Keeping books updated as well as organised in real-time is crucial. In case your in-house team is unable to attend to financial matters or lacks time, outsourcing bookkeeping services in Dubai is an ideal solution. Outsourcing bookkeeping operations could help you save money, free-up time, access top systems, better and detailed reporting, improve service, etc.

Things Bookkeepers Do for the Business

Today, not only bigger, but smaller companies also outsource the bookkeeping and accounting services in Dubai. The contracted staff take over the responsibilities pertaining to books and handle them with expertise. The best thing is that you get the services without hiring the experts into the company directly.

This means you could avoid the costs associated with recruitment as well as tenure like training & work equipment, benefits, health insurance, etc. The list of things that a bookkeeper could do for your business includes

  • Daily Management of Accounts

The expert could stay on the top of accounts of your business for all transactions daily. By keeping the track of each purchase or sale, they could keep an eye on the cash flow. Using the software, they save a good amount of data entry time.

  • Maintaining Accurate and Up-to-Date Records

The bookkeeper would ensure that all the records of the business are up-to-date. It would be the duty of an expert to flag up the inconsistencies between books as well as business accounts, ensuring you resolve them fast.

  • Keep Business Aligned with Laws

The tax could be a delicate area. One small mistake and the dreaded letter could be on your way. This is where bookkeepers come to the rescue. They could help in ensuring the business stays aligned with laws.

  • Prepare Financial Statement

It is the duty of bookkeepers to prepare significant financial statements for the business. The list of such statements could include cash flow statements, profit & loss statements, and balance sheets. Remember such reports shows the bottom line & operating expenses, balance of liabilities & assets, and the cash flowing in as well as out of business.

  • Keep Business Prepared for Tax

Just like the laws as well as regulations, the tax deadlines are also strict. For several small businesses, doing books is not the priority. However, this could lead to legal and financial problems. To stop you from paying fines, the bookkeeper would ensure your records are accurate so that you are prepared for tax.

  • Manage Accounts Receivable

Another key job of the bookkeepers is preparing the invoices and sending them to the clients. This way you could receive the payment timely. The bookkeepers manage the accounts receivable ledger. They also chase up the late payments so that the records are accurate.

  • Keep Eye on the Cash Flow

Another significant task that bookkeepers perform is ensuring that businesses do not run out of daily money. They do this by keeping an eye on the balance of expenses and revenues. They could also advice in case the business requires more cash for operations.

  • Process Payroll

Many companies outsource accounting services for processing payroll. However, it is important to understand that the services that bookkeepers offer could vary. Some could fulfil the payroll as well as HR functions for the small business. It includes assisting the company with processing paychecks as well as tax payments to the employees.

Apart from these, bookkeepers also handle the accounts payable. Usually, it is the bookkeeper who makes payment on the behalf of the business. It could include anything payment of expenses, supplier invoices, and petty cash. To ensure proper maintenance of financial records, consider hiring reputed and experienced professionals for bookkeeping services in Dubai.