Professional Accounting for Businesses

Every entrepreneur starts a business with the intension to grow and earn profit. The initial stages, he/ she manages all aspects of the business but as the business starts growing, responsibilities also grow along with it and that is where the requirement for a professional accountant arises. Many a time, this requirement is overridden with the thought of self-managing the accounting and taxation aspects of the business. But before we leaping into more about the importance of professional accounting in business, let’s cover the basics.

A professional accountant in business will be a priceless asset to your company. They can adopt pragmatic and objective approaches to solve financial and business issues, especially in small and medium enterprises. A competent accounting professional can assist with corporate strategy, contribute guidance, and help businesses to reduce costs, mitigating risks and improving their quality. 

Requirement for a Professional Accountant

Hiring a good accountant can add real value to your business. Be it a new company or an established business, you will probably spend most of your time thinking about how to make it succeed. It is easy to keep postponing the bookkeeping but not at the cost of being unaware of deadlines. There are also instances where there are changes in regulations that have to be implemented in the business. The present scenario of Covid-19 has also taken a toll on all the businesses and during the comeback, proper and timely advice from an accounting firm will also prove to be helpful. 

Advantages of Hiring a Professional Accountant

The advantages of hiring a professional account for your business includes the expansion of your business, handling the total management and saving of finance, preparation of the budget, taxation, support you with all kinds of accounting and finance activities in compliance with the country's laws and accounting regulations. 

Need of a Professional Accountant for Decision Making

• Establish a business plan and set milestones & budgets which help to raise the capital
• Select the best option for raising finances either through loans or other types of financial opportunities
• Prepare financial forecasts to prepare for future expansion and new market opportunities
• Provide advice on property & equipment leasing and purchase
• Provide advice on proper management of funds during this pandemic scenario

Also read, How Accounting Reports Help in the Decision-Making Process?

Areas of a Professional Accountant to Brighten your Business

VAT Accounting-a Legal Obligation

Registration of VAT has been compulsory in UAE and every business is obliged to maintain VAT accounting records. Due to lack of information and professional training, there are chances of accounting mistakes which could be both costly and easy to make. These mistakes could lead to incorrect information submitted for VAT purposes which could lead to a heavy penalty. Delay in maintaining proper and regular bookkeeping could always result in late filing and late payments which attracts penalty.

It is a good idea to consult with an accounting firm to help you with the requirements of VAT and submitting the quarterly returns. Here is where a professional accountant comes into the picture. As mentioned above there are many advantages of hiring a professional accountant. They will assist with the bookkeeping and maintaining the VAT records of all purchases and sales. The professional accountant will provide insights about IFRS (International Financial Reporting Standards) which have a significant impact on the VAT compliance in the UAE. 

In- house or Outsourced Accountant

So now the real question arises, recruit or outsource the Accountant? It is always better and practical to outsource the accounting activities to an accounting firm or a professional accountant. This way, you could save on training cost and other employee costs. By letting your prospective accountant know about your needs, you will get the service package that meets your requirements and you will pay for exactly what you need. There is another option too, taking the assistance of a part-time accountant which will also help to satisfy the need of a professional accountant. 

CDA Accounting and Bookkeeping Services LLC

Building a successful business is not a very easy task. It involves a lot of studies and trend analysis. We at CDA understand what you really require. Why wait now!!! We are looking forward to your calls and our devoted team of Accounting Professionals will provide quality and cost-effective accounting services to firms for any sectors in the U.A.E. which involves one-hour Free Consultation. With our valuable and professional services and your investment, we assure your business to achieve supreme efficiency and profitability. In this pandemic scenario, we extend professional assistance for the smooth functioning of your business.

CDA Accounting & Bookkeeping Services LLC ensures full support on time, for assisting with CFO Services, Auditing Services, Accounting & Bookkeeping Services, Accounting Software services, Due Diligence Services, and Tax Filing & VAT Consultancy services, according to the convenience of our valuable clients.