Why AAB is one of the best audit firms in Dubai?
If you have never liked accounting, just hearing the word is enough to make you want to run away from the scene. It’s because you find accounting to be difficult. You find it repetitive and probably think that accounting is better suited to old people.
Trust me, you are partially wrong. If you try a little harder, accounting can be engaging. Accounting majorly teaches you the art of making more money. And no one wants to miss out the fun process of making money.
What is Accounting? Why do you need best audit firms in Dubai
Financial auditing is the process of examining an organization’s (or individual’s) financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws.
External auditors come in from outside the organization to examine accounting and financial records and provide an independent opinion on these records. Law requires that all public companies have their financial statements externally audited.
Internal auditors work for the organization as internal employees to examine records and help improve internal processes such as operations, internal controls, risk management, and governance.
Roles of the best Audit Firms in Dubai
The best audit firms in Dubai, UAE offer innumerable services that help business owners stay financially organized, tax compliant and that help prepare for business growth. Business owners shouldn’t look at an accounting firm merely as an outsourcing cost for bookkeeping but as an integral business partner. Some of the important roles discharged by accounting firms are as follows:
Tax Planning and Preparation
There is much more to tax planning and preparation than completing tax returns, although accounting firms prepare both state and federal corporate tax returns. Additionally, business owners need to establish business entities that create the most favorable tax scenarios. Audit firms in Dubai helps identify the best solutions and that aid in the creation of entities that make the best tax sense for the company.
Some estate planning needs are unique to many business owners, and an accounting firm helps identify these. By looking at the big picture of a business and its key owners, the accounting firm can help develop the right mix of business entity creation and family trust establishment. Firms will work with estate planning attorneys, financial planners, and insurance agents to implement long-term strategies for business transfers and to mitigate estate taxes.
Operational Bookkeeping and Payroll
Many business owners excel at rendering the product or service that is the cornerstone of the business. But business owners aren’t always specialist at the monetary aspects of running a business. Accounting firms can come to aid in such cases. Copies of business bank accounts can be sent to accounting firms that work with bookkeepers to maintain accurate cash flow records. Accounting firms also create profit and loss statements that break down key areas of costs and revenue streams.
Audit firms also may help with accounts receivable and manage outgoing monies that include vendor payments and payroll processing. Accounting firms can also help ensure that required federal paperwork for on-boarding employees and independent contractors is completed so that the company can issue year-end payment documents properly.
Benefits of Hiring an Accounting Firm
Saves your time
As a small business, you will be faced with different operational challenges and takes a lot of time to deal with a given issue. Having someone else take care of something will free you a lot of time to focus on other problems that need your attention. The time you free up will be priceless, especially if it is a small business.
Instils you with confidence and certainty
A small business can carry out the work that an accounting firm offers, but achieving the same level of focus by the accounting company will not be easy. By hiring an accounting firm, you will buy yourself some peace of mind and certainty that your accounting needs are being handled consistently by experienced accountants.
Connects you to new clients
Small businesses need new clients in order to keep rolling and keep developing and growing. The process of drawing new clients is not that easy, but an accounting company can be a good source of potential leads because they work with different businesses in different fields.