Differences internal and external audit

 The audit process is extremely important for organizations. After all, its main purpose is to certify the company's assets.

 There is internal and external audit and, although they have the same objective, they have different characteristics.

 Before we understand exactly what these differences are, it is worth remembering that the audit does not only inspect the financial statements.

 It is critical to ensuring transactional and operational processes such as inventory and processes.

Now that you have a little insight into the importance of Auditors in UAE, it's time to understand the main differences between them, and that's what we'll help you do in this article.

 Keep reading and check it out!

 What is internal and external auditing?

 Internal auditing is the process in which a company's own auditor is used.

 The internal auditor acts primarily to assist the administration and, therefore, is very close to the board or presidency, as their role is to assess whether processes are being carried out correctly and indicate non-conformities.

 The external audit has as main focus the analysis of policies, procedures and financial statements.

 As the name suggests, it is carried out by independent professionals, who must, at the end of the analysis, issue an opinion of what was visualized.

 Large companies are required by law to use external auditors registered with the Securities and Exchange Commission (CVM).

 Understand the differences between audit professionals

 To facilitate the understanding of all the differences, below, we will see the differences between the roles of internal and external auditors in the activities performed.

 Check out the main features of each one:

 Internal Auditor:

is a professional of the company itself;

there is no requirement for training, and specialists can be used in the area of ​​greatest need of the company;

its main action is to analyze internal controls and procedures;

its main objective is to comply with the determinations of senior management and promote improvements in internal processes and fraud detection;

at the end of the audit, actions are recommended to optimize processes and ensure greater efficiency;

although this professional reports directly to senior management, he is not totally independent, and must follow the directives of the board;

the internal auditor has direct responsibility to the company in which he works;

As the focus is on internal controls, the work is on-going.

External auditor:

is an independent professional or a specialist audit firms in Sharjah;

must have a degree in accounting and be registered with the CRC;

its main action is in the financial statements and specific needs;

the main focus is to ensure the accuracy of the financial information and suggest actions to improve the results presented in the financial statements, attesting to the market the fidelity of the information and good practices;

after the audit, the external auditor must issue an accounting opinion , pointing out the identified opportunities and suggesting improvements;

the external auditor has high autonomy and independence;

he is responsible to the client that hired him, the suppliers, the company in which he works and the government;

The external auditor acts only to perform the contracted activity, that is, its activity is periodic.

 What is the best?

•  It is important to make it clear that one audit does not replace the other, but rather complement each other.
•  You need to first identify your needs and only then choose the one that will best deliver the results you need.
•  For example, if your focus is purely accounting and you want to get loans, investors or increase market value, the suggestion is an external audit.
•  If the focus is operational and process improvement or generating information for senior management, choose internal Auditors in Dubai.

 As we have seen, internal and external auditing is of paramount importance to the company, generating trust and credibility for the market, improving processes and increasing productivity and profits.

 Want to know how your company can benefit? Discover our services and let us help you!

 Regardless of the size of your company and the segment in which it operates, having better control over the actions and information generated will be essential to build a strong competitive differential, stand out in the market and grow in a sustainable way. But, after all, what is the importance of internal audit at this stage?

 Basically, it's all about the process. After all, it is what will enable the discovery of operational failures and opportunities for improvement for the business. You still don't do an internal audit in your company? See from now on, in detail, why it is so important for your company:

 Enhances the company's risk management

 Most United Arab Emirates companies are exposed to risks such as fraud, registration errors, operational inefficiencies and numerous irregularities. All of this can be committed precisely by those who should fight them the most: managers, employees, suppliers, etc.

 This makes accounting management a fundamental strategy for the internal Auditors in Dubai, if it is not considered, these problems can become increasingly difficult to detect accurately, causing damage to property and causing serious penalties applied by Organs supervisory bodies.

 On the other hand, an internal audit can help to solve these problems, identifying unfilled gaps in the processes, which would nullify the facilities for fraudulent actions within the company, considerably reducing the error rate.

 Promotes best governance practices

 Another point that raises the importance of internal auditing in the company is the fact that it assesses whether the adopted work standard is being complied with by managers and employees from all departments.

