Outsourcing the finance function has become an increasingly popular option for businesses looking to reduce costs, improve efficiency, and free up internal resources. In the UAE, many small and medium-sized enterprises (SMEs) are turning to outsourcing to help them manage their financial operations. In this blog post, we will explore the advantages of outsourcing finance function in the UAE with expert firm, along with some relevant market data.

Cost Savings

Outsourcing your finance function can save your business significant amounts of money. By outsourcing, you can avoid the costs of hiring, training, visa cost and other regulatory expenses retaining in-house staff. You also eliminate the need for expensive accounting software and infrastructure as expert firm come up with sophisticated solutions. Additionally, outsourcing allows you to pay only for the services you need, on a flexible basis.

According to a recent study by Deloitte, businesses can achieve cost savings of up to 60% by outsourcing finance functions. In the UAE, where the cost of living and salaries are high, outsourcing can be an especially cost-effective option for SMEs.

Improved Efficiency and Accuracy

Outsourcing finance function can improve the efficiency and accuracy of your financial operations. Expert firms have the experience and expertise to manage your finance function effectively, ensuring that your financial reporting is accurate, timely, and compliant with local laws and regulations.

Furthermore, outsourcing finance function can free up your internal resources, allowing your team to focus on core business activities. This can lead to increased productivity and profitability.

Access to Expertise

Outsourcing finance function gives you access to a team of financial experts with years of experience in the field. These experts can provide valuable insights and advice on financial management, tax planning, and business strategy.

In the UAE, where the regulatory and tax environment can be complex, outsourcing finance function with an expert firm can help you navigate these challenges more effectively.

Scalability

Outsourcing finance function allows you to scale your financial operations up or down as needed. This can be especially valuable for SMEs that are experiencing growth or facing financial challenges.

Expert firms can provide a range of services, from basic bookkeeping to complex financial analysis and reporting. They can also adjust their services to meet your changing needs over time.

Market Data:

According to a report by Allied Market Research, the global finance and accounting outsourcing market is expected to reach $188.7 billion by 2027, growing at a CAGR of 8.4% from 2020 to 2027. The report also notes that the Asia-Pacific region, including the UAE, is expected to experience the highest growth rate in the coming years.

Furthermore, a survey by one of largest accounting firm in the UAE found that 63% of UAE businesses have outsourced their finance function to some extent, with cost savings being the primary driver. The survey also found that businesses in the UAE are increasingly outsourcing complex finance functions, such as financial planning and analysis.

In conclusion, outsourcing finance function in the UAE with an expert firm can provide significant advantages for SMEs. These advantages include cost savings, improved efficiency and accuracy, access to expertise, and scalability. With the global finance and accounting outsourcing market expected to continue to grow, outsourcing can be a valuable strategy for businesses looking to manage their financial operations more