Last Updated on
If you are a small business owner in the Dubai and looking to hire a bookkeeping service in Dubai to manage your accounts, you must be at least a little concerned about the safety and confidentiality of your financial data. Professional bookkeeping services treat confidentiality as a crucial aspect of their services. Bookkeeping services in Dubai take all the essential measures to protect and safeguard your financial data. The data is never shared with anyone without your permission. Even only authorized employees are allowed to access any sensitive information to keep it confidential.
There is no need to worry about any loss of data since that isn’t a possibility. Bookkeeping service providers keep multiple backups of all data in case of system malfunction. Some bookkeeping services even save it on the cloud to protect the data from many elements like fires and natural calamities, although possibilities of that happening are rare.
As a small business owner in Dubai, you can access all your data anytime you want. Just log in to the cloud. Bookkeeping services in Dubai also offer assistance to clients in secure storage as well as reliable data migration.
To ensure the safety and security of confidential information, bookkeeping service providers in Dubai practice many safeguards. Verify with your bookkeeping services in Dubai whether they provide and maintain this level of standards before you hire a bookkeeping service provider for handling accounts in Dubai.
Today, accounting is largely assisted by computer programs and applications. Any bookkeeping service provider in Dubai is going to have multiple clients, and handling accounts of each client separately would require separate passwords.
A professional bookkeeping company in Dubai would make use of software like Last Pass or authentication. These software store passwords of different accounts securely. This means that the bookkeeping service in Dubai won’t need to keep notes or word documents of clients’ accounts passwords, which can be accessed openly by anyone.
With this software, passwords can be shared securely to clients. Clients can also provide access to bookkeepers about their finances without sharing their login and password. This software is used by bookkeeping services in Dubai but is also recommended to small business owners.
Client Procedures Manual
When bookkeeping services sign a new client, you, as a small business owner, are required to sign a formal service agreement that provides the terms and details of the services provided. The agreement mentions the processes and techniques the bookkeeping service provider uses that usually include sharing of financial data, schedules for work completion and delivery, etc.
Customers trust that bookkeeping service providers will do precisely as anticipated because it’s all mentioned in the agreement. They are bound to abide by their claims.
Secure Storage Facilities
Sometimes data breaches are not intentional but a result of the negligence of the bookkeeping service provider, which leaves confidential information vulnerable to attack. All related software must be password protected. The office must be out of bounds for unauthorized people. Only select employees, if any, must get access to information. And only as much as is necessary. Extra precautions must be taken in case a bookkeeping service provider in Dubai operates from a home office.
Timely closing of books of accounts
At the end of every month, and dates decided as per your agreement with the bookkeeping service, you as a small business owner, must ensure that you complete a process which is called the closing of books.
You are required to review your ledger and verify all the transactions, bank statements, receipts, invoices, credit card statements, and every account related to the business for ‘balance.’ Every transaction must have a corresponding equal and opposite transaction in another account.
When every transaction checks out, you approve to close the books to ensure that no additional modifications can be made. This assures that you have examined your bookkeeping accounts, along with other skilled personnel, and agree that the data is reliable, correct, and up-to-date.
The simplest method to handle a client’s financials or carry and transfer sensitive information is not always the most secure method. Without clear rules and protocols being followed, it’s easy to observe how a freelance bookkeeping service provider in Dubai may slide into unsafe practices. Things like asking account data over email (instead of using a secure form sharing gateway like Last Pass) or accessing bank or credit card accounts directly (instead of through software like QuickBooks or Expensify) may be most accessible and easy for both the bookkeeper and the business owner at the moment, but these methods leave security risks to be exploited by unidentified people if practiced regularly.
A good bookkeeping service provider in Dubai would always keep a designated account manager or handler who overlooks each account along with an executive assigned by your company. Since the beginning of the contract period, this accounted manager follows and ensures a security protocol expected of a professional bookkeeper and guarantees that all the processes are being followed accordingly.
It is recommended that you provide the same level of access to your account to the account manager as that of your executive. This makes it possible to make verification, regular audits, manage payroll, emergency leaves, etc. This dual-layer ensures best practices are being followed from both sides, which you cannot expect from a freelance bookkeeping service provider.
Checks and Balances
Though outsourcing essential financial administration duties to a bookkeeper can save you a large amount of time and stress, it’s important that you, as a small business owner, regularly keep your vigil on the operations of your company’s finances. The truth is that no measure of technological protection, agreement protections, or methodical controls can match up to the checks and balances of your vigilance. Check your accounts fortnightly or monthly for signs of things that look out of order and conduct a more detailed audit twice every year. This will aid you to catch small mistakes or discrepancies that may occur over time, and it establishes the level of quality with your team to maintain your expectations for protection.