 In fact, it is common to see departmental managers and their employees disrespecting and changing certain norms, guidelines and other determinations imposed on the ideal behavior and methodologies they must follow. This non-fulfillment of orders can jeopardize the performance of the sector and affect the results of the entire company.

 However, with a periodic internal audit, these misconduct will be easily discovered, ensuring credibility and transparency in the activities performed by the company.

 Generates improvements in internal processes

 Through a  professional internal audit,  it is possible to identify compliances and, mainly, non-compliances, helping managers to discover more easily what can be improved to add competitiveness to the business.

 This includes ways to reduce waste of resources, increase productivity with quality and reduce production time, for example. In this way, operations are optimized using methodologies and technologies that are among the best practices of the moment.

 That is, in addition to monitoring compliance with the norms and standards by its managers and employees, the internal audit will assess whether it is necessary to change any of these procedures to further improve the level of efficiency of the activities.

 The idea is that after the first internal audit in the company, it will act more in the sense of prevention than correction of procedural failures, representing an activity with a great focus on control and bringing significant changes to the business over time.

 It is worth mentioning that internal audit has a very high strategic level and requires a very high degree of know-how (specialization) from those who will put it into practice. Therefore, seek  professional support . Thus, you will have the vision of an outside expert, who will present appropriate solutions to improve the management of your business.

 Now that you know the importance of internal Auditors in UAE, don't waste any more time. Put it into practice today and raise the efficiency level of your business.

What are the operations that accounting software can complete

  Among the various operations that an accounting software can complete is the creation of invoices and estimates, the monitoring of expenses and payments, the management of suppliers and even the control of warehouse stocks . This type of software is also particularly suitable both for companies that have just entered the market, such as in the case of start-ups, and for SMEs that have already conquered a slice of users in their sector of reference.

 To choose the best accounting software for the needs of your company, you can resort to the help of best companies, which in addition to collecting the most popular accounting management tools also offers the possibility to compare them thanks to its internal comparator. Last, but certainly not least, factor to take into account when choosing an accounting tool for your company is its advantages.

 In this regard, allows users to select software based on some essential criteria, such as the presence of accounting services in Dubai and billing tools or the possibility of accessing a free trial. It should also be noted that there are also entirely free and open source software, which however are not in line with the laws on finance in force.

 What features must accounting software have?

 Usually the accounting management tools can count on a wide range of functions. An excellent news that, on the other hand, could put in difficulty those who try their hand at choosing the most suitable tool for their needs.

 For this reason, especially if you are a beginner, it is advisable to work closely with more experienced accountants who can help identify the features necessary for your business needs.

 Let's try to put the characteristics and some of the critical aspects to consider in choosing an accounting software black and white :

 Basic accounting tools - Before even analyzing the advanced features, you need to have a clear understanding of the basic tools that your company needs. Typically merchants choose standard arrangements such as customer management, estimates, billing, as well as tracking expenses and revenues. In the case of a shop with a wide range of items, functions such as purchase order, supplier management and inventory management may be useful.

 Mobile-friendly - Accessibility from Smartphone’s is now a standard among accounting tools. Of course, the cloud is great for allowing team members to access the tool remotely from anywhere. But, today, this is not enough to manage a company's finances efficiently. For this, the software must guarantee a mobile experience operationally similar to that of a PC.

 Data security - Financial data is unquestionably one of the most sensitive information within e-commerce: every single violation is a potential damage to the company. For this, the security features made available by the various accounting tools must be a priority. How are the saved data managed and how are they protected during transmission? What are their safety standards? What about their privacy policy? What measures do they implement to monitor their networks and prevent possible attacks? These are just some indications to understand if and how much security is central for those to whom you can entrust the most intimate information of a company.

 Forecasting functions - The most modern accounting tools have developed artificial intelligence systems in order to fully analyze the financial models and, consequently, forecast revenue and growth. These are tools so powerful as to push more and more accountants to rely on artificial intelligence. Are the predictions really accurate? The direction taken is the right one. Certainly, the choice must take into account how deep the proposed analyzes and forecasts are.

 Automation - Automation is certainly one of the main reasons for relying on compatibility tools. The best products include automatic systems for reporting, global payments, invoice management, tax compliance, supplier accounting, etc.

