Accounts Payable Outsourcing Services in Dubai

Accounts Payable Outsourcing Services (APOS)

Maintenance of financial records and internal controls is a given when it comes to the financial health of a business. In the UAE, it is a crucial part of owning a business. Accounts payable are an inherent part of any business, encompassing payments to employees, vendor management, any form of outstanding payments to entities, and some more. 

Handling accounts payable can be a herculean task- which is why often companies outsource it to a competent and independent firm that excels in all things finance-related. Outsourcing your accounts payable to an independent firm like CDA is a very efficient way of saving time, money, and resources as well. 

Independent firms like CDA in Dubai provide for a wide range of Accounts Payable services like invoice processing, outstanding payment processing, vendor management, reconciliation, etc. For any business owner with a huge Accounts Payable roster, it is highly advisable to get in touch with a reputed firm in the market- especially if your business is large or growing exponentially. CDA is a reputed, convenient, and efficient firm that specialises in providing services like these suited to growing businesses.

Benefits Of Outsourcing Your Company’s Accounts Payable Services

There are a number of benefits to outsourcing your accounts payable to another entity in Dubai. With regards to the company, it takes off the burden of excess strain, and if it is a large business- with many stakeholders and vendors, it is just easier to delegate this humongous task to a third party. Following are some of the tasks that can be handled by the Accounts Payable Outsourcing Services (APOS) provider in Dubai.

• Receiving and processing invoices
• Matching invoices to purchase orders
• Approving and paying invoices
• Managing vendor relationships
• Reconciling and recording accounts payable accounts
• Making timely payments to entities and employees

Qualities of an Accounts Payable Outsourcing Services Provider

While there are numerous reputed and independent firms in Dubai that provide a range of services, including APOS, it is important to make sure of a few things before consulting them for your company. One reliable firm specialising in business finance and APOS is CDA.

• Experience and expertise: 

A proven track record of success in outsourcing accounts payable services- especially in Dubai, is crucial for any independent firm. Experience matters a lot- and the presence of seasoned professionals at a firm is a bonus for any business requiring APOS. CDA checks both of these boxes.

• Compliance: 

The firm should be familiar with the new accounting requirements in Dubai and have the expertise to help businesses comply. CDA takes compliance very seriously- since compliance is one of the biggest requirements of the current market, this is non-negotiable.

• Security: 

From day one, robust security measures should be in place to protect businesses' data. In the modern world, data is power; any kind of data that is out there can cause potential harm to businesses. CDA, as a rule of thumb, prioritises confidentiality and privacy.

• Technology: 

CDA uses the latest accounting technology to automate and streamline the accounts payable process. This makes the process even smoother and takes much less time.

Apart from these, firms providing account payable services should be licensed and regulated by the Dubai authorities. Compliance with the market laws is a given, but at the same time, the firm you choose to represent your company should also be regulated periodically under the jurisdiction. 

At CDA, we initiate by rolling out a detailed contract, listing the time period of the process, the expanse that needs to be covered under the services, the cost involved, and the termination terms of the contract- clearly highlighted and understood between both parties—before taking up to manage the Accounts Payable Services for your business. 

CDA’s Accounts Payable Outsourcing Services

At Charles and Darwish Associates, we house experts to tackle each and every professional need for businesses, including APOS. In itself, Accounts Payable Outsourcing Services (APOS) is a service catered to make businesses run smoother; however, it can be fragmented into further pieces to make it smoother to run and process everything- and this is how our process goes:

• Accounts Payable workflow setup: At the very onset, a detailed process on setting up the wheels to function for the specific business’ Accounts Payable gets initiated. This also includes understanding the entire workflow and internal controls of your business beforehand.

• Invoice management processing: This includes receiving, scanning, and extracting data from invoices, as well as matching invoices to purchase orders and other supporting documentation.

• Payment processing: making payments to vendors on time and accurately using a variety of payment methods, such as check, Automated Clearing House (ACH) payments, and wire transfer- is a core task in APOS and requires good management and precision.

• Vendor management: This includes managing and onboarding new vendors, negotiating contracts, and resolving disputes.

• Employees expense processing: In any business, it is crucial to review employee expenses as well- this includes cafeteria, employee travel expenses, and more. Reviewing and managing this is important when mapping out the setup. 

• Project cost management: New projects are part and parcel of business- reviewing the cost of these projects periodically is also important to manage accounts payable for your business.

• Reconciliation and Records: This includes reconciling accounts payable to ensure that records are accurate and complete. At the same time, management of those records is crucial for your business- for future review.

In addition to these, for APOS, at CDA, we also make sure to check some extra boxes for you-

• Fraud detection: CDA’s experts use sophisticated and newest generation digital tools to identify and prevent fraudulent invoices.
• Tax compliance: Our responsibility is to assist your businesses in comply with all applicable tax laws and regulations in the Dubai market.
• Reporting and analytics: CDA Dubai provides businesses with periodic reports and analytics that may help you improve accounts payable performance and reduce costs.

Walk In Confidence With CDA 

Dubai is now the epicentre of the UAE’s commercial boom. If anything is guaranteed here, it is that businesses find extremely stable ground to forge their base and then move ahead. With a growing business, it becomes difficult to track and operate a lot of processes while focusing on growth at the same time.

This calls for outsourcing some tasks to independent and reputed firms- CDA for example, specialised in a large array of services- from auditing to accounts payable outsourcing services. This saves a lot of money, time, and company time as well! If you own a growing business in Dubai and are looking to outsource the accounts payable, look no further- CDA is your one-stop solution to all things related to financial outsourcing.