With the introduction of VAT and corporate tax laws, businesses established in Dubai are expected to keep track of all transactions and maintain reconciliations. This could be overwhelming, as businesses have to spend a lot of time on these activities, which could hinder their core business activities. Outsourcing the accounting could reduce this burden and equip the business with the right information, saving a lot of time.
Let us explore the major grounds for outsourcing accounting and bookkeeping in Dubai in our blog today.
Cost efficiency:
- Reduced costs: The average salary of an accountant in Dubai is AED 4,000 per month. On the other hand, an outsourcing firm charges AED 250 to 2,500 per month, which reduces the overheads of the business drastically. Further, the business could save on the training costs of hiring new resources.
- Flexibility: The outsourced activities can be expanded up or down depending on the requirements of the business, which makes it easier to manage costs effectively.
Experience and Expertise:
- Expert knowledgebase: Outsourcing allows the business to access the expertise of several experts. The consulting firms handle the accounting of many businesses involved in various sectors, which provides them with experience in different situations, and therefore, the consultant will be able to provide the most accurate resolutions for any situation that arises in the business.
- Complying with laws: Complying with VAT laws, corporate tax laws, etc. could be time-consuming, and any delays would attract huge penalties. Outsourcing these activities will save time and money for the business.
Risk management:
- Fraud management: Outsourced consulting firms implement stronger internal control and audit procedures, resulting in the prevention of fraud.
- Reduced errors: The professionals are less likely to commit errors due to their extensive client handling experience
Tax advisory:
The consultants will be actively updating themselves with the ever-changing laws and regulations. When the accounting and compliance-related activities are outsourced, apt and accurate advice is received, which will reduce the penalties and fees.
Focus on primary business activities:
By outsourcing the accounting and bookkeeping services, the management can focus on the primary business activities rather than spending time on the accounting activities.
Access to latest technology:
The consulting firms usually update themselves with the latest technologies for accounting and bookkeeping services. Therefore, outsourcing will help the business access the technologies and expertise of the consultant in the usage of those applications.
Global reach:
These days, consulting firms will have their presence globally, which will help businesses tap the global talent pool. Further, the consulting firms can help the management with various business connections, building the network of the business.
Timely financial reporting:
Outsourced firms offer timely and accurate financial reports, helping management make informed decisions. Further, they also offer their insights on strengthening the financial reports and implementing key metrics that could potentially assist the business in growing.
In conclusion, by outsourcing accounting and compliance activities, businesses in Dubai can leverage advanced technology, expert professional services, and cost optimisation.
We at BCL Globiz, provide the best of accounting practices at affordable and reasonable pricing.
Pricing:
- Annual package for AED 250 per month (AED 3,000 billed annually) up to 40 transactions per quarter. This is suitable for companies who have not obtained VAT registration.
- Special packages:
- Start-up Package 1 – AED 375 per month (AED 1,125 billed quarterly) up to 40 transactions per quarter, and
- Start-up Package 2 – AED 500 per month (AED 1,500 billed quarterly) for 120 transactions per quarter.
- These packages include VAT compliance and data to be shared on quarterly basis.
- Monthly package: This includes monthly accounting, VAT compliance, preparation of monthly reports, and business advisory services. Pricing starts from AED 800 per month and depends on the quantum of transactions and may go up to AED 2,500 per month.
For more details, get in touch with our experts today at punith@bclglobiz.com.
