The future of Auditors and Accountants in the UAE
The number of businesses in the Middle East is growing rapidly for a few decades, especially the auditing firms in Dubai. As a result, the need for the number of Auditors and Accountants has increased too. A company can reach its height only by having proper assistance from a reputed Auditor or Accountant. The main reason for this is the government is ready to welcome new businesses which will provide excellent job opportunities. Keeping records of all transactions is required for a company for its growth. Accountants and Auditors have a bright future in the Middle East. The reasons for this are explained below:-
- The rapid increase in business
There was a rapid increase in the number of foreign businesses in the UAE. So many industries are been introduced and this can make the Accountants and Auditors in need. The future of the company is depended on the better strategies provided by the Auditors and Accountants.
- Diversified economy
The government decided to support other industries as well as the oil industry and other hydrocarbon industries were not performing well. For that, the government has also established free zones, each being specified for a separate industry. This will be a great advantage for the Auditors and Accountants.
- Introducing VAT
With the implementation of VAT on 1st January 2018, the need for an accurate Accountant and Auditor increased. Having a detailed record of every transaction is important for a company, which will be done by good bookkeepers and accountants. Here the need for bookkeepers and accountants can also be understood.
- Technology advancements
With the growth of technology and its advancements in every field Accountants and Auditors rely mostly on technology. This has made their work easier and less tiring, with more work being completed in a lesser time period. With the advancement in technology, it has not only made their work easier but can be completed within days. For example, they can finish work within 1 or 2 days which could have taken many days.
Machine learning and artificial intelligence can bring about great results in this field. The result provided by Artificial Intelligence is very accurate and not possible by a human. The intensive tasks will be dealt with by the Artificial Intelligence in the future, for this; the machine is given ideas to understand. This plays a great role in the field of Auditing and Accounting.
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