When you are in business, every dime counts, so if you don’t know where you stand on a monthly basis, pardon my French, you may have to pack up at the end of the year.
Although DIY accounting software like Zoho can help keep track of costs and expenses, the benefits of hiring a good accounting firm extend far beyond crunching numbers.
Who knows, they can be your company’s forever financial partner, with behind-the-scenes knowledge about your personal as well as professional financial matters helping you make big little decisions.
From financing your next piece of equipment to buying a property in the name of your spouse. Not sold? Keep reading if you are looking for more reasons to hire an audit firm in Dubai that checks all the boxes!
What is auditing?
Auditing is an unbiased examination and evaluation of the financial statements of an organisation done by an auditor.
Any Accounting firm, regardless of their size, type, location, legal structure or anything else, maintains books of accounts featuring all the financial transactions that occur in the organisation as per the country-specific accounting principles. Almost all companies receive a yearly audit of their financial statements.
Internal audits are performed by the company’s in-house team of accounting and finance professionals, or by a third-party qualified accountant or audit firm or accounting firm. External audits can include a review of both financial statements and internal controls.
What is a financial audit?
In business, when we say audit, we usually mean financial statement audit.
A financial audit is a practice of examining and evaluating the financial statements of an organisation to ensure that the financial records are a true representation of the transactions they claim to express.
Financial auditing is vital for every company as it furnishes credibility to a set of financial statements, which gives confidence to the shareholders and potential lenders of the company.
What does an audit firm do?
- It’s vitally important for you to conduct a regular health check of your finances. And audit and assurance help you do the exact thing.
- Without a doubt, auditing is one of the most important elements of running a business internationally.
- The role of an audit firm is to provide assurance to businesses and other interested organisations that their financial statements are accurate and free from material misstatement.
- The audit, done by an external audit company, also provides a level of comfort to investors, lenders, and other stakeholders that the organisation is being managed responsibly.
Top 9 Reasons to Hire an Audit Firm
Torn between whether to hire or not an audit firm in Dubai?
No worries, look at some of the main reasons why most organisations turn to internationally accredited audit firms for most of their accounting, booking keeping and auditing functions in Dubai. Maybe you will find yours.
1. To assess the accuracy of your financial statements
- When it comes to your business finances, accuracy is critical.
- That’s why it’s important to hire an audit firm to assess the accuracy of your financial statements.
- An audit firm will have the expertise and resources to thoroughly review your financial records and identify any errors or discrepancies.
- In addition, an audit firm can help you to develop procedures to ensure that your financial statements are accurate in the future.
- While the cost of an audit may seem like a burden, it’s a small price to pay for the peace of mind that comes with knowing your financial statements are in fine fettle.
2. To identify areas of improvement in your accounting and financial reporting processes
Every business should strive for continuous improvement and that includes the area of financial accounting and reporting.
- One way to identify areas where your business could be doing better is to hire an audit firm to conduct a review of your processes.
- An experienced auditor will be able to identify inefficiencies and potential risks, as well as offer recommendations for improvements.
Implementing even a few of these recommendations can help to streamline your accounting and financial reporting processes, saving your business time and money.
As a result, hiring an audit firm to review your accounting and financial reporting processes is an investment that can pay off handsomely for your business.
3. To provide an objective opinion on the overall financial health of your organisation
Being a business owner, you already know that keeping track of finances is integral to the success of your organisation.
Not only do you need to know where your money is going, but you also need to make sure that your books are accurate and up-to-date.
An audit firm can provide an objective opinion on the financial health of your organisation.
In addition, they can provide advice on how to improve your financial management in the future.
Therefore, hiring an audit firm is an excellent way of keeping the long-term financial health of your organisation up to snuff.
4. To help you comply with regulatory requirements
Staying compliant with rules and regulations is the first and foremost requirement to fulfil for any business person in the UAE.
- An audit firm can provide you with the guidance you need to ensure that you are meeting all of the applicable regulations.
- The firm will review your policies and procedures to ensure that they are up to date and compliant with the latest requirements.
- In addition, the firm can provide training to your staff on compliance-related issues.
By working with an audit firm, you can be confident that you are doing everything possible to ensure compliance with regulatory requirements.
5. To gain insights into best practices in financial management
Many businesses choose to hire an audit firm in order to gain insights into best practices in financial management. This technique has several advantages:
- First, an audit firm can provide an unbiased perspective on financial management practices. This is especially valuable for businesses that are considering making changes to their financial management practices
- Second, an audit firm has access to a wealth of knowledge and experience. This can be helpful in identifying financial management practices that are likely to be effective for a particular business
- Finally, an audit firm can provide valuable feedback on the effectiveness of financial management practices
This feedback can be used to make improvements to financial management practices. Overall, hiring an audit firm can be a valuable way to gain insights into best practices in financial management.
