The Middle East has now become a popular destination for a lot of big corporates. UAE has introduced business-friendly policies as well as a ton of tax-free benefits. UAE further has designated free zones that have no tax and allows for one hundred per cent repatriation of capital and profits. This has attracted big firms as revenue can be maximised from these special economic zones.
However, for any business, Book-keeping is an essential day to day function without which the finances of the company will be recorded in a haphazard manner. Book-keeping is that function that records all the daily transactions of a business. This includes all the regular day to day activities such as purchases, sales, payments etc. Regardless of whether it is cash or credit, all these financial transactions are recorded into the correct daybook as well as the general ledger. One always has to make sure to seek the help of certified public accountants in Dubai to avoid mishaps in the records of the company.
Why Hiring a Book-Keeper is a Must for Any Enterprise?
Every enterprise in the world has a well-organised bookkeeping department. There are numerous reasons for the same. These include
Budget Ascertainment
Bookkeeping tracks expenses as well as revenue. When these two are properly organised, budgeting becomes an easy task.
Tax Filing
All businesses in the UAE have to file tax returns every year. Without a sound bookkeeping system, a firm may have to pay more than what their liability is. Thus bookkeeping helps in filing effective returns.
Analysis
The management of any enterprise in the UAE depends on the records maintained to analyse the performance of a business. Financial statements are generated through bookkeeping. These financial statements are further analysed to track total cash inflows and outflows.
Transparency for Investors
Investors in any firm will always require a report of all the happenings in the firm, including profits as well as losses. Bookkeeping serves as proof of these profits as well as maintains trust between the firm and the investors. Top bookkeeping firms in the UAE ensure their clients’ bookkeeping activities are transparent without fallacies.
Strategic Focus Improves
For any business, strategic and tactical planning are two elements of growth. Bookkeeping as a tool helps focus more on strategy with regard to short term and long term goals.
Compliance with Law
The law in UAE requires an enterprise to keep financial records failing which; legal proceedings will be taken against the firm. This is why there is a huge demand for bookkeeping firms in the UAE.
Things to Look For While Trying to Hire a Book Keeper
Any enterprise, while trying to engage bookkeeping services in the UAE, must look for the following traits.
Ample Qualifications
As a bookkeeper, one can be qualified by experience. Other qualifications obtained by studying for the exams organised by specialist institutes, such as IAB (International Association of Book-Keepers).
Meticulousness
Bookkeeping involves a lot of repetitive tasks on a daily basis, and these tasks have to be completed within a given deadline. Only an organised, meticulous bookkeeper will be able to carry out this task efficiently duly.
Effective Communication
For any bookkeeper, communications skills are a top priority. This is because the promoters and owners of a firm might require instant reports of cash flow and other basic financial reports. This information has to be effectively communicated to the top management for efficient functioning.
Computer and Software Expertise
A bookkeeper must be handy when it comes to using computers and must have ample knowledge of how to use computer software. This is because, in the modern world, all information has gone into digital form and pen and paper are no longer used.
Honesty
If a bookkeeper is dishonest, then it’s the enterprise that will be paying the price for it. This trait is significant because the assets and liabilities of a firm are deeply involved.
Updated with the Latest Developments
The financial accounting field is one that is subject to regular changes. Practices, rules and regulations change often. A bookkeeper must regularly keep themselves updated with the latest changes in the financial accounting field.
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