Many small businesses or medium-sized businesses find it difficult to hire accountants for managing their accounts and bookkeeping. Also doing all the accounts work on your own is even more difficult as you need to focus on the goals of the company. Earlier, companies didn’t have the requirement to outsource accountants for bookkeeping and accounting but after the changes in Commercial Companies Law and the advent of VAT, things have changed. The government and Federal Tax Authority have made rules regarding the proper maintenance of accounts and financial statements. Be it a startup or years old business they are shifting towards a uniform way of maintaining the records and reports. So with the introduction of new rules and laws, companies prefer to outsource a professional from accounting and auditing companies in Dubai.
Outsourcing is the best option in this case as it has many of its own benefits to the company which will help them to achieve their goal. When the company opts for outsourcing it will have time to focus on its Key Performance Area (KPI). Whereas involving a third party in your business and trusting them with all the accounts and finances is a decision that makes the company re-think their decision upon outsourcing. Elevate Business Solution is one of the best accounting and auditing firms in Dubai which provides quality service in managing the finances of the company.
These are some of the benefits of outsourcing the bookkeeping and accounting service in Dubai.
- Cost-effective – One might wonder that hiring an in-house accountant and outsourcing a team accountant would cost almost the same, but it is a myth. When you hire an employee you have to pay overhead costs like health insurance, vacation, retirement, hiring cost, training cost, visa cost, sick days. Moreover, there’s a whole lot of difference between the expertise of one internal person and an entire team of experts. You don’t have to take any loss in productivity costs that come along with the hiring of a full-time employee.
- Saves time and cost of the hiring process – When you think of the hiring of an employee, it involves lots of steps. You need resources to manage it, creating the recruitment strategy, selecting applicants for interviews, and many such lengthy steps. Outsourced bookkeeping saves you from going through all these processes.
- Expert accountants and bookkeepers – While outsourcing to accounting and auditing firms in Dubai there are chances that you might get a superior level of expertise at an affordable cost. Generally, accounting companies in UAE continuously keep polishing their skills so that they can stay ahead of the competitors in the market. Choosing the outsourcing company is an important decision as you need to make sure that your accounting is in reliable hands.
- Automation technologies – Most of the outsourced bookkeeping and service providers use software for automation technology. This technology itself has benefits like reduced human errors and efforts, low or no chances of internal fraud, etc. The accounting companies in Dubai have personnel highly qualified in tools like Tally ERP, Quickbooks, Sage, Zoho, Xero, Microsoft Dynamics, SAP, and all others required for the bookkeeping service.
- Reconciliation of statements – Bank reconciliation is a hectic and time taking process. To save time and extra effort you can delegate the responsibility to the authority of the efforts to the service provider who is good at it and can get the work done within the desired timeframe.
Elevate is one of the best accounting firms in Dubai which has been providing quality services to our clients for decades. Delivering the services on time is our priority. Once you figure out about outsourcing bookkeeping and accounting service provider, you need to look upon few parameters before involving them. There are many types of research required before selecting one firm, below mentioned are a few of them –
- Type of services you want – There are various tasks related to accounting and bookkeeping like maintain the balance sheets, monthly reports, the record of account payables and account receivables, and more. You need to decide here that what task you will outsource what task your in-house employee will do and what you will do on your own.
- Competitive cost in the market – Every accounting and auditing company in Dubai has different payments which can be hourly or monthly. You have to choose the company according to your requirement and your budget. You just don’t need to choose a company on the basis of cost-effectiveness.
- Data security – Data security is one of the important factors to take into consideration while outsourcing services online. The highly reputed firms treat client’s details and keep the data private. It is essential because you don’t only share cash flow information with them but also many other confidential data.
- Expertise – you need to assure that the company you are thinking of hiring has the experience, qualifications, and professionalism. Also, you are free to ask suggestions from their previous or existing clients about the quality of service they provide which will in the end let you know about their reputation in the market. Also, you will know their ability to deliver quality work and consistent results.
Elevate is a reliable service provider with a huge cliental base in UAE. We deliver the services as per the requirement of our client in the stipulated time period. Our professionals have top-notch expertise in their specific field and are target-oriented which will let you focus on your business goals.