Business owners are frantically thinking about how they can maximize their productivity and grow their business during this busy tax season. Therefore, to quickly identify dormant accounts and finances, an accountant can be of great support and advice you on how to make a strategic decision throughout the year. Business owners usually forget to track and account for items like out-of-pocket expenses, depreciation and home office space. You shouldn’t leave money on the table!
Most entrepreneurs think that a tight budget means they won’t be able to afford to hire an accountant. Your focus should be on managing your business. If you invest in a part-time accountant and engage him or her as the tactical business advisor, they will assist you in maintaining that focus and simultaneously keeping you on the road towards your business goals.
How Can Part-time Accounting Services Benefit Businesses?
Freeing up intellectual and financial capital, outsourcing F&A can help minimize risks. Here’s how:
1. Differential Focus
Income generation activities should be focused on utmost priority to manage the business through a specialist finance and accounting services a company would give. The importance of finances leads to revenue generation. Therefore, outsourcing your accounting process and finance would ensure that the tasks are in safe hands and are given priority they deserve.
2. Lower Costs
You can step with advanced technology solutions at lesser costs which helps in outsourcing. An accomplished finance and accounting outsourcing company may be able to provide improved technology for less than the value of the firm’s old technology. The charges could be even lesser than the upgraded expenses that the business would have to invest in.
3. Special Expert Team
Outsourcing is likely to have a much larger and more specialized staff than you do, your business can take advantage of this fact. There shall be a small group of expert outsourced accountants working on its projects at crucial times to ensure there is the proper execution of complex rules and regulations.
4. Shifting the Burden of Risk
Moving functions to outsource can lead you to change the associated risk to them. Reason being, it is the responsibility of the outsourcing to deliver tasks on time and without errors. The threats, such as expert employees falling sick before important deadlines or systems crashing at inappropriate times can’t be handled by the client business.
5. Minimal Errors
Ranging from wrong calculations to faulty accounting, errors in F&A could be anything. It might be expensive and time-consuming for a firm to hire in-house staff to check possible errors in the procedure. Generally, an outsourcing specialist will have multiple levels of built into the F&A process. As a result, they would be more likely to catch errors on time.
Want to Hire a Part-Time Accountant?
Job specification for a part-time accountant is different depending on which arm of accountancy he/she works in. There are various roles which demand, from credit control to purchase ledger. The things below would help you hire a part-time accountant:
- Trust but verify
- Make sure their power has limitations
- Test their Digital savvy
- Evaluate your needs
- Pair software and industry knowledge
- Set up a regular schedule to check-in
- Be upfront with their responsibilities
- Don’t do business with relatives
- Partner up with an expert
- Communicate clearly
- Don’t skimp
- Make sure they understand your industry
- Plan ahead
- Know your business and goals
The accounting industry is a large one, with roughly three and a half million people functioning in the accounting as bookkeeping, accountants and accounting and auditing clerks. Small business industry often hires part-time accountants if they only need help during tax time. One of the best ways to get into part-time accounting in Dubai is to work in the industry while still in school.
Skills Needed for Part-Time Accounting
The candidate needs to be excellent and comfortable with numbers and will need to have strong attention to detail, can sit for long periods merely entering data, be very organized, updating account records, profit and loss statements, and so on…
- Commercial awareness
- International work experience
- Up-to-date technology expertise
- Leadership abilities
- Customer service orientation
Part-time or temporary finance and accounting professionals are in demand in cities across the UAE. Companies desire accountants with experience in revenue recognition. A productive attitude will go a long way.
We at JAXA can assist you by providing outsourced accounting and bookkeeping services in Dubai. We have professional and highly qualified teams of Chartered Accountants, Auditors and Specialist Teams which offer support to the problems of your business. For more information and guidance, do contact us today – we’d be happy to help.