6 Ways To Increase Your Business Cash flow in Dubai

Chartered Accountants in Dubai

Create a Proper Billing Schedule

With One of the easiest ways to make money for your company in Dubai, or to increase cash flow, is to create a billing cycle that is quick and efficient. The person in charge of your accounts receivables needs to have a set schedule of when to bill a company for their services. You should also have this timed so that each week you are receiving a lump sum of money into your business bank account. This will instantly ensure that your cash flow, is in fact, flowing.

Quick books pro is a very popular brand of accounting software that can be used to keep track of money coming in and out of the business. Sage 50 (used to be Peach Tree) is also a very popular, if not the best accounting software to help you keep track and even mark when payments are due, or past due.There are also companies that may provide free software for business, or a reduced rate. This alone will help you save money.

Generate Long Term Clients

Your goal should always be to generate long term client relationships, as this increases cash flow. In Dubai we are lucky to have relationships with our clients that keep us close. But there is more we can do. With the long term clients the money is guaranteed to come in and it gives you something to expect and look forward to. If you notice that you have clients that have come in 3 or more times for your services, you should talk to them and make a deal. You can offer them services at a decreased amount of money, with a contract that keeps them with your company for at least 12 months. This type of business behavior will make your clients happy, as well as your bank account.
If you do not have the type of business that can offer a long term contract, you should try working with smaller contracts.

Purchase Office Supplies in Bulk

Another easy way to increase your cash flow and decrease overall expenses; buy in bulk! You should look to purchase supplies for your company on a monthly basis, or longer. If you set a schedule for when purchases will be made, you can save a lot of money. Any supplies that are needed on a daily basis should be bought in a grouped order. You can do this by having a recurring monthly list for paper, pens, printer ink and cartridges, light bulbs, and any other basic need that your company might have. If you need to purchase office furniture, or computers, it should be checked yearly. You should also keep your eye out for sales. If you know something is going bad, make sure to start searching for a good deal in advance! That is sure to keep your cash flow going.

Review Service Providers

As with any business, you must have regular phone service, cell phone service, internet services, repair services, computer maintenance services, and many other services to keep your day to day business going. You should evaluate these services on an annual basis. This is a major cash flow saver! Once a year, you need to sit down and look at all the services you pay for. Are they expensive? Do they meet your needs? Are you being overcharged? Do they offer any cheaper programs? Are there any services you pay for that you do not need? Looking over these things can have a small affect on your monthly expenditures and a profound affect on an annual basis. You could easily save over a thousand dirhams per year by switching from regular office phone services, to voice over IP services. This type of program would allow your internet to be your phone provider and save a ton of money. You’re already using the internet, so why not make the most of it?

Stop Spending on Things You Don’t Need

We just went over how to save on service providers, but are there other ways to cut costs? Yes! You can quickly generate more cash flow by spending less money on things that are not necessary. If you buy everyone lunch at your company more than once per month, you are wasting monthly.

While feeding your team can boost morale, it lowers your cash flow. Save the money from the weekly expense and only do it monthly; or have everyone pitch in for group meals. Earlier, we also talked about buying in bulk. This should be done carefully and concisely. Do not order more than what you will need. Keep track of how much you are using and spending. Make sure that everything adds up. If you have 10 extra packs of printer paper for the month, then you should purchase less the next month. Do not buy your bulk supplies without first checking your inventory. Every purchase you make should adhere to what your company’s actual needs are.

Invest Your Money

The final step to increasing your cash flow, is to invest your money. You can do this by having accounts with rewards programs. If you have a company credit card, treat it as an investment. The card should offer you cash back and regular bonuses for spending. The card should also only be used for business purposes. Your company bank account should also offer rewards and you should be earning interest off the money you keep in the account. These little steps can add up annually and account for a few hundred to over a thousand dollars of earned income, rather than costing you money. If your bank is charging you, then you need to look around for another bank. There may be a local bank that has better interest rates. I would also recommend that you lease vehicles at your company. Do not buy a new vehicle. It will automatically depreciate and you can’t write it off yearly.

