An audit is done in a company to ensure that accounting practices are followed as per industry norms, and financial statements prepared by the company are correct. Discover the benefits of hiring auditing firms in India to carry out internal audits.

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An audit is done in a company to ensure that accounting practices are followed as per industry norms, and financial statements prepared by the company are correct. Listed companies must undertake periodic audits done by the external auditors. Some companies also undertake internal audits by hiring auditing firms in India to conduct a review of accounts and the company’s policies and systems.

Listed below are advantages of letting auditing firms manage internal audits of a company:

The most significant advantage of hiring auditing firms in India for internal audit is it reduces the chances of accounting fraud as many times the company’s management is not competent enough to look into minute accounting details. Auditing firm sends its team of auditors for internal audit of a company to find out loopholes in its accounts and policies and rectify them. It is a standardized procedure of checking the company’s records regularly. The auditing firm ensures that the accounts department keeps the records up to date and the accounting staff always remains vigilant.
Companies in India are prone to accounting frauds; therefore, it is recommended that internal audit is done by auditing firms in India to eliminate or detect scams that can hamper the business. Since an external auditing firm does the internal audit, their auditors are not biased towards anyone and conduct a clean audit for the betterment of the company.
Internal audit reports are solely for the company’s management; therefore, it is essential to hire an auditing firm to keep the classified information secure. The auditing firm covers all the frauds and errors during an internal audit which otherwise might go unnoticed or left out deliberately if the company itself does the internal audit.
The auditing firm analyzes the internal system by checking the authenticity and validity of transactions. It thoroughly examines the accuracy of books of accounts and assesses the current value of assets and liabilities of a company. The audit firm inspects all the financial and statutory records of the company.
By outsourcing internal audits to auditing firms in India, companies can take remedial actions and exercise effective control over the accounts department to prevent any fraud. The audit firm does an appraisal of policies and procedures to check their relevancy and advises necessary amendments to the company management. During an internal audit by an auditing firm, accounting and financial data are carefully scrutinized, leaving no scope for errors and all the discrepancies are highlighted to the company management.

Companies are now hiring auditing firms for internal audits to minimize risks and achieve strategic business goals. Auditing firms in India provide trained professionals for internal auditing who have the expertise to assess risks and advise appropriate containment measures. Bringing in an external audit firm for an internal audit enables the company to get the benefits of that firm’s broad experience and expertise as well as greater objectivity. Certain key areas of internal audit where the internal team lacks sufficient experience and knowledge can be outsourced to an auditing firm to derive higher value.

If you want to increase the profit of your accounting company without putting extra efforts, then you need to trust the expertise of offshore staffing for your accounting firms in the USA. There are gigantic benefits that accounting firms can achieve by hiring offshore staff such as.

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Financial and accounting services are one of the core elements of a business organization. Thus, it is the responsibility of accounting firms and staff to perform their duty with utmost care and dedication. After understanding the weight of accounting work, some of the CPA firms in the US are adopting alternative hiring models to develop a flawless account like offshore staffing for accounting firms.

But, what’s offshore staff and how it is different from outsourcing?

Offshore Staffing Meaning –

Foremost, you need to clear that offshoring and outsourcing are two completely different hiring models. Offshoring stands for the relocation of business operations from one country to another in search of better growth and productivity. On the contrary, outsourcing merely means that contracting a particular job to an external company located globally.

In the context of accounting, remote staffing for accounting firms refers to professional accounting companies like CapActix that provide technical solutions to small, medium and large corporate accounting firms. Accounting companies can delegate selected parts of their work to offshore teams or they can delegate work of an entire department.

Most of the US accounting firms are looking forward to hiring offshore staffing solutions because, in spite of being highly important work, accounting is still not a core operation for various businesses. For example, a company dealing in the manufacturing of socks, for this company accounting won’t be a core work, but still, somehow important. So, these businesses go ahead and appoint accounting firms to handle their work which eventually increases the workload of accounting firms and then they seek solutions in the form of offshoring staffing.

