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.

Crucial outlook of VAT compliance

 Rapid changes in business activities around the world and updated legal formality have made VAT registration challenging. Correct information reporting and also transparency while staying current on VAT compliance has to be met with a limited amount of time.

A taxpayer should update or amend the Federal Tax Authority (FTA) on any circumstance which has a direct impact on the records kept by FTA that was given during the initial registration period, and that too within the timeframe set by FTA.

Few circumstances that don’t need approval from FTA are:

• GCC activities
• Customs registration information
• Business activities

But some amendments need approval from FTA. In this case, you can hire us to get help with the process. We are one of the best accounting firms in UAE.

We have highly experienced and approved auditors in Dubai. They will make VAT registration in Dubai seamless concerning the fields that need FTA’s approval and some restricted fields as well.

Our team has VAT compliance experts who will help you prepare and execute VAT registration amendments with the best accounting software with VAT. We offer a wide range of accounting services in Dubai as well.

5 Golden Reasons for You to Become a Business Consultant

 You may have heard about business consultancy many times and, therefore, you have been wondering if being a business consultant would be a good option to put yourself back in the job market. Perhaps you are thinking that this is not the best time to invest in  a  consulting career , after all, we are still in a time of crisis. However, this area has been identified as one of the most successful in the business world.

The reason for this success is the fact that large companies that are fundamental to the economy, such as banks, industries and commerce, use this service on a daily basis to increase their capital and expand their businesses.

The assistance of a business consultant has been shown to be fundamental for companies, NGOs (Non-Governmental Organizations) and even public entities to achieve their strategic objectives and improve their operations. In other words, the market is increasingly dependent on consulting services and this is the best time for you to specialize and start providing the service.

Do you still have doubts if this is the best way? Check out our 5 golden reasons for you to become a business consultant.

What are the activities of a Business Consultant in UAE?

The consultant is a person who works from ideas. In addition to the skills related to the analysis and processing of numbers and the ability to observe the business, finding positive and negative points in the operation, the professional must be passionate about ideas and work so that they take shape and make a difference in the life of the company. and its collaborators.

The work is done constantly in teams with the aim of solving the greatest possible number of customer problems. This task may involve cutting costs, process efficiency, new markets and many other possibilities. The duration of the projects may vary and they are usually carried out at the client's company headquarters.

The consultant is always surrounded by people and works at all times as a team, so it is necessary that the professional has a profile that fits these relationship needs.

The first phase of the project is called diagnosis and is a more analytical phase. It is necessary to understand the client, ask the right questions, analyze reports and observe the day-to-day of the company to understand what is already done and how the consultant can reach the desired goals.

In the second phase, a strategic plan is drawn up so that the business can leave the situation in which it finds itself and achieve the desired scenario. It is very important that the customer is within the entire strategic process, as he is the one who knows the business best.

 

What is the importance of business consulting?

The business consultancy activity is an exchange relationship between the organization and the professional, aiming at an objective or the formulation of  solutions  to problems. Choosing a good consultancy is the best way for the company to count on the support of highly trained professionals with experience in the market.

The consultant will assist in making strategic decisions and will find the best way to obtain results. That is why the career of a consultant is so important, even in times of crisis.

 

What are the main reasons for you to become a consultant?

If you are still unsure about becoming a business consultant, we will list some golden reasons for you to put this idea into practice.

1. You will be able to choose your area of ​​expertise

There is no point in accumulating diverse knowledge over the years and not putting it into practice. As a consultant, you will be able to work with the area you love and specialize in. This is one of the few professions that makes this choice possible.

It is important to observe the behavior of more experienced professionals in the chosen area, so as to seek maximum professional qualification to make your environment more organic.

2. You will own your own business

Being a business consultant you can make your own schedule, obtaining greater flexibility and flexibility in the agenda. This will allow you to set aside more time for your family and the things that are important to you.

The routine of a successful consultant allows the professional to be free to choose his clients and determine his work routine.

