The legal requirement to maintain proper books of account is also becoming more important in the region. As per the UAE Commercial Company Law 2015 it is mandatory to maintain proper books of account for at least five years. In the upcoming UAE VAT law also books of account are to be maintained for 5 years.
To keep pace along with the growing economy of the country, to comply with the legal requirements and to compete with the businesses, it is sometimes difficult to manage the accounting activities of their businesses within the company especially for SMEs. Hence, accounting outsourcing services could be the best option for them to choose.
Benefits of Accounting Outsourcing Services
Outsourcing of non-core activities can improve efficiency, streamlining and productivity of the company because another independent accounting firm can perform those tasks efficiently with expertise better than the company itself.
Businesses can reduce costs significantly by outsourcing accounting services.
Companies can simultaneously have access to the latest technology without investing large amounts of money to own the technology/software.
Business can concentrate more on their core activities and not lay stress on Accounting Systems for smooth functioning and development of the business.
There is no additional requirement and expense to hire accountants when accounting is outsourced to the right professionals in the field. Confidentiality can also be maintained once the accounting service is outsourced.
Service of more experienced professionals will be available at a lower cost.
The difficulty of training the new accountants and the transition process from the existing accountant to a new accountant during replacement can be eliminated.
Accounting Outsourcing Services Includes:Regular Accounting Service.
Regular Account Supervision Service.
Updating of Backlog Accounts.
Accounts Reconciliation Service.