Most people are under the impression that the job of an accountant only relates to poring over numbers on the computer screen. That is actually not true at all. Number crunching is just one part of a vast number of responsibilities that professional accountants have to fulfil throughout their professional careers. An accountant’s word holds a lot of value, because they are responsible for compiling the financial statements of the company. If you are running a legal business, you will need to hire an accountant to record all daily transactions.
Unfortunately, many small companies can’t afford to spend a lot of money on hiring a chartered accountant. However, if you don’t have an accountant working in your firm, it’s going to be difficult for you to manage the accounts all by yourself. Instead, you should consider outsourcing your accounting and auditing services to another company such as Premier Brains. The company offers a wide range of services to local businesses, making it easy for them to get professional accounting services at a significantly reduced budget. Here are just a few of the many reasons why you should consider outsourcing your accountancy services to another business.
If you are producing your company’s financial statements annually, you might want to audit them as well. Audited financial statements hold a considerable amount of value, especially if you take them before an investor. Many small businesses produce financial statements because they want to attract potential investors to their company. If the financial statements haven’t been audited, there is a major risk of material misstatements and financial fraud. However, if you present audited financial statements from a respectable audit firm, they are obviously going to be treated much more seriously by investors. Considering the fact that most business owners look to venture capitalists and angel investors to help take their business to the next level, it only makes sense that you should get the accounts audited before presenting them to any investor.
Another reason why you should hire an experienced accountant is because they can guide you about the VAT laws in the UAE. There are strict tax requirements and legal guidelines that local businesses must meet if you want to avoid hefty fines from the government. Tax consultation is an important service offered by many agencies. Whether you need management consultancy or tax consultation from a local company to find out how much tax you can save on business practices, it’s highly recommended that you sit down with an experienced accounting firm. They will analyse your business practices and then guide you through what changes you can make to minimise your expenditure on taxes.
Many local accounting firms also offer corporate training as well. If you have accountants working in your firm, you need to make sure that they get professionally trained to keep up with the varying changes in the field of accounting. These are a few reasons why you should hire a professional accountant.