Accounting & Compliance
In the Middle East’s pharmaceutical manufacturing industry, the UAE is rapidly ascending to the top, because of the stable and secure political atmosphere and welcoming government policies towards international investment and global economic cooperation.
There is a proliferation of pharmaceutical manufacturing companies. The UAE’s pharmaceutical market is anticipated to increase by 27% as the nation strives to establish itself as a regional pharmaceutical manufacturing hub between 2021-2025.
The UAE is not an exception the fact that the pharmaceutical industry is one of the fastest-growing industries in the world.
The country itself has designated health as one of its primary priorities, and The UAE's pharmaceutical manufacturing sector has demonstrated astounding growth and advancement.
The UAE healthcare system is working to uphold the burgeoning healthcare demands coupled with the growing immigrant population.
However, administering a pharmaceutical manufacturing company while maintaining a thorough understanding of accounting and bookkeeping is challenging.
Pharmaceutical manufacturing firms that operate on a medium-sized, large-scale, or independent firm level.
If they need to prepare for tax returns, relieve their high-level personnel of sporadic bookkeeping responsibilities, or come up with a way to save money for their company, outsourcing such activities can be of aid in this scenario.
With the transforming scenarios in UAE, bookkeeping and accounting are now more essential than ever.
According to the UAE Commercial Companies Law, Federal Law No. 2 of 2015, every business must maintain accurate books of accounts and engage a registered auditor to have those books of accounts examined annually.
The new tax system, the implementation of VAT, and many other compliances are to be taken care of which shifts standards for maintaining the financial data one step up.
The manufacturing sector is the second-largest engine that drives economic expansion. Because of the constantly evolving business environment, surveillance is always necessary for the manufacturing sector.
However, clear, efficient, timely, and trustworthy accounting and bookkeeping can benefit the pharmaceutical manufacturing industry in many ways.
Some of the aids are as follows:
Batch costing
Costs associated with manufacturing and raw materials used in production make up a sizable portion of a pharmaceutical company's total expenses.
A specialized person in the field of accounting for the pharmaceutical industry who embraces the knowledge of the industry can help to keep track of your most pivotal preferences.
For instance, you can ensure that payroll, accounts payable, accounts receivable, and credit cards are all maintained regularly.
Pharmaceutical manufacturing companies can now estimate their Cost of Goods Sold (COGS) in a new way largely owing to Activity Based Costing (ABC).
The supply and demand fundamentals are affected by pharmaceutical companies' focus on competition. As can be seen in reputable pharmaceutical companies, generic medications in this sector likely result in cost savings.
The pharmaceutical manufacturing industry has experienced unmatched development despite the various hurdles following the epidemic.
The pharmaceutical industry has experienced significant advancements in its processes as a result of technological advancement.
The implementation of an ERP system has helped a lot in assorting and strategizing the same. It can help in the following as well:
ERP may help pharmaceutical manufacturing organizations by automating TDS and tax computations.
An organization needs to know how far down the path to success they are by looking at the general ledger, cash flow statements, profit and loss statements, balance sheets, and other crucial financial documents.
Accounts receivable, payable, audit trails and other ad hoc duties are other ways that the ERP aids.
Outsourcing accounting and bookkeeping services ensures proper financial governance and controls.
All under leading commercial and tax legislation, industry standards, and current trends while managing financial operations and reporting in accordance with the group's standards, regulatory bodies, and agencies.
Many more activities that outsourcing can help with are listed as:
The UAE government intends to boost domestic pharmaceutical manufacturing. The UAE's pharmaceutical manufacturing market is anticipated to expand gradually and significantly in the upcoming years as a result of the expanding demand for superior healthcare from the country's expanding population.
Accounting and bookkeeping services in Dubai, United Arab Emirates are topnotch. The outsourced organization not only provides a wide range of bookkeeping and accounting services throughout the UAE but foreign entities too.
Technology-driven specialists endeavor to comprehend the intricacies of your firm. The outsourced organization provides tailored solutions to your demands and comfort level.