 Tax support - A clear picture of a company's money cannot be separated from tax monitoring. To do this, it is necessary to rely on an updated Customized ERP Software's in Dubai on the laws in force that can automatically process the required taxes. The free tools usually do not guarantee the punctuality of this function making the choice of a paid tool obligatory.

 Read also: Are you looking for Auditors in UAE

 Integration with third-party tools - E-commerce is a dynamic ecosystem where several elements intersect which is always in sync with each other. Such a fluid environment obviously needs versatile accounting tools that can integrate with a wide range of third-party tools. To be clear, the best accounting tools should be able to connect with Google apps, in addition to email marketing tools, customer relationship management, inventory management, payment processing, etc.

 Reporting - In the end, what really drives you to use an accounting tool is its ability to efficiently generate relevant financial reports. While some systems simply provide basic profit and loss reports, the best solution can only be a tool that can dig deep to offer real and in-depth reports that can photograph your financial performance in real time.

 

 

 

What is and what the role of external auditing in your company

 

Learn about the role of external auditing and see how it can benefit your company.

 It is essential to submit any and all companies to the evaluation processes of how their resources are being used in order to improve them. In view of this, external Auditors in UAE, or independent auditing , as it is also known, emerged as part of the evolution of a company .

 It acts to ascertain all the internal procedures and policies defined by the company, making it possible to see whether the accounting and internal control systems are being effective and carried out within criteria that are healthy for the company's financial life.

 The external auditor works independently, with no employment relationship, and his attention is focused on the reliability of the accounting records. Most of the time, he also works in partnership with the internal auditor, to test the efficiency of the systems used.

 External and internal audits are usually linked to the accounting field and have common interests and a strong connection between their work. Usually, the internal audit works more as a coordination within the company, while the external audit seeks to prove the financial statements and, for this, it uses the results of the internal audit . Thus, these two areas should seek to unite their work to make better use of resources, benefits and skills.

 The work of verifying the equity and financial situation of companies is extremely important for future investors of funds and other business partnerships. As a security measure against the possibility of manipulating information, future investors demand that these statements be examined by a professional independent from the company and of recognized technical capacity.

 Qualified professionals,  must have an obligation to meet the company's needs with regard to the reliability of financial information, in addition to reviewing operations and internal control , generating reports and reports that prove their real financial situation. .

 Read also: Are you looking for ERP Accounting Software solutions in Dubai

 Do you have anything to add about the importance of external auditing? Share your opinion!

The benefits of adopting an ERP solution for your company

 The implementation of software and management to optimize and solve business problems and operations has brought great results to most industrial sectors, improving and automating processes that were previously complex and required a great waste of time and resources and at the same time guarantee a greater coordination of all company departments.

Among these technologies, ERP ( Enterprise Resource Planning ) solutions began to take hold in the nineties, up to today taking on a role of fundamental importance, coming to revolutionize the way in which organizations design, plan and carry out their flow of work, ensuring perfect coordination in the various company departments.

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By integrating ERP systems into the working reality, manufacturers can improve the quality standard of each operation making it more fluid and smart, further optimizing the production sphere.

Below we are going to mention some of the advantages of implementing an ERP suite:

# 1 | Better business automation

The ERP suite helps to create a homogeneous operating environment by integrating business data from different departments, as it is a system based on the collection of information stored in a centralized database.

Taking a concrete example, an ERP solution is able to detect an increase in the production volume of an assembly line and automatically notify the warehouse to warn to create more space, as well as send orders for the purchase of new raw materials.

Processes such as supplier payments, invoice issuance, customer service and other routine activities can also be automated through the use of ERP software.

In short, the suite provides an easy way to communicate and coordinate activities between interdependent business units.

# 2 | Interaction between customer and company: the customer journey .

To date, the challenge is to integrate different touch points in order to offer a user experience that is able to increase engagement . It is therefore necessary to pay attention to every detail relating to the pre-purchase phase, which in most cases takes place directly in the store.

An increasingly widespread trend with the birth of e-commerce is the phenomenon called " show rooming ", or when a customer goes to a physical store to try or view a product, but then buys it online.

