Most entrepreneurs do not start a business so they can spend long hours trying to search for tax compliance laws, process financial statements, or have to worry about the deduction details in the payroll of their employees. All these operations can draw your focus away from the primary goal of any business or company which is basically to maximize profits. It will be time for any firm to invest in professional audit services whenever they hit the $1 million mark on their revenues.
Another indication that you will need an audit firm to balance your books of accounting is when your workforce grows to more than a couple of dozen employees. Audit firms in UAE can customize their services to meet the specific needs of your company and may include tax services, basic daily bookkeeping, management consulting, auditing, fraud detection and investigation. The accounting firm can also serve as an outsourced financial officer for the provision of your small business’ financial oversight.
In this article, we have compiled the primary services offered by audit firms to companies and corporations.
Auditing and accounting
From the global big four audit firms Deloitte, KPMG, PricewaterhouseCoopers and Ernst & Young, to the small accounting firms, offer auditing and accounting as their main services. This means that the firm will track your expenses and revenues, produce financial records and offer financial consulting services on the overall health of your business financially. The audit firm can help your organization of long-term investment and financial plans such as upgrading your infrastructure or the purchase of property.
They can also help you determine what your needs are when it comes to business cash flow and establish a financial trajectory on how to break even. These audit services assist your business in planning and figuring out whether your company is operating on a loss or a profit. This enables you to make decisions that will contribute to the growth of your organization. The audit companies will also help you comply with the bylaws of your incorporation and even document a financial report that may be required by your investors.
The filing of tax returns and planning
Many audit firms have a specialty area of offering a range of tax services to both the small business enterprises and big corporations. Accountants of these audit firms can help you figure out a tax code that is in strict compliance with the regulations set out by the Internal Revenue Service. These services include ensuring that your company meets the tax filing deadlines and requirements and also determining the tax liability of your organization. The audit firm will help you with the preparation of federal, state and local taxes which will end up with making your annual tax accounting services reliable, verifiable and convenient.
Many audit firms around the world have also specialized in the provision of business advisory services. The fact that the audit firm is well aware of your tax situation, business environment and where you stand financially is reason enough to trust them. They will advise you on what you need to do so your business can operate more efficiently and turn a profit.