fundamental to any business transformation.
- Despite the growing prevalence of digital transformation in business organizations, it is interesting to note that the expertise of accountancy and finance professionals in broader technology strategy is often overlooked in favour of finance systems strategy.
- The extensive integration of processes in transformed organizations makes considering a separate finance system strategy impractical.
Existing and emerging technologies
The financial professional is well-versed in spreadsheet software. Engineers have used its versatility to develop complicated models and simulations. However, like with many tools, improved solutions are becoming accessible, and failing to use them may mean they cannot obtain the quantity of knowledge that the firm requires.
- Acknowledging the advancement of technology used to help data administration and analysis is critical.
- Audit and assurance professionals increasingly need to analyze how financial statements and predictions are created using these technologies’ assumptions and an increasing need to raise awareness of them.
- However, these latest technologies enable financial professionals to be more forward-thinking and analytical in their findings. It is critical to embrace data management and analysis technologies’ growth.
- These emerging technologies will keep expanding in reach. The development of 5G networks and the potential of the Internet of Things impact the next phase.
When discussing technological expertise, it becomes necessary to contemplate the processes involved in managing their implementation. The need to bring solutions to market rapidly necessitates ability in their management and execution. These are increasingly drawn from diverse teams in which financial experts play an essential role. We must get more familiar with the technology and techniques that enable firms to maintain a competitive advantage over their competitors in the changing business environment.
Conclusion
In today’s fast-paced digital world, it has become crucial for individuals to have a superior level of digital literacy in their personal and professional lives. This evaluation involves assessing one’s proficiency in using digital tools and technologies. It also involves identifying strengths and weaknesses and determining ways to improve digital skills.
A high digital quotient can help individuals and businesses navigate the digital landscape efficiently and effectively, leading to increased productivity, improved communication, and better decision-making.
HLB HAMT to Assist!
HLB HAMT is an independent member firm of HLB International, UK. HLB international is included in the top 10 global advisory and accounting firms. We have 24 years of service experience in the region and an impressive client base of over 3,000 organizations; HLB HAMT offers expert guidance and assistance to navigate the complexities of today’s dynamic business landscape.
For any audit-related queries or assistance, reach out to audit@hlbhamt.com
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Digital Business Consultant in the UAE
Midhun Menon P
Phone:- +971 4 327 7775
Mobile:- +971 52 830 7998
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Technology is evolving at a rapid pace. The digital revolution is much more than just technology. It consists of altering company processes, activities, and functions. As a corporatedigital transformation consultant in the UAE, HLB HAMT is dedicated to assisting businesses in UAE, in surviving and thriving through advanced strategies and activation.
The essential values or business offers are not altered by a digital transition. Rather, it is intended to foster a connected workplace culture by utilizing digital technology to substantially increase performance and accomplish company goals and objectives. HLB HAMT has extensive expertise in analyzing organizational requirements and recommending business solutions, as well as establishing more efficient processes and systems for continuous business improvement. To drive sustainable innovation and creativity, new and emerging technologies are being applied to all aspects of business. Influences everything the business does, from branding to operations, including what it offers, how it interacts with customers, and how it operates. For example, identifying insights from customer data, behavioral patterns, and purchase history to recommend personalized products and services.
For organizations to optimize their business operations and decrease manual intervention in their core activities, digital automation has become a critical need. Digital automation empowers the digital workforce to undertake up-the-value-chain operations, ensuring true enterprise-wide digital transformation. The stages of digital transformation are presented over three different periods. Modernization, where we simplify and digitize existing business functions and processes, enterprise-wide transformation, which is more cross-functional and requires a wholesome effort for change. These two stages are concerned with altering the current business or operations. The final stage focuses on developing new businesses and finding fresh sources of value. Moving from the sale of goods and services to new subscription-based business models can improve the consumer experience. The use of data and analytics to precisely forecast the operational performance of items or systems can be used in operations. Enhancing corporate operations using digital transformation and digital data should be way forward for many companies.
