How to prepare your company for an audit

 

Now that you know how auditing can help your company and the main areas that can be audited, let's talk a little bit about how to get your company ready to receive Auditors in Dubai.

 1. Insert in the annual plan

 A very efficient way of not failing to audit the various sectors of your organization is to insert the activity in the annual plan.

 Thus, everyone knows in advance what the intentions of the company's management are.

 2. Have clear goals

 It is very important to involve all employees in this process. One way to do this is to share with all the reasons that led the audit and what questions are expected to be answered.

Read also: All about internal audit: what it is, benefits, when to do it and how to prepare

 3. Formalize the processes

 In addition to involving employees, the role of each person within the company must be made clear.

 Therefore, investing in training, being always available to talk and offering constructive feedback makes all the difference!

 4. Know what's best: internal or external audit

 During the text, we talked a lot about the purpose of audits. Therefore, before hiring a company or preparing a team to audit the company, know what result is expected from it.

 Reinforcing the concepts: internal audit serves to assess and survey data, while the external one will attribute credibility.

 We hope to have answered all your questions about auditing and why this is an important activity for your company, regardless of size.

 Read also: ERP software rental vs. ERP software purchase

Keep following our blog for more discussions like this. Subscribe to our newsletter and don't miss the news.

What is ERP and what can it do for your company?

 

There are many moving parts when running a business. In this scenario, you: run your daily operations, manage your sales, pay your employees on time, supervise your inventory, file your taxes, manage your production and supply chain and last - but not least - keep your customers happy and coming back . In other words, ERP software makes managing your business much easier.

 So, what is ERP exactly? ERP means enterprise resource planning. In other words, in its most basic form, it is a single system that integrates all the essential processes necessary to manage a company.

 An ERP system is made up of enterprise resource planning applications that communicate and share a database. Thus, each application, often called a software module, generally focuses on one area of ​​business. Finance, human resources, sales and logistics are popular starting points. In addition, there are specific modules for a wide range of industries - from wholesale and manufacturing to retail and e-commerce.

 Most enterprise resource planning systems have simplified automation and reporting capabilities. This helps companies to operate more efficiently and better comply with compliance regulations.

 Because each ERP application is connected and shares a common interface, different business units (for example, sales and finance) can work from data that shares a single source of truth - facilitating fast, fact-based decisions and collaboration. Likewise, managers can view business insights from any angle.

 So, how does it all work in practice?

 Let's use sales orders as an example. When they can be automatically fed to the finance and order management departments, both units can get their work done - closing books and processing orders - faster and with fewer errors. Therefore, an ERP system reduces manual data entry and improves the flow of information throughout the organization.

 Why use an ERP system?

 Most growing companies start by using a variety of simple, stand-alone tools to manage different processes, such as QuickBooks, Excel spreadsheets and more. But as businesses grow, managing disparate applications can become confusing and time-consuming.

 Thus, most large companies have robust ERP systems. But how and when should small and medium-sized enterprises (SMBs) implement Customized ERP Software's in Dubai?

 More flexibility

 Many companies turn to ERP software because they are frustrated by the rigidity of their current models. Without easy access to accurate information, a number of essential questions may remain a mystery: is your company making money? Which of your customers are most profitable? What impact do market price fluctuations have on product costs? An ERP system makes it very easy to answer these types of questions.

 Better data management

 If your company is drowning in spreadsheets, relying on paper-based processes or acting on bad information from fragmented solutions, it's probably time to consider enterprise resource planning software.

 With a better flow of information, your business teams can do their job more efficiently. They can streamline accounting, asset management, purchasing, manufacturing, inventory, customer service, hiring, payroll and more.

 The good news for SMBs is that the cloud makes ERP systems much more accessible - especially when provided as software and platform services . Cloud-based enterprise resource planning software is readily available and requires a low initial investment.

 Small and medium-sized businesses in favor of a local approach are also much better off than they were years ago. The investment required to run your ERP system on your own premises has been significantly reduced.

