How Much You Can Save With Outsource My Accounting?

How Much You Can Save With Outsource My Accounting?

 

In order to better explain how much on average you can save with Outsource My Accounting, we did research about average accountant salary in Dubai using Payscale.com (January 2019).

Beside basic salary, to have a more complete picture of having an accountant on board we also included indirect costs (everything except the salary) into the calculation. Other costs left out of the calculation are the cost of office space and gratuity.

 

Use the money you save with Outsource My Accounting to acquire new customers

 

In-House Accountant

OMA Accountant*

AED 8484/month

AED 4000/month

AED 101800/year

AED 48000/year

Salary = AED 72000**

Management

Visa and Government Fees = AED 6300

Supervisor

Medical Insurance = AED 2500

Software

Air Tickets = AED 2500

Infrastructure

Paid Annual Leave (1 month) = AED 6000

53% Cost Savings

Paid Sick Leave (15 days) = AED 3000

Computer + Phone + IT Support = AED 3500

Recruiting/Hiring Costs = AED 6000

* The final price depends on other factors such as the size of the business, the number of employees, etc. and other aspects that are possible to determine only after conducting a proper business assessment.

** Average accountant salary in Dubai (round to AED 6000), source: Payscale.com

Job Description for Accountant

Accountants perform financial calculations for companies in a wide variety of fields. Some common duties include creating sales and cash flow reports, administering payroll, keeping balance sheets, carrying out billing activities, managing budgets and keeping inventory. The accountant may also be responsible for filing taxes for the company, as well as reviewing past reports to generate income forecasts.

Occasionally, internal audits must be carried out to make sure that the various areas of the company are performing as expected; the accountant must also make sure that staff members are adhering to company policies and relevant laws. The accountant should be able to create accurate, detailed reports to illustrate data; sometimes, these reports have to be presented to management. The accountant may oversee the financial transactions of one department or multiple departments within their organization.

A bachelor’s degree in accounting is required for this position, as is status as a certified public accountant (CPA). Previous accounting experience is generally required or preferred as well. Knowledge of accounting software such as Quickbooks and Microsoft Excel is needed. Additionally, many of the accountant’s tasks are performed independently so it is essential to be self-motivated; however, collaboration is necessary, and the accountant must be able to work as part of a team. (Copyright 2019 PayScale.com)

AccountantĀ Tasks

  • Prepare and post entries to the general ledger and manage the monthly close process.
  • Prepare and implement audit schedules and process re-engineering to reduce financial errors.
  • Reconcile balance sheets, accounts, and invoices.
  • Prepare monthly, quarterly, and ad hoc reports with variance explanations.

Source: Payscale.com

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