Accounting is of prime importance for any business firm. It will give valuable insights into the financial health of the company. The business organisations will have an in-house team for accounting, audit and financial management. Nevertheless, a better option will be to outsource accounting and audit activities. There are reputed professional agencies specialised in accounting Outsourcing services in Dubai. You can assign them the responsibility of accounting, audit, bookkeeping and other financial services.
Let your company be small, medium or large, an exact idea about the fund receivables and payables will be necessary for planning expansion, the amalgamation of other companies and institution of new ventures. Even the decision regarding recruitment of new employees, salary hike for the existing ones and reduction in the workforce also depend on your firm’s financial statistics. Rather than setting up separate teams for accounting, audit, bookkeeping and related activities, it is better to outsource the same to an accounting and auditing firm in Dubai.
Experts in Professional Guidance – The audit and accounting firms will have professionals with vast experience in the field. Those with proven calibre can better guide you regarding the formulation of business strategy, financial planning, financial management and decision-making.
The team in your organisation may be involved in the organisational tasks. Hence, they may be blind to many of the shortcomings. The outsourced firm, being an external agency, will have a helicopter view about the company’s developments and weak areas. They have professional knowledge gained from working with different companies. Therefore, they will be able to pinpoint errors in financial management and strategies.
Help in Risk Management – You are required to take calculated risks for the growth of your business. An erroneous decision can land your business in peril. A comprehensive analysis is mandatory before going ahead with new acquisitions, expansions and change in the mode of business.
The professional accounting firm will ascertain the risk factor. They will submit an analysis report subsequently. The all-encompassing report will contain the pros and cons of a particular financial decision. Besides, the way ahead to eliminate/ reduce risks during future operations.
Avoiding Budget Overheads – The profit of outsourcing the accounting services is much more than the payment made to them. The credible accounting agency will guide you regarding unnecessary budget overheads, as well as, the steps to liquidate the problem. Consequently, the money spent on an accounting service will save a lot of money for you.
The specifically designed financial management techniques will ensure optimum profit. In addition to increased productivity, improved ROI and less working costs.
Assist in Tax Audit – The laws of the land in the UAE is strict regarding submission of tax. The Federal Tax Authority (FTA) is the agency authorised to monitor compliance of tax. They can carry out a tax audit of any company/ organisation without prior intimation.
It is necessary to perform an internal tax audit and confirm that all your tax documents are ready. The FTA scrutinizes all original documents during the tax audit. Any ambiguity can turn problematic to your company, in addition to, embarrassment. An external accounting firm will thoroughly examine your financial assets, payables, receivables, credit and debit. This will guarantee that all your tax documents/ returns are up to date.
Prevent Fraudulent Acts – Although every firm has an internal team for inspection and audit, frauds can happen. The internal audit team may fall silent due to peer pressure. Slowly, but surely, it will doom the company.
The outsourced accounting services in Dubai will accomplish all audits and financial inspections as an independent body. They will not have any personal affiliation with the employees. Their only relation will be with the organisation through the contract. As is the case, any irregularity observed, will be reported to the competent authority/ business owner/ board of directors.
Current with Policies – The financial policy and directives may undergo frequent updating by the government of the UAE. The outsourcing services will be up-to-date regarding the policy changes, amendments in rules, the introduction of new regulations etc. They will comply with the subject regulations/ amendment in rules whilst undertaking the accounting, audit, bookkeeping, VAT service and CFO services.
So, your organisation will not encounter any complications from FTA or other governmental agencies. They will give a necessary briefing to the internal accounting division too.
Precise Calculations – Accounting should not be done in a haphazard manner. An organised accounting methodology only will give accurate data. The outsourced accounting firm will provide you with the perfect financial information regarding your company. They will use the latest technology software that is capable of not only a financial assessment but also in predicting possibilities.
Advantageous for Growth – Since you and your team are free of accounting, you can concentrate on other aspects related to business. This will increase the productivity of the firm immensely. The in-house team of accountants can work on the suggestions by the outsourced service. With constant and dedicate effort from the internal team, your company will grow boundless.
The exact financial data, a thought-out financial strategy, inputs for decision-making, ideas regarding future prospects and guidance with respect to changing business trends. The professional accounting firm will assist you in all the previously mentioned ways. They will be at the helm directing your business to the growth track.
Lalji Patel is a marketing professional who love to blog about different marketing topics. He is graduated as a computer science engineer and currently working as an digital marketing manager helping business with search and content marketing on various project. His passion for helping people in all aspects of online marketing flow through in expert industry coverage he provides.