Accounting is one of the most fundamental processes of running businesses. In fact, accounting is a language that enables business owners to understand financial complexities. Corporations need to maintain proper accounts for ensuring error-free financial management. It allows the business people to prepare strategies for meeting organizational goals.
Similarly, an audit of the financial records helps the business people to understand vulnerabilities in the accounts for ensuring accuracy. In this way, accounting and auditing both are essential processes that must be accomplished by the businesses. Financial auditing is considered necessary because it helps the organizations to ensure standards and legal compliance in the financial statements.
Therefore, companies must hire professional accountants and auditors at the same time to eliminate the risks of non-compliance in financial management. The article contains every reason why!
The difference between the responsibilities of accountants and auditors
Before moving towards the significant benefits of acquiring accounting and auditing services together at the same time; it is essential to understand the critical differences in the role and responsibilities of both professionals.
Basically, the accountants strive hard for keeping the businesses in working as they manage the lifeblood of the organization in terms of financial transactions. In this regard, accountants deal with bookkeeping requirements of the daily expenses along with revenue generation processes.
The primary responsibilities of the accountants include the management of receivables, payables, payroll, account reconciliation and tax filing and returns. Owing to this, many businesspeople rely heavily on the top bookkeeping and accounting firms in Dubai for effective management of their accounts.
On the other hand, auditors can perform the same duties as the accountants, but their responsibilities are considerably different from them. It is evident from the fact that auditors review the existing financial accounts, including the audit of payroll, account receivables or payable along with bookkeeping journal. Besides this, the primary responsibility of the auditor includes the examination and assessment of the financial statements for ensuring the accuracy of the record.
In this way, both the accountants and auditors perform their distinctive duties depending on the requirements of an organization. So, it is essential to acquire suitable professionals to accomplish the task with the organization as per their roles and responsibilities.
Top reasons for hiring accountants and auditors for business
Nevertheless, companies usually prefer outsourcing the accounting tasks and activities owing to the complexities of the process. Similarly, to this, it is essential to hire auditors because accounting and auditing go hands in a glove.
Let’s consider the benefits of acquiring auditing and accounting services at the same time for managing financial accounts effectively:
Intermingling nature of work
First thing first, the auditing activities are closely linked with the accounting operations. Obviously, the auditors identify the loopholes in the financial management that are then corrected by the accountants. In this way, the process of accounts management overlaps with the tasks of auditing the financial reports.
So, the organizations can reap multiple benefits if both the professionals work together. It is because auditors scrutinize the financial data for re-assessed and improved by the accounting professionals. It creates an interdependency for both professionals. So, hire them simultaneously!
Collaboration ensures revenue optimization
Most importantly, the professionals of accounting and auditing can work in collaboration to bring ultimate benefits for the businesses. It is evident from the fact that accountants keep a record of day-to-day financial transactions. At the same time, auditors analyze the recorded data to point out errors and other associated risks.
It considerably helps the companies to get a clear picture of the financial status of the business. So, the companies initiate revenue generation strategies accordingly to deal with financial risks optimally. In this way, companies generate higher revenue.
Earliest detection and correction of errors
There is no denying that higher collaboration is the key to success. It is evident from the fact that auditors identify the errors which are corrected by the accountants. It assists the companies to ensure higher accuracy in the financial recordkeeping.
Therefore, organizations should consider acquiring the services bookkeeping and accounting firms in Dubai to ensure rapid response towards the mistakes and error detection along with the instant correction. It is because professional firms provide both the accounting and auditing facilities to their valuable clients.
Opt for parallel accounts maintenance for ultimate success!
There is no denying that companies hire accountants and auditors at some point in their growth to manage financial records. However, hiring them at the same time can bring the ultimate benefits. If you focus on the points mentioned above of managing accounts along with performing auditing side by side, you will surely agree to opt for experienced services today.
While selecting services for financial management, consider looking for certifications, experience and professional expertise. It is because only the well-reputed firms can help you accomplish the tasks with optimal accuracy and integrity.
Don’t forget to find the best public certified accountants and experienced auditors near you for the comprehensive management of financial assets!