09/09/2020 by MNV Associates
Hiring Accountants and Auditors in Dubai for External Audit
There are a number of reasons companies need to file tax returns, and make payments on income. This isn’t just about following the laws but also becoming responsible and getting out of trouble over time. Mistakes and delays on the filing have consequences, and sometimes, businesses suffer because of the hefty penalties and fines.
Here’s why hiring accountants matter for startups and big companies.
International Financial Reporting Standards
The job of accountants and auditors in Dubai is to inspect, and carefully examine the financial statements of companies and see if these are accurate. Additionally, these statements must be in accordance with the International Financial Reporting Standards.
No matter what companies do, the governing regulation can unravel the violations, leading to massive penalties. For this reason, an external auditor is needed to identify the items in the books that are not complying with the set standards or the laws.
With unbiased feedback and knowledge on the changes in the rules and laws, the accountant or auditor can help companies modify statements. This is important to correct the errors, suggest modifications, and find a solution to uplift the financial health of the company.
As being ignorant of the law isn’t an excuse, companies need to hire competitive accountants who are updated with the laws and regulations. These professionals provide intelligent advice on the management to secure a profitable venture. Additionally, the shareholders need transparency from the management, which is often backed by accurate financial statements.
Aside from complying with the laws and regulations, what are the other benefits companies gain from hiring an accountant or auditor? Here are some:
1. Quality Control of Audit
Errors and mistakes are limited when accountants are at work. They can check the financial statements, modify errors, and ensure that all the data presented are clear and accurate. The financial records need to be clean and precise because the regulatory body will verify these documents.
Sometimes, internal auditors also commit mistakes due to the biased approach. External auditors are the ones who provide advice on the proper approach to improve the financial analysis of the company. This is integral to know if there’s growth or not, and if the company is accumulating more loss than profits.
2. Gain Shareholders Confidence
With accurate numbers, and following the set standards on taxes, shareholders can be at ease that the company is in a good position. Because these people are concerned about the profitable venture, they need to be provided with an assurance that everything’s under control and in order.
By hiring auditors, it is easy to gain the trust and confidence of shareholders. Everything is checked thoroughly, and accounting controls will result in a profitable business venture.
3. Enjoy Long-Term Benefits
Some of the long-term benefits of hiring an expert in this field is avoiding penalties and bad business image. If the company is complying with the rules and regulations, more investors are willing to inject funds.
Moreover, long-term benefits also include having effective strategies based on facts and accurate numbers. The books need to be updated and modified to understand the company’s fiscal health. Only licensed accountants and auditors in Dubai can do the job accurately, with no errors. In this regard, business owners can be free from anomalies, and grow their business legally.
Hiring accountants provide a myriad of benefits, not limited to inspecting the books, and modifying the errors. These professionals also correct the numbers to help companies comply with the set of rules and regulations in Dubai.