Owning a business in Dubai and managing it well are two different things. Even if you have a lot of money and a long list of loyal customers, your business won’t do well if you can’t handle the accounting and bookkeeping tasks well.
Bookkeeping is an important job that needs to be done with the utmost care. So, if you have a business in Dubai, it’s a good idea to hire skilled accounting and bookkeeping services.
It’s not the only way to go to hire, train, and set up a department to do accounting and bookkeeping in-house. It would be easier to hire firms in the Sultanate of Dubai that have a lot of experience and a good idea of the rules and regulations that need to be followed.
Usually, one of the main reasons a business has a physical form is to make money. From the first day, a lot of transactions start, which show cash coming in and going out, variable and fixed costs, a list of creditors and debtors, and so on.
These transactions need to be written down in the right way so that the entity’s financial health is clear. Dubai has set rules and standards for its accounting, just like other countries.
Bookkeeping and accounting services in Dubai
There is a difference between the two terms, even though they look alike. Bookkeeping keeps track of each transaction, while accounting looks at these transactions and puts them into groups.
The Dubai Association of Chartered Accountants is a government group that looks at the accounting system as a whole in Dubai. It was set up on May 22nd, 2016.
After company registration in Dubai, the organization was set up with the following goals in mind:
Accounting and Bookkeeping Services for Your New Business in Dubai
This talks about some of the many benefits of hiring someone else to do your accounting and bookkeeping. Read on to find out what they are.
One problem with having a bookkeeper on staff is that they may become emotionally attached to the day-to-day tasks of your business. On the other hand, an outsourced service provider would give you a fair assessment of your company’s finances.
They have nothing to do with your business, so they won’t pat you on the back and tell you everything is fine when it’s not. This is the best thing that could happen for your business.
Outsourcing gives you a lot of time to focus on making your business more efficient, growing its operations, getting the best return on investment, and improving its core skills.
Outsourcing the accounting and bookkeeping needs of your Dubai business can cut your costs by 30–50% per year. You not only save money, but you also save time.
You save the time and money you would have spent hiring, training, managing, evaluating, and firing employees. You can instead use this time and money to get more clients, market your business better, invest in better customer service for your business, and look for more business opportunities in Dubai.
It is risky to give one of your company’s partners control over the accounting department. Even if it was an accident, a situation involving accusations and wrongdoing could hurt your business and your relationships with other business people.
If all of your business partners agree, it can be good for your business to hire services from a company outside of it.
Nobody wants their private financial records to leak. When you outsource services to a company, that company promises to keep your company’s financial information private and safe.
They put in extra time and care to make sure of this and give you the latest software and technology so that you can keep up with how technology is changing.
Outsourcing is also helpful because you only pay for the work that they do for you. This means that you don’t have to pay for things like overhead, vacation, sick days, payroll taxes, training, and other costs that you would have to pay for if you had an in-house department to do these things.
You can expect to make a lot more money and get more work done at the same time.
If you’ve had a business for a long time, you may have lost good employees all of a sudden. Most small and medium-sized businesses can’t afford to have extra staff or hire people right away when something like this happens.
But if you hire someone else to take care of these things, you don’t have to worry about them. Any experienced, hardworking, and qualified team would make sure to have a backup plan in case something like this happened (if any).
You can also count on these services because the company that provides them will make sure the work is checked twice and even three times before letting the client know how things are going.
Outsourcing firms usually have a lot of different kinds of experience because they work for many different kinds of companies. So, you can expect people working on the accounting and bookkeeping for your business to have a wide range of skills and knowledge.
After setting up your business in Dubai with different entities, having the best Certified Public Accountant (CPA) minds work on your company’s tasks can be a way to stand out.
Now is the time to offer your customers the extra services you’ve always wanted to offer. When you hire someone else to do your accounting and bookkeeping, you have less work to do and more time to come up with new ideas for your business and put them into action.
You can hire great firms to help you put these plans into action.
When buying or selling a business, the people involved carefully look at how much the business is worth and how profitable it is. If you hire someone else to do your accounting and bookkeeping, your business will probably be seen as more profitable than those that don’t.
Talk to our experts if you want your company to get services in Dubai that are reliable, well-trained, and effective. We also offer a wider range of services, such as incorporation, intellectual property, PRO, taxation, corporate secretarial, and visa services.
We work with clients from all walks of life, from new businesses to big companies with offices all over the world. Contact us if you want to know more, have questions, or need help. We’d be happy to help.
Which Dubaii government body looks after the overall accounting framework in the country?
Dubai Association of Chartered Accountants
When was the Dubai Association of Chartered Accountants established?
It was established on May 22, 2016.
How is outsourcing accounting and bookkeeping services cost-effective?
Outsourcing the accounting and bookkeeping needs of your Dubai business can cut your costs by 30–50% per year.
How does its cost-effectiveness save both money and time?
You can use this time and money to get more clients, market your business better, invest in better customer service for your business, and look for more business opportunities in Dubai.
What is the vision of the Dubai Association of Chartered Accountants?
The organization wants to achieve the following:
- to work with other groups to keep an eye on the profession.
- to give advice and do research about the accounting profession.
- Sharing information and the results of scientific research in the field of accounting can help raise the level of accounting.