6. To benchmark your organisation against others in the industry
Every business faces different challenges, but one of the best ways to overcome these challenges is to benchmark your company against others in your industry.
- By hiring an audit firm to compare your company with others, you can get a clear picture of where you need to improve.
- The audit firm will look at your financial statements, job descriptions, employee salaries, and other factors.
- They will then compare this information to similar companies in your industry.
As a result, you will be able to improve your business and stay competitive in the industry.
7. To improve your chances of securing financing
A key step in securing financing is to provide potential lenders with a clear and accurate picture of your financial situation.
- An audit firm can help to ensure that your financial statements are properly prepared and free of errors.
- In addition, an audit can give lenders confidence that you are managing your finances in a responsible way and provide them with insight into your business operations.
Thus, hiring an audit firm can be an important step in securing the financing you need to grow your business.
8. To enhance the credibility of your organisation
In the business world, credibility is key.
- Your customers need to believe that your organisation is reliable and trustworthy, and one way to help build that trust is by hiring an external audit firm.
- An audit provides an objective, independent assessment of your financial statements, giving stakeholders confidence that your numbers are accurate and reliable.
- In addition, an audit can also help to identify any areas of improvement within your organisation.
By hiring an audit firm, you send a strong message to your stakeholders that you are committed to transparency and accountability.
9. To reduce the risk of fraud and other financial crimes
Every year, businesses lose billions of dollars to fraud and other financial crimes. These crimes can take many different forms, from embezzlement and money laundering to identity theft and credit card fraud. In order to protect your business, it is important to take steps to reduce the risk of these crimes. One way to do this is to hire an audit firm.
- Audit firms specialise in identifying and preventing financial crimes, and they can provide a valuable layer of protection for your business.
- In addition to reducing the risk of fraud, an audit firm can also help you to comply with financial regulations and avoid potential penalties.
- Hiring an audit firm is indeed an important step in protecting your business from financial crime.
Known for being a dynamic central business hub where people meet to exchange services and products. The UAE provides a fair, comfortable, and profitable business-friendly climate to participants from the world over which is positively protected by tight financial regulations.
All these are the main reasons to hire an audit firm. Levelling the arena for all market players. Unsurprisingly, most businesses outsource it to a reputed accounting & auditing firm in Dubai such as Adam Global.
What to look for when hiring an accounting company in Dubai?
The UAE bursts at its seams with tons of auditing firms offering a wide range of accounting and auditing services. And choosing one is no easy feat.
You want to hire an audit firm that can make a significant impact on your business — and certifies that your finances are reasonably-managed — because that can make or break your business.
An auditing firm that adds value to your business by figuring out wrongdoings, staff weaknesses, and internal control weaknesses. And top of all, a firm that provides recommendations to address the issues identified during the audit.
Engaging a reliable, qualified, and reputable auditing firm is one of the best things you can do for safeguarding and promoting your business. Below are some of the characteristics you should consider to bring the right audit firm to earth:
- Qualifications & Experience in the Field
- Service Fee & Cost-effective Benefit Packages
- Financial Advice
- Accounting and bookkeeping assistance
- Business advisory services
- Industry Specialization
- Risk Management
- Level of Service
- A Roll-Up-Your-Sleeves Attitude with Ready Availability
- Good Rapport with Clients
- Good References
- Size of the Firm
- Accounting Software
- Tax Support (VAT & UAE Corporate Tax)
- Audit & Assurance Services
- Specialized Area of Expertise
You might want to give a read to our blog on “Things to Consider Before Hiring an Accounting Firm in UAE”.
The audit firm that’s right for you is right here!
Adam Global has certified Chartered Accountants in Dubai, UAE as a full-service accounting firm that offers a comprehensive suite of services covering almost every aspect of your business. With so many accounting firms around, choosing the right auditing firm is no cakewalk. Our qualified auditors in UAE can bring myriad benefits to the table to design and implement the best accounting practices.
Meet us and get to know us!
Feel free to book your free consultancy with the expert audit professionals at Adam Global, the top-rated accounting firm with an outstanding reputation in the market of UAE and several other parts of the world. The prominent business persons and banks know and count on us internationally — you should, too! It will be a pleasure to meet you!
What is a full-service accounting firm?
A full-service accounting firm provides a smorgasbord of services, including auditing, tax preparation and financial consulting. More than just an accounting company, these firms are equipped with more resources than smaller firms and can offer a higher level of service. However, full-service firms also tend to be more expensive. When choosing an accounting firm, it is important to take stock of your needs and funds.