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The United Arab Emirates is known for its many businesses. There are a lot of people, locals as well as foreign nationals that choose to set up their businesses here, owing to the fact that they can expect high returns and profits since the Dubai’s economy is flourishing. When it comes to business, deciding on where to set it up is just one of the factors that determine whether it would be successful or not; even though Dubai is an excellent choice, marketing, advertising, research and development, human resource management, accountancy, etc. play very important roles. Even within these, while all of them work together towards the company’s growth, how the finances are managed are extremely important, since all departments and activities of the company require funding. This is why it is key that you have an experienced group of individuals in your accounts department.
Why must you have an accountant?
In business, there is a constant flow of money, whether it is incoming or outgoing. There are sales and purchases, payments to make on a regular basis, receipts of said sales, purchases, discounts, and other financial transactions. In order to manage the company’s finances better so that those decisions can be made that would benefit the company, there is a need to properly record, analyze, maintain, process all financial transactions pertaining to the business. Accounting refers to the process wherein all the financial transactions of the company are summarised, recorded, analyzed, and then a report is prepared over all of it, which is presented to not just the company, but also to different oversight agencies, tax collectors, regulators, etc.
It is important to do this because the decision to save more money, to find ways of avoiding unnecessary expenses, finding out where money needs to be allocated, and also monitoring the flow of money can be made only by collecting all the data, preparing comprehensive records and reports, and analyzing it properly. Accounting is a very important function when it comes to any business, and it is done by an accountant (or by bookkeepers in some cases), irrespective of the size of the business since it determines the direction of most business decisions.
Given the fact that accounting is such a crucial part of the proper functioning of a business, whether small or big, it is quite evident that having an accountant is necessary. Without a professional accountant, the company would have no one to go over all the financial transactions and their related data and help provide an overall idea of the financial situation of the business, how it can be improved (decisions pertaining to other departments or operations of the company depend largely on how the finances are managed and allocated).
What Are Some Important Qualities of an Accountant in the UAE?
It is quite evident that you need to hire an accountant if you want to have a proper idea of how your company is doing financially; how much you are spending, how you can avoid extra expenditures, where you need to allocate more funds and how you can do that while saving money. However, while hiring one, there are certain factors to keep in mind since the accountant would be dealing with your company’s financial data. So, here are some of the must-have qualities of an accountant in the UAE:
- Qualifications: One of the most important factors you need to keep in mind is how qualified the accountant is. Again, since they would deal with your company’s financial data, you need to be sure of the fact that they are capable of handling complex data, would be able to analyze it well, and would be able to prepare reports and help your company. Therefore, before you hire an accountant, make sure to check how qualified they are and how much knowledge they have on the matter.
- Organization Skills: Whether it is a newer and smaller business or an older and bigger business, there is a lot of financial data that is generated, given the many constant financial transactions; sales, purchases, payments, discounts, receipts, etc. It is key that the accountant is able to systematically categorize and organize all the information and then analyze it. In order to prepare reports, it is crucial that all the financial data is arranged in a specific manner, and the accountant must be able to do so.
- Accuracy: Accountants must focus on paying attention to every little detail. When organizing and analyzing financial information, and preparing reports on it, it is very important to be able to detect any discrepancies in the data, to be able to pinpoint an odd transaction and to also be able to advise you on how to make changes to improve the functioning of your company, even if it’s nothing major.
- Time Management Skills: Time is money, and thus, when it comes to a business, every small decision and every second is important and adds to the end result. For the company to be able to make the right decisions at the right time, it is crucial that they have all the necessary information ready. Most decisions depend on the company’s financial situation, and to have an idea of it, an accountant needs to do the work on time. It is imperative that an accountant can do all the work within a certain time frame and also understand the urgency of the situation if need be, which means that time management skills play a major role in how and when the work is done.
- Client- Specific: An accountant would be taught to deal with financial data of any kind, pertaining to any kind of company or business. It is very important that you hire an accountant that would have an idea of how your company works and what its main activities are. When working with your financial information, they should be able to produce results that are specific to your case and should be able to give advice in accordance to your needs.
- Communication Skills: When it comes to work of any kind, communication skills are very important. It is key that you are able to convey a message or an idea or explain things well. The same goes for an accountant. You must hire an accountant that would not only be able to efficiently deal with all your company’s financial data but would also be able to communicate ideas to you; should be able to thoroughly explain to you what the reports mean, and how you should go about dealing with matters in the future.
- Trustworthy: It goes without saying that money is of huge importance to any company or business, and so, an accountant should be highly trustworthy along with being experienced. You should be assured of the fact that all the information is in good hands and that it shall not be misused or leaked.
Accounting is one of the most vital functions of a business, small or big, and thus, it is highly necessary for you to hire an accountant or a group of professionals for your finance department that would be capable of dealing with all the financial information properly and would be able to do the work asked of them on time and as needed; you should be sure that you have adequate help and expertise on the matter of your company’s finances.