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Keeping track of your finances is an important part of running a small successful business. Your financial data needs to be current and accurate so that you have the tools you need to make correct business decisions and implement healthy cash flow strategies. Outsourcing Bookkeeping and Accounting are two functions that are extremely important for your business to run smoothly and efficiently.
Bookkeeping and accounting may appear to be the same as they both deal with financial data. In other words, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data.
Every business faces multiple challenges, so it is important to understand that for some businesses in-house accounting and bookkeeping are a necessary evil. Businesses who can avail any of these need to analyse both monetary and non-monetary aspects while decision making.
Labor laws in the UAE are stringent and largely protect the employees from exploitation. Basic salary and entitlements squeeze out finances and comparing the costs of outsourced bookkeeping and accounting to in-house bookkeeping and accounting can give you the rationale grounds for making the right choice.
Non-monetary aspects also require a robust assessment when comparing in-house and outsourced bookkeeping and accounting services. Sometimes the extra finances are offset by the added value. Therefore, the overall impact of outsourced bookkeeping and accounting should be observed while considering both monetary and non-monetary aspects.
Here are some important non-monetary aspects to consider for:
Outsourcing companies have expertise in financial reporting, and focusing on core accounting and finance tasks allows them to perform financial reporting efficiently. Allocating other irrelevant tasks ultimately creates a backlog in in-house accounting and creates chaos. Internal accountants often obfuscate financial reports instead of processing the remaining financial records, making transparency highly questionable in such circumstances.
The cost of outsourced bookkeeping is balanced out by the high level of expertise and experience that matters a lot in accounting and finance. In many cases, real capabilities are found in the finalisation of accounts. Erroneous and flawed month-end or quarter-end reporting can destroy all of your efforts.
With this vision, Alankit provides you with the best CA-level staff at budget-friendly rates for your successful and accurate accounting and bookkeeping and is the most dependable accounting and finance organisation in the UAE.
Vesting entire accounting & finance responsibilities to a person or two is an invitation to fraud and internal analysis of works when there is a need for counter-check. So Alankit provides you with the solution to reduce this risk by segregating the duties to different people at different levels to eliminate the issues and ensures the mitigation of fraud to the maximum.
At Alankit, the cost of outsourced bookkeeping is pellucid and precise with assigned duties and tasks and on the contrary, hiring a permanent in-house accountant will not only cost you the basic salary, but also other add-on allowances.
Many times businesses pass this very primary calculation while estimating their working capital and ultimately face cash glide constraints.
The PRO advice can never be compared to the junior-level staff since years of experience paired with continuous training are a big plus for outsourcing companies. A junior accountant lacks foresight when interpreting projected cash flows and financial statements.
Alankit with its team of experts provides you with crystal clear accounting and bookkeeping services to remove all the hindrances and errors that may appear due to lack of experience.
From the above discussion, it is evident that outsourcing is a favorable choice if the cost of outsourced bookkeeping and accounting is appropriate. Equipped with financial intelligence, ALANKIT aims at translating numbers into meaningful results. Providing controller-level expertise, we focus to streamline your business goals and operations.
Contact us now to know more about our outsourced bookkeeping and accounting services.