In recent years, the popularity of outsourced accounting services in the UAE has soared. With various types of trade licenses issued, such as freelancer licenses, free zone licenses, and offshore company licenses, each business must adhere to UAE’s accounting and bookkeeping standards.
The introduction of VAT and excise tax has further complicated accounting procedures. Without internal control measures and internal audits, businesses risk facing penalties and damaging their reputation. Hiring and training employees for accounting is becoming outdated. Instead, outsourced accounting services offer numerous benefits. Let’s explore further.
Benefits of Outsourced Accounting Services in Dubai UAE
Lowering your headcount budget
Due to economic uncertainties and budget constraints, companies aim to reduce their administrative expenses. Outsourcing accounting services in Dubai can be considered an operational expense without increasing your headcount budget.
You can maintain a fully functional accounting department with outsourced services in the UAE without directly hiring an accountant on payroll. You can engage qualified accountants for specific periods or long-term contracts.
Access to Accounting and Bookkeeping Expertise
Several companies in Dubai provide accounting and bookkeeping services. They source the right candidate for your accounting needs. FAR Consulting Middle East is one such firm offering accurate bookkeeping services in Dubai and other Emirates.
With the introduction of taxes, precise transaction recording has become crucial. Outsourced accounting services ensure that your chosen candidate is already experienced in the field, saving you the time and effort of additional training.
Avoiding employee time-off and vacations
In the UAE, employees typically take month-long vacations. During such absences, you must train other staff and distribute additional work. With outsourced accounting services, the hired company ensures a qualified replacement, maintaining smooth departmental functioning.
- Efficient Workload Management
During economic downturns like the COVID-19 pandemic, businesses may need to downsize, incurring significant costs. Outsourced services offer flexibility, allowing you to adjust headcounts as needed, minimizing expenses.
- Cost Reduction in Hiring
Hiring certified accounting professionals is costly. Outsourced companies already have qualified accountants, reducing hiring time and costs.
- Meeting Compliance Requirements
Outsourced companies provide expertise in finance and accounting, ensuring compliance with industry standards and regulations.
- Fraud Prevention and Government Penalties
Outsourced staff are covered by insurance, providing unbiased reporting of any fraud. They also help in avoiding government penalties related to late payments, reporting errors, and data manipulation.
Considering Kaizen Outsourced Accounting Services
With increasing demands on accounting departments, outsourcing can enhance efficiency and cost-effectiveness. FAR Consulting Middle East offers a team of qualified accountants experienced in financial reporting and bookkeeping, along with internal audits and risk management.
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