Dubai Accounting Services - Jumeira Consultants

Auditing of an organization’s finances can be complicated with complex financial accounting issues regarding valuations, pensions and share plans, listings, and many more. International Financial Reporting Standards (IFRS) have to be kept in mind while performing the audits. Before making audit decisions, objective diagnostic tests and analytical reviews have to be conducted.

Assurance services generally comprises of Statutory & financial statement assurance, Group reporting, Quarterly reviews, Pension scheme audits, Grant audits, Regulatory reporting assurance, Completion accounts, Revenue assurance and Share-based remuneration accounting. Some companies offer audit assurance services as well as business process outsourcing services. Such audit assurance firms can provide organizations with an end-to-end financial auditing solutions.

The enterprises have the option of outsourcing the financial auditing task to offshore companies that offer BPO Services. The tasks that can be outsourced are Risk assessment, Reviews of the general control environment including organizational structure, System based audits concerning financial/and operational issues, Computerized Audit and Security reviews , Advice on policies ,procedures and their implementation and Review of master plans .

Risk management is a key factor for internal control and has to meet the compliance requirements. Risk management includes tasks such as identifying risk and providing solutions that can mitigate and control them. As governance and compliance issues have become more relevant it is important to ensure that there is enough control measures in the system that can prevent, detect or correct the identified risk element. Risk management may be required in any industry be it Information Technology or any other Business Process. The auditing firms that offer business process outsourcing services and audit assurance services must entail error free financial and non-financial reporting to ensure corporate governance and transparency to the stakeholders.

Apart from performing all the basic audit procedures, these auditing firms also cover

Internal controls review, Cost identification and control, Identification of excess or short investment in working capital, Statutory compliances, Tax planning, Database creation from available data and providing exception reports to management, Physical stock taking ,Advisory on cost of capital ,Structuring of systems and process reviews ,Internal, stock, management and investigative audits. Hiring an audit firm to monitor and keep track of your company finance is the best option to maintain a smooth flow of your business.

Dubai Charatered Accountant consultancy - Jumeira Consultants

Today, the services of auditors are required all around the world to run a safe business. Internal audits are a mandatory integral part of a business. Internal audits have to perform a self evaluation procedure as in how an organization works, its processes and the risk involved that may affect the business. Dubai based Chartered accountants who specialize in auditing have worked across various industries and have a vast knowledge of all the business functions. They possess a comprehensive and complete overview of the organization they work with.

Here are few basic functions that are performed by Chartered Accountants in Dubai

1. Dealing the Risk Factor

In every organization there is always a possibility for undesirable outcomes and situations.

The Chartered Accountants are well aware of their responsibility to help organizations in becoming proactive and identify the risk. With their vast research capabilities and knowledge of the market and the company scenario they can understand and analyze the trends and find solutions for the risks. By using their extensive experience and ability to evaluate the situations they can predict the risks that may affect the business and opportunities that can benefit business easily. By hiring a chartered accountant in Dubai, you can be free of the difficulties you face in maintaining the records and accounts of your business and streamlining the auditing process for the authorities you are answerable to.

2. Reports and document Submissions

Accountants maintain records and reports that deal with the company operations. They help you make the best decisions in view of the company’s benefit, thereby ensuring a positive out come of any business venture. They prepare themselves with the complete knowledge about the company and its operations and dealings so that they are able to identify the limitations and focus on scope for improvement. They put to use their findings and the proven methods to make the business grow better.

3. Identifying malpractice and fraud

Being free of malpractice and fraud is very important for a business and especially for and offshore company. It is common practice for the companies to trust their employees completely. Professional accountants and related agencies can also investigate employee behavior and discover malpractices .So it is safe to seek the assistance of a chartered accountant in this regard. If an employee is disloyal, they can prove harmful for the company. Auditors make sure that such employees are detected and dismissed before they cause further damage to the business and reputation.

4. Risk Analysis and Crisis Planning

Additional to identifying the risks, Chartered accountants also help with planning for an emergency and solutions to resolve the situation. For instance they can suggest you a low cost process instead of a tedious and expensive one to overcome increasing costs in a manufacturing company. They can help you device the best possible ways to cut costs and increase production economically. They may also help you in marketing and maintaining the production – sales balance.

For business hubs such as Dubai, it is indeed a best option to seek the assistance of a professional Chartered Accountant to improve your business and flourish.

 

Dubai Business Consultants - Jumeira Consultancy

In reality, both local and foreign investors have taken advantage of a business consultant’s expertise and knowledge about the UAE market scenario to operate their business through incorporation of an offshore company. This way the investors and entrepreneurs benefit with a problem free investment and funding .Since it is likely that you may not know about the local market and rules and regulations, you might want an expert to help you go about with the whole process. If you hire one of those business consultants you can save a lot of time. This article is to introduce you to the business consultants in Dubai and how they assist you with your offshore business formation.

Their services include:

Market analysis and research: To find the suitable market for your products and services.

Also find suitable shareholders, partners if you are looking for joint venture company incorporation.

Categorizing your requirements: This step is to build a corporate structure for your business according to the UAE trade laws, so that you may not face any difficulty in legal incorporation or finance. They also suggest you whether to start up an operation in UAE or in any of the free zones as per your requirements and mode of business.

Company Registration: Business consultants take care of all the company registration forms such as form filling, filing and getting them sealed and signed by the authorities concerned.

Financial assistance: The consultants can help you with a suitable funding or investment options .It could be a bank loan or joint partnership suitable to your financial needs.

Set up assistance: Apart from all the above mentioned services they also assist you with the office set up such as office premises lease, phone lines, company website development, marketing plans, personnel visas, accommodation, opening offshore bank accounts and many more.

It will be a wise decision to hire an experienced business consultant in Dubai if you are planning to set up an offshore company as it will save your time and costs.

These businesses usually require a fee for incorporation that can be anywhere around USD 5000.After the payment the offshore company becomes liable for the Dubai government‘s annual renewal costs currently in the bracket of USD 2500.  There are many documents that have to be submitted for incorporation procedure to take place. These documents include power of attorney for any intermediary, in this case a registered and authorized business consultant to act on the company owner’s behalf, registration forms, bank references, CVs of the appointed directors and passport copies, visa documents and photographs. An experienced business consultant in Dubai can carry out these incorporation procedures with ease.