 How are ERP systems changing?

 To keep up with digitalization, ERP systems also had to evolve. Business activities in a dynamic digital economy are constantly changing. Thus, they need to be carried out in various channels and points of contact.

 Customization

 Although previous ERP systems stood out in the integration, adding new features could be time consuming or even require a complete overhaul. Today's ERP systems are made up of loosely coupled components that can be easily added or removed according to growing business needs - giving organizations the flexibility they need to thrive in the digital economy. In addition, cloud solutions can fill any functional gaps and expand business resources.

 Technology

 In-memory, mobile, social computing and the Internet of Things have also had a dramatic effect on today's ERP software environment. Enterprise resource planning systems are beginning to incorporate all of these technologies to transmit information in real time between departments. They include analytical technologies that help companies make decisions based on data and manage performance from moment to moment.

 In the same way - and in many cases thanks to these latest technologies - the limits of the industry have become blurred. Companies that focused on classic manufacturing a few years ago are now using mobile technology to provide their customers with after-sales services and have found a completely new revenue stream. Others who used to sell through a distribution network may now be using the web and social media to find an additional sales channel. These changes need to be reflected in a company's ERP system. That's why the next generation ERP systems offer much more agility than the previous generation.

 Decision-making

 ERP provides a digital business core - a kind of nerve center - that consolidates internal and external elements in a single structure. In this way, it connects processes, provides information and live insights and integrates the company with the world in general. With a solid digital foundation, you can add specific lines of business solutions - such as finance, HR, sourcing and purchasing, R&D, asset management and more - as needed. As the functionality of ERP systems changes, so does the definition of the term. But one thing is for sure: enterprise resource planning software is good for business. It positions your company to make faster decisions, embrace new opportunities and drive profitable growth. Ready to make the change?

 

Read also: What are the types of auditing?

 

How to choose your accounting software?

 

It is difficult to make the right choice when you are mindful of other things. But, while it may take some effort at first, the benefits of reduced workload will be felt in the long run.

 Businesses are born from an idea and a passion and that's what should keep you going. Getting the right accounting software isn't just about the numbers. This can help you support your mission and goals. The right software will support your business as it grows and prepare you for whatever the future holds.

 Before purchasing a product, ask the software vendor the following questions:

 1. Will the accounting software change with my business?

 Everyone wants their business to grow. In doing so, and as a manager, you will need to hone and develop your knowledge, and learn more about business management. However, good accounting software will grow with you, with additional software packages from the same software vendor sometimes coming into play as your business develops new requirements, such as processing payroll or payments.

 2. How easy is it to share key data with business stakeholders?

 In a modern, forward-thinking business, financial data is shared with those who need it, and instantly. In particular, a sales team can have access to a dashboard giving an overview of the company's finances which allows it to progress. This type of culture fosters success and growth, and at the heart of this culture is the right accounting software.

 The ability to create custom dashboards or reports is a necessity, as is the ability to easily share them with key stakeholders.

 3. Will my software be up to the technology of tomorrow?

 Along with the use of artificial intelligence, the other incredibly promising technology for the future is block chain. It is still too early for accounting software to process crypto currency (most software only focuses on legal prices), but it is not incongruous to ask whether the accounting software vendor is monitoring or not the same technological horizon as you, or even, what is its position on future technologies like block chain.

 Ask the vendor if they have a phased approach to existing technologies, such as mobile technologies and the cloud.

  4. Does the software help me stay in compliance?

 The business world is difficult, especially if you are just starting out as a business manager, as legal requirements seem to come from all directions. Above all, it is about being able to manage taxes, because a company that cannot pay its taxes is almost bankrupt. Another common area of ​​compliance is payroll and pensions, where the rules can be complex, but software can quickly simplify the workload. There is also the need to keep your data safe so as not to violate data protection laws.

 Good Customized ERP Software's in Dubai will help you comply with the laws by providing you with features that will help you stay in compliance.

