The accounting function in a company is synonymous to the success of the firm. The better the accounts of the company are, the better the chances of growth for the organisation. After setting up a business in UAE, one of the first jobs of the management would be to finalize a way to analyse and manage the accounts of the company. This can be done by keeping an in-house account department but maintaining a team of in-house accountants would take a heavy toll on the resources of the company. The solution to this problem came in the form of a part-time accountant.
A part-time accountant would provide all the facilities and services that a full-time accountant would provide, but it would also provide the flexibility of working only when required by the business management. Let us learn more about a part-time accountant and the benefits of hiring the services of a part-time accountant.
Who is a Part-Time Accountant?
A part-time accountant or outsourced accountant is a person who analyses the financial books of a company. Though they perform similar functions, the difference between an in-house accountant and a part-time accountant is that when you hire a part-time accountant, they work for a third-party firm and not for your company. They only offer their services whenever the need arises, or any firm hires them. They will come to your office for the specified amount of time and assist with the present problem. As soon as the project is completed or the specified time is over, they would go back to the third party firm where they would be re-hired by any other firm in need.
A part-time accountant would prove helpful to businesses, especially start-ups and future small and medium businesses, to keep their expenses in check and to also provide a varied experience to the company. There are many benefits and advantages which a business can avail by hiring a part-time accountant.
Advantages of Hiring a Part-time Accountant
1.Reduction of Cost
This is one of the main and most significant benefits of availing services of a part-time accountant. If the business is a start-up or has just started to plant its roots in the business environment, the chances are that it might not have an abundance of funds. This would mean that the business will have to make certain cutbacks and will not be able to maintain an in-house team of accountants.
Availing the services of a part-time accountant will allow you to reduce the cost by almost half as it would remove the cost of hiring and training a team of accountants. Also, it would reduce the salaries and benefits to be given to the hired accountants.
As the third party would have served some companies and that too in various domains, they would have gathered a vast experience. They would analyse the situation correctly and can provide a perfect solution. They would also give an expert opinion on how can the problem be stopped from spreading further. This kind of experience would be beneficial helpful for future business.
Since these accountants cater to many businesses in varied business domains, it is required of them to keep an updated knowledge of their domain. The third party should also keep abreast of the latest technological advancements in the domain. Utilizing the most recent technologies would allow a business to understand its financial health better take better decisions for the future survival of the business.
The services of a part-time accountant are hired on a contractual basis. This means that a hired part-time accountant would provide the services only at certain times or by the project. They must sign an agreement according to which the accountant will only offer its services at specified times.
This would give a chance to the business to try new third parties after the contract of the older ones get expired and would allow the company to find the correct fit.
5.Development of the Company
Hiring a part-time accountant would allow the management of the business to better focus on the developmental activities of the business. The management would not have to worry about the finances of the company as the financial data would be handled by professionals who are experts in their domains. This would allow them to properly concentrate on the growth and the future of the business.
Thus, we can see that hiring the services of a part-time accountant would be very beneficial for a small or medium business. Part-time accounting services would not be suitable for all kinds of business but it would save a lot of hassle to the company.
With all these benefits, the only downside to hiring a part-time accountant is figuring out if the hired third party is reliable and would be able to handle confidential data. Handing over the accounting details of a company is a very crucial decision which should be taken by the management after contemplating all possible situations. If you are searching for a reputed and reliable third party to receive a solution for your accounting problems, look no further.
“JAXA” is one of the reputed chartered accountant firms in Dubai and provide financial advice in Dubai. We at “JAXA” can help you by providing outsourced accounting and bookkeeping services in Dubai and also offer customized solutions for your accounting and business setup problems. For more information, do contact us today – we’d be happy to assist.