# 3 | Aware and far-sighted decision-making process

Basically, an ERP system is a software suite that integrates perfectly with the various sectors of the company, facilitating their cross-functional interaction in the processes of archiving, managing and processing data on activities related to the business and its customers.

Having all the information contained in a convenient platform, ERP solutions are able to offer business managers and entrepreneurs a 360 ° view of the company. This greatly facilitates their task of making strategic business decisions in a more conscious way and in line with the current business situation.

In summary, a tailor-made management software can represent the best means capable of bringing tangible advantages and benefits within a company: from the organization of warehouse activities, to invoicing, from purchasing management to controlling deadlines. These are only part of the advantages that management software offers, a tool that allows you to monitor and manage most of the business processes in order to simplify them. For this reason, a good management ERP Accounting Software solutions in Dubai must be easy, fast and intuitive in order to carry out each operation efficiently and in complete safety, offering a flexible and complete management solution to a company.

The choice of the most suitable ERP is therefore strictly related to the advantages it can bring to business work. It is therefore important to select software houses that offer ad hoc professional solutions, or tailor-made software that allow you to optimize and simplify business processes in order to obtain advantages relating to both the optimization of the work process and economic, with an optimal ratio between costs. and tangible benefits.

5 criteria for choosing the right ERP

 

Do you want to launch your first ERP project or change your existing solution? The choice of a business management tool is complex and should in no way be neglected. First, you will need to define and formulate precisely your needs, before starting a comparison of existing solutions on the market.

There are several basic criteria to consider when selecting the right ERP software for your business. We detail 5 of them that are, in our opinion, the most important to help you in your ERP project.

1. Knowledge of the trade

Some ERP software easily adapts to a wide range of industries (Trading, HR, Project, Production, Process, etc.) and others are geared towards an industry, a sector of activity or a specific profession.

Find the ERP solution adapted to your specificities

It is common for companies to turn to generalist ERP editors with strong notoriety which involves a lot of adaptations. By virtue of its generality and its oversize, these adaptations increase the complexity of the software, the risks, the delays, the costs of the ERP project and increase the difficulty of future updates.

On the other hand, if you focus on an ERP solution focused on your field of activity , it will be operational more quickly, will provide you with better expertise and will adapt more easily to your processes.

Work with an ERP integrator who understands you

Collaborating with an ERP integrator who has know-how in your industry brings added value to your project. Thanks to his expertise in your sector of activity or business, he will more easily analyze your problems, respond to them efficiently and advise you on best practices to make your ERP project more productive.

What questions should we ask?

What are the references of the publisher and the ERP integrator in my field of activity?

Is the ERP solution well "sized" for the size of my company (Small to medium, Mid-size, Large, Group)?

Once the list of solutions in line with your needs has been drawn up, we advise you to contact one or two references who are close to your field and to meet them.

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2. Functional coverage and agility of the system

Your future ERP software must offer a favorable environment for decision-making and have a certain flexibility to adapt to your organization and your previously formulated needs. 

 

Adaptability of the ERP solution to the medium-term strategy

Your ERP should meet 80% of immediate needs and medium term needs. Therefore, you should not only focus on the needs at the moment T, but broaden your spectrum of requirements and needs in the future to guide your purchasing decision.

You are asked to think about the different possibilities for development and medium-term strategy of the company, such as internationalization, the opening of new production sites or new markets, etc.

What questions should we ask?

·         Will the ERP editor be able to support my growth smoothly?

·         Is the ERP solution modular and flexible enough in case my needs change?

·         Can my external applications easily integrate into the solution?

·         What are the standards it offers?

As you will have understood, the selected solution must be flexible and modular to support you in your success. It is therefore not advisable to waste your time on the ERP that you covet if it has excessive limits in terms of customization.

3. Acceptance & user experience

Now it is important to stress the importance of the approval of the ERP system by your employees. This point is imperative in an ERP project, because in the end, they are the ones who will use it regularly.

An ERP must be able to present the right information to the right people at the right time. But that's not all, it should be intuitive and easily customizable for your staff.

Indeed, a department manager will not need the same user functions as a production operator. It is therefore essential to take these different facets into consideration when planning the use of Customized ERP Software's in UAE at all levels.

