How Chartered Accountants in Dubai can prevent financial crisis in business?

In recent times, the world economy has changed by a great measure. Businesses, both big and small, are bringing financial stability to a large number of people. It is crucial that the business of these organizations is validated at regular intervals to maintain the security of their finance. 

This is where a CA comes in. A chartered accountant’s main responsibility is to create reports, which are then compared to the competitor’s financial reports to examine the competency of the company. It is mandatory for every business to go through the audit procedure at the end of each financial year. 

The importance of a chartered accountant in Dubai

Chartered accountants are always in high demand, but no place can compete with Dubai in this matter. Dubai is known for hiring chartered accountants, provided they have enough experience.

A fresh CA in Dubai can get paid around AED 8000 to AED 10000 per month, according to the financial situation of the company. If you are a well trained fresher with good grades, chances are that your starting salary may even go up to AED 100,000. 

So why are chartered accountants so essential to businesses in Dubai?

1.       Finance and Bookkeeping: 

The main role of a chartered accountant in any business is to maintain the records of the financial transactions conducted throughout the year. The Purchase Book, Sales Book, Payments Book and Receipts book need to be updated regularly, and it is the CA’s responsibility to supervise this job. This simple activity enables the CA to prepare the balance sheet at the end of the financial year. 

2.       Analysis and Advice:

The chartered accountant also plays an advisory role in the workings of the company. They have a strategic responsibility of analyzing data for various purposes, like for understanding the growth of the company over the past couple of years.

What happens to a company without a chartered accountant?

Chartered accountants are highly respectable in UAE. Without a CA, a business is likely to fall apart very soon. This is because businesses need to be audited as per government rules, and only a CA is qualified to do the job. 

Also, chartered accountants build long-lasting relationships with clients and organizations, handle tax-related matters, and look after the financial technicalities of the organization. Since businesses primarily aim for financial growth, we can call CAs the backbone of the company. 

Without a chartered accountant, it will be very difficult for the runners of the business to understand the various finance laws, and it will be nearly impossible for them to understand the cost-efficiency of the business. They will not be able to generate return funds invested in the company either.

In short, a chartered accountant Dubai is responsible for holding the organization together. By shouldering most of the financial responsibility, the CA takes it upon him/herself to ensure that the company experiences a steady financial growth over the course of its existence.

Conclusion

Thus it is imperative for a business organization to hire a capable CA for their benefit. A Chartered Accounting qualification may seem cumbersome in the beginning, but it comes with long-term benefits, especially if you live in the UAE.