 5. Which reports and dashboards stand out?

 Just like in your car, the accounting software dashboard aims to give you the key information you need at a glance. The best accounting software includes at least one dashboard and it can revolutionize the life of the business.

 Rather than having to run a report every time you want to see the data in context, you can just glance at a dashboard and see real-time, up-to-date information. Viewing data this way allows you to become responsive and keep up with trends and developments, or just put an end to potential issues before they even emerge. However, essential accounting information is not the only one that appears on a dashboard.

Read also: 5 keys to correctly choosing an ERP software

 The ability to set up custom dashboards (or bespoke reports) can provide new insights and reveal relationships between data that were previously impossible to see.

Advantages and disadvantages of having an accounting software

 In this new digital age, companies have been forced to drastically change their resource management and coordination processes, to the point that today most of their documents are produced electronically.

 One of the departments that has changed the most in this process is finance, due to the centralization of all its tasks through accounting systems, which is why today we have decided to show you the advantages and disadvantages of these programs in the administration of SMEs.

 Advantages of using an accounting system

 The main objective of accounting systems or software is to automate and simplify administrative tasks within an organization, since they allow unifying accounting and commercial operations, thus allowing companies to manage their resources more efficiently. Below we will mention some of its benefits:

 They save time and money

 One of the most important benefits of implementing an accounting system is that it allows companies to save time and money in the preparation of their accounting records, since they need a much smaller amount of resources to function and drastically reduce the amount of errors.

 Improve business management

 By using Customized accounting software, companies not only have all their data unified and stored in one place, but it also facilitates decision-making and allows them to better manage the company's resources.

 They simplify administrative processes

 One of the challenges that companies currently face is how difficult it is for them to keep all their accounting processes up to date, however, with the use of these programs it is much easier to automate work and streamline day-to-day tasks.

 Improve the availability of your vouchers

 By having all the receipts organized and unified in the same system, companies can have their information available at all times and search times are reduced. Another advantage offered by these programs is that many are stored in the cloud, which allows you to manage accounting information at any time and from anywhere.

 Reduce the amount of paper

 Thanks to the fact that these systems issue receipts electronically, by implementing them companies can drastically reduce their paper consumption, printing costs and the impact their activities have on the environment.

 Disadvantages of implementing an accounting system

 Now that we know the advantages of using these programs, it is important that we also bear in mind some problems that the use of these systems can cause in business administration.

 Require prior knowledge to use

Most of the administrative software are designed and thought for people with a high accounting knowledge, so we recommend choosing programs with a friendly interface and that offer a good support service so that you can get the most out of all its functions.

 They need constant maintenance

 Another drawback of these systems is that some require constant maintenance and updating. In these cases, it is best to select an application that updates automatically to avoid installing additional packages.

 They cause extra expenses

 Although most of these systems offer reasonable rates, many of them require the installation of additional RAM or modern processors for their use, which is why we recommend using accounting applications in the cloud that do not require local facilities to function.

 Now that you know all the advantages and disadvantages of accounting systems, you no longer have an excuse to automate the administrative tasks of your business, so we recommend studying the different options that exist in the market and selecting the program that best suits your needs.

 If you liked this information, we recommend that you also read our article on Tips for keeping accounting for SMEs, where we explain the latest accounting news and give you tips to improve the management of your business.

Read also: Accounting advice and its benefits

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?

Read also: Accounting audit, objectives and advice

Read also: Audits: What is a limited review?

Read also: How to choose payroll services?

Read also: One of the most important factors, organize and update your company's accounting    

Read also: Payroll management: definition and benefits

Read also: Should you hire an internal auditor? 4 tips to know

Read also: The 5 keys to an efficient incorporation in the company: Talent Management

Read also: Tips for hiring an auditing company for the company

Payroll management: outsourcing advantages and disadvantages

 Payroll management is the process through which workers receive their corresponding salary from the company that hires them. It is a simple process but, nevertheless, should take into account different aspects: the own payroll, social security, tax obligations, etc .

