With small businesses, owners tend to be more hands-on in their management approach. However, this leads to them being swamped with work and doing things beyond their expertise. One aspect of businesses that owners should pay more attention to is their finances. If you are a small business owner, you need to look into hiring bookkeeping and accounting firms in Dubai. Read on to find out the reason.
Who are they?
Bookkeepers are in charge of keeping track of your finances including income and outflow. With this responsibility, they maintain a record of any and all financial activities of the company or organisation. Part of this duty is to categorise the type of expenses, keep receipts and compile any related documents. This makes their service valuable to both private and public organisations.
However, be careful not to confuse bookkeepers with accountants, as a lot of people think that these professionals with distinct responsibilities play the same role. Take note that bookkeepers update, ‘keep’ the accounting books and prepare financial statements. On the other hand, accountants analyse the overall standing of your company and files taxes. Essentially your bookkeeper handles all the hands-on day-to-day financial activity of the company.
When do you need bookkeeping services in Dubai?
- Before You Proceed with Operations
Keep in mind that these experts meticulously document your income and outflow. If you are going to hire a bookkeeper, the best time to do so is at the very start of your operations. This way, you have a clear record of your expenses from day 1. With this, you can easily track your financial progress and act accordingly. Whilst doing the bookkeeping yourself is an option, this can be difficult to do especially in small businesses in which you might be taking the role of a manager, hiring specialist and other operational matters.
- When Files Pile Up
If you already started your business without one, you might find yourself needed help especially when you find yourself drowning in receipts and invoices. You certainly can sort these documents based on the date of the transaction or any other system you prefer. However, you also need to remember that in bookkeeping, the type of transaction also matters. Moreover, the cost should also be entered in the accounting book. When keeping up with these becomes too overwhelming, it might be time to hire bookkeepers or accountants.
- Before Tax Season
Tax season seems to be the bane of any finance-related professionals’ existence. During this time, a lot of organisations are struggling to keep their finances on track in time for the deadline of the filing of taxes. Similarly, business owners are on their toes to ensure that there are no anomalies or discrepancies with their finances and that their company will be able to beat the deadline. The best way to deal with this is to get accounting and bookkeeping services in Dubai.
Why Choose Independent Service Providers?
Whilst hiring an in-house bookkeeper is an option, some organisations might find it preferable to hire accounting outsourcing companies in Dubai. Here’s why:
- Objective Insights
As a business owner, you want to make sure that you get honest opinions from your employees, especially those working with your finances. Remember, your decisions will be based on their counsel, so ensuring that you get objective insights is as important as your operations. This can be hard to achieve with in-house service providers whose viewpoints are likely to be marred with insider knowledge and other similar hindrances. By hiring third-party bookkeepers, you have the benefit of fresh perspectives due to their lack of insider knowledge, attachment to the company or other causes of subjectivities.
- Cost-Effective Services
With on-site staff, the company will provide a monthly salary for the service. This can be costly especially if there are long periods where there are little to no financial activities, which you cannot handle yourself. Getting help from independent experts is a good way to minimise the cost as they are paid based on an agreed upon duration of service and price.
- Avoid Conflict of Interest
Having another person handle your company’s expenses can be worrisome, especially with various reports of embezzlement in different sectors. An independent bookkeeper can help minimise the possibility of such crime, as they do not have enough intimate knowledge of your finances. Moreover, there is little chance of them making false reports just to please the boss. With no ulterior motives, these professionals can deliver accurate and efficient outputs.
In this fast-paced world wherein improperly managed businesses come and go, you need to make sure that yours can keep up. For a thorough record of your finances, hiring an independent professional from reputable bookkeeping and accounting firms in Dubai is a great way to stay shoulder to shoulder with your competitors.
We offer a professionalized approach to traditional bookkeeping practices, periodic financial statements, cash flows and reconciliations.
Get in touch with us for your bookkeeping and accounting needs.