What We Offer:
Digital Process Automation
To automate procedures that span many applications, we use leverage low-code development tools. Our strategy focuses on automating, or partially automating, processes associated with a wide range of business practices that normally include some type of human interaction. Our digital process automation includes:
- Omnichannel customer experience with the use of iBPM UX components
- A case management system that is dynamic and optimizes end-to-end process workflows
- Careful data collection and centralized data storage
- Predictive analytics for better business decisions
Robotic Process Automation
Without automation, your business runs the risk of becoming outdated and obsolete. Our Robotic Process Automation will assist you in digitizing normal activities, streamlining workflows, operating more quickly, lowering expenses, and improving productivity and efficiency. Our RPA digital transformation comprises the following:
- Automation of manual backend processes
- Digital workforce deployments for complete process automation
- Sales analytics based on structured and unstructured data
- Analyzing consumer behavior for trade promotions, retail planning, market trend analysis, product launches, and so on.
Cognitive Automation
We assist you in a variety of ways to improve business outcomes by merging artificial intelligence (AI) and process automation capabilities. We support a variety of ways that improve automation’s ability to acquire data, automated decision-making, and scale automation. our Cognitive digital transformation automation includes:
- Chatbots and machine learning for automated customer service for structured and unstructured requests.
- Anomaly detection, inventory management, price modifications, and prediction using AI and ML models.
- CRM and sales services: customer service chatbots.
Security Automation
Identifies weaknesses in computer systems, networks, and software programs and works on remedies to strengthen them against hackers as a security consultant. Our expertise can assist you in managing appropriate security technologies. Our security automation digital transformation includes the following features:
- A 360-degree approach to security automation for physical, endpoint, network, and data security
- DevOps manages security assurance services.
- IDAM services for on-premises, cloud, and Internet of Things infrastructure
- Cyber/Risk Intelligence
Infrastructure
In infrastructure transformation, we assist in making the allocation of money and resources to new projects and markets more efficient, as well as making the cost of managing day-to-day infrastructure easier and less expensive. Our digital transformation infrastructure consists of the following components:
- Automation of manual backend processes
- Digital workforce deployments for complete process automation
- Sales analytics based on structured and unstructured data
- Analyzing consumer behavior for trade promotions, retail planning, market trend analysis, product launches, and other purposes.
Not skipping ahead is the secret to a more successful digital transformation: Start with step one and give it your full attention and effort to get it perfect. Your chances of success will rise as your organization becomes more digitally mature through the corporate learning curve of the digital transformation. Our digital transformation consultants will guide you through your entire transition journey. Get in touch with us, today!
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Cabinet Decision No. 56 of 2023 on Determination of a Non-Resident Person’s Nexus in the State
Girish Nair
Phone:- +971 4 327 7775
Mobile:- +971 50 677 5860
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
The adoption of Cabinet Decision No. 56 of 2023 has brought about significant developments in the realm of UAE tax system. This decision aims to redefine the way non-resident persons are subject to corporate tax in the United Arab Emirates. This blog can be your go-to reference if you’re a non-resident and have concerns regarding your tax obligations. In particular, we will emphasize on the role that immovable property ownership has on your tax status.
How are Non-Resident Persons subject to UAE Corporate Tax?
Article 11 (4) – A Non-Resident Person is a Person who is not considered a Resident and either has a:
- Permanent Establishment in UAE (Article 14 of the Corporate Tax Law).
- Derives State Sourced Income (Article 13 of the Corporate Tax Law).
- Has a Nexus in UAE.
This Cabinet Decision deals with UAE Nexus of the Non-Resident Person.
Important Points to be Noted
- Non-Resident Person shall have a nexus in the State if it earns income from any Immovable Property in the State.
What is Immovable Property?
Immovable Property: Means any of the following:
- Any area of land over which rights or interests or services can be created.
- Any building, structure or engineering work attached to the land permanently or attached to the seabed.
- Any fixture or equipment which makes up a permanent part of the land or is permanently attached to the building, structure or engineering work or attached to the seabed.
- Artificial Transfer of Rights in Immovable Property which is not for a valid commercial or other non-fiscal reason which reflects economic reality can invoke General Anti-abuse Rule as per Article 50 of the Corporate Tax Law.
- Non-Resident Person that has a nexus in the State shall be required to register with the Authority.
