Accounting Profession In UAE
The accounting profession in UAE has been growing remarkably with the growth of UAE. During the early days of formation of the country most of the accounting profession was held by Asians. With the expansion of UAE so has the diversification of accountants in UAE.
ERP Accounting: The manual book keeping of the early days has been forgotten after the arrival of ERP. With more and more business opportunities and accountants from all over the world we can see use of variety of ERP in the region. International software from SAP, Oracle, Sage, QuickBooks, Peachtree to regional specific software’s like Tally, Focus, etc to locally focused software’s like Comrade.
Budgeting & Analysis: The initial purpose of having the accountant from a business man was just to understand the profitability of the business and to understand the financial position. But today the role has increased to budgeting, analyzing, costing, etc.
MIS Reporting: There is lot of MNC’s operating in UAE and they have instilled the culture of MIS Reporting in the region. Hence monthly closing of the books of accounts has also gained lot of prominence.
Leadership: Cash is the Life-blood of any business and since accountant is the one who operates the cash in the business his role has been increasing. The role of an accountant is growing in the negotiation with financial institutions, suppliers, customers and other key stake holders. The UAE has a very powerful SME sector and most of the time accountant are the finance managers of the company.
International Accounting Standards: The UAE follows international accounting standards and hence the knowledge in them are very important in maintaining books of accounts.
International Transactions: Dubai is a trading hub dealing with many countries and hence the accountants need to be aware of the work timings (Sunday is a holiday in west while it is not in UAE), the currencies, forex gains and losses, etc.
The role of the accountant is becoming more dynamic in nature and hence the growth opportunities too in UAE. The educational qualification of the new accountants in search of jobs is remarkable and hence is the competition for a good job.