3. You don't need physical infrastructure

To start a consulting business, you do not need to make a large investment in physical infrastructure or even in employees. The  cost s  to start work in the field are basic and downs.

It will only be necessary that you are committed and have the necessary knowledge to  sell  your project and apply it to your client's business.

4. You can help companies achieve results

After years of study, in addition to being able to put your knowledge into practice, you can still help hundreds of people and companies to achieve their goals and achieve the best results.

Helping a company to restructure itself  financially  is priceless. In addition to the owners of the organization, you will also help families that depend on this business.

5. You will have a great financial return

In addition to flexibility and freedom, as a business consultant, you will  earn more  than you would if you were a formal worker.

Everything will depend on your performance and results. By providing consulting services, you will be much more valued and your value / hour will multiply.

When pricing your work, remember to consider all expenses, such as phone, travel, internet, food and parking. If your customers are in different cities, you will need to travel frequently, so it is important to take these expenses into account.

Now that you know what the activities of a business consultancy are, their importance and what are the golden reasons for becoming a business consultant, you probably already understand why the area is growing more and more, despite the crisis.

 

Read also: Are you looking for Auditors in Dubai

 

Do you feel that this is the opportunity that was missing to seek your replacement in the market? Are you ready to start your journey? If you have any doubts about your career as a consultant, please  contact us  so that we can help you take this step in search of success.

What is outsourcing and how to benefit from it?

 It can be said that outsourcing is the strategic use of external resources to complete the tasks that are traditionally performed by the staff of a company. In simple terms, to define what outsourcing is, it should be noted that, since not all work can be carried out internally, outsourcing makes it possible to delegate specific parts of a project or a service offer to third parties, service providers. Efficient services, who are experts in that particular field.

 What is outsourcing?

 To break it down even further, we could say that outsourcing is the process by which a company seeks the support of an external firm to carry out specific tasks, so that they can remain focused on the core / most important aspects of their business.

  It is easier to understand what outsourcing is with examples. Thus, in the case of a software development company, the main strength of the business lies in the design and creation of innovative applications, but there are other important parts of the company, such as payroll processing, IT infrastructure or the Customer Service.

  Dedicating oneself to these activities, which are not part of the core of the business offer, implies taking time away from development and, therefore, those who know what outsourcing is and what benefits it has do not hesitate to turn to third parties. Outsourcing & Payroll provides the opportunity to obtain the services that are needed, at a lower cost and with the expert guarantee of offering the best results.

 What types of outsourcing exist?

 When talking about what outsourcing is, it is inevitable to mention the different types of outsourcing that exist. They are three:

 ·         Business Process Outsourcing, which involves a third party taking care of certain operational functions, for example, customer services, payroll, accounting, or inventory.

·         Outsourcing of knowledge processes, an option that requires more advanced technical skills, since this is required for the services that can be outsourced in this category, such as legal, content writing, research and data analysis, among others.

·         Information Technology Outsourcing, including specifically technology-based functions such as software and application development, network administration, and web development.

 What are the benefits of outsourcing?

 If there were no outsourcing, the cost in time and money of completing any process would be incredible. Let's start by assessing what it would take to write a report. We are not just talking about data and its analysis, we also need graphics creation applications, word processors and, of course, a computer. Although it is an extreme example, it is clear that starting from scratch is hard in most situations and that outsourcing saves a lot of money.

  In addition, those who understand what outsourcing is, are also aware of some additional advantages, such as:

 ·         Boost to efficiency. Outsourcing provides the opportunity for businesses to take advantage of the many years of experience and know-how of the contracted company.

·         Possibility of putting all the attention in the central areas of the business. Outsourcing specific tasks to third-party professionals frees up time and energy that can be channeled towards branding or used to invest in research and development, while ensuring that you can offer customers better value and services.

·         Access to qualified resources. Thanks to understanding what outsourcing is, it is no longer necessary to train and train staff in new tasks.

