Whether you are a small or large company, it is mandatory to have knowledge of accounting and tax obligations.
Outsourcing your accounting to a professional is designed to strengthen your staff and transform your financial function.
The core business of a chartered accountant is to do all or part of the bookkeeping, so outsourcing accounting, bookkeeping and auditing services has become a more common solution for small businesses today. Whether it’s for annual accounts, the never-ending declarations, the accountant can be a real asset and has several advantages for the company.
The 8 advantages of outsourcing your accounting
If you haven’t figured it out yet, outsourcing your accounting in Dubai is like outsourcing your bookkeeping and analysis to an accounting firm.
There are many advantages to outsourcing your accounting; we have listed the main ones for you:
Advantage 1: a chartered accountant to be more profitable
The first advantage is obviously financial. When you use an accounting service, you also save money on hiring staff who would have done your accounting in-house.
Outsourcing allows you to make savings that would have been associated with hiring an employee and saves you the payment of holiday pay, health insurance, pension, workers’ compensation, etc.
Also, bookkeeping is a time-consuming and rigorous process. It is therefore advisable to entrust it to experts, especially since by managing it internally you run the risk of making mistakes. Remember, to err is human!
You can even save the money spent on recruiting and training staff, as well as the costs of maintaining an in-house accounting department. This will definitely help you spend more on real estate and staff in Dubai.
Advantage 2: Wide range of services
One of the advantages of outsourcing your accounting is that you can offer a variety of management services and consultations in accordance with the Dubai business laws.
Our firm offers a wide range of accounting services:
- Bookkeeping;
- Closing of accounts;
- Audit preparation;
- VAT SERVICES;
- ESR regulation;
- Payroll management;
- Corporate tax;
- AML registration;
- Financial Optimisation;
If you are new to Dubai and have just set up your business here, we advise you to approach an accounting firm like ours to ensure that you comply with all legal requirements in Dubai.
Advantage 3: Access to expertise and professionalism
Outsourced accounting services can give you access to expert advice and guidance on a wide range of accounting issues, such as financial reporting, regulatory compliance, legal requirements. You can save a lot of time by not having to search for and hire professional accountants. When your data is handled by experts, you can be sure that your goals and deadlines will be met.
The right professionals will provide you with information and advice that can help you avoid tax-related legal penalties by keeping your books properly.
Benefit 4: Flexibility
Outsourced accounting services can be tailored to your specific needs and can be expanded or reduced as your business grows or changes. This gives you the flexibility to adapt to changing business conditions.
Instead of hiring a new employee who needs a salary and benefits, you can outsource tasks to outside experts if you have an unexpected bad financial quarter. Every business needs this level of financial flexibility to be competitive.
This flexibility is not possible with an in-house accounting department.
Benefit 5: Accuracy of account statements
It is very important that account statements are accurate, as a single error can compromise the accuracy of a company’s financial statements. It can be difficult to hire an expert and professional in this area.
That’s why outsourcing your accounting services to a professional accounting firm will be the best decision, as they have a team of qualified employees who are well versed in accounting concepts and know how to resolve account statement issues.
Advantage 6: A proactive approach
If you are a business owner, you may not have the right training in terms of accounting, your role is to develop your business and generate revenue.
That’s why outsourced accounting has the advantage of proactivity, as it allows you to spot red flags in advance and inform you about expenses and cash flow, for example, plus policies and procedures help set expectations and ensure timely communication. In order to perform a seamless internal financial analysis, a qualified outsourced team will ensure that your balance sheets and financial statements are correct. This way, you can rest easy on the accounting side and easily focus on developing other aspects of your business.
Having knowledgeable eyes on your finances at all times can give you great peace of mind, as well as the confidence to make smart financial decisions and of course, you’ll be able to call your account manager, get weekly updates and receive monthly reports, but this requires trust in your outsourced relationship.
Benefit 7: Reducing the risk of unintentional fraud
Fraud is an unfortunate outcome in many small and medium-sized businesses where the accounting is done by one person.
Choosing to outsource your accounting is to reduce the risk of unintentional fraud.
In conclusion, outsourcing your accounting to a chartered accountant is by no means a disadvantage, as there are many advantages to managing your accounting; your tax returns and accounting entries will simply not drag on.
Advantage 8: Appropriate use of time
Accounting work takes a lot of time, and there are many opportunities to make a mistake if you try to do it yourself. Trying to do it over and over again will take up a lot of your time. Also, things like bookkeeping need to be done by people who are expert and skilled in this area, like accountants.
If you outsource your accounting services to an accounting firm in Dubai, they will handle all your activities that result in money coming in or being transacted to regulatory bodies and tax collecting entities. Auditors in Dubai can help a business by paying special attention to important activities that are directly related to the processes and methods used to generate profits.
The mission of Ares Accounting
At Ares Accounting, we have helped businesses of all sizes gain the efficiency and financial intelligence they need to succeed. Our team is responsive and available to ensure transparency and trust in our relationship. So don’t hesitate to choose Ares Accounting for your accounting outsourcing needs.
For more information, contact us at support@ares-accounting.com.