Accounting and bookkeeping is the part and parcel of any successful business. Those who do not acknowledge its significance bear the brunt sooner or later. Especially in UAE, the introduction of VAT has affected the entire tax calculation system and has pushed companies to change the way they operate and conduct business.
UAE companies are now more inclined to outsource their accounting and bookkeeping services not only to save money but to add value in order to gain more control and understanding of company’s cash flow and therefore make informed decisions.
Whether for small or big multinational firm, accounting and bookkeeping services in Dubai are need of the hour. Let’s dig deeper to unleash importance of them.
1. File UAE VAT Returns
According to the new tax regime, Companies who are registered by Federal Tax Authority (FTA) in Dubai or UAE need to file tax/ VAT returns every interval. Depending upon the nature of business, intervals can be maintained on monthly or quarterly basis.
UAE companies are now required to upgrade their accounting system which should be VAT compliant. Rather than spending on system and hiring accountants who have knowledge of the system or training employees about the new structure, it is much better option to outsource these services to accounting experts and professionals who will look after your business accounts.
Read More: construction firms should be wary of vat related cash flow issues
2. Follow FTA compliance
Bookkeeping and accounting companies make sure that new tax laws are incorporated in your accounting system and all FTA regulations are being complied for. This means updating accounting structure i.e. operations, sales, accounting methods, business procedures and expense management systems.
3. Cost Effective Solution
A major advantage associated with outsourced accounting and bookkeeping services is the cost-effectiveness of them. A huge amount can be saved on operational costs without compromising on productivity. You do not have to invest in recruitment, salaries, benefits and office space; that amount can be channeled towards the funding of core business processes.
4. Limit Accounting Errors
According to the new tax law, any error or non-compliance can lead to serious consequences for UAE companies. There are severe penalties which certainly no one wants to face. A professional accountant has knowledge and experience about payments, tax obligations and due dates etc. so he can limit human errors and blunders.
Besides, an expert can give you information and advice to stay out of legal trouble thus saving your time and money both.
5. Stay Focused on Your Core Business
Accounting and book keeping services in UAE require fulltime attention and monitoring. Outsourcing them will enable you to stay focused on your main business without having to worry about new taxation system.
6. Reap Benefits of Latest Technology
Market is continuously upgrading due to technological advancement. UAE companies can now take advantage of new technologies through their outsourced accounting and bookkeeping service provider.
7. Stay Informed With Up To Date Accounting Status
You can obtain all accounting and payroll related information from your service providers regularly who will give you personalized reports that save your time while making key financial decisions.
Practically, outsourcing accounting and bookkeeping services expose you to a win-win situation. The benefits you get simply outweigh your incurred cost. Outsource your financial tasks to an affordable and reliable service provider in UAE.
If you are looking to setup new business in Dubai or anywhere in UAE and need accounting and bookkeeping services, contact our expert tax consultants to book free consultation. We provide complete company formation services and business support services to our valued clients in UAE.