Financial Audit Services in Dubai | Audit Firms in Sharjah | Audit Firms in UAE
Posted: Jun 08, 2019
Are you worried about your business financial flow? Are you in a doubt regarding future prospects of your business? You are not able to find loopholes in your business?
Financial audit by Audit firms in UAE is the solution for you. The financial audit will keep track of financial flow and future growth prospects of your business. As a business owner, it is a good chance to boost your profits through a financial audit. Hire any good Audit firm in Dubaiand improve your business growth prospects.How will you prepare yourself before the audit?
- You need to communicate the plan to employees who are associated with this task.
- There should be proper alignment between accounting and reporting statements
- All fixed assets used in the business must be properly recorded in books
- All the statements should be recorded digitally for better auditing
- The expenses incurred must be recorded under the right category
- Books should be closed every month to tally the balances properly
- The organization, communication, and planning
BY planning we mean that the financial stability of the business must be planned in advance by the owner of the business before audit firms in Dubai are called for an audit. Along with planning proper communication is required with the person concerned. The communication needs to be done in advance. The idea of the financial stability of your business can be made through account receivable, inventory receivable, accounts payable, accrued expenses, and cash. Everything must be properly organized.
- Studying financial records
Before going to the audit firms in Dubai for financial audit, it is always better to review internally. This way half of the loopholes can be detected before the audit and necessary steps can be taken to fix them. Now you will say it will waste a lot of time but as a business owner, one must have a clear idea about their business numbers. It will help you in future when external auditor sent by audit firms in UAE will ask you questions about the financial figures of your business.
- Documents must be handy
Before the audit process is started by Audit Firms in UAE, you must ensure that all significant records are kept in hand. Let’s discuss how you can keep your documents ready:
- The general ledger must be updated till date
- The trial balance must be completed
- Financial statements audited internally must be ready
- Other documents such as bank statements, inventory records, account receivables, etc. must be up to date
- Fixed assets record must be properly maintained.
- A proper schedule of liabilities, expenses, loans and trade payables and accrued liabilities must be kept ready
- There is a corporate minute book, stock certificate book, insurance policies, canceled checks, invoices, and bank statements, etc. must be kept in hand.
- Expense categorization must be correct
The expenses must be recorded under the right head. Their right categorization will make the work easy for audit firms in Dubai. If cost and revenues are rightly bifurcated, it will help the audit firms in UAE to track the finances and prevent any mishappening. Along with expenses fixed asset categorization is also necessary. They are a significant part of your business. The digital records of fixed assets with the right values must be maintained. The financial auditor will get a better idea about business if digital records are maintained.
- The habit of books closing
The books of the business must be closed every month as a good practice. Audit firms in Dubai recommend the same to keep proper track over financial records. The frauds can also be easily detected if there is a practice of monthly closing of books.
- Documentation by audit firms in the UAE
The auditor must provide the necessary documentation after the audit process. The reports and documents provided by audit firms in Dubai will be helpful in future for gaining a reputation in the market, making improvements and building trust among investors.Why financial audit is suggested by audit firms in UAE?
Business owners may not find it viable to spend money on it but it has become a demand for today. A financial audit is necessary for increasing the comfort level of shareholders and investors. The investors will trust more if your business is audited. They will get an accurate picture of the performance of your business.
Now Let’s discuss the benefits financial audit will give in 2019
- Your business can be uplifted to the next level and your future growth prospects will increase
- Your business goodwill will increase and market targets can be achieved quickly with the help of financial audit if conducted by a good Audit firm in UAE
- Many investors will get attracted to your business. In other words, the chances of acquiring your business will be more if your business is audited by reputed audit firms in Dubai
- Tax-savings can be achieved easily through financial audits as the professionals of audit firms in UAE will guide you where to invest.
- You will get numerous and profitable opportunities if you are thinking of selling your business. This is because the audited business has more demand these days that too if audited by Professional audit firms in Dubai.
- Your future costs can be saved through a financial audit.
Only professional audit firms in UAE must be hired to get your business audited. The experts will not only do a proper audit of your business but they will also guide you for future benefits.
Alkhadim Llc is one of the best and well-known Vat consultants in Dubai and consulting service providers in Uae.