Why Accounting Firms Are Gaining So Much Popularity?

Estimated Time to Read: 4 minutes

Accounting systems are complex, hectic and time-consuming, however, that doesn’t mean that you can overlook them in your venture. Practically, they’re the most integral part of a business process that helps in planning, decision making, and controlling procedures. By having accurate financial statements only you can identify if there’s an inter-departmental theft, fraud, or negligence which needs to be eliminated instantly to protect your business from potential breakdown.

Thus, even if accounting is a non-core part of the business, for small and medium scale companies, there’re three options; do it on your own, employ in-house accounting staff and finally, obtain accounting services from professional accounting firms in Dubai. While big companies have their own setup, almost 80% SMEs go for the third option due to its great advantages. The process runs on a contractual basis refers to outsourcing which has been an industry trend in the 21st century. Let’s discuss the subject in more detail while highlighting what makes the services of accounting firms so demanding worldwide.

Affordable Expert Services

SMEs can hardly afford to employ experienced accountants in-house keeping in mind the great importance of cost reduction in their every step to stay competitive. Apart from paying a high salary, professional accountants demand allowance, medical, gratuity, leave and so on, while by working with a specialized accounting firm in Dubai you can get expert services from top-notch accounting professionals, like CAs CPAs, ACCAs and day to day bookkeepers with a minimum expenditure. When it comes to the accuracy of your financial statements, the results are found as high as 99.96% from professional groups. So, what you avail is the great advantage of outsourced accounting services from the skilled pool just by paying package money on yearly basis as per the contract and save considerably which can be channelized in your core business area.     

Custom Financial Solutions

A bookkeeper or accountant cannot meet all the requirements of your accounting needs. Ranging from your day to day bookkeeping to maintaining accounting ledgers, updating bills receivables/payables, monthly reconciliation of bank statements to the preparation of final accounts can be done by the outsourced firm as per the agreement. In addition to the above, they can take full responsibility of computing your VAT amount, submitting a return and get you a refund, if applicable. To be precise, on the evaluation of your business type, volume, and accounting needs, they can customize your accounting needs and solutions, which is a great advantage of hiring an accounting firm in Dubai.    

Fraud and Error Control

While an error in accounting can make you pay the high cost, departmental fraud, which is widespread in small and medium companies, can be a cause of your business collapse. Put it simply, a negligible omission of entry could lead to an incorrect tax calculation making you panelized by tax authorities. Most importantly, as the accounting standard and tax laws are constantly changing, it’s not possible for a layman to stay up to date with the latest changes. Certified accountants associated with an accounting firm in Dubai undergo continuous professional development programs on a timely basis to keep them updated to offer their clients with consistent services. With outsourced accounting service, you can have the best control on possible fraud by employees within the company which can toll drastically on business development.

Latest Technological Backup

This sounds great to small and medium owners that all accounting information they can access through their laptops and smartphones online. Since all your accounts are maintained on cloud platform which is ideally the best software as of now and gets you a clear-cut outline of your financial statements from inventory to sales, bills receivable/payable to bank balance in real time. If it’s partnership business, all partners can share those statements from anywhere in the world. You don’t have to take hazards of paying your staff by cheque or cash, however, on your approval accounting firm in Dubai can take full responsibility to pay employees as well as vendors directly through banks. This is consistently a great system that helps you avoid loss of time, mistakes and speed up your business process.  

Tax Planning/ Preparation and Advisory Equipped with top class accounting experts, an accounting firm in Dubai work out your business’s value-added tax amount (VAT) and submit return as per schedule. In fact, outsourced accounting companies thus help business entrepreneurs to work more productively and peacefully with no more worry on their tax obligations or incorrect tax filing that leads to tax penalties. Aside from this, accounting experts also help their clients in effective tax planning by which they can save on taxes lawfully and invest that money in their business.

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