Background
A physical commodity trading company with an annual turnover of around several hundred USD approached us to set up a subsidiary in DMCC. Given the high volume and quality of their transactions, the client planned to establish an in-house finance and accounting department. Initially, they engaged InBusiness to provide outsourced temporary accounting services.
Outcome
InBusiness assigned a dedicated accountant with the same background of experience who worked exclusively with this client, splitting time between the client’s office and ours. After several months of cooperation, the client recognized the efficiency of the arrangement — in addition to the dedicated accountant, they also benefited from our tax advisory support and occasional CFO-level guidance from our Head of Department.
Eventually, the client appointed their own in-house CFO but chose to retain InBusiness as their outsourced accounting partner.
Our accountant even assisted the client in creating a customized accounting ERP system and continues to support daily accounting operations, (in the accountant/admin role), and payroll.
Building on our strong relationship, InBusiness took overfull responsibility for daily bookkeeping, ongoing accounting, bank transaction management assistance, payroll, administrative support, immigration, and tax representation. We continue to assist the client with day-to-day administrative operations and provide advice on accounting and operational matters.
These services are provided under a customized monthly retainer.
Services Provided Earlier
- Company incorporation
- Several bank account openings
- Immigration support for employees
Key Insights
The client receives fully customized accounting services through a dedicated accountant, while also benefiting from the collective expertise of InBusiness’s finance and tax team. Despite this high-level support, the solution remains more cost-effective than hiring an in-house accountant in Dubai with comparable experience.
