24
Jun 2020
You must have heard a lot that accounting is the language that reveals the complete work-proceedings of a business entity. A corporate body needs to maintain error-free business records as that would be easy for the management to prepare documents and build business strategies. On the other side of the coin comes to audit, which is a scrutiny process that helps a business entity to figure out the legal and illegal proceedings prevailing in the premises. Both the functions are expected to be error-free and are required to maintain professionally to excel the productivity.
Most of the global business owners prefer to proceed ahead with the hiring of an accountant and an auditor, and hiring them at the same time will help in a much more productive way. There are multiple options wherein you can hire a separate accountant and an auditor as per your choice. However, it turns out to be useful if one single business partner provides both the services. If you are wondering how then this guide reveals the answer to your query. Do follow the points mentioned in this article to get better clarity.
1.Interdependency
The domain of accounting and Audit turns out to be inter-dependent as the analysis of the business transactions gives birth to the accounting process. Now, once the recordings are made, scrutiny (audit) is a mandate at specific intervals to maintain error-free records. On the other hand, the financial audit process can be carried out only if the business entity has got relevant business records. So, seeking pro services and implementing them at the same time turns out to be a boon.
2. Professionals Boost the Company Revenue
The certified accountants are referred to as professionals as they contribute significantly to enhancing the company revenue. Now, if one professional firm handles your audit, Accounting, and Bookkeeping records, they would understand the business performance in a much better way and can provide you with better business options to leverage the business profits.
3.Rectifies the Errors at the Earliest
Professionals have a strong sense of figuring out the business errors at the first go. The moment you hand over your business books to a certified auditor or accounting firm, they will analyze the relevant business errors at the earliest. This will help you to take the remedial steps at the earliest, in-turn streamlining the related processes.
4. Parallel Maintenance is Important
As it has been highlighted in Point 1 stating the factor of interdependency, it is important to keep an eye on both the processes and maintain them side by side. Following this trend will help you to build productive business planning and financial restructuring at a later stage. Also, you will be in a better position to understand the Tax scenario and take appropriate steps regarding VAT return filing on time.
5. Less Burden Enhances Productivity
Once you have outsourced the respective domains to business professionals, the burden over your shoulders will be way less. This would ultimately enhance the business productivity to a great extent, as the time and available human resources can be utilized smartly in specific domains.
6.Enhances the Company’s Goodwill
If all the points mentioned above get focused accordingly, it will improve the company’s goodwill to a great extent. This is possible because, during the audit process, the business entity would be assigned a higher audit rank, which uplifts the company’s goodwill in the eyes of the external auditor and the government during the external audit process. This report will turn out to be helpful to retain the business shareholders and also paves out new ways for more investors to come forward and invest in your company.
You can see that hiring a certified accountant and auditor is a profitable investment that would leverage your business profits to the next level. Are you still wondering whom to contact? Well, don’t worry! Your helping-hand is just below.
How Can We Help?
JAXA Chartered Accountants has been aiming to provide the best audit and accounting services to ease the business books of their esteemed clients. Our business experts are well-informed about the legal formalities associated with the accounting and audit process in the UAE and can cater to your business needs accordingly. In case you hold any doubt, or want to implement the accounting and audit process in your business entity, then do have a word with our business experts. Contact us today-we’d be glad to assist.