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Benefits of a Third-Party Accounting & Consulting Firm in UAE for Business Performance Review

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It can be difficult to know how external parties feel about the work of specific individuals they collaborate with from your organization, especially before a project is over. The same goes for freelancers and other contractors that an organization works with on a regular basis. Every organization cannot afford to have an in-house analyst team to monitor the performance, growth and liquidity and thus this article talks about how having an accounting and consulting firm in UAE like Alchemist can improve and outline how a company can streamline their process within the workflow of its organization.

Feedback should be looked at as an ongoing process, to continuously learn, iterate and improve. Usually accounting and consulting firms in UAE have well trained teams specialized in business performance review and preparing reports that give a clear idea of the company’s profitability, liquidity and efficiency. It helps organizations to have a periodical monitoring of their operations and performance.

Benefits of Requesting External Feedback from an Accounting & Consulting Firm

There are several benefits to adopting the process of requesting external feedback. When requesting feedback from people who are not part of your organization, teams get different objective feedback about projects and individuals. A holistic picture is painted of how teams and individuals work together internally as well as how they collaborate with others outside the organization. One can understand how your establishment is being presented and how the whole working relationship with clients can be improved.

Accounting and consulting firms in UAE have an array of professional VAT advisors, consultants, accountants and auditors which means an organisation can get a holistic picture of the management system of the cashflow, performance and growth, financial ratios, product margins and inventory conversion cycle, departmental and product-wise profitability reports, customer segmentation, an account of the returns on investments, and much more.

These firms can also help when setting up company in UAE as they design the review process based on the business nature, size and relevance, while analysing with a third-party perspective to add value to the company. The focus on the three core areas of liquidity, profitability and growth also ensures that all processes of the organisation are aimed at constant improvisation and efficiency.

Gathering external feedback is not as simple as just sending out a generic survey to parties outside of the organization. Having a “one size fits all” approach to this process is not beneficial in the long run and will stagnate the whole feedback loop, rendering the whole exercise invalid. Generational shifts, increasing digital expectations, and acknowledgement of talent means it is no longer productive to run one standard performance appraisal each year – followed by a raise or a tough conversation. The business model itself needs scrutiny sometimes to ensure that the processes it has adopted are best suited for its optimal functioning.

Business performance review is thus a process that needs customizing and conscious effort to create and get feedback that is actually valuable to teams and their managers. Since it involves people outside of the organization, an approach where the company and its managers can involve other parties and merge that with the existing workflow teams they currently have is required.