·         Opportunity to offer a more agile and improved service. Outsourcing makes it easy to turn ideas into products in the shortest time possible.

 Outsourcing is present and future at a time when companies are becoming more flexible and beginning to develop horizontally. Do you already know what outsourcing is? Ready to put its advantages at the service of your business project?

Read also: Auditors in Dubai

 The audit is one of the best known financial resources. Although it does not always have the same objectives, since these vary in each case, in a generic way it can be defined as an examination of the accounts and assets of a company, as well as the result of internal operations.

 What is an audit: definition?

 An audit examines and evaluates the operation of a company from one or more perspectives. You can focus on your finances, your accounts, quality or job security. It can be oriented towards a specific goal, such as sustainability; or limited to ensuring that the organization aligns with the enforceable regulatory requirements.

 Audits look at things like financial statements, ledgers, processes and procedures, workspaces, or products to be marketed. Many companies have routine audits once a year, while others only does them on time, for specific reasons.

 What is clear is that, in addition to being great allies of compliance, audits can help to detect problems within the business and, in the long term, help to direct the company and boost its results.

 Who can do an audit?

 An audit must be carried out by a person in charge or a group of people specialized in this matter, that is, who have a corresponding qualification and demonstrable experience, in addition to having independent criteria.

 Objective pursued by the audit

 Every audit has the objective of preparing a document in which the results of the process are collected and that, at the same time, serves as a reference for third-party agents, whether they are members of the company itself or of an official body or institution that has requested the start of the Auditors in Dubai.

 Audit characteristics

 There are six auditing principles, on which auditing is based, in accordance with the ISO standards:

 ·         Integrity: any audit must be based on professionalism.

·         Fair presentation: Each audit has a responsibility to report its findings not only accurately but also truthfully.

·         Due Professional Care: Each audit should be conducted in such a way that good judgment and due diligence are applied to the process.

·         Confidentiality - Much of the information that is collected and shared during an audit is confidential in nature. Your safety must, therefore, be properly ensured.

·         Independence: the audit, whether carried out by an internal or external auditor, must be impartial and the conclusions must be objective, without being influenced by any member of the organization's management.

·         Evidence-based approach: The audit conclusions must be reached in a rational manner and must not only be reliable but also reproducible. The only way this is possible is for the audit process to be systematic and evidence-based.

 Main types of audit. Which one suits me best?

 Auditing as a legal resource has evolved in recent decades, giving rise to various specialties. At present, 5 main types of audits are known that differ basically by the objectives and the agents that carry them out.

 What kinds of auditing are best for the business?

 Let's see what each of them consists of:

 1. External or legal audit:

 This is an examination of the accounts that is carried out by legal request. The idea of ​​the procedure is to verify that the financial status and operations of a company agree with the official records. In these cases, the auditor is an independent person who has nothing to do with the company.

 2. Internal audit:

 In this case, it is an evaluation process carried out by the members of the company itself. The objective is almost always to review the processes that take place in it and from there to propose solutions. This audit is voluntary or at most requested by management.

 3. Operational audit:

 Its central objective is to increase the performance of a company. Although it can be performed by both an external agent and an internal agent, what is sought is to review the procedures that are part of the day-to-day life and improve the level of productivity. In other words, it goes beyond the review of financial statements. A good example of this type of audit is the one carried out to determine whether a company meets minimum quality standards.

 Read also: ERP Accounting Software solutions in Dubai

 4. Public or government audit:

 It is the one that is carried out directly at the request of a government entity. Its objective is to review the financial statements of companies and identify any type of irregularity, such as tax evasion, unjustified financing or non-compliance with labor laws. In United Arab Emirates, this task falls to the Court of Accounts.

 5. Computer audit:

 Almost all companies depend on computer systems. Therefore, it is necessary to carry out an evaluation from time to time and, if the case requires it, update and adapt them to the requirements of the context. The two main types of computer audits are those carried out in computer systems (ICS) and those of electronic data processes (PED).

