In the last few decades, UAE has seen a remarkable investment boom. As a result, demand for accounting and bookkeeping services has skyrocketed in Dubai
That is unsurprising considering how the UAE government has been consistently following a policy of trade liberalization to draw in investors, entrepreneurs, and business owners to Dubai.
Aspiring business owners took to all the possibilities the ‘City of Gold’ had to offer and began the painstaking process of converting their blueprints into actual businesses
And thanks to the world-class accounting companies in Dubai, their books were the last thing they had to worry about. This success story highlights the indispensable role accounting functions play in company formation and business setup.
Part-Time Accounting Services for Startups
Clearly, accounting and bookkeeping services are essential. It would be impossible to establish a business – much less run one – if you do not have updated financial records
At the same time, most start-up founders already have too much on their plates – and acquainting themselves with complicated accounting rules and conventions from scratch may not be the best use of their time.
Most business owners rely on in-house accounting departments or hire outsourcing companies to offer financial insights and keep their books in order.
While both these options work wonders for established businesses, full-time accounting is a ridiculously expensive option for start-ups and newly hatched SMEs with limited budgets.
Part-time accounting is the perfect solution for new businesses because it allows them to harness the benefits of accounting flexibly and economically.
Here are core reasons why you should consider availing part-time accounting services for your start-up (if you aren’t already!):
- Save Money
Part-time accounting services have gained popularity in Dubai because they are more cost-effective compared to full-time services. Affordability is a major metric for startups that are just testing the waters or still in the incorporation phase.
If you establish an in-house accounts office, you will have to pay for the overheads, wages, and supplies. Similarly, an accounting outsourcing company may charge a fortune for handling your accounting tasks.
Part-time accounting is an ideal solution for such situations. Not only would a professional accountant be there to comb through your financial records, update your statements and ensure that you comply with financial regulations, but they would do it at a lower rate, allowing you to save money and invest it elsewhere.
- Save Time
Part-time accountants have fixed work schedules. They will spend a specific number of hours working on your book.
Since part-time accountants have to do all that’s necessary to update your financial records within this window of time, they are great at meeting deadlines. Therefore, hiring the services of a part-time accountant is the best way to save time and get work done efficiently,
Also, if you have a professional accountant to handle your transactions and audit your records, you save time that you would have otherwise spent pouring over your financial statements.
- Employee Training
Hiring a part-time accountant will help create a healthy organisational culture centered around knowledge sharing, allowing you to optimally utilize onsite human resources.
A part-time accountant will only work for limited hours, but they can provide training to your employees and help them develop an in-depth understanding of the core accounting functions your organization makes use of.
At Profits Plus Accountants, our expert accountants accomplish this by using Xero, a leading accounting software in Dubai that enables businesses to go paper-free and bring down their accounting costs.
Our accounting specialists teach your staff to use Xero to handle relevant tasks and generate financial reports, so the work does not get disrupted in the absence of an accountant.
- Immeasurable Flexibility
Flexibility is one of the biggest plus points of hiring a part-time accounting expert. That’s because accounting tasks and requirements vary, depending on several factors including the size and nature of business.
Flexibility is especially important for new businesses that have yet to gather financial data, analyze their performance, and create internal protocols.
To hire a full-time accountant in Dubai, you will have to pay them fixed wages and enter into a year-long contract with them.
Part-time accounting is more flexible in comparison. The contracts are more short-term, and you can easily request relevant changes in your plan.
Profits Plus: Part Time Accounting Services in Dubai
Profits Plus Accountants is one of the leading accounting companies in Dubai. All our accountants are ACCA-qualified professionals with decades’ worth of experience. Get in touch if you want to know more about our part-time accounting services.