Why would a business choose to outsource an audit? Can’t it learn to do it itself? Of course, it can. However, more often than before, companies are choosing to outsource audit functions for the following reasons.
- Cost of training
- Audits performed take longer than when outsourced
- Loss of productivity
- High downtime
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 outsource audit and assurance services in the UAE. For your ease, a few of them are listed below.
- Lower Cost and Time
- Auditors act as Consultants
- Unbiased Appraisal
- Information regarding Latest Technology
- Ensuring 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.
Lower Cost and Time
An in-house auditor may not be as skilled in all audit areas, which might pose a great threat to a business. To overcome this, you need to hire a team that has skills that set them apart for audit work. It can put a lot of strain on your pocket if there are budget constraints with your business. By outsourcing, you can avoid costs such as
- Employee Benefits
- Office space expenses
- IT infrastructure expenses etc
If you opt for outsourcing, you will have to pay for allocated and just performed 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 is going to 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.
Sometimes when you have an in-house auditing team and employees working t0gether, there are quite high chances that the auditor will be influenced by other team members to make some biased transactions without your knowledge.
This will harm your business reputation and fabricate a picture of your financial condition. So, when you outsource the functions to the other firm, there won’t be any chance of biased management of accounts.
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’t achieve that level of efficiency if accounting keeps you occupied.
To achieve this, you need to invest more of your time in your business activities and let the outsourcing company handle your financial burden.
Information regarding 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. So, by outsourcing, you get the benefit of knowing the suitable software for your business in the market without having to test all of them.
When your accounts are prepared by professionals on the latest software, errors will be less, and this will eventually help your business grow financially.
By bringing outsourced accounting services to your business, you 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 outsourcing services of accounting firms can reduce the chance of error and mistakes and ensures quality all over your books of accounts.
There is no doubt that outsourcing your auditing functions 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.