Expert Accounting Supervision Services In UAE 

Accounting and bookkeeping are essential parts of an organization. It is not just about recording and keeping track of financial transactions. Accounting departments are also responsible for checking for any fraudulent activities, maintaining records as per regulatory requirements, filing financial reports, and performing many other important tasks. That’s the reason each small or medium-size business requires professional accounting supervision services in UAE.  Our team can proficiently provide you with the best accounting solutions as well as consultancy on the company’s financial matters.

What Is Accounting Supervision?

Accounting supervision refers to the process of assuring company financial and accounting operations compliance and accuracy. Essentially, it is an extensive accounting review of records to identify areas where a company’s growth is hindered. The supervisor can be internal or external and oversees all accounting events on an advanced stage.

When Does A Company Need Accounting Supervision Services?

A small business has a few financial statements to worry about, but large multinational companies do thousands of transactions every day. A business always needs expert accounting supervision to proactively manage its books of account. However, this is mandatory for business owners to suspect fraud, error, or inadequacy in their financial reporting. Some planned fraudulent activities are difficult to handle for ordinary accountants. At that time it is extremely beneficial to hire third-party accountants who analyze your accounts unbiasedly. This is a proactive approach of business people to prevent accounts from big losses and even bankruptcy in the future.

Importance Of Accounting Record Check-Up In Business

Accounting supervision/check-up plays a vital role in business growth. In accordance with FTA regulations, each registered business must retain its accounting records for a minimum of five years.

Any failure or non-compliance in books of account will attract heavy penalties and fines. The management of financial and accounting records assists entities while taking decisions and planning strategies. Accounting supervision is important to stop any fraud from taking place within the organization.

Purpose Of Outsourcing Accounting Oversight Services 

The main purpose of outsourcing accounting oversight services is to get an expert opinion of financial insufficiencies. Since the third-party service has no personal stake in the company and doesn’t know any employees personally, a chance of bias is nonexistent. Our chartered accountants in UAE, have a blend of knowledge and experience in all the major industries. Therefore, they can assist you in the best manner and will review your financial position periodically.

How Should Accounts Be Supervised In UAE?

While supervising the accounting record of a business the accountant should focus on these areas for better outcomes such as:

• Periodical review of the financial records for compliance.
• Make sure the generally accepted accounting principles are being followed.
• Check the accuracy of the balance sheet, cash flows, general ledger, etc.
• Detection and evaluation of fraud and risk in any department.
• Review invoices for the company’s sales and purchases & other transactions.
• Ensure that incentives and bonuses are distributed on fair valuation criteria.
• Evaluate tax filing is regularly submitted to the relevant authorities.
• Fulfill all reporting requirements for audit along with supporting documents.
• Perform account-budgetary control and analysis.

Accounting Supervision: How Does It Help You?

In accounting supervision, all accounting services are consolidated on a higher level. Using this, organizations can find out inaccuracies in their books of accounts before they are audited. It will affirm tax settlements and avoid financial disasters. This oversight performs a significant role in management decision-making and crafting future strategies. Effective accounting supervision builds confidence in front of stakeholders and state government.

Perks Of Accounting Supervision

In the United Arab Emirates, there are many benefits for the business person of doing accounting supervision.

Ensure Tax Compliance

The accountants examine your financial records, reporting requirements, and return filling submission. In accounting supervision, we will assure VAT, Corporate tax, and  excise tax compliance as per UAE tax laws. This helps taxable persons escape from the hefty amount of fines and penalties from the federal authorities.

Detect Illegal Activities

The accounting supervisors inspect all your accounting and financial records to detect any type of illegal activity in the organization. They are well equipped to reveal payroll fraud, Intellectual property theft, Invoice/ tax frauds, Corruption, money frauds, Asset Misappropriation, Insurance & Banking frauds, etc. Taking advantage of outsourcing accounting services in the UAE will save money in the long run.

Safeguard Funds Of Business

This health check-up of accounting records saves a lot of funds by uncovering the places where waste is being done. Every resource’s in and out status and payment is verified by the supervisors to ensure that this is being done correctly. They analyze the current state of the company and advise cutting costs further in the future. It helps to invite customers from all over the world.

Help Management In Decision

Account supervisors provide statistical information to the management so they can make informed decisions. Through this data, the management can plan future strategies and policies to grow the business.

BestaxCA’s Accounting Supervision Services In Dubai

Bestax Chartered Accountants is a team of experts who are well qualified and certified by the world’s top accounting institutes. Their expertise spans cover all areas of accounting and financial management. Our certified 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 management operations and fiscal procedures, ensuring that they are executed correctly. A member of our team will visit your office and may also assist you remotely to achieve the objectives of your organization. Our accountants take great pride in working on complex accounting projects for our clients and are never late with their work.

Additional Accounting Services

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

• Excise & VAT Accounting
• Management Accounting
• Backlog Accounting
• IFRS Implementation
• Forensic Accounting
• Bank Reconciliation
• Payroll Accounting
• Project Accounting
• Accounting Software Services

Communicate with our chartered accountants & let us know how we can help you!