 

ERP Accounting Software solutions in Dubai | accounting software

The latest generation ERP Accounting Software solutions in Dubai integrates Business Intelligence functions by offering tools to extract and display data that can be integrated together: Get more information: 97142287774

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Accounting and financial audit: definition, role in the company

The audit is a procedure which certifies the accounts of a company. It is ensured by an auditor (person in charge of this mission) who attests to the good financial health of the company as well as the regularity of its management. A good audit thus ensures certification to said company with different partners or organizations for example. Beyond this control mission, the auditor thanks to his analysis allows his client to foresee the future steps to be taken. The audit therefore allows analysis in many very different areas: accounting, finance, management, the product development process, etc.

The profession of auditor

The auditor is a self-employed person or an employee of a company specializing in auditing. The most important part of his work concerns the accounting and financial audit of a company:

·        Control the company's accounts,

·        Evaluate stocks,

·        auditors in Dubai

·        Check the good financial health of his client,

·        Be aware of new national and international legislation (etc.).

The auditor is generally an auditor or a chartered accountant, he can also be a graduate of bac + 5 (master 2) in a financial field. A good auditor is attentive and rigorous in his work because it is he who certifies the financial state and the conformity of the documents of the company calling on his services.

Internal Audit

The auditor (or audit team) is employed by the company. He controls, verifies, inspects and monitors the company's accounts with a critical view. The audit can be financial or accounting and financial.

External audit

The auditor is outside the company. As an auditor is external to a company, his mission is always an external audit. The points to be checked will not be fixed by the company being audited but by the sponsor. As in the internal audit, the auditor will prepare a report which he will then submit to the applicant

Third party audit

This form of audit is controlled by a neutral entity, generally an organization granting certain certifications to ensure that the company being audited respects the rules in force. The audit once carried out will highlight certain points which will determine or not the obtaining of an ISO standard for example.

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The importance of performing an audit

Analyzing the functioning of your company on as many points as possible is very important and can be of little help. Indeed, the fact that an accountant attests to the veracity of the accounting entries allows 

Strategic Marketing: the Importance of Having a Plan to Grow Your Own Business Valuations in UAE!

Have you ever heard of strategic marketing?

What we will do in today's guide is to go and understand how this tool can help you get your business off the ground.

What is strategic marketing?

The marketing strategies differ in various stages and types, today we often hear about digital marketing, operational or strategic.

If we look for the strategic marketing definition, we note that this indicates:

“Marketing Techniques That Allow You to Plan a Company's Activities over the Long Term.”

This activity requires that different strategic details are taken into account, such as profitability, the portfolio of services and products, maximization of turnover.

The strategic marketing therefore provides a plan that extends in the long run, in some cases can be outlined projects that go beyond the three years. The choice of the strategic period, of course, depends on the company and also on how the project must be integrated with the strategies of operational marketing.

Marketing plan: why is it important?

Before going into the details of strategic marketing strategies, it is good to know why it is important to have a plan within one's own business and corporate reality.

The planning and organization, must take place with specific rules, with data and accurate readings. Therefore precision is essential to be able to exploit all the tools we have available thanks to the assumptions of strategic marketing.

Every company, even the smallest one, should have a marketing plan that is both operational and strategic, which allows a good synergy between the two.

“Thanks To Planning, You Know The Steps To Follow As You Proceed With Your Business.”

The marketing activity, in fact, should not be thought of only as a direct action for the sale of a product or service.

Today, this essential practice has increasingly expanded, becoming a way to turn your ideas and projects into reality.

The marketing plan is important not only because it allows you to sell more but also because it allows you to achieve your goals of entrepreneurial success.

Strategic marketing: the theory

Like any area of ​​the economy, marketing also has a theoretical basis that can be understood and studied from the definitions that can be found in books.

Strategic marketing: main books? Well there are so many books that deal with this subject, of course some authors are more important and known than others.

Peter Drucker

Peter Drucker defined strategic marketing as a process that involves different phases, from the analysis of competitors to that of the market and the target.

According to Drucker, this branch of marketing allows the entrepreneur to understand what his own positioning in the market is and how the needs of the customers can be satisfied.

