How to set up audit firm in Dubai
Audit firms are one of the most important service providers which are easy to setup and have demand in the industry. The industry has a lot of competition but at the same time, the huge customer base is there. The audit firms are growing very fast and have 22% projected rate till 2018. Before setting up audit firms in Dubai, plan carefully and develop good relations with clients which is very important for the business success.
1. Finding good partners
Before setting up an auditing firm, finding partners is very crucial. The main objective of the audit firm is to do the accounting of daily transactions, records and making financial reports. Contact with different clients and offer them accounting services at the good rate. It will take time but experience and good rate can attract a lot of partners.
2. Providing free of charge legal services
It is better to have legal experience before opening an audit firm as you can provide them to customers for free. You can assist them in filing tax returns and VAT registration.
3. Making catalog of services provided
It is better to make the list of accounting services you are offering. Make the rate fixed and standard for all services. However special discounts can be given to old clients to retain them.
As an audit firm, you can offer the following accounting services:
- Invoicing
- Accounts receivable
- Payment invoices
- Report generation of accounts receivable
- Sales invoice
- Accounts payable
- Purchasing order
- Vendor bills details
- Recording payments of vendors
- Updating account charts
- Bank reconciliation
- Reconciliation of credit card
- Maintenance of inventory and reconciliation
- Maintenance of general ledger
- Reconciliation of accounts
- Closing accounts head
- Trial balance generation
Advance accounting services can also be offered such as:
- Financial Analysis
- Financial statement preparation
- Ratio analysis
- Budget analysis
- Cash flow statements and management
- Cash flow analysis
- Income statement preparation
- Preparation of balance sheet
- Preparation of information reports
- Preparing annual, monthly and quarterly reports
- Other customized reports as per the need
4. Accounting software use
Today clients want quick and accurate work from audit firms. You should know the accounting software such as ERP, QuickBooks, MS excel which are very important for analysis and reporting.
5. Do effective marketing
Marketing is very important to make the business successful. You have to make clients aware of your business. In the marketing strategy, focus on work quality and price as per the customer budget.
By keeping all the above mentioned points in mind, you can successfully setup an audit firm in UAE. Due to expo2021, employment opportunities, growing economy; safe place for business, interaction with different firms UAE is the best place to invest in an audit firm. In UAE audit and outsource accounting services Dubai is compulsory as companies make the best use of audit firms.