Accounting is an important aspect of all businesses. It’s an indicator of how well a business is performing from a financial point of view. Being aware of the financial situation within your company is vital when you need to make decisions to grow your business or to deal with any issues that crop up.

In the UAE, auditing of accounts is mandatory for most businesses to have their financial records accounted for and verified. It is a general requirement for businesses to maintain their financial records for at least 5 years.

This is why it’s always key to ensure your financial records are up to mark. As this is a sensitive and crucial area that you must pay close attention to, here are a few things you can consider in this regard:

Invest in an Accounting Solution

Consider investing in an accounting solution that gives you access to various reports and other KPIs such as product costs, inventory management, accounts receivables, accounts payables, Profit & Loss statements, Balance Sheet statements, Cash Flow statements, etc.

Invest in a well-qualified accountant

It is important to invest in an accountant that is well-versed in the basic accounting principles, policies, procedures, local laws, as well as the industry your company is based around. This will ensure your accountant is aware of what variables to help you monitor and target to ensure they are always on your radar.

This way, you can identify issues such as potential budget overspending early on.

Review financial records with your accountant regularly

Set aside some time to sit with your accountant to review these reports regularly to stay up to date on what’s happening in your business.

Having a competent accounting team is a must in every organization. We at Al Nomani, provide a comprehensive bookkeeping & accounting service to all our clients to ensure they can monitor their progress and make informed financial decisions based on the right data that is made available to them.