03
Aug 2020
With the growing number of company formation in Dubai, the demand for accounting and audit services has continuously been increasing. A business entity needs to implement multiple services to monitor the growth possibilities and grab on colossal revenue. However, implementing numerous services at one time is not possible for a startup, but ignoring them is equally not advisable. One such domain is accountancy and bookkeeping, which needs to be implemented from the initial stage to track the expenses incurred.
If you are planning to start a business in Dubai, then you have the privilege to opt for part-time accounting services. This will help you meet the business requirements at an affordable cost. This guide will help you to understand the need for accounting for startups and provide clarity regarding the part-time accounting option.
Accounting Scenario for Startups
The incorporation of a company involves many costs from the initial stage. Be it registration fee, or buying stationery items, every single task incurs a cost that needs to be maintained appropriately. Business owners and investors should never neglect the recording of such expenses, as one should try to achieve break-even at the earliest.
Maintenance of the company books is a vital task and should be performed from the initial start. Just like the MNCs or corporate giants, it turns out to be fruitful for the startups if the company records are maintained with the help of accounting experts. Wondering why? Well, your answer is just below.
Why Should Start-ups Avail Part-Time Accounting Service?
Well, it is a well-known fact that the startups need to infuse a considerable sum at the initial stage. At this point, it turns out to be economical to opt for part-time accountancy services. However, some of the core reasons to avail part-time accounting services are:
1.Cost-Effective
Hiring a full-time professional accountant would channelize your business books, but this service is available only if you pay a high-end sum. To get the same work at a sufficient rate, you can proceed ahead with part-time services. This option will turn out to be feasible for the business entities to manage the official records professionally at a cost-effective rate.
2.Less Time, Quality Output
Part-time accountants will have a definite time as they would be working for your organization during specific hours. So, we can say that you will be able to get adequate quality at a lesser time as compared to a full-time accountant, as deadlines are to be met accordingly.
3.Train the Internal Employees
As your accountant will be performing the tasks for a limited duration, you can simultaneously train your resources to understand the functions carried out. This will benefit your business as your resource can handle the relevant activities in the absence of a part-time accountant.
4.Enhanced Flexibility to Alter the Service
Outsourcing the business books to a permanent professional accountant will need you to enter into a yearly contract, wherein the duration is lesser in terms of a part-time accountant. This provides you with the flexibility to change the service provider if results are not met accordingly.
To know more about the advantages of Part-Time Accounting Service, click here. Just like the part-time accounting services, another dimension that a start-up should focus at a later date is hiring a part-time CFO.
How Can JAXA Help?
We at JAXA Chartered Accountants understand the importance of accountancy services for the newbies in the market. To ease the accounting process implementation, our accounting experts are here to provide customized solutions as per the business requirements. We are keen on handling your business records so that you can focus on your core tasks. Our experts can help you in the following ways:
- Complete the assigned task within the deadline assigned
- Gives you clarity on your business performance by providing multiple reports
- Help you to channelize the process for a smooth audit process.
- Help in building an effective business plan
- Presents the transparency of business cash flow
To implement the part-time accounting service in your business premise, do have a word with our experts today! Contact us today-we’d be glad to assist.