 Responsibilities when doing an employer's payroll include:

 ·         Quarterly reporting

      ·         Employee tax withholding

·         Payment   of tax withholdings

·         Management of contributions to employee health and pension plans

·         Handling disability leave evaluations

·         Notification to the General Pension and Social Security Authority of the registration and cancellation of employees in the company

 These tasks are time consuming and can be headaches for business owners , especially when taxes are late.

We consider in this article the advantages and disadvantages of outsourcing payroll administration:

 Advantage

 1. Focus on the business

 Outsourcing your payroll allows you and the rest of your staff to focus on the main operation of the business and dedicate yourself to tasks that add more value to your product or service.

 2. Reduction of administrative tasks

 The payroll process is time consuming. Its outsourcing can make your company more agile by reducing the number of employees required for this type of administration activities.

 3. Cost savings

 If your company has fewer than 20 employees, there is a good chance that you can save money by outsourcing your payroll operations.

 Find out how many hours your employees spend on payroll activities, calculate how much you are spending and compare the number of plans offered by various payroll providers.

 Be sure to factor in the money your business spends on tasks like printing and distributing checks, creating tax documents, and the like. You will probably be surprised by the result.

 4. Prevention of SAT sanctions

 A payroll service provider is often better equipped to calculate deductions accurately and consistently.

 According to the Tax Administration Service, 40% of small companies pay an annual fine of 25 thousand pesos, on average, during filings for late or incorrect payments.

 5. Evaluation of employees in probationary period

 You may enroll probation or training personnel in a system that does not yet represent direct hire, helping to reduce the possibility of prematurely incurring legal or employment obligations.

 6. Deductibility of the payroll service

 If you are looking for savings for your business, you can achieve them without affecting the situation of your employees, since the payroll outsourcing service is fully deductible.

 Disadvantages

 1. Loss of control

 Handing over your payroll operations to a third party removes control over financial information and the confidential data associated with it.

 Also, the data could be less accessible to your company because it is stored on the server of the company that will provide that service.

 And even keeping your data internally confidential could be less risky.

 2. Threat to security and confidentiality

 The life blood of any business is the information that is kept running.

 If payroll, medical records or any other confidential information that you have is passed on to the outsourcing company, there is a risk that confidentiality could be compromised.

 3. Inconsistencies in the quality of work

 Another possible disadvantage is that the company could find inconsistencies in the quality of the work they provide.

 Wages may not be the right amount; taxes not being deducted correctly, among other inconsistencies.

 4. Decreased sense of belonging

 Feeling oblivious to your business may decrease their loyalty and not "put their shirts on" 100 percent, which can affect their productivity.

 5. Increase in turnover

 That same disloyalty can lead to higher staff turnover, raising the costs of hiring and training new employees.

 How to choose Payroll services in UAE?

 First, you must make sure that the service they offer you is legal and that your employees will not be affected by miscalculated wages and benefits.

 To do this, verify that the payroll administration company is registered with the UAE Association of Human Capital Companies. You will be surprised to know that of the approximately 3,000 companies that exist in United Arab Emirates, only 16 have this registry.

 As in everything, the wrong behavior of most of these outsourcing damages the reputation of those who work well, so it is important that:

 Do a preliminary investigation of the provider of the service you hire to know their reputation and what other companies they serve.

Verify the legality of the hiring of personnel that you carry out to ensure that your employees will not be affected in terms of their employment condition and their benefits.

 

Read also: Evaluation of internal control systems

 

A well thought out decision

 

Whether or not to outsource, decisions must be approached through a careful examination of the potential benefits in relation to the organizational impact that will come with the decision. There should be established guidelines for the task that these 'third parties' would have to do and also a list of controls to which they will have to submit regularly.

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.

 Related Post: The 5 most common mistakes when starting a business

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.