Illustration
XYZ Pte Ltd., a Singaporean company is a Non-Resident Person who owns a mixed-use building and earns Rental income by letting out the residential and commercial units in the building.
XYZ Pte Ltd., is not incorporated in UAE and does not have PE in UAE. However, by way of owning an immovable property in UAE, XYZ Pte Ltd. has a nexus in UAE.
The income from such immovable property will be subject to UAE Corporate Tax.
XYZ Pte Ltd. will have to apply for CT Registration and file tax returns when due.
Conclusion
A new era of taxes for non-residents in the UAE has begun with the implementation of Cabinet Decision No. 56 of 2023. The ruling assures that non-resident individuals with a nexus in the UAE are liable to corporate taxes by underlining the ownership of immovable property as a crucial component. Non-resident individuals must abide by the registration requirements and submit their tax returns on time in order to complete their tax obligations.
As we have discussed these changes, let us embrace a tax structure that encourages equity, openness, and economic stability.
For any questions, please contact us at tax@hlbhamt.com OR Call us at +971 4 3277 775
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Navigating the Digital Landscape: A Guide to Digital Auditing
Sumesh Krishna, Partner
Phone:- +971 4 327 7775
Mobile:- +971 50 749 0576
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
The digital agenda is changing how we live, communicate, and do business in numerous ways, transforming from how they were ten or even five years ago. To succeed as an accountant or financial professional, one must have the capacity to oversee these changes.
To ensure that professional accountants are effective, they must widen their expertise beyond the traditional application-focused approach to the awareness of how technology and data create value for organizations.
Although this digital technology is not new, the pace of change we witness is unthinkable. Businesses have made high investments in their digital transformation. One of today’s popular corporate phrases is “digital transformation.” Companies alter their operating procedures to become more customer- and data-focused.
Impact of Digital on the Workplace
As accountants and financial professionals at the core of organizations, we put ourselves at risk if we fail to understand how technology and the digital journey are changing our workplace.
Five forces are identified as the causes of this influence on the finance industry:
- Velocity – Businesses are changing faster than before, forcing businesses to change as well.
- Volume – The number of transactions rises, and the influence on data flow from the linked devices we currently utilize for business is becoming more crucial.
- Value – the need to gain knowledge, analysis, and prediction from the data flow to better understand and model the company and to use data to assist decision-making more effectively.
- Variety – How technology necessitates us to employ technologies, data sources, and project management approaches (such as agile and Kanban). You are being asked to adapt to several systems and figure out how to optimize them in our jobs.
- Veracity – The dependability, quality, truth, and bias of the data on which we make many business choices, using our ethical lens.
The combination of these five forces implies that the workplace is changing, so the role of accounting and finance professionals in organizations is modifying.
It raises the expectation that people working in business or practice will provide an opinion that indicates an in-depth understanding of the business, considering that the data and technologies available make greater insight more easily accessible.
Changing Business Models
- The result of this transformation is that firms’ business models are altering in response. Successful business models are becoming more integrated across the whole organization, built around the customer journeys the company serves and designed to satisfy the customer needs.
- Effective operation of these models is the way to organizational success, and understanding how technology makes this possible is crucial.
- You must understand how technology supports these processes, how data moves across them, and how company success may be evaluated and modelled as a finance professional.
Digital Skills
It is critical to recognize that digital skills are essential in the workplace, and finance and accounting professionals must embrace the constant need for these. Simply accepting the development that occurs is a vital step, but denying it is risky.
- As digital accountants and finance professionals, you must recognize the value of digital skills in your work.
- It is essential to utilize certificates like the ACCA’s Certificate in Digital Innovation for Finance to develop your skills and expertise.
- As a profession, you can see that the work of the accountancy and finance professional includes a critical need for digital capabilities.
- The challenge is to determine whether you can connect it to the changing business model in the transformed organization and identify those skills.
The digital era enables the chance to interact with the new business model. The future position for the accountant and financial professional becomes solid by developing this skill set.
Developing your Digital Quotient
- The collection of various and distinct levels of skills is defined as a digital quotient.
- As finance and accounting professionals, you must continually invest in your digital abilities if you are ready to fulfil your opportunities.
