14 reasons to hire an accounting advisor

accounting firms in UAE

Currently, a competent accounting consultancy provides valuable services to a company, such as indicating measures for its security in labor and tax matters, retirement control and market growth, among other things that are essential for the business to be competitive and stand out.

Continue reading this post and learn what this specialized activity is, some of the reasons that justify its hiring and the importance of verifying the consultant’s reputation. Check out!

What is accounting advice?

Accounting advice is a service provided by specialized professionals — self-employed accountants or an accounting firms in UAE (a team of accountants ) — who are dedicated to proposing solutions to their clients in the areas of  accounting , management, tax, labor,  auditing , among many others. others.

Therefore, these experts will track your company’s performance — profits, finances, tax burden, business expansion, etc. —, to suggest the best paths and decisions that help her to remain firm in her market and have development. Below, we will list some reasons that support hiring this type of consultancy.

Why have accounting advisors?

Several advantages can be achieved by the business when relying on good accounting advice. See the main ones below!

  1. Retirement follow-up

In fact, lack of retirement control is a common cause behind the closure of many companies. Let’s see what can result from the imbalance of your finances:

  • Inability to honor your commitments—suppliers, wages, taxes, borrowings, etc. — and the consequent legal actions that will inevitably arise from such a situation;
  • Lack of resources to maintain the company’s daily operations;
  • Inability to fulfill the orders of its customers, which will cause loss of revenue and further complicate the crisis situation.

With competent advice, you will protect yourself from this risk, as it will monitor your movement step by step, using tools such as cash flow — recording and controlling both current and future inflows and outflows.

  1. Supervision of labor issues

Labor matters are very detailed and need attention and good knowledge in the area. Let’s take a look at some points in this regard:

  • employee records and payments—salaries and other entitlements;
  • social security obligations — collection of various contributions, (employer social security contribution) etc.;
  • Information and statements to be provided to government agencies.

Certainly, your accounting consultant will be alert to all this, so that you have peace of mind and are not the target of inspections or a labor lawsuit.

  1. Tax planning

Certainly, the lack of good fiscal management can lead the company to bankruptcy. On the other hand, counting on the help of specialized professionals is essential so that no problem occurs and the company only pays the amounts in accordance with the tax burdens and charges actually due with its characteristics.

The tax burden — the total amount of taxes, fees and contributions your company pays in a given period — has a very large weight in your economic and retirement budget. In other words, the accounting consultancy is responsible for correctly calculating these amounts, simplifying the collection on the stipulated dates and reducing expenses with interest and unnecessary fines.

  1. Correct tax framework

With the help of an accounting consultancy, it is possible to define the best tax regime  for the formalization of the business. The accounting advisor will prepare an adequate plan in this field and will point out the best tax regime , with the objective that you pay the lowest possible amount of taxes,  within the law .

Therefore, through tax avoidance it is possible to provide relevant savings through studies and projections. In this way, if the company is framed in a certain tax regime and the professional understands that it is not appropriate, he may indicate the exchange for another regime.

There is also the possibility of tax savings generated with tax compensation, also identified through tax studies, which require extensive knowledge and accurate calculations to reach the best conclusion.

Other possible sources of savings and rationalization of money can be found in the correct preparation and submission of obligations defined by law, avoiding the application of fines and other penalties due to non-compliance.

  1. Business Consultant in Dubai

Every company needs to expand its business, become more competitive, increase its profits, etc., because if it doesn’t, it could lose ground to its competitors. Business Management is another service that your advisor will provide you — for example, increasing your clientele and sales through marketing or entry into the international (export) market.

  1. Guarantee of correct registration status

Keeping up to date with all the necessary registrations with public bodies is essential for the full functioning of the company. Among the main ones are: municipal and state registration, social security registration regularity, among others.

  1. Pricing

 A company can only set the appropriate price for its products or services when it understands well what its  costs  and expenses were for making them. Without this understanding, it is not possible to acquire a good market price without harming the retirement health and development of the business.

With the help of accounting advice, this activity becomes easier, given that the company will be able to provide important data for decision-making and effective management of the institution’s resources, resulting in more accurate pricing that is closer to reality.

  1. Frequent update

Many laws, for example, labor and tax, have undergone several frequent changes in recent times, which requires a lot of attention from employees in the area. In this way, companies that seek the services of an effective accounting advice ensure that they are constantly updated and always in compliance with the latest standards, which is essential to avoid possible problems with the Tax Authorities and other supervisory bodies.

In addition, organizations that sell to other states or that have a high turnover of employees, have a high amount of documentation to fill out, and assistance is needed for coding and sending such records.

  1. Achieve greater credibility

Credibility is a very important attribute in the business environment, which makes it desirable for any type of business. For this, it is necessary to have strategies that must be used in order to stimulate the expansion of the company.

Through good planning , reporting and well-founded guidelines that directly help with decisions, it is possible to balance income and expenses, improving the relationship with customers, suppliers and banking institutions.

  1. Obtaining low-cost financing

Every company needs a good line of credit to develop. However, a large loan, with very high interest and fees, can have the opposite effect and serve as an anchor, that is, sink the business.

To have a healthy growth, it is necessary to know how to use the credit line intelligently, preferably cheap and accessible. Accounting advice can be seen as a great ally in this process.

Banking institutions analyze the risk ratio when granting capital to the company. This means that the more reliable it is, the more guaranteed the return on value, which makes it cheaper.

To show that the company is reliable and that it will be able to honor its commitments, it is necessary to present several information. The more data and their details, the greater the degree of reliability transmitted to those responsible for the retirement analysis.

This is a function of the team responsible for accounting advice hired by the organization, through the production of detailed and complete reports regarding the retirement situation of the business, in order to make the requested loan more viable.

  1. Assistance in decision making

Among other responsibilities of accounting advice is to guide the management of the business. For this, it is necessary to consider all data, both external and internal, in addition to invoices, bank statements, retirement reports and others. All of this will contribute to an accurate assessment and will provide an important basis to guide the decisions that must be taken.

  1. Valuation of the company

As a result of all these benefits, the company’s value is easily evaluated, greatly simplifying the sale processes or a possible defense in court, since everything will be recorded in detail and regularly with the Tax Authorities. For this reason, never fail to have legal advice as an ally, otherwise, the business will lose out.

  1. Saving time and money

Counting on an accounting advisor will also give you much more time, to be used in management tasks, and also money, given that you will know the best form of , providing better results.

  1. Availability of a professional at all times

During all the time, several decisions must be taken by an organization, from the purchase of raw material to the sale of products or provision of services. With this, several doubts are generated by entrepreneurs and managers, which requires availability for information to be passed on at any time.

This can be achieved with an efficient accounting consultancy, since one of its functions is to clarify the main questions and contribute with important insights that will serve for a better development of the business.

Importance of market research

You will be able to benefit enormously from the services of skilled advisors. However, it is necessary to research the competence and credibility of the company or specialist you intend to hire. Because, as in all branches of business, in this area there are also good and bad professionals.

Have you noticed how accounting advice is capable of bringing several benefits to your company? Everything will depend on investing in a good team, capable of providing security and perspectives to your business projects.

Contact us and learn about our services in the area of ​​consulting, management, auditing and much more. We are at your disposal!

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