With a population of 2.7 million and known for its modern architecture and a skyscraper-filled skyline, Dubai is a melting pot of cultures with most of its population consisting of expats from all over the world. The emirate contains some of the best nurseries in the Middle East, offering early childhood education for children aged 6 months to 4 years. As of 2017, there were 263 early learning centres in Dubai registered with the UAE Ministry of Education.
What does this mean for the early learning centre owners? The competition is fierce and nurseries are trying to find ways to differentiate themselves by improving and widening the range of education they offer. However, many owners and managers don’t realize that there is a lesser-known way to improve and expand their business. With these growing financial burdens, what can nurseries do to reduce costs and increase profitability?
Accounting for early learning centres in Dubai is usually done either by the owner or by an internal employee, who is rarely an accounting expert. This results in missed opportunities due to lack of thorough financial reports and expert advice on how to improve the business based on financial information. Also, having an internal accountant who takes care of your financials and cash flow and is not part of a professional organization increases the risk of fraud.
In these market conditions, nurseries are turning towards Outsourced Accounting Services. Utilizing this option allows early learning centres owners to focus on growing their business while at the same time saving money due to a lower cost compared to an internal accounting function. Also, imagine someone shows up one day and tells you that they are willing to buy your business for a large amount of money, but first, they need to see your financial reports in order to check whether everything is ok with your business. You then remember that you only kept some basic reports which wouldn’t give them any detailed information which would seal the deal. How would that make you feel? Not too good for sure.
Would you like to get your business ready for growth and expansion by gaining better insights on your financials? Do you want to be prepared in case you need professional financial reports and protect yourself from fraud? Get our expert Outsourced Accounting Services and we will make sure that you achieve all of that and more!