Companies often wonder how much more profitable their businesses could be if they had the time to focus on their bigger goals instead of handling tedious administrative tasks. Many SMEs often fail to grow because of inadequate resources for managing their accounting and bookkeeping activities.
This has made companies realize that the importance of accounting and bookkeeping goes far beyond just recording transactions and maintaining financial statements. It is a systematic approach to ensuring accuracy in recording transactions and analysing data for the long-term success of a business. When not done accurately, it can lead to legal implications. These challenges have unfolded opportunities for skilled professionals to assist companies in designing accounting systems, setting documentary cycles and more.
Why is Dubai becoming a business hub for these firms?
Dubai offers excellent infrastructure and commercial environment that is highly suited for new business developments. With the increasing business evolutions taking place in the city, the demand for accounting & bookkeeping services is only expected to spike. As per the International Data Corporation (IDC), total investments in innovations and digital transformation are expected to account for 30% of all IT spending in the Middle East, Turkey and Africa (META) by 2024.
Earlier, UAE barely had any generally accepted or internationally followed accounting & bookkeeping standards in place. However, over the past few decades, there has been a boost in investments and businesses along with some major reforms. The most recent reform was the imposition of Value Added Tax (VAT). These changes have brought about several international standards for SMEs and large enterprises to comply with, making it especially challenging for smaller businesses to cope. At the same time, accountants and bookkeepers have found favourable opportunities in these situations to offer their expertise and skills to companies.
How can accounting & bookkeeping business profit you?
Whether you’re a recent graduate or a veteran in the industry, accounting & bookkeeping is one of the most profitable businesses you can run. Here’s why:
- Stable business – From small & medium enterprises to larger organizations, every firm needs a skilled professional to help them plan, organize and record their budgets and finances, either for filing taxes or management purposes.
- Work from anywhere – The accounting and bookkeeping business, because of its ubiquitous nature, involves a fair amount of flexibility when it comes to choosing where you want to work from.
- Minimal start-up cost – You don’t need a huge infrastructure to set up your business. All you need is a computer, internet and user-friendly accounting & bookkeeping software.
- Increased marketability – You can position yourself as a specialist by serving a niche application to increase your marketability to a specific group of clients.
Ready to start your own accounting & bookkeeping business? If so, we can help you to take your first step. At Flyingcolour, we provide a simple and effortless approach for setting up your business in Dubai. If you are interested, reach out to us at +971 4 4542366 or email us at firstname.lastname@example.org.
*Please Note: This article was published on 24th May 2021. The information provided in the article is based on the policies and rules applicable at the time of writing it. Talk to one of our consultants for any recent updates or changes.