Reshaping Accounting Services in Dubai- Robotic Process Automation

Accounting has been in practice since ancient civilization. Even bookkeeping can be traced back to a prehistoric era.

Accounting Services in Dubai has got predominance due to the current Government ruling for complete, clear, and transparent accounts statements from all business setups or economic entities and for all their shareholders.

Accounting, also called the "language of business," is the process of collection, measurement and analysis, and communication of financial information pertaining to businesses and financial corporations.

Business accounting can be of different types and includes

• Financial Accounting 
• Management Accounting 
• Cost Accounting
• External Auditing

Why Outsourcing Accounting services 

We can't excel in everything we do, and accounting functions always come as an exception proving the rule. Handling huge data is not everyone's cup of tea and requires a very high level of expertise. Moreover, Small and Medium Enterprises or SMEs that form the backbone of an economy normally can't afford and access the internal resource requirements for such jobs.

• Cost Reduction
• Improving Focus
• Lack of Internal Experience and Experience 
• Insufficient Manpower 
• Improved Quality and Compliance
• Management Advisory activities 
• Decision Making 

Functional areas of Accounting Services

1. Human Resource: Finding synergy between Accounting and HR processes often adds value to an organization and its business performance. Accounting services often help in optimizing human capital cost and succession planning 

·        Payroll Administration 

·        Leave Application Processing 

·        Data Management of Employees 

·        Employee Claims Management 

·        Insurance and Statutory deposits 

2.  Finance: Preparing Financial statements, including Balance sheets, income statements, and Cash flow statements. The scope of accounting services may also include 

·        Procurement and Supplies 

·        Receivables and Payables 

·        Customer/Supplier Order Management 

·        Invoice Processing 

·        Billing

3. Customer service: Accounting services often come with proposals for additional services that can make all internal resources free for other value-added functions 

·        Compliance Management 

·        Sales Management

·        Inventory Cost Management 

·        Asset Management

4. Tax/ VAT Management: The scope doesn't only cover regular tax filing but almost always cover long term tax planning and management services too

Selecting the right Accounting Services 

It is always hard to find an expert accountant and administering, control, and assessment of a group of accountants often becomes even harder. Few critical criteria for selecting and engaging your next accounting services should address

1.    Affordability and Cost

2.    Reliability and Trustworthiness 

3.    Past Performance and Market Reputation 

4.    Technology Employed

5.    Team Members, Experience, and Expertise 

6.    Certification 

7.    Reference and Recommendations 

8.    Duration of Association 

Technological Innovations in Accounting Services 

Dubai accounting services have come a long way since the double-entry bookkeeping system introduced some 500 years back. Artificial intelligence (AI) enabled Robotic Process Automation acronymic as RPA is now making inroads in accounting services and help achieve highly productive and error-free accounting processes.

RPA is a form of process improvement using innovative technology and, when applied in Auditing, can substitute manual audit tasks, including re-engineering of audit processes.

Areas where AI is gaining strong footholds, are

• Data Handling, Processing, and Analyzing
• Changes in organizational structure 
• Process Automation

With advancements in technology leading to lower cost, artificial intelligence impact on accounting and bookkeeping processes are going to be much more prevalent in future.