The services offered by audit firms
Accounting firms offer a number of different services. What needs to be clarified here is that the overall scope of the services offered by an auditing company in UAE tends to vary as per its expertise and experience. However, here is a bit of information about the services that are commonly offered by accounting firms of all sizes are:
One of the most commonly offered services by accounting firms is that of external auditing. When delivering this service, the audit firm that you hire will critically examine you financial statements and documents. By doing so it will be easily possible for them to provide you with information about the overall fairness of your statements. As a result of the audit, you will receive a thorough evaluation of your finances. An external audit can obviously not be performed by an employee of the company. This is why just about every audit firm that you reach out to is sure to offer external auditing services.
There are many different tax services that accounting firms offer these days. The accounting firm that you hire will prepare your income tax return along with your business and transfer taxes. The hired accounting company will represent you in all of your tax assessments and investigations. You need to remember that accounting firms take all the necessary steps required to keep themselves updated about tax laws and other regulations that might affect their clients. This makes it possible for them to deliver the best possible services and help their clients with tax minimization.
The budgeting services offered by accounting firms helps in efficiently managing cash. This is done by making predictions related to the monitory objectives set forth by the business to be achieved in the long run. The accountant assigned to you will occasionally check and evaluate your actual cash flow and make comparisons with what it was expected to be at that point. Then, he will analyze the differences and make predictions about the possible causes both in terms of favorable and unfavorable scenarios. He will then provide you with advice related to how you should manage your cash flow.
Designing your accounting system
If you take on this service of an accounting firm, then your accounting control system will be evaluated by a certified public accountant so that any areas of improvement can be identified. Once done, the accountant hired as a system analyst will design a customized accounting system for you. You can check here for more information in this regard.