Running a successful business is not easy and it is for this reason very few succeed. One of the most significant challenges many faces when it comes to managing a business is handling the financial aspects of the business. To make sure this is done correctly and efficiently smart business people hire auditors to help them evaluate and understand the true position of their company. In the UAE most professional auditors are compliant and knowledgeable of the GAAS or Generally Accepted Auditing Standards.
Some of the main reasons a Business Audit can save your company :
- Identifying accounting errors: If you have a company that has fast moving inventory there is a higher chance that errors can occur. With the help of a professional auditor, you can identify even the smallest error in your accounting and make timely decisions to solve it.
- Pointing out illegal transactions: To try and keep an eye on all facets of a company of any size is not only exhausting but nearly impossible. To make things easier you need to be able to trust your team and not have to constantly micro manage. However, having said that, there can be some selfish employees who will misuse your trust and use illegal methods to make extra money for themselves.
You may want to know: Stages of external Audit Process
When something like this is happening in your company it will be hard to identify especially if you trust your employees are doing things that are in your best interest. By doing a Business Audit the Auditor in UAE will analyze every detail, making sure everything adds up. This can save your company from huge theft and can even help identify the culprit responsible for the misconduct.
- Make better-informed business decisions: One of the main aspects of running a company is making critical decisions with a view to increasing revenue. Making vital decisions based on incomplete or incorrect information can be catastrophic. This is why a business audit can save you from making bad decisions as it will give you a true look into how your company is running financially and which departments or products are doing well and which ones are not. This will help you formulate plans as you will be aware of the right areas that need improvement.
- Preparing for the tax period: Back taxes can be the worst thing for any company, especially if left to accumulate to exorbitant levels. One of the reasons companies can face issues such as tax evasion is if the person responsible, usually the accountant, has been negligent. When conducting an audit, taxes are one of the critical aspects auditors in Dubai monitor to ensure the business has been adhering to the law. Regular auditing, therefore, minimizes the risk of the company defaulting on its taxes.
- Avoiding debts: One of the first signs that a company is having financial problems is via debt. In situations where debt is an issue, any company owner would want to save their business but this is not possible if there is no risk management system in place. Before trying to outsource funds to save the company an internal audit should be your first course of action to try and save your company before looking for financial aid
- Boosting customer and partner confidence: We are living in a time where people understand that numbers never lie. To win the trust of anyone in the business arena you need to know your numbers. A Professional auditor will help you figure out these numbers accurately so that you can present them to the public with confidence. By doing a Business audit your company can be saved as these accurate, deeply analyzed figures will make your customers (especially potential investors) have a better understanding of your company and its potential.
Find more info: All you need to know about External Audit in the UAE
Need a Business Audit? Look no further.
Should you have any questions or need any type of Audit we here at Farahat & Co. a top audit firm in Dubai UAE can provide just that. With over 35 years in the field, our highly qualified team can walk you through the entire process or answer any pending questions that you may have.