Developing proper accounting and bookkeeping procedures is critical for a business’s success, no matter the size or scope. Per the regulations of the UAE government, maintaining detailed books of your business accounts is a mandatory requirement that must be completed systematically. Businesses will need to accurately keep track of all the income and expenses that occur during business.
Finding the best accounting and bookkeeping services in Dubai are beneficial to a business’ health in many ways. For example, it allows you to record your day-to-day financial transactions while maintaining a clear record for legal purposes. Additionally, it will enable management to have a clear picture regarding the movement of funds before making important financial decisions.
Accurate and detailed financial documents such as balance sheets and profit and loss statements are typically prepared using comprehensive accounting techniques. Having a dedicated finance department to handle such responsibilities can significantly reduce administrative pressures and financial expenses due to errors. This is one of the most significant reasons for developing a transparent accounting and bookkeeping policy.
Having such skilled individuals on hand to process this information can ensure that your company can adapt and quickly shift financially in the event of potential business opportunities. Additionally, it allows financial departments to develop and improve the company’s financial capabilities.
For many new businesses, finding bookkeeping accounting experts can be the backbone of a successful enterprise. That’s why many investors choose business consultancies like MSZ to handle business formations, licensing, visas, and even accounting and bookkeeping. By using these services, you’ll be free to focus on the most vital aspects of your business.
Accounting and Bookkeeping Services
• Accounting and Bookkeeping
• Online Accounting and Onsite Accounting
• Accounting System Setup and Training
• Receivables and Payables Management
• Budgeting and Financial Forecasting
• Data Entry and Transactional Processing
• Audit Support and Sales Audits
• Management Reporting and Accounting Supervision
• Physical Verification and Tagging of Inventory and Assets
• Virtual CFO Office Spaces
When Are Accounting and Bookkeeping Services Required?
There are many reasons your business may need the assistance of accounting and bookkeeping professionals, including:
• If your business is growing but profit margins are not developing proportionately. You may need external expertise to handle accounts and financial statements when your books don’t correctly reflect the actual financial health of your business.
• If you need to raise funds for a project, you must submit professional financial and accounting reports to banks and other potential investors. These entities will often prefer the use of professional finance tactics.
• When high employee expenses affect your overall profitability.
• When you can identify inaccuracies and inconsistencies in your in-house accounting books.
• As your business grows, you will need to have all your financial information handy.
• If you are spending too much time handling day-to-day expenses instead of larger picture company issues.
• Failing to comply with regulations can result in significant non-compliance penalties.
The Benefits of Accounting and Bookkeeping Services
There are many reasons that choosing professional accounting services can help. So many that we could go on all day about it! But we won’t! We’ll simply boil it down into some of the most important benefits.
1. Cost Reduction
Setting up in-house bookkeeping and accounting departments typically mean many expenses in recruiting bookkeepers and accountants, account managers, and a qualified CFO. Other indirect expenses accrue in addition to employee salaries and benefits. Employee costs are generally fixed, but they will always take away from your business’s competitive advantage. By outsourcing these services, you can save a ton of money in employee costs.
2. Opportunities for Additional Activities
In today’s complicated business world, companies are often required to fire their guns in numerous business sectors simultaneously to achieve lasting success. Multitasking has become indispensable for business owners and top management executives. Unfortunately, this strategy often requires an abundance of time and effort from all employees. From product and service development to marketing management, bookkeeping services can relieve top executives from their day-to-day accounting issues, so they are free to focus on strategy and company development.
3. Improving Flexibility and Scalability
Outsourcing bookkeeping and accounting services in Dubai will always offer more flexibility in choice and engagement. Whether full-time or part-time, professional accounting services can allow your company to pivot and grow financially more easily.
4. Reduction in Stress Levels
No matter where you go, employee turnover is a given. There will always be a need to search and find new skilled employees through advertisements and interviews. This puts an additional cost burden on your HR department. By outsourcing tasks like evaluations, reviews, salary hikes, and promotions, you can be more free and relaxed to handle important company business.
5. Updated Bookkeeping Standards
Bookkeeping and accounting services can keep you informed on the latest changes in rules and regulations regarding financial standards. This will allow your company to change and adapt to any laws and regulations that may change over time.
Deciding to secure bookkeeping and accounting services, you’ll also become eligible for other valuable services at optimum prices. These services include internal audits, analysis, and reporting of financial statements, GST services, and more. By using these third-party services, you’ll be able to identify errors and anomalies more clearly and rectify them.
MSZ Consultancy is your dedicated business consultancy with years of experience in providing invaluable business, legal, and accounting services for companies and investors. Whether you’re looking to form a new business, handle necessary renewals, or update your bookkeeping and accounting methods, you’ve come to the right place. We have a team of skilled consultancy experts waiting to handle the day-to-day operations of your company so you can get back to what matters most. Give us a call today at +971 52 544 1248 and let our team help supercharge your business potential!
Frequently Asked Questions
Outsourcing your accounting services can be a big step, and we’re sure you have plenty of questions about the process! And to help, we’ve put together some of our most frequently asked questions.
1. Is it mandatory for companies in the UAE to maintain proper accounting books?
Yes! As per the UAE Commercial Companies Law, Federal Law No 2 of 2015, every company is required to maintain proper accounts and appoint a registered auditor to oversee the business’ accounts.
2. What are the primary purposes for maintaining books and accounts in the UAE?
Maintaining books of accounts is a legal requirement of all businesses operating in the UAE. Additionally, keeping a close eye on your books will allow a company to maintain clear finances, qualify for important loans, and be flexible enough to take advantage of potential business possibilities.
3. Why should I outsource my accounting and bookkeeping activities in the UAE?
Outsourcing services has become an extremely popular practice in the business world, and accounting is no exception! By hiring outsourced accounting firms, you won’t have to deal with the day-to-day burdens of maintaining finances and will be able to concentrate on larger company plans.
4. What are the key benefits of hiring professional accounting firms to manage and maintain my books?
There are a ton of benefits to hiring professional accounting help, including:
1. Cost efficiency
Businesses using these services can significantly reduce overhead costs. Outsourced accounting will almost always be more cost-effective compared to in-house accounting departments.
By outsourcing this work, you can ensure that the information gained is accurate and timely.
3. Focus on Core Issues
Outsourced accounting companies will be far more experienced in handling the constantly evolving UAE laws, saving you tons of money in fees and penalties. By securing these services, you’ll be free to handle large scope business plans instead of worrying about the minutiae.
5. Can outsourcing accounting and bookkeeping work for small businesses operating in the UAE?
Yes! Accounting services work well for businesses of all shapes and sizes. With the advancements in cloud software, outsourcing is available for any business type!
6. Will I lose control of my business by outsourcing bookkeeping and accounting practices?
No! You will always maintain 100% control of your company and its decisions. The only services an accounting firm provides are relevant data and information that may help you make more informed decisions. Using these services, you’ll have more control over your business and the direction in which it’s headed.