4 minutes
Why would a business choose to audit? Is it that important? Of course, it is. However, more often than before, companies are choosing to undergo audit functions for the following reasons.
- Better financial reporting
- Audits improve the performance of the company
- Increase Productivity
- Low Errors
Auditing is an impartial and independent activity that adds value and improves the company’s operations. It is required to monitor, evaluate and continually improve a company’s management system. It is largely held that audits need to be more robust as they improve a company’s performance.
There are several advantages to audit and assurance services in the UAE. For your ease, a few of them are listed below.
- Saves Cost and Time
- Auditors act as Consultants
- Appraise Company’s Performance
- Efficiency
- Use of Latest Technology
- Ensure Quality
Today the organisations understand that audit work is important as any other work. It cannot be handled irresponsibly; people dealing with audit need to be skilled in different areas. If the audit is performed irresponsibly, companies have to face issues in the long run.
- Saves Cost and Time
An auditor needs to be skilled in all audit areas to have better performance of the company. To do this, you need to hire a team that has skills that set them apart for audit work. It can put a little bit of strain on your pocket if there are budget constraints with your business, but in the long run, it’ll largely save costs for the company. By auditing, you can avoid costs such as
- Penalties
- Employee Frauds
- Regulatory fines
If you opt for an audit, you will not have to pay taxes and fines and just perform your work. You will end up saving a lot.
- Auditors act as Consultants.
By hiring a full-time auditor or a bookkeeper for your company, it will be way more expensive than hiring an outsourced accounting company. Moreover, by hiring an entire company, you can utilise services of differently trained professional altogether, such as
- Accounting Supervision services
- Tax consulting
- Finance consulting
By individually hiring personnel for each service will cost more for the company.
- Appraise Company’s Performance
Sometimes when you have an in-house auditing team and employees working together, an audit can appraise the performance and efficiency of the employees and the staff.
If the performance is bad, it will harm your business reputation and fabricate a picture of your working conditions. So, when you audit the functions of your firm, there won’t be any chance of mistakes in the management of accounts.
- Efficiency
If you are a start-up in a newly developing economy, then you need to stay focused and have to increase your efficiency. You can achieve that level of efficiency if the audit report provides you with areas in your firm that need work.
To achieve this, you need to invest more of your time in your business activities and let the audit handle the areas that need more concern in your firm.
- Use of latest Technology
To manage your bookkeeping and accounting books digitally, you need to purchase different software’s and test them on your business. Once you find software suitable for your business, you need to upgrade them regularly. Once you upgrade them and carry audit using this software, the chances of errors in your business significantly decrease.
When your accounts are prepared by professionals on the latest software, errors will be less, and this will eventually help your business grow financially.
- Ensuring Quality
By bringing auditing your accounting and financial records, your business will be able to get clear and accurate accounts in no time. Moreover, you need to comply with tax laws and create multiple accounts and manage different books, which can get a little hectic for the business owner. That’s why using the auditing services of accounting firms can be outsourced to an audit firm and can reduce the chance of error and mistakes and ensures quality all over your books of accounts.
There is no doubt that auditing your financial statements and records will help your business grow financially. All of this depends on choosing the right firm for your business. A firm that understands your industry and has prior experience in it.
So Why Choose Jaxa Chartered Accountants?
Jaxa Chartered Accountants is a leading audit firm in the UAE. Our highly efficient staff, with over 12 years of experience in diversified industries, are experts in providing the most outstanding Auditing, Accountancy, Business Advice, and Financial Planning services with professionalism.
We are approved by the free zone authorities all over the UAE and provide outsourcing services all over the emirates.
Contact Us for more details to know more regarding the services we offer.