Also, you should try only purchasing your building that your company works through if it is a great deal, or somewhere you will always be. You should rent the property or lease it and write it off annually. These are small investments can drastically help.

Utilize this List

This list can prove to save you thousands of dollars per year and keep a hefty cash flow in your business account. Take time to go over your company needs and check back to the list to make sure you are spending properly and getting proper rate of return on all of your investments.

In time, you will have enough money to be more than comfortable and stress free. Our goal is to keep the economy of the UAE growing and we can do that by following this list and making wise choices every day.

The Best Accountants & Auditors in Dubai

As one of the leading Chartered Accounting firms in Dubai, Alya Auditors is composed of a team with some of the best CPAs in Dubai. Alya offers its clients a wide array of financial reporting and top accounting services in Dubai, UAE, which aim to meet the diverse requirements of different businesses in various industries.
Our expertise in all areas of financial planning, accountancy, or business development will assist any business in realizing its full potential and financial growth.At Alya Chartered Accountants, there is an efficient team of experts to solve all your business problems. 
 
Have more questions about outsourcing your accounting department? Wondering how Alya Auditors can work for you? Talk to a member of our team. We are happy to answer any questions.We also provide a range of other services. To know more about all the services, contact us– we’d be happy to help.

CEOs Guide to Choose Accounting Services in UAE

Accounting- Companies-Dubai-UAE

When making the decision for what type of team or service provider should handle the company accounting services, the CEO or owner needs to keep an eye on many factors—some of which may not always be in agreement. To ensure an efficient, effective and profitable future, everything from service quality and experience to cost and scalability need to be considered. Assessing and choosing the right option requires checking a lot of boxes—but this guide should help keep you track to a successful decision.

Appoint An Internal Review Team

The people within the company need to be brought on board. Start by opening a discussion on how your company is currently handling the accounting and where improvements are necessary. Try to keep personal opinions, finger pointing and accusations out of it to ensure that everyone is given a fair chance to contribute positive support. You may have a weak link or two in your current system that won’t make it to the final stage but this is not the place to addressing those changes. Instead focus on highlighting the “wish list” for the new system and services. You may find that many things cannot be handled by an internal team thus helping narrow your selections to external or outsourced accounting services.

Research Different Accounting Services Options

Now that you have a team in place, create a short list of the “types” of services that will serve your needs. For some, this may be bringing in an outside consultant or CFO. For others, it may mean outsourcing the entire accounting department. Your team should have a good idea of its gaps and requirements.

Define Expectations and Deliverables

You’ll want to define a vision of your future through questions, such as what does your business need to complete their accounting tasks effectively, and how will an accounting services provider help you? Set a time frame for launching and managing a new accounting system. If new software needs to be purchased, set an implementation time frame. Professional accounting services should be able to help you envision your future even before you select one. The best will be able to help steward your vision for the future because they know better than anyone what is an ideal setup and what is a realistic corresponding timeframe.

Put It In The Budget

The cost of a new accounting service provider will need to be fit into your company’s budget. Be sure to obtain detailed quotes from service providers, so you understand the variety of different services they offer. Remember that there is more to a given fee than just the amount. What you receive in exchange for a monthly fee, the caliber of the professionals performing the work, and the reliability and continuity of the team should all factor in to gauging pricing and affordability. If you need to purchase new software or accounting integrations, be sure you can justify the higher costs. If the investment is reasonable and in line with your budget, then the team can move forward in evaluating potential accounting service providers.

Gather Accounting Services Options

Here you’ll start to evaluate options for new accounting services and begin the next steps in creating a list of potential providers. Ask for referrals from companies and peers in your industry. Vendors and resellers can also provide advice on how to narrow down the selection process to find the best provider for your company’s needs.

Reviewing Accounting Services

Prospective service providers should be able to provide you with a clear picture of expectations and deliverables. Ask for demos so you can see how they work, sample financial reports and examples of current or previous client case studies. They should also be able to provide you with testimonials and references from current clients. If you have very specific needs due to a niche industry or regulatory requirements, ask for specific references from clients in those industries to ensure they know how to manage your unique needs.

