Updated: Nov 20, 2022
As a stakeholder, whether you are an entrepreneur, shareholder, owner or senior management, don't be a victim of a financial blindness! It's essential to understand the information contained in your financials and consider it a health check on how the company is doing. We are not here to understate the importance of operational information. Know your numbers! Eat, drink, and sleep your financial data. In fact, operational information and financial information are integral.
It might sound hard and a challenge for some, but getting to understand the essential information about your business will save you and your business yet and enable you to avoid financial blindness and its consequences of it.
What are the Consequences? You may ask!
With the UAE implementing the corporate tax regime in mid-2023, keeping clear records of financial transactions is something not to be taken lightly. It will trigger a chain of effects if your books of accounts are not accurately maintained.
With the implementation of a robust accounting system, the process of recording financial transactions and procedures carried out by a business should be of your interest. It includes developing a summary and analysis of the financial data resulting from business transactions and preparing their reports to enable relevant stakeholders such as the shareholders, business management team, regulatory bodies, and tax authorities to view them accurately and correctly.
Audit your financial results before it's too late!
The financial statements summarize all the financial operations that took place in a specific period and show the business's financial position, income, stakeholder equity and cash flows. With the statements audited, you will be able, in addition, to know where your business stands:
Investigate and assess business risks
Ability to value and identify your business viability and its continuation "The going concern."
Identify areas of cost optimization and operational improvements
If you think that you are off the hook, think again!
Work with an expert!
If your intending to streamline your operations or to implement introduce change in your business hire an expert financial advisor to assis you with moving through this change process.
Financial advisors provide you with a non-judgemental space to brainstorm ideas. They help you cut through the clutter and assist you with defining business goals and action plans. They are there to support your decisions and help you stay accountable to yourself and your business. Change is hard. Why do it alone?
In Assist Plus, we dedicate ourselves to handling your business's financials and accounts so you can focus on what you do best as you're the expert in your line of business. We provide complete solutions and services to businesses throughout the UAE that will advise you on the most current, up-to-date rules so you can make the absolute best long-term decisions and profit-making planning strategies.
Our services comprise of: