Accounting and bookkeeping of a company is the function which does not give any visible profit, but if not done correctly can reduce the whole business to rubbles in no time. All the business accounts should be kept properly as if they are ready to use, regardless of the business type. Especially in Dubai where the introduction of the Value Added Tax has affected the entire procedure of the calculation of taxes. This makes following proper accounting and bookkeeping more critical to the businesses.
Keeping an in-house accounting department may solve your problem to some extent, but it would also become a cumbrous process as a separate accounting department would not only require extra resources and infrastructure but would also require dedicated funds to run. Keeping all the problems in mind, outsourcing of accounting functions may serve as the answer to your questions.
What do you mean by Outsourcing Accounting Details?
Outsourcing of accounting details means that the accounting functions of a company are performed outside of the company by a third party instead of having an in-house accounting and bookkeeping department. This outsourcing could be done to a single individual or an accounting firm. Outsourcing of the accounting details can be a lot profitable to any company, especially a start-up, as it would allow the management to provide deep attention to the developmental activities of the company and would also help to free up the resources which were earlier utilized by the separate in-house accounting and bookkeeping department. The various advantages of the outsourcing of the accounting details to a Chartered Accountant firm are given below.
Advantages of Outsourcing Accounting Details
Outsourcing of the accounting details can be a very cost-effective and freeing experience for a company and offers various advantages to the company such as:
Outsourcing of the accounting details to a third party would allow the management to focus on the development of the business properly.
When availing the accounting and bookkeeping services of a CA firm, the cost incurred by the businesses is reduced as it removes the cost incurred during the hiring and training of an in-house accountant. It also helps to eliminate the costs associated with the salaries, benefits and office spaces of the in-house accountants. Thus, it helps to drastically reduce the cost and also increased the productivity of the company.
When you would provide your data to a third party, you can be assured that your data would be handled by skilled professionals who know about their work. This would also save your time as you will not have to search for any professional accountants to hire them. The advice they would provide will save your money and time both.
4.Many More Services
Many CA firms in Dubai provide accounting services along with the many other services to the businesses. These firms can help you to be compliant with the rules and regulations of the local government. It is recommended that you opt for the accounting services of a reputed CA firm instead of having an in-house department.
The use of latest technologies provides you with constant support and regular updating of the rules and regulations. In UAE, this would give you a chance to access the correct and updated data from anywhere and would also reduce any damage or loss caused due to the time lag. The technological advancements would also help in the gathering of the data at any point in time.
6.Security of Data
The major concern of many of the firms is related to the security of the accounting details which are being outsourced. They feel that outsourcing of the accounting data is not secure as this data if it comes into the wrong hands will decimate the business. This is not the case for the reputed CA firms as they take the matter of security very seriously. They have a tightly secured environment where you can provide them with confidential data. They also employ various other security measures such as storing data in servers all across the globe, using state of the art security systems, etc.
These are some of the significant advantages which a company can avail by outsourcing its accounting details to a reputed Chartered Accountant Firm. The utilization of these services would also help in keeping a proper record of all the transactions which would be very helpful, especially during tax filing. However, it would be recommended that you hire the services of a reputed CA firm which has some experience in such matters.
If you are looking for such CA firm in Dubai to obtain solutions for your accounting problems, then look no further. “JAXA” is an ISO 9001-2015 certified firm of experienced Chartered Accountants, auditors and specialist service teams and offer a wide range of services including Auditing, Accounting, Feasibility studies and Management and Software Consultancy services etc. we would take care of all your business related problems leaving you free to focus on the development of the business. To get more details on the various other services we provide – do contact us.