Accounting is a time-consuming task that requires prior practice, knowledge of accounting conventions, and, most of all, patience and consistency. For the layman, accounting may be tedious and even boring but for the business owner, it is nothing short of a necessity.
Accounting is crucial for anyone running a business. It allows business owners to track their revenue and expenses, ensure compliance, and obtain valuable financial information that can be used to make core business decisions.
But while accounting is invaluable because it allows you to track your expenses, chart your revenues and set a direction for your company, it is like a whole new language that most business owners do not have the energy or time to learn.
That’s why they rely on professional accountants to navigate complicated accounting rules, carry out painstaking computations and help with financial goal setting. One way to do that is establish an in-house accounting department to handle your books. This can only be done if your company is financially secure and you can afford hiring an internal accounting team.
Setting up an internal department to handle accounts is not such a great option for small to medium enterprises (SMEs) and start-ups because of many reasons, budget constraints being one of them. In recent years, many accounting outsourcing companies have sprung up in Dubai to assist such businesses with day-to-day bookkeeping, managerial accounting, auditing and more.
What is Outsourced Accounting?
Outsourced accounting is just like in-house accounting – except you’re outsourcing your accounting and bookkeeping tasks to a third party like an accounting firm in Dubai.
Your accounting company will then handle all your finances and bookkeeping tasks, much in the same way an internal department would have done.
Outsourcing your accounting is a great option if you own a SME or a new business. It allows you to benefit from expert input as well as all the features of internal accounting, but at a lower cost.
5 Amazing Benefits of Outsourced Accounting
Here are five reasons you should consider hiring outsourced accounting services in Dubai:
- Accounting Advice from Experienced Professionals
If you want advice from the most experienced professionals in the accounting sector, you should seek help from accounting outsourcing companies in Dubai.
The best accounting firms only recruit experienced accountants and financial experts with authentic field experience and diverse portfolios. Most accounting specialists working for accounting outsourcing companies are competent professionals who have worked with businesses from many sectors.
Compared to in-house accounting specialists who will only be able to resolve select problems associated with their field of expertise, professionals who work for outsourcing companies will be able to creatively engage with and solve a greater range of accounting problems.
- The ‘Price’ Factor
One of the major advantages outsourced accounting has over conventional in-house accounting is lower cost. To set up an in-house department, you would need space and funding for recruitment as well as training. You may also require additional resources like accounting software and office supplies.
Once you have an in-house department that is functional, you need to pay a fixed sum to sustain it. This money would be spent on wages, supplies, and maintenance. In comparison, if you have outsourced your accounting function, you won’t need to worry about any of these expenses.
You can also save money by opting strictly for services that your business requires. Most accounting outsourcing companies allow business owners to pick and choose services they require and create flexible and bespoke accounting plans that cater to their specific requirements.
- Ensuring Compliance
Accountants who work for outsourcing companies are never out of practice. They are well-versed in accounting rules and it is a part of their job requirement to remain updated with the latest accounting rules and conventions.
One of the key jobs of your accounting experts is to ensure that your business is complying with all the accounting requirements and regulations. In Dubai’s dynamic environment, staying abreast of such developments is vital, especially since not complying with rules can result in fines, penalties, and even huge financial setbacks.
Hiring an accounting outsourcing company can help you navigate the financial landscape in Dubai with relative ease and ensure compliance with legal requirements.
- Boosting Productivity
Hiring the services of an outsourced accountant can lead to a boost in productivity. That’s because you have a panel of seasoned financial experts pouring over your statements and offering valuable insights about where to put in resources and where to cut costs.
Accountants do not only perform audits and offer advice, they also help organizations set realistic, concrete and data-driven goals. They will also help you budget effectively.
- Effective Time Division
Bookkeeping is a complicated task that requires expert attention. If your employees are currently handling your financial records, outsourcing your accounting to professionals can help you save a lot of time.
Once you outsource your accounting function, you can redirect the attention of your employees to different essential functions and move towards effective time division.
Looking for Accounting Outsourcing Companies in Dubai?
Profits Plus Accountants is a leading accounting firm that offers a wide range of expert accounting services to businesses across the UAE. All our accountants are ACCA-qualified professionals with decades’ worth of experience. Get expert advice now!