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Dubai has experienced a great economic uplift and has turned into a business hub over the past years. Many new and young entrepreneurs are coming up in Dubai to harness the opportunities made available by the flourishing economy and modern environment.
Every business, be it a big one or small, needs a suitable and efficient process that helps in running the company or organization smoothly. To survive in the competitive atmosphere of a place like Dubai, every task must be performed with the utmost care and best performance. It is required to keep professional and certified employees for particular tasks so that any specific work could be done before the deadline. There are many departments in a firm that have their own specific roles and contribute to the smooth working of the firm accordingly.
One such function that helps in maintaining records of transactions, expenses, financial health, and their analyzation is termed as bookkeeping. Having a professional bookkeeper helps in maintaining a good track of all past transactions or expenses made for on behalf of the organization and analyses the financial and economic strength of the organization.
Importance of a bookkeeper
In a country like Dubai, where the money is equivalent to water, the thought of killing time is mere foolishness; it is important to know the worth of a bookkeeper. Being indulged in heavily busy schedules, it is not possible for the founders or people dealing with more sensitive work in the firm to look after the allocation of funds signed receipts and stamped documents at regular intervals.
Instead, this precious time could be devoted to the work which deals with more sensitive sections of the firm. Here the role of the bookkeeper in Dubai becomes important; this is the person who could actually maintain all this stuff and documents, rather they can also shape the working process by eliminating hours of work from a schedule of others involved. Typically depending on the amount of work, these professionals can be hired either on a full-time basis or when they are required. What is important is the maintenance of the essential receipts and records without any discrepancies.
Why a professional bookkeeper?
Be it a new business or an established one, proper and smooth working of the firm is important for ensuring better results. If the main tasks get divided progressively, then the targeted objective is not met at the time, and thus there come situations where the firm bears losses. To avoid such instances, it is important for individuals to operate on the assigned tasks efficiently. Here, what a bookkeeper in Dubai can do is eliminate the excessive burden from those individuals who were involved previously taking care of records and were carrying on operations regarding bookkeeping in Dubai.
A simply missed out error can turn out to be a costly mistake and could bring with it other costly consequences. At this point in a situation, the organization can bear losses. The need for a bookkeeper in Dubai arises here; this professional here helps in avoiding such mistakes and helps in maintaining the proper and smooth functioning of the organization.
Dead bookkeeper syndrome
Dead bookkeeper syndrome is a collection of symptoms that arise when a bookkeeper is not available due to poor health conditions or any other reasons. These symptoms can threaten the proper functioning of the company and can create confusion and disorder. A bookkeeper holds a lot of important data that the company may require any time. There are some important receipts and documents whose requirements may arise at any point in time.
Certain important procedures like reconciling the bank statements, depositing money in particular accounts, paying checks, etc. are to be performed by the bookkeeper on a regular basis, and the absence of the bookkeeper may result in incompletion of these procedures.
Dead bookkeeper syndrome can also be used as a term defining the state of a bookkeeper disappearing or dying.
Avoiding the dead bookkeeper syndrome
Natural problems cannot be avoided like natural disasters. The only thing that can be done to tackle and cope up with situations like that of a bookkeeper being mentally or physically unstable to do work or even the bookkeeper being dead is coming up with plans similar to the disaster management plan. The only difference being the area affected. Some plans can always be worked out in order to handle situations that can only be handled by a professional bookkeeper. Some situations and procedures that can create problems if the bookkeeper is missing are discussed below.
Important passwords- There are many devices and online services that a bookkeeper uses to record and view various important stuff. Passwords to such services like the user ID name or the username, passwords to various E-mail accounts, security questions and the respective answers to them, payroll services, third party application passwords, bank account passwords, becomes inaccessible when they are required. The bookkeeper always maintains a list of all these passwords, as remembering them is a tedious job. It must be made sure that anyone trustful employee or some responsible employee at some high position in the firm has emergency access to all these passwords so that the work related to accounting can be done unhinderedly even in the absence of the bookkeeper.
Programs and procedures- There are certain procedures like third party or second party payments, the bank payments, and the labor or service provider payments that need to be completed on time. Does anyone other than the bookkeeper know which payments are to be made via checks and which by credit cards? This is an important question, and the answer to this must not remain confined only to the bookkeeper because, in any emergency situation, important bill payments may get delayed. Other such questions like reconciling the bank statement dwell in silence as the only person who knows answers to such questions is known by the bookkeeper.
Deadlines are other important dates that are precisely remembered by the bookkeeper. Violation of some deadlines may even result in heavy losses that are irreversible in nature. The dead bookkeeper syndrome has a major effect on the working of the company in the form of a violation of the deadlines. In short, all such precise and important data must be accessible by other important officials of the company so that any future problems can be resolved and rectified immediately.
Bookkeeping in Dubai is an important job for an organization, and it helps in resolving many issues that carry the potential of becoming hurdles in the organization’s way of success. Therefore, some backup plans must always be made in order to manage any difficult situations that may arise because of the absence of the bookkeeper.