Accounting Bookkeeping
We are providing weekly, monthly , quarterly , yearly and adhoc reports part time accounting, supervision services by qualified and professional accountants. We also offer training to your own accountant or bookkeeper how to use accounting system as per their business requirements.
What we offer:
• Book Keeping
• Creating chat of accounts
• Bank Reconciliation (BRS)
• Online/Offline accounting services
• General Ledgers and Sub Ledgers, creation entries and analysis
• Preparing Financial Statements
• Accounts payable/receivables reports, and analysis
• Cash flow & fund flow management
• MIS and Management Reporting
Our team brings extensive experience and commitment to deliver these services with the highest level of professional integrity.
In-House Accounting vs. Outsourced Accounting
You may choose to have in-house accounting specialists in your organization to take care of all your accounting and compliance needs. However, it is not the smartest option for SMEs due to multiple reasons:
- It is a very time-consuming and error-prone task that requires both expertise and care.
- Failing to comply with any of the tax laws would render the business liable and result in heavy penalties.
- Moreover, the expenses and resources can be better deployed for other aspects of a growing business.
- Outsourcing is often the best option for SMEs since they get experts to do their work for them at a pocket-friendly cost.
Benefits of Outsourced Accounting
Usually, businesses spend about 1.5 to 3% of their revenue on hiring, training, and staffing their accounting departments. For SMEs, this is a significant amount. Instead of having someone on your payroll and spending all the overhead expenses, you can save a lot with outsourcing. With outsourced accounting services in the UAE, you get a team of experts at a fixed price.
There is also a reduced probability of miscalculations and errors. One of the major cons of inhouse accounting for small and medium-sized businesses is the wastage of manpower on nonrevenue generating tasks. Outsourcing helps you overcome this hurdle without compromising on the outputs. You won’t need to purchase accounting software for your company because it will be handled by the accounting firm. It is also an advantage to outsource accounting services in the UAE.
Top-5 Reasons Why Do SMEs in the UAE Need to Outsource Accounting Services
Lack of experience or knowledge of UAE laws may lead to severe penalties. It may even ban you from doing business in the UAE and may expel the owner completely from the UAE. But the main reasons for SMEs to outsource accounting services in the UAE are:
1. Ensure tax compliance: non-compliance with the tax laws results in harsh penalties in the UAE. For example, late payment penalties for VAT stand at 4% per month if the business makes voluntary disclosure. If you are non-compliant and fail to disclose it voluntarily, the business will have to pay tougher penalties. As a business-friendly country, UAE has hardly any competition. Despite this, tax laws are constantly changing, so you should keep track of them to factor them into your accounts.
2. Growth plan: keep up with the accounting to create a roadmap for business growth and obtain a complete financial picture of small businesses. Accounting is critical to understand things like changes in the cost of goods, margins, growth goals, etc. To plan for future business growth, it is easier if you can refer to the historical trends in your income statement and balance sheet.
3. Stay on top of your credits and debts: staying on top of your cash inflows and outflows is imperative for any SME. Ensure you keep track of all expenses, payments, receipts, and incomes. The balance sheets help you to keep track of everything you owe (credit) and everything you are owed (debt):
• Credit. The payments to be received from your customers form the profits of the company. Keep track of everything you are owed with well-maintained accounts.
• Debt. Debts include loans, credit cards, and accounts payable. Monitoring your debts helps you understand where you stand with your business.
4. Attract investors and buyers: prospective investors and buyers will check the accounting records to make sure the business is profitable. Build a proper accounting system to attract potential investors and buyers. You would also need it for obtaining any bank loans. Whether you plan to sell or not, it is always wise to have a proper idea of the net worth of your business.
5. Maintain regulatory compliance: regulatory compliance refers to compliance with the legal laws and standards. A company’s accounting must adhere to UAE regulations to avoid legal hassles or penalties. Due to the rapidly changing standards in the UAE, accounting support is often required to ensure compliance.
Address
Office No. 315, 3rd Floor, Bank Street Building, Nr. Burjuman Metro, Khalid Bin Al Waleed Road, Dubai.