Know When to Hire Outsourced Accounting Services
Outsourced Accounting in Dubai and across the UAE has emerged as a business practice benefiting a wide variety of organizations. Outsourced accounting offers a huge array of advantages to businesses, opportunity to work with experts in the field, saving on headcount, etc. being just a few salient ones.
However, when do you know you need accounting outsourced in Dubai?
Let us take this example – you have an internal resource, but with that resource, your access to knowledge and expertise is restricted to that person. It is likely that the person may not be able to adequately warn or guide you on developments and movements in your business numbers. Under the outsourced option you get the benefit of a firm, its partners, directors, and managers who will be able to guide and advise thus saving you from expensive mistakes and omissions.
Further, if you are not paying top dollar as salary, the chances are that the in-house person is likely to switch jobs if offered even a minor increase in salary. For a person drawing AED 4,500 as a monthly salary, an increase of AED 500 per month translates into more than 10% increase in pay. And when the resource leaves, one is left with loss of knowledge and experience, having to spend time identifying a replacement, incurring visa and other costs with no guarantee that the replacement will not repeat the cycle. You do not face these issues under the outsourced option. It is our responsibility to replace the person and ensure that services are delivered without any loss of quality or gaps. You are assured that employee attrition does not impact the accounting function of your business.
With PKF UAE, one of the best accounting outsourcing companies in Dubai, you can be assured of flexible services, and they serve different companies and entities with their specific requirements. For small and medium sized companies, it can be the maintenance of all accounting records and associated reports. For large sized entities it can be specific requirements such as bank reconciliation, back log of records, stepping in for staff who is on medical, emergency, or annual leave etc. The service can be tailored to suit specific requirements.