The trend today for many employers is to outsource any function of the business that is not directly related to the generation of income. But what exactly is outsourcing? Simply put, outsourcing is the long-term contracting of a company’s business processes to an outside service provider, helping to increase shareholder value by reducing the costs of non-core functions.
Of course, outsourcing is not a new concept. For years companies have outsourced their legal, advertising, printing and computer services so they benefit from professional expertise without substantially increasing overhead. Read More to know how to select an outsourced Accounting service in dubai.
List of outsourced accounting firms based in UAE are as follows:
- CDA Accounting and Bookkeeping Services L.L.C
- Overture Accounting and Bookkeeping L.L.C.
- Kreston Menon
- Paul and Hassan Chartered Accountants
- Elevate Business Solutions DMCC
- ARC Associates
There are innumerable firms who provide outsourced accounting services in Dubai.
How to select an Outsourced Accounting service for your business in Dubai?
Here are five things you should consider while choosing the Right Accountant:
1. Know what you want
First, decide if you want an internal or external accountant. After deciding whether you need an internal or external accountant, determine what type of accountant you need. Not all accountants are cut from the same cloth. Some have expertise in specific financial tasks, such as bookkeeping or tax preparation and others have broader expertise and can help you strategically plan many other aspects of your business.
2. Decide if location matters
The decision about what’s best for your company is all yours, of course. Some business owners, especially millennials, love the idea of being able to work anywhere from any connected device. But some more traditional business people prefer regular face-to-face interaction. They find it useful to have an accountant sitting in the room during important business meetings. Ultimately, you know which approach is best for your company. But consider location when identifying potential accounting partners.
3. Check around
After you’ve decided what you want in an accountant and where that professional should be located, you’ll want to begin your search for the right one. So where do you look to find a great accountant? A good place to start is with your friends and colleagues. Ask for recommendations. See what they like or dislike about their financial partners. Ask what they might do differently if they were hiring one today.
4. Prepare for interviews
After you have found a few select candidates, you’ll want to start preparing for the interview process. Yes, you do need to conduct interviews. You are gearing up to hire someone who can influence the success (or failure) of your business. You want to get this right. You honestly can’t afford to have your financial partner making mistakes, can you? And you need to know you can trust that person. After all, he or she will have access to your books, your payroll and sometimes even your banking information. As such, you will want to go into your interviews with as much background information on your prospects as possible, as well as a list of questions you’ll ask.
5. Ask the right questions
Once you’re armed with all the background information and able to weed out the bad seeds, you’ll want to make sure you ask the right questions of the final select few. You’ll naturally focus on some of the basic things you’ve got to know, like pricing, services they offer, what certifications they possess and the software they (and you) will use. But you will also want to ask more probing questions designed to find out what makes them tick and whether you can get along.
As they respond, ask yourself if you could trust him or her with the intimate details of your business. If you think you could work with this person, fantastic. But if your gut is saying “no,” then just walk away — and move on in your search for the right accountants in UAE.
If you are looking for the list of basic services offered by outsourced accounting firms, read the following:
- Bookkeeping – Many companies provide bookkeeping services which can assist in the day-to-day functioning of your business. Bookkeeping services include task reporting, financial analysis, year-end tax projection even more. A lot of make use of basic software programs which record daily business dealings and provide up-to-date communication to the business owner.
- Accounts Payable – Accounts payable services concentrate on modifying the whole payment activity by effectively automating the methods of documents management, financial transaction management, exclusion of duplication and expenditure-related solutions.
- Accounts Receivable – Accounts Receivables services are made with the objective that companies could get back their payments in a shorter period, boost their collection rates and ensure quicker processing of invoices which will all contribute to increasing the cash flow.
- Bank Reconciliation – Bank reconciliation services enable you to to find any discrepancy and ensuring accurate bookkeeping of the accounting transactions. Aside from that, it helps an organisation to cut down administrative expenses, enhance protection against fraudulent activity and offer a much more convenient way of tracking accounting transactions.
- Payroll Processing – Payroll processing services are designed to accomplish the payroll process with accuracy based on current tax rates and regulatory information. The process comprises of maintaining the financial records of salaries for an employee, income, bonuses and deductions.
- Tax Services – Tax services dedicated to handling the tax compliance for the individuals and the other tax requirements according to the business needs.
Benefits of outsourcing accounting services are as follows:
It will help you in achieving a high level of accuracy:
Outsourcing accounting services and payroll outsourcing can be quite beneficial when it comes to generating accurate results that can be as high as 99.95%. This, in turn, ensures better management of back-office functions. Dedicated staff in BPOs handle accounting and payroll services smoothly and efficiently.
Services offered are cost-effective:
A major advantage associated with outsourced accounting services is the cost-effectiveness of the services. A huge amount can be saved upon operational costs and channelized towards the funding of core business processes.
Outsourcing payroll processing services to professional payroll outsourcing companies can, in fact, help control any possible fraud by staff within the organization. The service providers are accountable for every transaction processing as well as quality and accuracy control.
Direct deposit through efficient payroll processing:
On-time payroll processing enables quick and efficient staff payment through direct deposits. This keeps the staff satisfied and productive leading to business augmentation.
Avoiding penalties during tax processing:
Inappropriate payroll management could lead to inaccurate tax filing resulting in tax penalties. Outsourcing payroll processing services to professionals can save companies these hassles and ensure accurate payroll processing.
Reaping benefits with up-to-date technology:
The market is changing continuously due to technological advancement. Companies can avail such progressive technology through systematic outsourced accounting services.
Saving up on processing time:
Accounting and payroll processing is time-consuming and companies tend to lose focus on core competencies while trying to manage such a process. Therefore, outsourcing frees up time for further value-added revenue-generating tasks.
If you are looking for best outsource accounting firms in Dubai, then contact CDA Accounting And Bookkeeping Services LLC, Dubai. They have a team of experts who are experienced and have been catering to the needs of all types of businesses.