Know the Key Role an Accountant Play in the Corporate Organisation
The role played by accountants in ensuring the correct use of funds for the corporate organisation should not be undermined. The Accountant is a major barrier to goal displacement and protects the organisation from diverting its resources including funds for purposes other than for which it exists. Generally, small companies utilise the services of accountants to perform duties such as financial data collection & data entry and report generation. In contrast, a mid to large-sized company may use the accountant as an adviser and financial interpreter. Experienced accountants in Dubai, UAE also deal with third parties like vendors, customers and financial institutions.
Whether you are availing of accounting services from accounting firms in Dubai or in-house personnel, you must understand the role played by accountants in enhancing the financial health of your company. This blog presents a detailed examination of the role of accountants in businesses. Here is a list of things that shed light on the role of accountants in business operations:
a. Financial Data Management
The primary role of an accountant in any firm involves the collection and maintenance of financial data related to the organisation. The accountant ensures that the company’s financial records are maintained in compliance with the laws and globally accepted accounting standards. A good accountant always makes sure that the financial information of the company is kept in a pristine system because it is the pivotal factor that influences the management of any business. The management of financial data of a company encompasses duties such as developing, implementing and maintaining financial databases, as well as establishing and monitoring control procedures.
b. Analysis & Advice
While donning the role of analysts, the accountants perform specialised analysis using the financial data that are used for making business decisions. This may include the types of supplies to order, payment of bills, payroll etc. In this respect, the accountant handles a series of complex financial details daily.
As a financial adviser, the accountant provides sound advice on business operations such as revenue and expenditure trends, financial commitments and future revenue expectations. Accountants also analyse financial data to resolve potential discrepancies and irregularities that often arise in all the companies. An accountant also provides recommendation on developing efficient resources and procedures while providing strategic recommendations for specific financial problems or situations.
c. Financial Report Preparation
The duties of accountants include preparing the financial statements which may include monthly and annual accounts based upon the financial information. The report may include accurate year-end closing documents. The reports they prepare will be used for supporting and managing budgetary forecast activities. The financial reports prepared by the accountants may be used for the development, implementation and efficient operation of the company’s systems.
d. Regulatory and Reporting Compliance
In any organisation, the accountants are responsible for ensuring that the financial reporting deadlines are met, both internally and externally. Meeting the deadlines are important in terms of the annual audit, or VAT returns filing. Also with the introduction of Anti-money laundering (AML), and Economic Substance Regulations (ESR), the companies need to strictly comply with the reporting requirements. The best accountants coordinate all the taxation, audit and other reporting obligations efficiently. Many companies outsource their accounting requirements to reputed accounting firms in Dubai to ensure compliance with the regulations and reporting requirements.
Avail Services of Best Accounting Firms in Dubai, UAE
An accountant is the mainstay of companies as they ensure that its business operations are going on smoothly. Accountants in Dubai play a major role in the growth of a company and their role cannot be restricted to any single task. Accountants are experts in multiple-tasking and their expertise encompasses duties such as financial data management, advise&analysis, financial report preparation and regulatory compliance. Even though the services of an in-house accountant cannot be downplayed, businesses have the cost-effective alternative of outsourcing the requirements to accounting firms in Dubai such as Jitendra Chartered Accountants (JCA).
JCA is one of the leading accounting firms in Dubai with years of experience in providing quality accounting services to businesses of all sizes. Thousands of companies from a wide range of industries have availed JCA’s accounting services in Dubai. Our highly qualified Chartered Accountants assist the clients by delivering reliable accounting & bookkeeping services in Dubai. JCA is a one-stop solution for accounting & bookkeeping, auditing, VAT filing, etc. By availing JCA’s accounting & bookkeeping services in Dubai entrepreneurs can ensure business growth.