What is the Difference between a Freelance Bookkeeper and a Firm in Dubai?
Bookkeeping in Dubai, UAE, is the legitimate recording of your company’s financial transactions. From purchases of small stationery to purchasing material for the business, income tax returns, and receipts of payments made to employees or other corporations. All these records are processed in bookkeeping.
If you are a freelancer, then we understand that it is a very hectic job. You’re all over the place if you are a freelancer handling financial records. Every time you look forward to handling your clients, the first thought that comes to your mind is whether you are paid on time or not. Have you ever thought if you are unable to send an invoice on time or fail to keep track? It all happens because your financial books are not organized, and this is what nobody wants to happen.
The biggest reason is that you should have bookkeepers to plan your taxes in advance. In the USA, freelancers also pay a tax called VAT. And if you are late by any chance, you will be subject to various penalties. If you practice bookkeeping in Dubai, you can create a fund specifically for taxes. You will get all the due dates and also keep a proper record of your expenses.
Recently, freelancers found a freelance employment visa that is valid for about three years. If you are planning to have a freelance visa in UAE, then you have to keep your bookkeeping process proper.
Benefits of bookkeeping as a freelancer
Save time
All you have to do is go through your books whenever you’re going to find an earlier transaction. You will be able to locate the exact transaction by name and date with systematic bookkeeping. Initially, it won’t make a big deal, but eventually, you will find positive signs in the long run.
Save you from losses
With the help of bookkeeping, you can keep a record of all financial transactions. You will be able to track what’s your client or you. Will help you to find out if there are any pending payments to be taken care of.
Maintaining cash flow
Bookkeeping will help you to record both outflows and inflows of cash. You will be able to keep an eye on 4 opportunities that result in maximum cash flow. It helps you build strategies for upcoming client onboarding. This will also help you figure out which clients need a better pattern of delaying payments.
Detailed records bookkeeping helps you keep track of every minute you spend working on your client’s project. You can always reevaluate your pricing for the amount of work you are doing for a particular project.
Work-life balance
It seems doubtful that bookkeeping can provide you with a work-life balance. However, when you are recording each and every detail of your time that you have spent, it invokes. Then you know how much time you really need to dedicate to your work and do you have a personal life. You have a better idea about how much time you need to give to yourself. Now, let’s discuss more about the things you get from both freelance bookkeepers and firms in Dubai.
Benefits you get from both freelance bookkeepers and firms in Dubai
If you understand, both freelancers and firms provide you with different services. But still, there are some basic services that you will find both of them offering you. There are some common and basic duties both fulfill.
- Attention to details
- Data entry skills
- Professionalism
- Proficiency in using Microsoft Excel
- Basic knowledge of accounting
- Knowledge of software required for bookkeeping
- Organizational skills
Now, let’s understand the difference between freelance bookkeepers and firm bookkeepers.
Factors to understand the difference
It depends on your company and your business requirements to decide which bookkeeper you want to hire in Dubai. You can hire a proper company to manage the bookkeeping tasks at a micro level. However, if you are a start-up, you can hire a freelancer to work on your bookkeeping tasks. So here are some factors you should consider while deciding to choose:
Cost
Cost depends on how big your company is and how many resources it has. If your business is on a small scale, then you must start with minimum finances. Then, it is easy for you to hire a freelance bookkeeper who charges less than a firm.
Schedule and Timings
Freelancers choose their work timings, and they also work for multiple companies. They need to manage their time, so they might only be able to stay available for a short time. In the case of any emergency, they might be out of reach. So, for this issue, you need to hire a firm for your bookkeeping tasks. Firms have the backup of employees to handle situations like that.
Reliability
Bookkeeping is different from the kind of degree or course where one person gets a certificate. So, sometimes, it becomes easy for people to claim they can perform bookkeeping tasks. But in reality, they have little or no knowledge. So, it is a good choice for you to hire a reliable company like ebs. The employees are well trained in the companies.
Authority
If any issue happens in your books and brings danger to your company. Will you be able to question the freelance bookkeeper who is a stranger to you? But if you are working with a well-reputed company, then you can easily question them and their authority. They will also take responsibility for the errors in your books.
How can ebs help you?
ebs is a well-reputed accounting and bookkeeping firm in the UAE. If you are looking for the best bookkeeping services in Dubai, then ebs is here to help you. Our team of professionals are professional and experienced in their work. They are highly skilled people who can handle your books properly. We also provide other services along with bookkeeping tasks.
ebs likewise offer services, for example, accounting and bookkeeping services, VAT services, Auditing, Due Diligence audit services, and many more.
Feel free to contact us with any additional inquiries or requests for accounting services. A free discussion will be given to you by our specialists, who will answer your request immediately.