The basic functions of accounting firms
Accountancy firms can be defined as an organization or set of organizations that are dedicated to providing professional financial advisory services to individuals, corporate entities and public in general. They help you in taking informed decisions in accordance with your requirements. Their primary objective is to facilitate better decision-making, investment planning, financial restructuring, VAT consultation in Dubai and overall business performance. The need for these types of services has increased over the years because the processes involved in the financial and monetary domain are very complex and time consuming.
The main function of accountancy firms in Dubai is to prepare the annual accounts, audit the financial statements and prepare the annual and quarterly reports as well as provide other related services. All these services are usually rendered through professional staff who are experts in the field of accountancy. In addition, an accountancy firm can act as a consultant for any person who needs assistance in his financial affairs. Therefore, if one is looking for a small, local or even no-lawyer chartered accountant, one can rely on the accountancy firms because they have their accountants on their panel.
There are many types of accountancy firms including public accountancy firms, limited accountancy firms, internal auditing & fraud control, internal accounting networks, government accountancy agencies, private company accountancy and international accountancy firms. Some of these firms specialize in particular sectors such as corporate, asset management, investment banking, retail finance, real estate, non-profit organizations and health care. Chartered accountants from these accounting networks have greater credibility because of their long term experience in the industry.
Recently, there have been some international financial scandals which have created negative impressions on the public about the functioning and efficiency of the various accountancy firms. For instance, in Dubai, certain multinational companies have been found to have hired Indian accountants to handle their financial affairs. The employees of these accountants have also been found to be negligent and corrupt. Such incidences have caused the public to lose faith in the entire profession of accountants. As a result of these international financial scandals, people have lost faith in all types of accountancy firms and this is why only those companies that are registered with an ISO and also with an official sounding name are preferred by most of the business people.