Finally, make sure to introduce the members of your team that will be guiding, interacting with and managing your new accounting services provider. You want to make sure that everyone can play well together—with open lines of communication, ease of access and no egos or attitudes to hamper productivity.

Select The Top Auditors & Accountants in Dubai

Alya Al Marzooqi Auditing( www.alyaauditors.com) is one the Top Chartered Accounting firm in the UAE, with high efficiency in the services we provide. Our Accounting division has well experienced professional executives who are well versed with the rules and regulations and laws in the UAE. For companies, our accountants shall guide to clean your books up thus making your business smooth.

Our Accounting Services Includes :

Payroll Management, Accounts payable and receivable, Credit card Management and Financial Reporting.

Other business bookkeeping services that we provide include business bank and trial balance reconciliations, balance sheets, labor cost management, and debt planning and reduction.

Also interested in Reading: Accounting & Bookkeeping For Startups

When you analyse these ratios, you get an overall idea of a business. You can easily decide whether to invest in a company or not.

4 Reasons Why Not All Outsourced Accounting are the Same

Accounting & VAT in Dubai

Outsourcing your bookkeeping and accounting department is a necessity as you grow your company. As you move from a small business to a medium or large corporation, you might not require additional in-house, but still need help processing the higher number of orders you are likely experiencing. With outsourced accounting services, you can often save time and money by acquiring qualified and reliable accounting department staff.

However, when it comes to outsourced bookkeeping and accounting services, not all services are the same. Here are the differences you should know:

The Number of People You Get Varies

When you use outsourced bookkeeping services, the number of people on your account will vary between providers. Some bookkeeping companies will assign you a single person who will be accountable for your company’s books. Other bookkeeping companies will adopt a team staff approach. You will have an entire group of people who can access your accounts and keep your books organized. In some cases the team will rotate, while in other cases not.

In general, the larger the number of transactions you post, the more likely you will need a few people involved, but is this the best solution? Some people prefer to have a consistent point person, someone who knows the ins and outs of their business. For other people, it doesn’t matter. They just need someone who can enter in all their transactions. Before you contract with an outsourced bookkeeping and accounting services company, make sure that you understand exactly what your needs are and discuss any pertinent concerns.

The Skill Level of the People on Your Account Varies

You will need to consider the skill level of the bookkeeping and accounting service you use as well. Outsourced accounting department solutions can vary greatly in terms of the experience and technical proficiency of the people who will be working on your account. In order to remain competitive, some providers of bookkeeping and accounting services may require their staff to actively work to hone their skills. To this end, the staff may regularly attend seminars, take on additional training, or just perform additional analysis of your accounts. However, not all companies share this characteristic. Some are closer to QuickBooks “factories,” churning out people with only a basic understanding of how to enter income and expenses and not enough business knowledge to apply what the reports generated by the software even mean in practical terms.

Depending on your company’s needs, a trained person may be enough, but for many other companies, particularly the larger you get, bookkeeping becomes an important skill and hiring a company that offers experts in the field can matter. This expertise can weigh in significantly, especially if your company does not have a dedicated finance person on staff or is trying to grow. In either scenario, having someone around with the expertise to see risks before they become problems is important. Such a person may also be able to uncover opportunities that a less financially aware person would miss.

Not All Accounting Systems Are Created Equal

One possible advantage to outsourced bookkeeping services is that you will gain access to better accounting systems. That’s not to say that QuickBooks or some similar accounting software will not be used — they are popular because they work. The difference is that most bookkeeping companies will be trained to use all the capabilities of the software. In addition, and perhaps more importantly, they have better versions of it. For instance, you might buy QuickBooks for small businesses but a bookkeeping company is likely going to use a more robust enterprise version and keep the most up-to-date version around.

