Accounting and bookkeeping are essential components of an organization. It is more than just recording and accounting for financial transactions. Accounting departments are also responsible for checking for any fraudulent activity, maintaining records in accordance with regulatory requirements, filing financial reports, and many other important tasks. Therefore, every small or medium-sized company needs professional accounting monitoring services in the UAE.  Our team can expertly provide you with the best accounting solutions as well as advice on corporate finance matters.

What is accounting supervision?

Accounting supervision is the process of ensuring that a company’s financial and accounting activities are consistent and accurate. Essentially, it is an extensive examination of accounting records to identify areas where the company’s growth is stunted. The monitor can be internal or external and monitors all accounting events at an in-depth stage.

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When does a company need accounting monitoring services?

A small company has few financial statements to worry about, but large multinational companies handle thousands of transactions every day. A company always needs expert accounting supervision to proactively manage its books. However, it is imperative that business owners suspect fraud, errors, or inconsistencies in financial statements. Some planned fraudulent activities are difficult for ordinary accountants to manage. At that point, it is very beneficial to hire independent accountants to objectively analyze your books. This is a proactive approach by entrepreneurs to protect their accounts from large losses and even bankruptcy in the future.

The importance of bookkeeping in a business

Monitoring/reviewing accounts is essential for business development. Under FTA rules, every registered business must keep its accounting records for at least five years.

Any breach or non-compliance with the accounting records will be punished with heavy fines and penalties. Financial and accounting records help companies to make decisions and plan strategies. Monitoring the accounts is important to prevent any fraud in the organization.

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The purpose of outsourcing accounting monitoring services

The main objective of outsourcing accounting monitoring services is to obtain an expert opinion on financial weaknesses. As the third-party service is not personally linked to the company and does not personally know any of the employees, there is no possibility of bias. Our chartered accountants in the UAE have a combination of knowledge and experience in all major industries. They can therefore help you in the best way and will periodically review your financial position.

How should I monitor my accounting in the UAE?

While monitoring the books of a company, an accountant should pay attention to the following areas to get better results such as:

• Periodic review of financial records to ensure compliance.
• Ensuring that generally accepted accounting principles are being followed.
• Check the accuracy of balance sheets, cash flows, general ledgers, etc.
• Detection and assessment of fraud and risk in any department.
• Verify the company’s sales and purchase invoices and other transactions.
• Ensure that incentives and bonuses are distributed based on fair valuation criteria.
• Assess whether tax returns are regularly submitted to the relevant authorities.
• Comply with all reporting requirements for audit with supporting documentation.
• Carry out control and analysis of accounts and budget.

Accounting supervision: How does it help you?

Accounting supervision consolidates all accounting services at a higher level. Through it, organizations can identify inaccuracies in accounting records before they are audited. This confirms tax settlements and avoids financial disasters. This monitoring plays an important role in management decision-making and the development of future strategies. Effective accounting oversight builds credibility with stakeholders and public administrations.

Benefits of accounting supervision

There are many advantages for a business in the United Arab Emirates to having their accounts monitored.

Ensuring tax compliance

Accountants check your financial records, reporting requirements, and filing of returns. By carrying out accounting supervision, we will ensure compliance with UAE tax laws for VAT, corporate tax, and excise duty. This helps taxpayers avoid hefty fines and penalties imposed by the federal authorities.

Detect illegal activities

Accounting supervisors check all accounting and financial documents to detect any kind of illegal activities in your organization. They are well-equipped to detect payroll fraud, intellectual property theft, invoice/tax fraud, corruption, money fraud, asset misappropriation, insurance, bank fraud, etc. Outsourcing your accounting services in the UAE will save you money in the long run.

Protect your company’s assets

This health check of your accounting records can save you a lot of money by revealing where funds are being wasted. Supervisors check the status and payments of every resource in and out to make sure it is done correctly. They analyze the company’s current situation and recommend further cost reductions. This helps to invite customers from all over the world.

Helping management make decisions

Account supervisors provide statistical information to management so that they can make informed decisions. With this data, management can plan future strategies and policies to develop the company.

BestaxCA’s account monitoring services in Dubai

Bestax Chartered Accountants has a team of highly skilled, dedicated, and professionally trained experts who are well-qualified and certified by the world’s leading accounting institutes. Their expertise covers all areas of accounting and financial management. Our chartered accountants provide professional accounting supervision services in Dubai, Sharjah, Abu Dhabi, Ajman, and other parts of the UAE. We oversee your financial as well as managerial operations and fiscal procedures, ensuring their proper execution. A member of our team will visit your office and can also assist you remotely to achieve your organization’s objectives. Our accountants take great pride in working on complex accounting projects for our clients and never procrastinate.

Additional accounting services

As part of our bookkeeping services, we offer many other accounting and bookkeeping services throughout the UAE. We provide comprehensive expertise in the following areas:

• Excise and VAT accounting
• Management Accounting
• Backlog accounting
• IFRS implementation
• Forensic Accounting
• Bank reconciliation
• Payroll accounting
• Project Accounting
• Accounting software services

We strongly recommend getting in touch with us to enjoy state-of-the-art accounting services, our chartered accountants are fairly trained to make you feel great so that you can find out how we can help you!