All UAE businesses are required to maintain proper and standardized books of accounts and professional bookkeeping services allow the business to maintain systematic financial records and keep track of the transactions.
If you have good financial records, you will be able to manage debts, deposits, and items given on credit by recording issued and received invoices. Without proper management of all your business finances, you could overlook potential cashflow issues and your business might suffer.
Many of the most successful business owners contribute part of their success to excellent record keeping. They track every expense and every deposit that the business incurs so as to minimize unnecessary costs and hence lower the cost of running the business. On the other hand, having good financial records will make it less likely to overpay taxes.
Benefits of hiring an external bookkeeping service for your business
Owning a successful business and actually running one are two quite different things. You might have huge amounts of capital and plenty of regular customers, but your business won’t thrive if you don’t have an effective bookkeeping team as well.
Bookkeeping is an essential role that every business owner should be able to handle, and he should enlist the help of someone who can take care of this task if he cannot. You don’t necessarily have to hire an accountant or in-house bookkeeper to do this for you. Many business owners outsource their bookkeeping needs instead.
Here’s a look at some of the benefits and considerations involved with hiring an external bookkeeping service for your business.
Expertise on your side. Outsourcing gives you a great way to have full-time knowledge on your team without having to pay for it around the clock. By putting your books into the hands of highly skilled staff who understand the best practices and how to properly staff for certain tasks, your job becomes a whole lot easier—and effective.
Team staff versus an individual. When you outsource your bookkeeping, you’re placing your financial records in the hands of a staff that thrives on teamwork. Unfortunately, one bookkeeper is often not enough to find every subtle nuance that can benefit your company. But when you outsource, you have a team of workers checking and double-checking each other’s work, helping to ensure that you receive the best services possible.
You’ll Get an Unbiased Financial Opinion. One disadvantage of hiring an internal bookkeeper is that he may become emotionally involved with the day-to-day running of your business. An external bookkeeping service has nothing to do with your business. Its goal is to give you a clear insight into your business’s financial position, not to pat you on the back and tell you everything is going to be OK even when it’s not.
You’ll Avoid Conflict of Interest. It can be risky for some businesses like partnerships to entrust accounting to one of the owners. Accusations of misconduct could potentially ruin the business relationship, even when an error in record keeping is unintentional. An owner might find himself in the unfortunate position of having to make a choice between what is best for himself and what is best for the company. Using an independent bookkeeping service avoids this pitfall and can boost confidence among the owners that all accounting statements are true, accurate and without bias.
Access to top systems. Outsourcing your bookkeeping operations gives you more access to the top tools in the industry. Most businesses can’t afford to pay for the extremely expensive bookkeeping programs nor can they afford to spend the time keeping up with changing laws and regulations. By outsourcing, you’re essentially purchasing those tools and that knowledge by proxy, but it’s even better—you don’t have to actually do any of the work!
You’ll Lower Costs. The cost of outsourcing your accounting is significantly less than employing a full-time bookkeeper.
With outsourcing, a business is able to save money on expenditures that are related to employee benefits, accounting hardware and software, office supplies, training, and recruitment. Managers are also able to focus more on their daily operations, customer acquisition, and team management. All of which are necessary for the growth and success of a business operating in the country.
BookRobo Outsourced Accounting Services UAE offer some of the best bookkeeping experts available, having over 16 years of expertise, and mastery concepts on bookkeeping, tax advisory solutions, VAT consultation and more. We are capable of providing outstanding accounting services and bookkeeping services for small and medium-sized enterprises.
Why Outsource to an Accounting Company in UAE?
There are a lot of things to be done in an organization, and it is always not easy to comply with the legal requirements and keeping track of business strategies to keep up with the competition. With this, the accounting side of a firm is quite difficult to manage that’s why outsourcing bookkeeping operations is a major option for companies.
As mentioned above, accounting and bookkeeping have important roles in a company. Regardless of what kind of industry you belong in, it is always essential to have clear and straight business accounts. With outsourcing, you will be able to stay on your business, reduce cost, access information (through the outsourced accountants and bookkeepers), get experts and professionals, and get a wide range of services. If you’ve been wondering how to find an accountant who can provide excellent accounting and bookkeeping services in UAE, you’ve come to the right place.
Today, many companies in the UAE are operating with lean budgets, due mostly to the impact of the COVID-19 pandemic on the economy. Outsourcing accounting and bookkeeping operations in UAE has become the solution for most businesses to cut costs. It’s also the best solution for a reduced headcount. Below, we’ve listed the top reasons why entrepreneurs in UAE are to consider finding support from third parties for bookkeeping.
More time and energy focused on the business
Most internal accountants and bookkeepers spend lots of time cross-checking data. This is done prior to finalizing work with the company management who are supposed to be dedicating valuable time and resources in achieving the goals of a business. With an outsourced accounting in UAE, tedious tasks related to mandatory declarations and ancillary issues are handled by experts. Company management, instead, will have more time spent on bringing in more clients and ensuring the efficient running of business operations.
Reduced overhead expenses
A lot of companies make the mistake of hiring then training accountants and bookkeepers who are too inexperienced for convenience and low cost. But, hiring a junior will mean risking having someone that does not have the necessary expertise and experience – or even the potential of acquiring them. With properly trained and skilled accountants handling the accounting department of your business, you are utilizing the best solution. Not all businesses can afford right now to have experienced personnel in-house. Therefore, it is both an attractive option and a smart alternative to outsource accounting and bookkeeping work.
Scalability and flexibility
In-house accountants and auditors are very good. However, scalability can easily become a challenge for most situations. When your business grows and is in need of a greater, more skilled labor force, it’ll take a significant amount of time for you to hire and identify the potential employees that are qualified.
A new hire will need time in settling with a brand-new business organization to real his or her full potential. Until then, an existing team maintained in-house will suffer from having to work longer hours. There are those that may also be frustrated and convinced in tendering their resignation. This is a huge problem, most especially for a growing business. On the contrary, when the growth of an organization stops suddenly, you will have a lot of employees that you have to fire. A third-party service provider handling your bookkeeping obligations in UAE will have a team that’s at your service. You will be able to decrease or increase the resources that you want to be allocated to your business and you will have the flexibility that you need in either scaling up or down.
Enhance your quality of services/delivery
Outsourcing companies usually have diversified experience in working for multiple businesses and industries. This is when you get the best in town versus your internal resources. BookRobo Outsourced Accounting Services UAE possesses the best practices across similar and other industries in which your business operates; therefore you get top-notch practices and advice which is almost not possible with internal resources at the same cost. These benefits can turn out to be the cause of your competitive edge in the market.
Maintaining financial records in the UAE
Under UAE law, real estate firms are required to maintain records for 15 years while other sectors are mandated to maintain records for at least five years. It is also important to note that records related to Capital Assets must be maintained for ten years.
Your business is safe from violations and penalties
With the recent taxation reforms in the UAE, the government has become stricter in regulating businesses. Authorities do not tolerate negligence in keeping the financial records required by the law and there are penalties involved for various bookkeeping violations. Having solid bookkeeping in place ensures that your business is safe from penalties.
Are you ready to take your bookkeeping to the next level and be safe from overpaid taxes and penalties? Get in touch with us and let’s get you started with the #1 accounting services in the UAE!