In your particular case, you may not need the latest accounting system, or you may prefer to run your own software. Spend some time thinking about whether you have a strong accounting system preference and why. Some bookkeeping and accounting services companies may be able to provide you with a copy of the software they use and training so that you can access the program without their involvement, but it is an important discussion to have before signing a contractual arrangement

Contracts Matter More Than You Think

Finally, keep in mind that one of the biggest reasons that not all outsourced accounting services are the same is that they have different contracts. This varies in a couple of different ways. On the one hand, when you hire a bookkeeping and accounting service, that company generally takes on the responsibility of making sure that your records accurately reflect your business in a way that is legally binding. This tends to make these accounting services more accurate, because they have so much more to lose.

On the other hand, contracts will also vary with regard to how available that service is to you. Some companies have people available to answer your questions 24 hours a day, and others will refer you back to your point person during regular business hours. In either case, you will want to make sure any outsource bookkeeping and accounting services company you hire is willing to take on accountability for the accuracy of your records and is as available to you as you need it to be.

Leading Chartered Accounting Firms in Dubai

As one of the leading Chartered Accounting firms in Dubai, Alya Auditors is composed of a team with some of the best CPAs in Dubai. Alya offers its clients a wide array of financial reporting and top accounting services in Dubai, UAE, which aim to meet the diverse requirements of different businesses in various industries.
Our expertise in all areas of financial planning, accountancy, or business development will assist any business in realizing its full potential and financial growth.At Alya Chartered Accountants, there is an efficient team of experts to solve all your business problems. 

Have more questions about outsourcing your accounting department? Wondering how Alya Auditors can work for you? Talk to a member of our team. We are happy to answer any questions.We also provide a range of other services. To know more about all the services, contact us– we’d be happy to help.

How Much Should Companies Spend On Their Accounting in UAE ?

Accounting-firms in Dubai

Occasionally, we get asked to help companies understand where and why they should allocate budget to improve accounting functions. Typically this stems from a concern that a company is overpaying for its accounting and bookkeeping and highlights a desire to improve efficiencies and decrease costs. While the two are not always intrinsically linked, there are often opportunities to improve across the board—from reducing costs to improving results.

There is no magic formula for determining how much a company should spend on its accounting, bookkeeping and controller functions. Some costs are a product of environment—often staff in metro areas will simply command higher salary rates than in rural areas. Other costs can be a product of history—and can be rectified easier with a combination of modern technology and revised internal and external structures.

A Formula For Accounting Expenses

We can’t tell you that your company should spend “X%” of your revenue on your accounting expenditures. It simply wouldn’t be responsible to not take into account the complexities of your unique business and financial reporting needs. For example, if you require highly technical controller oversight and advanced reporting—perhaps you have considerable job cost reporting needs or inventory management issues—you will need a greater degree of expertise among your staff. This will directly increase your costs because you will have to pay for that level of experience and training. For very basic monthly reconciliations, your personnel costs will be much lower. However, there are other areas you also need to review for cost considerations.

Accounting Technology Costs

Many of our prospective clients come to us asking about accounting technology integrations and automation options. They are rarely using the best available options for their needs—and cost and efficiency considerations are rarely recognized during their internal review processes. On one hand, their internal staff isn’t trained to look for improved technology efficiencies on a regular basis—it simply isn’t a priority or requirement of their positions. Additionally, the fear of replacing human support is always lurking to dissuade staff from investigating automated improvements. So many businesses forget to look at accounting technology options—or simply don’t know where or how to begin.

With respect to how much of your costs should be allocated to technology or personnel, this will be a combination of your automation needs, current technology implementations and expertise requirements. The best way to start reviewing whether your costs and return on investment are appropriate for your business are to examine the output from your staff and systems. Are you getting what you need, when you need it? Does it translate into actionable data—are you missing anything you need or lacking something you require? If you are getting everything you need and everything is working for you—you only need to really review whether there are any cost improvements you can introduce. However, if you are missing something you need, then you need to start from the perspective of improving results first and then review cost allocations.

If you need help reviewing your current systems or determining what level of success your processes are having, our experts can help you get a clear picture.

