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What is online bookkeeping?
It means an agency or a person not working in the office takes the records of the financial transactions from a remote location. All the interactions and meetings with this person would happen over calls or video calls. There are various accounting software that can be used to maintain the accounting records of the company. Some examples are Xero and QuickBooks Online. This online bookkeeping will enable you to maintain many bookkeeping services online such as credit cards, loans, transactions of bank accounts, etc. on a monthly basis.
The process of online bookkeeping
Usually meeting with the bookkeeping services providing agencies happen over a video call in the initial stages while finalizing everything. It is important that one you have finalized that who is going to manage your company’s bookkeeping services, then you need to explain to him or her about the financial scenario and other related aspects of your company. What are the bank accounts you have? Where have you invested? And what are the current liabilities or loans which you have to pay on a regular basis? etc. are some of the fundamental things that should be discussed with them.
It is important to discuss your expectations and needs in the meeting. Every fact and figure for the company should be at hand and discussed. After having a satisfactory discussion, the decision to hire the bookkeeping service provider can be taken, and the next steps can be taken which involve providing details about your bank accounts, loans, credit cards, etc. to the cloud accounting service provider.
The role of an online bookkeeper
The main role of the online bookkeeper in Dubai would be to keep the financial records up to date and provide a compilation of statements for the bank accounts and their transaction details on a monthly basis. Online bookkeeping service in Dubai is very different from using online accounting software like Xero or QuickBooks. This is because in the case of online accounting software it requires the users to have some basic accounting knowledge, but in the case of hiring an online bookkeeping service it is not required to have an accounting knowledge as the responsibility of managing the accounts is fully taken by the agency that is hired.
While finding an appropriate bookkeeping solution provider, it is important to check whether they use the same accounting software in case you have already been using them for your business. For example, if all transaction details are on the QuickBooks software and the service provider uses Xero, then it will not be very convenient to transfer the details. Also, the cost is also a major factor to consider while finding an accounting service provider online. Some online accounting services in Dubai are DDP accounting and bookkeeping, Alkhadim LLC, HLB HAMT etc.
Properties of online bookkeeping
- Accounting records are maintained in the cloud
- The online bookkeeping company performs all the accounting tasks
- The online bookkeeping service providers are experts in the financial domain
- Data security is important to take care of as it is subjected to data leaks and hacking
- It is a relatively in-expensive method as compared to performing in-house accounting services by hiring more employees.
Advantages of availing online bookkeeping services in Dubai
There are several advantages when it comes to choosing an online accounting service in Dubai. They are as follows:
When giving more emphasis to the paperwork, the resource and time is invested in the same. Hence, adopting online services will more effective in enhancing productivity than paperwork.
It enables one to access all the files, reports, and financial transaction data at any time and from anywhere. It is also possible to access the data on smartphones nowadays.
3) Cloud storage
Nothing is stored in papers or physical documents. All the documents and data is stored on the cloud. There is no chance of any manipulation or storage constraint.
4) User friendly
It does not require people to know deeply about the concepts of the bookkeeping. Even if they do not know these concepts, they can access information and understand it from the service providers.
5) Safety and security
Many times, business financial records can be manipulated, or even there are cases of theft. In unforeseen circumstances like fires and floods, they can be destroyed completely. Cloud storage with a good security protocol can overrule these disadvantages.
6) Cost efficiency
Online bookkeeping is much more convenient and cost-effective when we compare it to hiring a full-time account manager for our company.
7) Invoicing efficiency
Business invoicing can be a time-consuming task. Many businesses need to send regular invoices to their vendors as well as customers. Hence, the implementation of an online invoicing service can be a very time-saving task.
Types of online bookkeepers
There are two kinds of online bookkeepers in Dubai: –
They can be hired online for providing services for a limited time. The level of knowledge they have varied greatly from person to person. Communication generally happens through emails and messages.
It refers to a dedicated team of bookkeepers in Dubai with expertise in the domain who handle every aspect of the bookkeeping requirements of your company. They generally have more robust services than individual freelancers. They can be hired for a longer duration on a contractual basis and are seen as more reliable than freelancers.
Web, globalization and technological advances have made big companies accustomed to on-demand support or service and responsiveness. Professionals and bookkeepers in Dubai are not expected to travel to offices to receive documents and audits. Instead, businesses these days choose to prefer online bookkeeping firms in Dubai and providers that can function digitally and remotely.