Accounting Outsourcing – FAQ
- Is it mandatory for Companies in UAE to maintain proper books of accounts?
As per UAE Commercial Companies Law, Federal Law No 2 of 2015, every Company is required to maintain proper books of accounts and appoint a registered auditor to get its books of accounts audited every year.
- What are the primary purposes of maintaining books of accounts?
Books of Accounts are typically maintained for four main reasons, e.g., Legal Requirements, Management control of Businesses, informing investors and shareholders on the organization’s financial health, and other third-party requirements, e.g., Banks, Municipalities, or Financial Institutions.
- Why should I outsource my accounting & bookkeeping activities?
Outsourcing services have become a mainstream practice in the business world and accounting is not an exception. By hiring an outsourced accounting firm, you don’t have to deal with the burdens and expenses that come with having in-house employees or doing it all by yourself.
- What are the key benefits of hiring a professional Accounting Firm to manage and maintain my books of accounts?
- Cost-effective: Reduces overheads of your business. Outsourcing is always cost-effective when compared with in house facility.
- Accuracy: Expertise in accounting and reporting services ensures the highest accuracy in the results.
- Focus on core: With complex statutory norms and non-core functions, outsourcing accounting and compliance work help clients focus on the area with higher returns.
- How do you know it is time to outsource your bookkeeping and accounting services?
Some situations commonly compel you to decide on outsourcing your bookkeeping and accounting needs. When your company is growing, and on multiple fronts, a considerable amount of financial information needs to be processed and can’t be handled by in-house accounting personnel.
- Can outsourcing of bookkeeping work for a small business?
Bookkeeping outsourcing works very well for small businesses and start-ups. With the advancement of cloud and software as a service (SaaS) technologies, outsourcing is available easily for small businesses. Many small and medium-sized businesses benefit from our outsourced bookkeeping & accounting service.
- Which are the most commonly used accounting software in UAE?
From small to medium-sized companies, the most commonly used Accounting Software are Quick Books, Tally, Zoho Books, Sage, SAP, and more.
- Will I lose control of my business by outsourcing bookkeeping and/or accounting?
No. You always maintain 100% control of your decision. All we do is to provide the relevant data & information & may give you advice on your request.In fact, you gain more control as you are now empowered to make timely & more accurate decisions based on accurate facts & figures.
- How can an outsourced accountant do better and yet cost less?
Professional Accounting Firms deploy Accountants who are experts in their field. They assign each work according to the skills, qualifications & experience of the staff. There are appropriate controls and procedures in place to ensure accuracy and quality. They use the latest technology and skills to save time and improve quality and accuracy.
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