Best Accounting Firms in Dubai,UAE

Alya Al Marzooqi Auditing( www.alyaauditors.com) is one the leading  Accounting firm in the UAE, with high efficiency in the services we provide. Our Accounting division has well experienced professional executives who are well versed with the rules and regulations and laws in the UAE. For companies, our accountants shall guide to clean your books up thus making your business smooth.

Our Accounting Services Includes :

Payroll Management, Accounts payable and receivable, Credit card Management and Financial Reporting.

Other business bookkeeping services that we provide include business bank and trial balance reconciliations, balance sheets, labor cost management, and debt planning and reduction.

Also interested in Reading: Accounting & Bookkeeping For Startups

When you analyse these ratios, you get an overall idea of a business. You can easily decide whether to invest in a company or not.

What Are Bookkeeping Services, Exactly?

accounting-service-dubai-sharjah-uae

In the months or years since you first became a business owner, how many times have you been told you need bookkeeping services? If you’re like most business owners, the answer is probably, “A lot.” From the time you first opened your doors and collected your very first dollar, advisors, partners, and other well-meaning associates have undoubtedly weighed in and suggested a bookkeeping service to help keep your company’s books and finances on track.

If you have ignored that advice this far, it might be a good time to start doing your research before you dig the hole any deeper, because a bookkeeping service does more than just record payables and receivables, they guarantee the security, power and success of your business.

What A Bookkeeping Service Does

A bookkeeping service offers a three-tiered approach to developing and maintaining your company’s overall financial processes and management. The first prong is created by the accounting software specialist. He or she creates your accounting data file so that it’s tailored to the specific needs of you and your business. He or she will ensure that you have access to the software and reports you need.

Next is the full-charge bookkeeper. We all know the basic duties of a bookkeeper: to track payables and receivables and keep all your business’s financial transactions documented. Sounds simple enough, but there’s a lot more to this job than meets the eye.

A full-charge bookkeeper can also manage payroll, handle deposits, create and maintain monthly financial reports, manage the ever-changing world of sales taxes as well as quarterly taxes and withholding. Bookkeepers also reconcile bank statements to internal accounts and even help out during an internal or IFRS audit.

Whether you want to get a business loan, answer an auditor, or simply design next year’s budget and business plan, you need the assistance of a full-charge bookkeeper. They can help ensure that each of these tasks are completed correctly, in a timely manner, and that they are accurate enough to be truly useful.

Between the accounting software specialist and the full-charge bookkeeper, you will have begun to create a set of checks and balances within your business. Individual department spending will be recorded and analyzed by the bookkeeper, accounts receivables and payables reviewed and fulfilled by him or her, and the company’s spending is contrasted with its budget for review and analysis that can help identify inefficiencies and create more accurate future budgets.

And this is where we bring in the third prong of the bookkeeping service, the controller. The controller increases the company’s overall financial accountability and checks and balances. A controller reviews the bookkeeper’s ledger for accuracy while also maintaining the integrity of the accounting data file in the future so that adjustments can’t be made without approval. Lastly, a controller issues monthly financial reports highlighting any critical issues that you need to understand and possibly address.

How A Bookkeeping Service Benefits Your Business

There is a subtext here that we haven’t yet discussed and it’s important that we do. Because while every task the bookkeeping service completes is vital to the financial health of your business, it’s the underlying structure they apply that really makes a difference. You see, bookkeeping services implement—and maintain—a consistent financial process that strengthens the health of your company and helps to create and encourage uniformity in tracking, paying and reporting. The value of this is immeasurable as it insulates your business from many costly and dangerous risks.

Part of the benefit of the process comes into play when the full-charge bookkeeper coordinates with members of management from other departments in order to approve purchases and gather expense reports. Not only does activity this require extreme organizational, management and math skills, but a bookkeeper must also have people skills in order to make this work.

The team also works to reduce your overall expenses. Not only do they ensure that books are maintained properly to avoid costly mistakes, fees, and penalties, but they can also help alert you to waste and mismanagement of supplies and inventory. All while saving you time since you will no longer need to try and perform these tasks yourself.

