Chartered accountants in UAE, in particular, this year are the most requested professionals. Many corporations, large or small, were seriously impacted by the Covid-19 pandemic. Taking this into consideration, it is necessary to get advice from experts to learn more about the financial state of your company to ensure the efficiency of a business. If you have a small company and weigh up the advantages and drawbacks of recruiting a chartered accountant or accounting practitioner in the UAE, an accounting specialist can help you in supporting your sales growth.
The ultimate goal for company owners is to do more with a reduced cost. Mounted costs, such as paper, printing, and even wasteful time for low paid input activities, are easy to forget. While the level of service and/or merchandise stays or even improves, all of this is maybe a struggle, but it’s not impossible.
Your accounting department should be a well-oiled system with second-generation efficiency and an effective workflow. You may be shocked to find that meeting these targets often decreases the day-to-day cost, increases the budget, and improves your employees’ morale.
Let’s look at some ways that can help you to reduce costs in the accounting department:
Optimize from up to the bottom:
A significant first step is to assess the business processes as a whole. You don’t want to minimize anything that is important to a consumer or hinder the growth of your business. Keep track of what you pay for on a regular basis and reduce it by branch. From here, you can determine the departments that may need a budget-cut.
In the accounting department, losing money is almost as important as wasting your time in day-to-day jobs. Updating tablets, posting every week and month, bookkeeping, approval, all add up to hours for the employees to operate at high standards.
Instead of demanding unreasonable jobs, cuts the fat on subscriptions and paper systems that first produce little sales, and then concentrate on what can drive results in the organization. You can also cut cost by the saved hours, as an accountant may not require manual procedures.
After phase one, you may ask HOW to save time, while cutting costs. Up-to-date technology aims to do all these amazing stuff that we described at the beginning of the post. With the right document management software for your company, you can achieve an effective workflow and automated procedure.
In fact, this helps minimize accounting costs because of the complicated invoice process and the need to get a sign-off from Manager A to move the paperwork from stage 1 to stage 2. In the correct method, the application saves in the case by meeting with the present ERP (Enterprise Resource Management) and a notification is immediately provided for the next stage of the process, so that you do not have to nag or chase someone in the office to receive an approval.
Pay your bills early:
Early payments often involve discounts because sellers and billers can reconcile their accounts faster during the month. Saving 1-3 per cent, without additional work, with an organized system is powerful, so don’t ignore possibilities in your accounts department.
If you are not there, take steps to ensure that your payments are made in time. You can also set up team incentives for a successful month. Take into account the following tips:
- Remember all the due dates on the schedule for bills and services.
- Notice what is required for invoices to submit payment (credit card number, proper address, and the right documentation to accompany the payment)
- Create a weekly schedule for whom to send and provide a grace period (depending on whether this is mail or electronic, allow at least 3-5 business days for time to process)
If the accounting staff gets used to this, you can even use these approaches for payment from your customer as payment directions.
Cut the cost on paper usage:
At the end of the day, 45 per cent of the printed material is tossed out. For a year, this accounts for a trillion sheets of paper. The handling of digital records is not only more effective but also more economical.
With digital tools for record processing, you can forward consumer accounts via email and eliminate the possibility of paper loss and waste in the postal system. You would typically get a better response time and reduce stamp prices, along with the cost of fold and mail out envelopes.
If you take care of the following ways, you will be surprised to see the cost saved through it.
BS Auditing & Consultancy provides a broad variety of accounting services in the UAE to satisfy the needs of every enterprise on the global market. Our highly competent and knowledgeable team allows customers to accomplish and drive their core business growth. To learn more about our accounting services in UAE, get in touch with our customer service representatives via phone, website or email.