Have you been thinking about how much would it cost for bookkeeping services in UAE? This article is undoubtedly going to guide you if you were in the process of determining the right cost for accounting and bookkeeping services anywhere in the UAE.
Taking a decision among the end number of bookkeeping and accounting service firms is really difficult. Whether yours is a small business or a large one, what makes it thoughtful understands the cost and variables influencing the cost and doing accordingly. So this article aims to help you with the cost of these services in UAE.
Below Noted are the Variables that Define the Cost of Bookkeeping and Accounting Services:
Nature of Accounting Service:
When is it necessary to maintain the bookkeeping of your company? Of course when you need to file the VAT returns. The cost of bookkeeping services in the UAE depends upon the nature of accounting services. Hiring an accounting service provider may cost you around 50,000 to 60,000 AED per year. But before investing you must know numerous factors. The knowledge of the hiring bookkeeper is the first thing. The hired bookkeeper may have limited knowledge compared to the outsourced team as they continuously work on almost all types of accounting work and it definitely will cost cheaper.
Read more: How to do VAT registration in UAE
Size of Business:
You should be aware of the size and complexity of your business operations. Which is a deciding factor to determine the cost? As per the size and structure of your organization, several transactions take place. The rate quoted to an entrepreneur with basic transactions will differ from the one quoted to an internationally operating company. A complex industry with heavy accounting requirements would require specialized skills to analyze the record and summarize them, thus the cost involved will be higher.
Company Turnover and Transactions
The company’s overall turnover is another important factor to obtain the cost of bookkeeping and accounting services in UAE. If transactions and turnover are high, then the accounting charges too will be apparently high. The VAT and other tax imposed depend on the scale of business operations, overall company turnover, and the number of transactions as UAE taxes are charged subject to all these factors. Greater transaction leads to greater costs.
Type of Services:
Differing from business to business and the services they provide, the costs of accounting and bookkeeping service may vary. If you opt for internal auditing, analyzing services, and financial statement preparation, then the quote you receive might be lesser compared to the accounting firm handling bookkeeping, auditing, legal formalities, and everything related to accounting.
For best auditing firm in Dubai, visit ZBS.
Outsourcing or Hiring Full-Time Employees, Which is Beneficial?
It actually depends on your personal interest. Entrepreneurs usually decide to hire a full-time in-house bookkeeper. But it will add to the cost. You need to pay a monthly salary, allowances, initial in-house training facilities, and benefits, etc. On the other hand, outsourcing accounting and bookkeeping services in Dubai will cost you comparatively much less pricing ranges from 10,000 to 20,000 AED a year, may vary from company to company depending on the complexity and nature of works. Always compare few accounting firms and finalize the best, which offer attractive quotations with possible services at a lower cost in UAE