 Other kinds of audit

 It is worth underlining that in recent times, types of audits specific to the context in which we live have emerged , such as environmental auditing, ethical auditing and economic-social auditing, among others.

How to establish effective business strategies?

 A business strategy describes the "big picture" strategy of a company. The development of this strategy deals with the problems that affect a company and is developed at a high level in the company such as with the board of directors, the senior management team, etc.

 For a business strategy to be effective, it is beneficial to understand what it entails, and the most common obstacles to face.

 If, for example, your ERP project team does not adopt innovative strategies, they may lag behind market rivals. This usually occurs because there is a bias that favors the way things have always been done.

 Strategy has to do with change, and you must have a change mentality to achieve it, you must plan, deal with doubt, and opposition to the change that you may face.

 A Business Consultant in UAE generally faces tight deadlines due to scheduled publication of board meetings or obtaining reports.

 External deadlines can make it difficult to deliver optimal results, for this you can bring together teams from various sources to meet strategic objectives that meet these deadlines. You are only agile when you develop the ability to combine and assemble the assets necessary to meet objectives and deadlines. The above challenges only represent some of the obstacles you may face.

 Part of a business strategy is to determine the short and long-term objectives that the company must meet, financial objectives can be addressed, increase the company's income by 20%, or intangible objectives, by determining the objectives, a direction can be created For everyone in the organization, strategies can later be developed that can help you meet your goals.

 It is very important to use research to drive your planning process, gather all the information about the weaknesses and strengths of your competitors, and thus create a strategy that provides a competitive advantage, you will also need a comprehensive understanding of the state of your industry in order to find emerging opportunities.

 Market research is also essential, by understanding your customers you will find that it is easier to attract and serve them.

 The core of any business strategy is the allocation of resources; This is when tough decisions are made regarding where to spend money. It's important to allocate resources in areas that you think offer the best opportunities. A team for the creation of your business strategy is crucial, as the CEO or senior management officer, it is up to you to make sure that the right people are gathered to create a strategy that helps the company achieve success, remember that, to As your business grows, business operations become more complex and can expose weaknesses in your management team. Anticipate these changes and bring in new talents as your current team members develop skills and abilities with ongoing training and education.

 Read also: Auditors in Dubai

Developing a business strategy, regardless of your industry, is a complex and challenging process, many business teams cannot do this without outside help due to the complexity of the process.

Why choose us as your account auditors

 The internal control of organizations is key if you want to maintain the stability of a company and even promote its growth. And the best way to do this is through an audit. For this reason it is common for companies to hire auditing companies to analyze and locate certain aspects within the companies that must be corrected.

If you are looking for account auditors you can contact us. At AAA-CAS we are specialists in both auditing and accounting advice and business consulting, among other things. We offer a quality service, always focused on ensuring that the company that hires us can have accurate information that is useful to it.

If you are looking for options, here are three reasons why you should choose us.

We offer a personalized service

As account auditors, we understand that there is no general solution that can serve various problems. Each company has particular needs and because we are aware of this we provide a personalized service to each client. Regardless of whether your company is small, medium or large, in AAA-CAS you will always get a close and personal treatment, although always with a lot of professionalism.

We have extensive experience

The history of AAA-CAS began in 2014, which means that the company has extensive experience in the sector. With almost 6 years in the market, we have become one of the best options to hire in terms of Auditors in Dubai. Thanks to our way of working (organized, professional and reliable) we have achieved a stable client portfolio and most importantly, satisfied with the service we have provided.

We have the best professionals available

At AAA-CAS our auditors have continuous training. This means that we have professionals equipped, not only with the best tools, but also with the greatest knowledge to carry out their work in the best possible way. We have a technical and professional quality that has made each client feel comfortable working with us.

Before choosing a list of audit firms in Dubai for your company, it is important that you always verify its reputation, as well as which specialists they use for different cases. Our company is characterized by objectivity, independence and dedication. For this reason, our clients have placed their trust in us day after day. What are you waiting to do it yourself?