There’s no question that a bookkeeping service saves your business both time and money, but the processes and consistency introduced by one can increase the longevity and efficiency of your business, making you more profitable for decades to come.

Best Auditors & Accountants in Dubai,UAE

Alya Al Marzooqi Auditing( www.alyaauditors.com) is one the leading Chartered Accounting firm in the UAE, with high efficiency in the services we provide. Our Accounting division has well experienced professional executives who are well versed with the rules and regulations and laws in the UAE. For companies, our accountants shall guide to clean your books up thus making your business smooth.

Our Accounting Services Includes :

Payroll Management, Accounts payable and receivable, Credit card Management and Financial Reporting.

Other business bookkeeping services that we provide include business bank and trial balance reconciliations, balance sheets, labor cost management, and debt planning and reduction.

Also interested in Reading: Accounting & Bookkeeping For Startups

When you analyse these ratios, you get an overall idea of a business. You can easily decide whether to invest in a company or not.

How Much Do Accounting Services Cost in UAE?

Accounting Services in Dubai

Without fail, we get asked “How much do accounting services cost?” by about ten percent of our initial inquiries. The question comes in various forms, from “What is your hourly rate for a bookkeeper?” to “Can I get a ballpark of what it would cost for a daily bookkeeping service?” but the questions all boil down to one main concern: Cost.

Of course, we understand that cost is and will always be a factor in decision-making. After all, budgets must allow for the cost and an appropriate return on the expense must be present. But we worry sometimes that this question, when taken out of context, fails to address the greater issues at hand. As such, we do not have a pricing matrix per se but rather we create custom fixed fee monthly quotes for each prospective business based on the scope and complexity of the work required. However, we can address cost considerations in different ways to help answer your pricing concerns.

What About An Hourly Rate for Bookkeeping Services?

This may come as a surprise (unless you’re a big fan of accounting yourself) but virtually any business can boil down their expenses and costs to some form of an hourly rate. After all, the number of employee hours spent on a given project and the employees’ salaries can easily provide a rough hourly estimate through basic arithmetic. As a responsible business, we have to know what the cost of our services is to appropriately budget and set pricing. However, actually billing at an hourly rate doesn’t make sense for us due to a variety of reasons. 

Scope and Complexity of Work Isn’t Always A Straight Equation

This may go without saying but not all bookkeeping tasks are as simple or as complex as others. Some of our clients require incredibly complex reporting and financial management, which requires oversight by highly trained professionals. These same highly trained professionals may also be the ones monitoring and managing more common bookkeeping tasks—but charging clients a single “rate” for services would potentially put them at risk for paying hourly rates that are not always in line with the level of knowledge required to deliver a service. Instead, evaluating an approximate amount of time required to perform each account task in a period and establishing monthly, fixed fee rates for the complexity of work required is more likely to create a fair price. 

Price Fluctuations In Monthly Fixed Fees For Accounting Services

At the same time, we recognize that our clients like to have options when it comes to their accounting services. From adjustments in frequency that increase or reduce the number of times work is performed to service add-ons that increase or reduce the complexity of reporting and analysis, we provide up to three “service tiers” for accounting services quotes. Some examples of typical variations include the frequency of review with a controller, managed employee expense reporting, payroll management and sales tax reporting. Sometimes simple adjustments in frequency, such as from monthly to quarterly, can have notable effects on pricing.

Interested in finding out how much accounting services would cost for your business? Contact us for a free consultation.

Top Accountants and Auditors in Dubai

As one of the leading accounting & auditing firms in Dubai, Alya Auditors is composed of a team with some of the best CPAs in Dubai. Alya offers its clients a wide array of financial reporting and top accounting services in Dubai, UAE, which aim to meet the diverse requirements of different businesses in various industries.

Our expertise in all areas of financial planning, accountancy, or business development will assist any business in realizing its full potential and financial growth.At Alya Chartered Accountants, there is an efficient team of experts to solve all your business problems. We also provide a range of other services. To know more about all the services, contact us– we’d be happy to help.