Benefits Related to Offshore Staffing for Accounting Firms in the US

The accounting industry is highly competitive; thus, it is very crucial for new CPA firms to maximize their profits as soon as possible. Profit is one of the major parameters to define growth and expansion for accounting firms. Here, offshoring staff is turning out to be one of those effective solutions with which accounting companies can go on the path of profit.

However, cost efficiency is a very narrow down benefit of remote staffing for accounting firms as there are multiple other unveiled benefits present beneath the offshoring hiring model for accounting firms in the US. For instance –

Benefit #1. You won’t lose a potential client

The best thing about offshore staff is that you have dedicated and qualified professionals at your beck and call. Therefore, your ability to handle bookkeeping and accounting work increases tenfolds. Additionally, if you have hired offshore accounting firms from different time zone like India and the US where they have 12 hours of the time difference in between them, you will be able to provide around the clock services.

So, if you receive an urgent call from your client, then you can instantly take up their work as you have a backup team to support you. This will eventually increase the profit and reputation of a new accounting company among the clients.

Benefit #2. Reduce fear of losing employees

If you are in the accounting business for a long time, then you must know how hard it is to find a competent employee and how difficult it is to retain your good employees in this competitive industry. Companies have to sometimes bear a huge loss if their accountant quits. This blow will be even harder for small and medium scale companies as they have to hire new accountant urgently by paying extra money.

But, if you have an offshore accounting team, then you don’t have to lose your work even if your in house staff quits without giving prior notice. That’s because offshore accounting companies have support from various accounting professionals to tax experts. You just need to contact them for certain services and they will instantly provide that to you.

Benefit #3. High-end quality check

Accounting is a very delicate job – a single wrong entry or miscalculation can cause you great trouble. Business organizations trust the services of professional accounting firms only because they are frustrated with the number of errors and reviews needs in their in-house accountants’ work. But, when professional accounting firms dump lots of work on their in-house staff, then they are not able to pay the required attention to work and this gradually increases the level of errors.

But its good luck that offshore staff can eliminate this problem as you can be more stringent with your service provider and demand quality and efficient work which was mutually agreed upon. With this service, accounting firms can even enhance their operational productivity and business profit.

Benefit #4. Offer something extra to your clients

If you always want to grow your accounting business and want to offer some additional services to your clients like auditing, tax preparation, payroll, etc., Then, you might have to face hurdles in the form of lack of time, limited budget, unavailability of experts and number of other factors.

But you can know to provide extra services to your clients by offspring. Such as if you want to provide tax preparation services to your clients during tax season, then you can offshore service for a limited time only and provide complete financial solutions to your clients under one roof.

Benefit #5. Hire offshore staff suiting your business cycle

Normally, businesses have accounting and bookkeeping workload on the specific duration as per their business cycles that eventually depends on their business structure. For instance, banking and finance organizations have a heavy accounting workload at the end of the financial year as they have to close all accounts.

So, offshoring services for such businesses allow accounting firms the opportunity to easily handle the extra workload on a particular period without increasing the staff. This will offer flexibility to the accounting firms that are pretty hard to achieve.

Benefit #6. High profitability without extra efforts

The prime idea behind offshore staffing for accounting and bookkeeping companies to make more money by reducing back some expenses without disturbing the workflow and putting more effort. In this hiring model, foremost you reduce some expenses by cutting down overheads like part-time wages and other departmental overheads. This offers the opportunity to accounting business owners to utilize their free time in creating marketing ideas to promote their business. By offshoring work accounting firms can increase their business profit in multiple different manners.

Bottom Line

Offshore staffing for accounting firms can open up the box of benefits by which they can increase their profit, flexibility, productivity without putting extra efforts. There are plenty of other noncore benefits that can even further be generated by accounting firms in the US by trusting the expertise of the offshore staff.

Now, whether you want to hire offshore staffing services to handle the work of your entire accounting department or one particular job, you can contact CapActix and get a deep briefing from our managers. You can contact us at email – [email protected] or can calling on +1 201-778-0509.

