Factors influencing the cost of Accounting services in Dubai
Hiring an accounting service provider in the UAE may cost some 60,000 AED per year. There are numerous factors to be considered before investing upon which the cost is dependent. The amount of choosing an accounting firms in Dubai may somewhat vary on the basis of these factors :
- Size of business entity:
It is very important to understand the size of the business and the complexity of its operations. This affects the accounting rate of professional accounting services in Dubai. Several transactions depend upon the size and structure of an organization. This requires time and skill to analyze the record and summarize them. Companies that operate at a bigger scale need more reports and statistical data from the accounting company they hire. In such a case, the cost involved will be higher.
- Payable mostly depends upon selected accounting company in Dubai :
The amount payable depends on the company hired by a business firm. The accounting companies will charge much higher according to the work allocated to them and as they operate on a large scale. On the other hand, an accounting company operating on a small scale will charge less for similar services.
- Type of services :
According to the type of services, the cost may differ. The companies have authority and they can fully or partially outsource the accounting tasks. In certain cases, if the business firm opts for internal auditing, financial statement preparation, and analyzing services, then the quote they receive might be lower since the company is asking for limited services. On the other hand, if a company wants the accounting firm to handle bookkeeping, legal formalities, auditing, and everything related to accounting, expect a higher quote.
- Turnover and transactions :
If transactions and turnover are high, then accounting charges are obviously high. The VAT and other taxes imposed depend on the scale of operation, overall turnover, and the number of transactions. It determines the cost of accounting services in Dubai. Greater transaction leads to greater costs.
- Outsourcing or hiring full-time employees :
Entrepreneurs may consider hiring a full-time bookkeeper or accountant, but while considering the context of business and expense involved, hiring accounting and auditing firms in Dubai will be beneficial. The decision is completely personal but outsourcing will cost an entrepreneur less in the long run. Outsourcing will save initial in-house training, salary expenses, and other facilities provided to full-time employees.
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