CHALLENGES & RESPONSIBILITIES OF CHARTERED ACCOUNTANTS IN DUBAI

Chartered accountants in Dubai are considered as most trusted business consultants. Let’s discuss some of the major duties of a chartered accountant, especially how they help businesses run operations.  

A chartered accountant is a globally recognized financial professional who can manage budgets, taxes, audits and business strategies for their respective clients. A CA could work in different sectors, but most likely has to perform a similar set of duties whatever the industry is. Some of the major sectors they are performing are:

• Auditing and Accounting: Being a basic bookkeeping to difficult financial analysis, accounting is one of the responsibilities. In addition, which one may work on audits? 
• Tax Managers: Businesses, individual clients and other institutions may need a CA’s extensive knowledge and expertise when dealing with taxation. Being a CA, one has extensive training on different statutory taxes.  
• Management Consultancy: CA is often asked to work in a consultative role, helping businesses utilize resources efficiently. 
• Cost Accountancy: Being a CA one could provide professional advice to companies on matters related to production. Whether the company provides a service or product, the guidance could help them calculate the production costs correctly. 
• Serving On Board of Directors: Many companies understand and value the advantages of having a CA occupy a seat on their board member team. Experienced CAs are often selected for such roles.  

Challenges faced by any chartered accountant in Dubai 

1. Update frequently on top-notch knowledge base: Although different CAs engrossed yearly, it is necessary to understand the importance of being informed of every introduction, change, and revision of Tax reforms and other such regulations decided by the UAE government timely. It is necessary to understand this before you get influenced to enroll in the classes for the CA course. You may not just rely on the sources and the internet for upcoming learning. 
2. Data security: A CA firm in Dubai would have access to some of the highly sensitive and confidential data of the organization he is working for a reputed MNC. They protect the information and are liable to the client’s data. Misuse or theft of the client’s data could cause loss of reputation, loss of clientele and loss of trust. 
3. Training: Another challenge faced by the CAs is the difference between the real-world work system and the level of training. Every CA working in the UAE has to have relevant experience or training as per the UAE’s expectations.
4. Sector specialization: To have constant growth in a career, a professional CA must make an extra effort and keep his working arena diverse. He should not get lured into the web of sector specialization. This may harm the growth of the CA and limit professional career opportunities. 

Responsibilities of a chartered accountant in Dubai  

The work that a CA firm in Dubai takes on is crucial for any business to continue its operations. Regardless of where it is the world, the duties of any chartered accountant are as follows:

• Ascertain the profitability, liquidity, and solvency of a business: Through the company’s financial statements prepared by chartered accountants, the company’s financial positions could be ascertained easily. It is a must to have complete records kept for every business transaction. These records are used in determining the financial position and performance of a company. 
• Determine loss/profit: A CA firm in Dubai plays an important role in identifying the profits, losses and earns sustained by an enterprise within an accounting period. 
• Facilitating a rational decision-making process: Another important duty of accounting and bookkeeping services dubai is communicating the  performance of a company. Running a business in Dubai needs data concerning the profits, assets, liabilities and cash flow. Only an accountant could provide the set of information. 
• Protection of company assets: An accounting and bookkeeping services dubai, in particular, won’t keep records of the business assets. Being professionals we will make sure there is no unauthorized use of an asset or property which belongs to an enterprise. 

Help ensure legal compliance: The financial statement of any business has to be prepared as per the regulatory standards. Some records must be in full compliance with federal and local legislation. Businesses are mandatory to comply with government regulations, as well as pay the correct tax amounts.