Efficient accounting and finance professional continues to improve their digital quotient in two areas:- Identifying the digital landscape’s significance to their job and comprehending how the company’s strategy gets implemented through technology – the digital context.
- Using talents connected to the organization’s technology – digital applications.
- Emerging technologies can be of as a third category. These two domains reflect a mix of knowledge and talent, but each necessitates a unique set of possible personal growth strategies.
Four components of the Digital Quotient are as follows:
- Digital capabilities
- Digital Practice
- Strategy
- Existing and emerging technologies
Applying the digital quotient includes using digital skills to comprehend the application environment with current and innovative technologies.
The changing nature of digital in the finance workplace
The financial professional has long been familiar with spreadsheet tools. Their adaptability has allowed engineers to create complex models and simulations. However, like with many tools, enhanced options are becoming available, and failing to adopt them may mean it cannot acquire the amount of insight the company demands.
It is essential to accept the evolution of the technologies used to assist data management and analysis. Preparing financial statements and predictions using assumptions backed by these technologies is a topic that audit and assurance professionals get asked to think about more frequently. Considering their business applications, there is a growing need to raise awareness.
- The scope of these developing technologies and digital audits will continue to broaden.
- The introduction of 5G networks and the possibilities of the Internet of Things influence the next stage.
- For instance, these technologies allow gathering more data from devices in real-time, which opens the possibility of using data analytics more often.
- With the introduction of cloud-based apps that address a specific aspect of a company’s operating model, such as human capital or revenue and clients, the role of the hub is evolving into a central repository of information that is queried through analytical and other tools to provide management information, analytics, and visualizations, often in near real-time.
Must be updated with these changes as finance experts. The accounting system is no longer only a repository of records, as was often believed. With the help of technology, there is a more seamless environment where data get exchanged between apps, and the data repositories that support them get interrogated to facilitate analyses and insights.
Conclusion
The corporate environment is evolving due to digitalization. Evolution is advancing at a faster rate. It is no more a question of whether an organization will become digital but how quickly it will seize the chances and stay relevant to its consumers.
- As accountants and financial experts, you must embrace this digital change and acknowledge that the digital world is evolving to be relevant.
- Traditional digital tools, like spreadsheets, are being replaced by innovative technologies that draw on several data sources, visually portray that data, and use machine learning to predict trends.
- Embrace these changes to guarantee you can use these technologies and adopt new business models.
HLB HAMT to Assist!
HLB HAMT is a independent member firm of HLB International, UK. It is one of the top 10 global advisory and accounting firms. With over 23 years of industry experience and an impressive client base of over 3,000 organizations, HLB HAMT offers expert guidance and assistance to navigate the complexities of today’s dynamic business landscape.
Our audit procedures are tailored to client operations and reporting requirements with a specific focus on each business and industry. The experience of the audit team, covering many industries and service sectors, enables us to focus on critical areas of risk, adequacy of internal controls, and potential areas of fraud.
For any audit-related queries or assistance, reach out to audit@hlbhamt.com
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Top Advantages of Cloud ERP Software
Midhun Menon P
Phone:- +971 4 327 7775
Mobile:- +971 52 830 7998
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Cloud computing is gaining popularity because it allows businesses to scale, be more agile, and save time and money. However, because there are so many options, decision-makers must answer key questions about their goals. This is especially true for a company undergoing a major digital transition, such as implementing new enterprise resource planning software. With today’s technology, the most effective way to stay ahead of the competition is by using ERP software. It enables a company to combine multiple tasks into a single system, streamlining information and processes across the organization. However, it is entirely up to you if you would like to keep these procedures on-premises or move them to the cloud via SaaS. Cloud-based ERP software solutions are accessed online through the software provider’s server. When a company uses a cloud-based server, its applications run on a third-party server, and no capital expenses are involved. Companies can back up their data regularly and only pay for the resources they use. Cloud-based HLB HAMT ERP is ideal for businesses looking to expand globally, as it allows them to interact with clients and partners virtually anywhere and anytime.
The Benefits of Cloud ERP Software
Increased Effectiveness
Organizations can achieve excellent business efficiency by doing things correctly and optimizing resources. Multiple processes are automated to improve business efficiency with ERP in the cloud. Carefully implementing cloud-based ERPs will ensure maximum productivity from all employees involved in various business processes. To avoid multitasking errors, duplication, and information loss, it is necessary to carefully configure each task. Furthermore, utilizing a cloud-based ERP eliminates inefficient and disjointed processes, which would otherwise reduce your bottom line.
Cost-cutting Measures
Entrepreneurs understand that efficiency leads to cost savings. As a result, when developing a budget, it is critical to consider ERP costs. ERP software users spend up to 70% of their IT budgets on maintaining internal hardware, software, and personnel systems. Cloud-based ERP, on the other hand, eliminates the need for dedicated IT staff in addition to the cost of hardware and software. As a result, one does not need to spend a lot of capital but only has to pay for operations because one must subscribe to the service. Because of this shift toward fewer upfront investments, reduced infrastructure spending, and capital savings, organisations can easily redirect funds from these fewer upfront investments to improve other areas of operations.
Streamline your Business’ Paperwork
By reducing paper usage, streamlining operations, and conserving the environment, ERP in the cloud can help you save money. The digitization of all essential procedures, such as accounting, invoicing, collections, payables, purchasing, and inventory, will reduce paperwork. Clutter and mess are unavoidable in a typical office or factory setup that is heavily reliant on paper. With cloud ERP, you can avoid this error-prone process by storing documents and reports in a secure location where they can be easily searched, retrieved, and shared with others. This digitization of manual processes and paper records can increase efficiency, reduce costs, and generate savings while also promoting green initiatives to combat global warming.
Make Knowledgeable Business Decisions
In today’s fast-changing and competitive business world, making quick and correct decisions is critical for making strategic decisions. Despite having little faith in their data, it is difficult for business leaders to make sound decisions based on it. Because of the lack of standardized processes and clear insights, they must act as “guess takers” rather than decision-makers. Using end-to-end ERP on the cloud that seamlessly integrates across all business processes allows managers and employees to be more informed and fosters more innovative thinking.
Cloud ERP Security
Despite widespread belief that cloud ERP solutions are insecure, current vendors are increasingly focused on delivering solutions that meet international security standards. However, effective implementation of these security requirements necessitates excellent IT management, which businesses must keep in mind. Because of the many limitations of on-premises ERP, more businesses are migrating their data, systems, and services to the cloud each year. Moving to a hosted server can provide numerous benefits, including quick storage system additions, team improvement, and built-in security systems. Furthermore, downtime is significantly reduced, allowing businesses to make the most of their resources. To avoid third-party control, many businesses are turning to hybrid alternatives, such as on-premise clouds. This allows you to run applications and services while also deploying workloads to the cloud or on-premise data centers. The cost savings provided by the cloud remain one of the most appealing benefits for newly expanding businesses. On the other hand, on-premise solutions appear to give firms more control, which may be worth the extra cost in some industries, such as banking and finance. On the other hand, more control does not reduce the likelihood of cyberattacks; rather, it increases the organization’s accountability.
Improved Inventory Management
ERP on the cloud offers online inventory management, which can save time for businesses that do not use cloud-based ERPs. Businesses must use tally-checking and checking to manage their operations and inventory on paper. Every task is automated with a centralized operation management system, reducing duplication and errors. This results in higher output and more accurate output in less time. Furthermore, an optimized and standardized process with the best inventory management modules will be possible, lowering inventory carrying costs. As a result, the organization can cut costs and improve efficiency by delivering products on time to their customers.
ERP has increased business speed across the board, resulting in exponential gains in operational efficiency and streamlining every company activity. Even though high-end ERP solutions have greatly benefited large corporations, smaller businesses have failed to follow suit. Firms seeking all of the benefits of ERP at the lowest possible cost have demonstrated that cloud-based ERP software can save them a significant amount of time, money, and effort. HLB HAMT cloud-based ERP software is already reducing costs, increasing accuracy, shortening turnaround times, improving inventory management, and increasing efficiencies across all operational functions.
To know more about cloud ERP software, please contact our experts, today!
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