Internal Control Procedure Services in UAE

Internal control is a process that guarantees effective and efficient operations of the objectives of a company. It ensures reliable financial statement, and compliance with decrees, guidelines, and procedures. 

Internal control protects the assets of a company and defends the possibility of fraudulence and mistakes going unnoticed in the company’s daily process.

HayyaTax Accounting and Bookkeeping Services LLC provides internal control services to our clients by ensuring all the procedures related to the internal controls, are being properly planned and implemented, and enhance the result of the operation of the company and achieve its objectives. 

Stages of Internal Control Procedures

Internal Control Procedures mainly include the following stages: –

1. Procedures for scheduling, establishing, guiding and governing operations.
2. Arrangements for computing, reporting and controlling performance.
3. Activities taken by management to improve risk-management
4. Activities taken by management to upsurge the possibility that the vision and goals will be attained.

Advantages of HayyaTax Internal Control Services

• HayyaTax ensures that our clients’ actions lead to the efficient functioning of the organization. The resources are used only for their intended purposes and to reduce the risk factors.
• HayyaTax helps ensure that there are no financial irregularities in the company, and detect them quickly if any and find solutions to resolve the issues that arise in time. 
• HayyaTax ensures that the employees of our clients are free from being victimized for any indiscretions or embezzlements of reserves.

Benefits of Proper Internal Control Procedures in an organization

Given below are the benefits of having proper internal control procedures in an organization. 

1. Enhance productivity

 By the periodic assessment of staff performance and its outcome, the management can suggest factors that can improve the staff by themselves.

2. Thwart deception

Internal controls thwart the possibility of fraud. It enables organizations to concentrate on high-risk areas. 

3. Help discourse financial report declarations

Internal controls procedure defends the assets of the company and thus discourse financial report assertions about its completeness, accuracy, etc. Counting of the inventory internally and trace them in the accounting system guarantee the reality of the same, and counting the cash receipts in retail sales before recording them ensures the precision. 

4. Help prevent misstatement in the financial reports

Internal controls help avert mistakes and improper reports in the financial statements. For instance, reconciliation can guarantee that the account balances on the balance sheet are correct and avert any misstatement in the financial reporting. Reconciliation also helps managers and other users to detect errors and understand company operations. 

How does HayyaTax help you in the internal control process?

Through strong internal controls, HayyaTax can keep your company healthy by helping to achieve the following key business objectives:

1. Safeguard consistent financial reporting 

Precise financial information on time helps managers to make informed decisions. Strong internal controls help them preserve the cogency of financial data and make more sophisticated judgment calls.

2. Achieve operational efficiency. 

 A strong internal control atmosphere substitutes competence through the mechanisation of manual controls, eliminating redundant steps in a process, or uniting certain functions in a cost-effective manner. A consistent financial data helps the management receives timely and relevant information to verify that activities are in-line with business objectives.

3. Upholds compliance

True financial data and appropriate processes enable companies to help to file precise tax returns, other financial obligations, like the loan, etc. and statutory filing.

4. Protection of assets

The proper controls defend the corporeal and financial assets of a company from fraud, theft, and errors and identify them immediately. Segregation of duties, Proper fixed assets register, perpetual inventory system, periodic counting of inventory, etc. will enhance the ability. 

Why HayyaTax Accounting & Bookeeping Services LLC?

HayyaTax is a family of well-qualified connoisseurs in the field of Internal Controls Procedure services and provides proper and timely advice for your business to grow. HayyaTax analyses your company’s internal control procedures prepares strategic plans and strives hard to help you progress your business and make you sprint.

 We are one of the leading accounting & bookkeeping service and auditing service providers in Dubai, UAE and offer various services, like Regular Accounting Services, Outsourced Accounting Services, Bookkeeping Services, etc. at your doorsteps. 

So, do contact us if you have any queries, and our experts will contact you immediately. We offer one-hour free consultation to our clients.