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what role audit firms can play in the growth of startups

What Role Audit Firms Can Play In The Growth Of Startups In 2023?

Most startup owners in Dubai do not like carrying out an annual audit and view it as a regulatory compulsion. However, they fail to understand that audits conducted by the best auditors in Dubai can bring fortune to their business. An annual audit gives you a great opportunity to have valuable insights into your business without favor.

 

Carrying out an annual audit is crucial for the renewal of the trade license of most free zone companies in Dubai, while it is not mandatory for mainland companies. Audited Financial statements might be compulsory for regulatory compliance, convincing potential investors, or getting business loans.

 

It is also mandatory for the companies as the corporate tax in UAE is now implemented from 1st June 2023. Apart from this mandatory condition, audits can be beneficial for start-up businesses to boost their growth and add more value. These reasons may help you to understand why the audit is important for small businesses and startups.

 

 

Audit Firms Can Help You In The Prevention Of Fraud

 

Fraud and other types of malpractice are the number one hurdle to the growth of any business. A startup cannot afford such losses due to fraud or it may lead to its end earlier. Audit firms in Dubai can go through your financial statements to point out any fraud or material mistreatment.

 

Auditors can consider a lot of information that can help you identify acts of fraud and improve the administration of your activities in your new business.

 

 

Help You Understand The Financial Health Of The Startup

 

Audit firms can assist you to get a better understanding of your new business’s financial health. Getting an overall picture of your startup’s financial condition will help you to make informed decisions about the direction the business must take.

 

If you understand the financial condition of your business is critical if you are planning to get more stakeholders and investors.  After carrying out an audit, you will have all the important information about your organization, which will help you to boost growth and stay on track.

 

 

Encourage You To Implement Effective Controls

 

While carrying out an annual audit, the concentration of the auditors is not restricted to your finances or numbers. The auditors will gain a better understanding of your business, which will enable them to look at your business with a fresh pair of eyes.

 

The auditors will examine your systems and give advice for improvements or changes. Strengthening your company’s internal controls, procedures and systems will result in a more efficient, and effective.

 

 

Gives You The Power To Make Decisions

 

The audit report you get post-audit can be helpful for you to make better decisions now and in the future. It could be a decision on changes in processes, controls, or systems. You can even use the audit recommendations to change your management team or other business things.

 

 

Consult With The Best Auditing Firms In Dubai

 

ebs is one of the best auditing firms in Dubai. We have helped many businesses grow in the market and handle their finances properly. Carrying out an annual audit is crucial for the renewal of the trade license of most free zone companies in Dubai, while it is not mandatory for mainland companies. Audited Financial statements might be compulsory for regulatory compliance, convincing potential investors, or getting business loans.

 

If you are looking for the best-approved auditors in Dubai, then look nowhere else than ebs. Our expert team will help you to grow and stay compliant.