Why You Should NOT Outsource Accounting & Bookkeeping Professionals
So, you have just set up your new business in Dubai, you are on top of the world, the master of your own destiny, and its time to organize that most important possession, your money. When it comes to Accounting service for small business Dubai has a lot of options, but which one will you take? The in-house Chartered Accountant with ACCA qualifications, outsource to a professional team, or maybe find the cheapest guy you can find who can keep basic records but doesn’t know how to produce a tax invoice? Maybe you would rather save even more and do it all yourself? It’s your money and your choice, but here’s why you should not outsource Accounting & Bookkeeping Professionals.
It's Not Worth It Yet
You have only just launched your Dubai startup, it’s just you, your best friend doing the admin and some temp workers helping out. A professional accounting and bookkeeping service in Dubai is just too expensive. Besides, you know enough, you can do it yourself, and when you have some spare time you will surely get right on it.
You Like Chaos
Your office may look like the aftermath of an explosion at a paper factory, but you know where everything is, even if it looks like chaos. You know that there are ways to store all this information digitally, an archived filing system that provides backup in the event hard copies are damaged or lost but that’s a lot of hassle. Besides, you have a fire extinguisher in the corner if anything should happen, right?
Compliance and Regulatory Requirements are for Everyone Else, Not You
Yes, if you file your tax return late in Dubai there is a fine, but it’s not huge so who cares right? Sure, legally your books should be kept in good order, and all returns need to meet deadlines, but Dubai authorities only go after the big guys, it won’t affect your accounting and bookkeeping. Dubai tax laws and financial obligations are changing all the time, but its easy to keep up with those, and you can easily spare the time to get certified to be able to make your VAT claims correctly, it’s only a couple of days a week after all.
Microsoft Office Works, You Need Nothing Else
Sure, there are some software alternatives out there, offering real-time accounting and bookkeeping software, but they can be expensive. If you listen to outsourcing accounting services Dubai businesses should use these options, but you know your Excel spreadsheets work fine, and you have a calculator ready if anything goes wrong.
You Need to Keep Control of it All
Part of owning a business is being in control of everything, because you are the best. Why let someone else deal with your money, your product, hiring, firing, IT management when you can clearly do it so much better. Accountancy is just one more task, there are 40 hours in every work day after all, so it’s not a problem.
Fraud and Regulations are Not Worth Worrying About
You trust every member of your staff, even those temp workers you hired, so while other companies may suffer from Financial fraud through gaps, errors and dishonesty, it won’t happen to you. Your staff are also perfect, they will never make a mistake that leads to a fine by the regulatory authorities in Dubai, that only happens to other people’s businesses too.
Outsourcing is Expensive!
You may not have exact numbers, but you know that when it comes to accounting service for small business Dubai outsourcing is expensive. I mean, your entire business is built around your own specialized knowledge, but it’s more important that you spend few days a week on your accounts than making an extra sale and the profits that go with it.
So, when it comes to accounting and bookkeeping, your choice. If you are happy with doing it yourself, and what that means for your business, then carry on. If legal and financial risks don’t bother you, and you can take the stress of those extra hours of work every week, then we say good luck, and wish you all the best.
My Business Consulting provides a complete accounting and bookkeeping service carried out by qualified chartered accountants. We are able to offer a complete customized solution that works for you and your budget, taking on the daily tasks and freeing up your time and energy to be used to push your business forwards and reach your goals faster. From large multinationals to small SMEs, we have the perfect Dubai accounting solution just for you.