Looking for accountants and auditors? We have listed some of the top auditors from Dubai.

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UAE is a hub of companies and industries, and this gives rise to the demand for auditors and accountants. People from different countries settle in the UAE to fulfill this high demand. It is known to have one of the highest numbers of companies that are involved in the auditing and accounting process.

Auditing and accounting companies are professional accountants who help their clients maintain their business transactions accurately and systematically, and in accordance with the rules laid out by the government. They help businesses pay their taxes on-time and also are involved in detailed financial analysis. The auditors are trained to guide the companies on how to handle probable risks, devise plans, and make sound business decisions.

Leading Auditors Companies in UAE
In the UAE, many world-class accounting firms provide all kinds of accounting and auditing services. From ATNInfo we have listed 7 best firms which will be convenient for you:

ACS Majdi Auditing of Accounts
This is a prestigious firm in Dubai, offering all types of accounting and business counsel for their clients. The firm manages all your financial issues, leaving you with the freedom to focus your attention on other areas of your business. It considers you more as a business partner and is always at your service. Their valuable services are sought by many clients, who find it tough to cope with the changes in the market. The firm ensures the financial records of its clients are compliant with regulations, and efficiently manages all the risks faced by them.

Alfa Management Consultant FZE
This is a well-known management consultancy run by a group of professionals, who are experts from various fields. With about a decade of experience, the firm serves all types of clients from GCC countries, the Middle East, USA. Asia, Europe, and Africa. The company has gained specialized experience in Europe, India, along with UAE Government laws and Free zone regulations in the UAE. With their expert advice, they help many new investors and international companies establish new businesses. They provide valuable support to overseas firms for their business activities in the UAE. Besides, they also help their clients learn about the risk factors, knowing market strength, and help them make strategic decisions.

Apex Auditing
Apex Auditing is a fast-growing firm of young professionals, who dedicatedly serve their clients, offering them all the accounting and taxation solutions. Their team believes in maintaining the principles of integrity along with good ethics in all their dealings with customers. The firm covers all aspects of accounting in its services, such as forensic audit, internal audit, statutory audit, together with other financial issues. They assist the clients in preparing MIS report, making feasibility analyses, and devising strategies for their business.

Coast Accounting & Auditing
It is one of the leading accounting and audit companies in the UAE who advise their clients in establishing their businesses and maximize their efficiency and productivity. They solve the problems of funding required by their clients and guide them about all available fund sources. Their experienced team helps their customers comply with the legal requirements of the UAE banks, free zone authorities, and other government departments. They also provide counsel about the right software that will suit the needs of their clients.

HAY Management consultants
With an experience of more than ten years, HAY Management Consultants provides various accounting services like bookkeeping, VAT, Cloud accounting, and payroll to numerous clients in Dubai. Their professional advice has helped many clients to be efficient in their tax dealings and run their businesses smoothly. Through their expertise in all accounting matters, they help their clients to cut down their costs and save money.

Husain Alhashmi Auditing of Accounts
This reputed company in Dubai is offering a wide range of services to clients such as VAT consulting, bookkeeping, payroll services, tax consulting, and auditing. The firm has gained a lot of experience in the accounting field and maintains very high standards of quality. Through their sincere service, their clients have learned to trust them completely in all financial and business matters.

Hussain Al Shemsi Chartered Accountants
This firm, formed by experienced chartered accountants, takes care of all accounting needs and offers services like tax consulting, VAT consulting, bookkeeping, etc. They are approved and registered with the UAE Ministry of Economic Department, and can thereby cater to clients in all the seven emirates in the UAE. They are proficient in statutory audits, and their experienced auditors ensure that business organizations are recording their transactions accurately and in compliance with rules. Their vision is to help their clients maximize their profits by managing their financial issues efficiently.
Select one of the above firms for taking care of all your auditing and accounting worries and concentrate freely on other aspects of your business, and run it efficiently.