Experienced nonpareil financial consultants
The banking sector’s accounting and generation of financial statement are considered similar to a regular company. However, when the accounts are subclassified, a significant difference can be observed. Because of this, we suggest finance and banking companies hire experts who have experience in accounting in this specific industry. These experienced professional financial consultants will be provided to you by none other than N R Doshi & Partners.
A bank’s balance sheet has unique attributes, such as the following:
- Assets- Loans provided to customers, trading assets, etc.
- Liabilities- Deposits from bank users, loans taken from the central bank
- Equity- Common and preferred shares
If we talk about the income statement, it is like a regular income statement having revenue on the top and net income at the bottom. However, the procedure by which revenue is derived is different from regular companies.
The differences seem to be minor. But, when accounts are written, and financial reports are prepared, significant mistakes may take place if the accountant lacks specific knowledge required to perform accounting for banks.
As we have expertise and experience in doing accounting for the banking sector, you already have one strong reason to keep us above other accounting firms in Dubai for accounting and bookkeeping. We are even amongst the leading audit firms in Dubai known for the time-effective and accurate internal audits.
Besides an international accounting service provider, we also provide human resources, wealth management, and information technology auditing.
As everyday something new is introduced in the banking sector, you need employees who remain updated with the technology. We have mentioned before, as your financial consultant, that knowledge about specific bank accounting is mandatory. N R Doshi & Partners, with its efficient research techniques, dig out superior talents for your company.
Other HR services such as managing the compensation, performance grading, creating various policies for the company, etc. are all offered, which you can have in one complete package.
As the banking sector remains one of the prominent targets of cybercriminals, security should never be compromised. If one compromises with the security, accounts may get compromised. To save your bank from unnecessary data leakage, we examine your systems and find out the vulnerabilities.
Other than that, the compliance check is available, which is required to ensure that all the rules and regulations determined by domestic and international bodies are followed strictly. As the banking sector deals with the public directly, compliance is taken very seriously. Even if you miss one regulation, heavy penalties can be charged, and major actions may be taken against your bank.
There is one another service that we have introduced just after the introduction of the VAT system in the UAE- VAT consultancy, which every bank highly requires. Certain banking transactions such as deposits and loans are exempted from taxation, but many other services such as asset management are taxable. There are many such aspects where changes have been introduced. Our objective is to make sure your employees get familiar with the VAT implementation. In the end, your whole banking system will be compliant with the VAT system.
As you can see that N R Doshi & Partners provide various services and never fail to achieve what’s asked, one should not wait more. You can contact us anytime, and we will be ready to solve your query associated with every service we offer.
Accounting and Finance
As we have already discussed, accounting and bookkeeping service in banking sector requires additional knowledge. We hold years of experience and several dedicated employees whose profiles exactly matches with your requirement. We also take acute care of data privacy, and all employees are thus bound not to share the information. Even the systems on which operations are performed are protected with a powerful firewall and encryption system. We conduct efficient accounting with the help of the documents you provide.
Banks need to follow specific guidelines while preparing financial reports and financial statements. It is because the money itself acts as a product in banking sector available in various forms: lending money, saving money, credit cards, cheques, etc. We prepare financial statements using international financial reporting standards.
Human Resource
Reaching us out will provide you with the employees who are updated with the current changes in the economic world. They will be having the exact knowledge of how every transaction is recorded and reported in the banking sector.
This service is similar in most of the industries as performance is graded according to the quality of work an employee can perform in less quantity of time. We go through the task performed by each employee, grade each one, take feedbacks, and generate a final report. On that basis, a fair appraisal is provided to the employee.
Compensation Management manages the salary of each employee working at your company. We get the information regarding the employee and his pay scale. The final salary is credited after making the deductions based upon the leaves and penalties (if any).
We offer you the service, which will become the reason for the smooth functioning of your company. HR administration creates policies and decides the benefits which a company provides. The policies we generate provide complete satisfaction to employees without causing any loss to the company.
Training and development can be integrated with the recruitment service. Here, the new recruits are provided with training and development. This training helps the employee to sustain the challenges which he may face in his professional career.
Information Technology
We check your banking application for accuracy and their compliance with the relevant rules and regulations. We also test your accounting application to find out if it works as intended. We report bugs that we encounter and provide suggestions to strengthen the internal control and enhance the user experience. Our quality assurance team is a combination of technical and functional experts who have extensive knowledge and experience in the functioning of the banking industry.
For banking, the systems which are used are highly secure with the help of the strongest encryption. However, breach still happens in various cases and go undetected. First, we detect if any breach has occurred and if not, and then we move towards identifying the vulnerabilities. This ensures your banking system remains hackerproof, saving your company from professional as well as reputational harm.
It is necessary to update the system and technology which we use. Doing that will make banking more accessible and protected. We provide you with the information required to improvise the financial management, keeping you one step ahead of your competitors.
Operations
We evaluate risks of each area in which the bank or financial institution operates. We conduct a complete inspection of your systems, making sure your policies, procedures and internal controls are up to the mark rendering proper financial risk management. If not, we define relevant policies, procedures and controls and implement them to protect your interests. We ensure that we take proper care of risks by way of mitigating and transferring them.
Money is itself a resource in the case of the banking sector. This resource is obviously used in several instances as an investment. Our service will add a layer to it for optimizing the resource’ utilization. If there are any previous investments which are not offering returns, we will also provide suggestions regarding them and, eventually, eliminate them.
Compliance is essential as every transaction and function takes place in a bank should be legal. We go through different regulatory requirements, rules imposed by the central bank and check if the tasks are performed according to the law or not.
Legal
Our company formation service helps the businesses to choose the right type and location for the company. We will suggest you the prime options suiting your business. From those options, you can select the one fitting to your company’s internal policy. We will even support your business in getting the licenses, conducting renewals, etc. We will also find the best workplace for you.
The contract negotiation service helps you to get the perfect deal for your business. The service also includes the valuation of entities that our client needs to acquire. We also manage contracts based on different aspects of business, even if they are industry-specific.
Advisory
Advisory services contain a unique range of service options from where one can select the ones which seem relevant to his business. From the initial stage to the stage till it becomes the top leader, we will guide the banking sector in its financial planning and financial modeling.
Corporate finance services are useful for clients who are looking for sponsors to get started. If you have a robust business model and ideas which we can consider out of box, we can help you out in getting your business funded. For that business, we will also conduct a feasibility test before jumping to a conclusion.
Auditing
The audit of banking companies is a crucial task as here, the medium of exchange itself becomes the product. External Audit helps the company to appear as a trustworthy entity in front of the people investing in the company. As we are one of the most reputed audit firms in UAE, the external audit conducted by us is accepted by all the authorities. Read more about our external audit services.
We undertake Internal audit of banks and financial institutions. As a part of the assignment, we first understand the business processes of the banks and financial institutions and document the internal controls placed by the management. We then go on understanding the overall risk of the organization and based on our assessment, we redefine certain controls to manage the risk. We go through internal policies and procedures and check if it is properly implemented and working as intended. We provide a through report on our findings and we discuss the same with the management. Read more about our internal audit services.