Jean-Jacques Lambin

A theoretical text, often used also at school level is that of Lambin, he also gives his own interpretation of strategic marketing. According to Jean-Jacques Lambin strategic marketing is positioned in the medium-long term, this involves an analysis of the needs of the market in order to develop products and services that are intended for their target.

Furthermore, he continues by stating that the task of marketing strategies is to find a peculiarity that can make one's business different from that of its competitors. In this way we gain a lasting, defensible and competitive advantage.

Philip Kotler

Finally, when we talk about strategic marketing theory we must also remember Kotler's assumptions. Philip Kotler focuses mainly on how a company must develop an advantage over the competition through planning.

So his theory is mainly linked to the theme of positioning within a specific market.

What are the differences between operational and strategic marketing?

Knowing how to intelligently balance your marketing mix is necessary to achieve the desired results over time. Strategic marketing and, secondly, operational digital marketing services are necessary so that these results can be achieved.

The main differences between strategic marketing and operational digital marketing services concern their nature and, consequently, their temporal order of implementation.

“In Fact, Strategic Marketing Is What Creates The Foundations And Foundations For The Operational Part To Act.”

All the work of analysis and definition of objectives, as well as the strategy for these to be achieved, is part of strategic marketing. Subsequently the operative marketing takes over, the real part of the action, which does nothing but "concretely field" the strategic part.

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Strategic marketing: what is SWOT analysis?

As we mentioned at the beginning, planning and analysis are the basis of marketing. The tools to plan a good strategic marketing project are different; among these is the SWOT analysis

The SWOT analysis or matrix was designed by Albert Humphrey between the 1960s and the 1970s. This is a tool to plan your business strategy and to know your strengths, any weaknesses, the threats of competition, and the opportunities that a project or a company has.

In fact the word SWOT is an acronym that indicates: Strengths (strength), Weaknesses (weaknesses), Opportunities (opportunities), Threats (threats) .

When you do a Swot analysis you can understand the current situation of your company. This is possible by asking you four questions:

·         What are the strengths?

·         What are the weaknesses?

·         How to take advantage of your opportunities?

·         How to reduce external threats?

By answering correctly, with data in hand, these questions can finally outline your future strategy in the best possible way.

How to implement a strategic marketing plan in 5 steps

There are many examples of marketing strategies, but we want to help you understand how to create a strategic 5-step marketing plan.

1. Study the position of your company

The first thing to do is to know how your business is positioned and what its current financial situation is. To analyze also there is all the previous of your company: the strategies already implemented complete with financial results obtained. And don't forget the aforementioned SWOT analysis.

The more accurate your data is, the more you will lay a solid foundation for implementing a successful strategy.

2. Study the market

During the creation of a strategic marketing plan it is necessary to study the market to assess what the real opportunities of the moment are , and how these may or may not be exploited both in the short and in the long term. Strategic marketing, marketing plan objective

This analysis is necessary in order to understand how to plan the actions of your company and direct the resources to the best.

3. Define the objective of the strategy

Now that you have analyzed your company Business Valuations in UAE and the market to which it refers, you have the means to define your goal.

Indeed, a strategic marketing plan must necessarily outline what the objective is to achieve through the strategies. Having a goal serves to rationalize the resources of distribution, production and marketing. The strategies serve instead to convert the objectives into reality.

Remember, in order for your strategy not to peak and not waste resources uselessly, it is important that your goal is:

·         Accurate.

·         Reachable.

·         Measurable.

·         Realistic.

·         Time related.

4. Define the target

Among the essential steps of a strategic marketing plan is the definition of the target, all the products and services must be based on specific targets, or on a specific category of potential customers. Strategic marketing, target definition

To create a winning strategy it is necessary to study and analyze the needs of a specific target and be as specific as possible in defining it.

5. Make an estimate of the budget available

Finally, to complete the strategic marketing plan it is necessary to outline the budget. One of the most important notes, in fact, includes the inclusion of a realistic marketing budget.

Only in this way will it be possible to understand how to dedicate one's economic resources to the best during the project implementation period.

Well, now you have all the credentials to implement your successful marketing strategy .