When I relocated from London in the UK to Dubai to grow my business, Alpha Pro Partners, in 2017, value-added taxes (VAT) were only being implemented in the UAE, which sent the demand for financial assistance skyrocketing. Today, we are seeing the introduction of corporate tax, which has prompted another surge of accountants.

Along with enhancing its tax system and tax structure, as well as enhancing its tax system, the UAE has strengthened its status as a world commercial center by expanding its economic substance framework and also introducing new regulations for areas like protection for employees. In the process, more companies are choosing to make Emirates their base of operations.

As per the Government of Dubai Media Office, Dubai is the most sought-after destination in the world to attract foreign direct investment (FDI), attracting around $14 billion in the first quarter of 2022. It is also the top destination for FDI. UAE has also been ranked top worldwide by the Global Entrepreneurship Monitor’s report for 2022 as having the most favorable place for start-ups and entrepreneurs.

In this scenario, accounting professionals are what Steven Kachelmeier, Chair of the Accounting Department at the University of Texas, describes as “the referees of business,” with the business sector booming and regulations growing, the outlook is very positive.

However, even if the region requires more accountants, it doesn’t mean that doing it alone is simple. One of my main concerns was setting up the system, which was relatively simple. Furthermore, the procedure, along with incentives, is improving every day. The majority of this can be accomplished without the need for an expensive set-up agency, and many affordable PR officer (PRO) services can assist.

It was other, more unrelated issues that created problems in the beginning. One of them was locating sufficient correct customers. Although it’s a tough decision, it’s essential to recognize that the client is sometimes wrong, and dealing with bad people costs the company money. We’ve encountered many clients who attempted to set unrealistic expectations, made payments late, or behaved non-professionally before we had the confidence to choose our clients carefully. If you want to remain profitable, it pays to pick your clients with care initially.

Be sure to determine your target market correctly instead of trying to reach different types of businesses and industries. Select the ones that match your expertise and interests. Focusing on that will allow you to create an area of knowledge, craft an effective value proposition and connect with them effectively. Our primary focus has been supporting SMEs in achieving their goals in business. As we’ve diversified geographically and diversified into different sectors, we’ve always had the same destination at the forefront.

Another aspect that is difficult to track is managing your area of responsibility. Pay attention to clients who often need additional information you didn’t agree on or offer data with a format different than the requested information. It’s the same if their transactions increase suddenly without notice- all of which takes time to deal with. Be aware of what’s within and beyond the area of responsibility, and ensure they know what is costing them extra. Delivering good customer service isn’t about doing work you’re not getting paid for.

These challenges are all part of owning your own company, and that’s an important aspect to consider. If you’re an entrepreneur, managing your company is the first thing you’ll be doing, and you’ll likely have a shallow level of accounting when you expand. Consider a different path if you’re a fan of working in the frontline but need more time. As you grow, think about these aspects:

• Digitalization has made data-driven processes that allow accountants to work more efficiently. Pick a reliable, simple-to-use accounting software (I discovered Xero as the most accessible and efficient) and use the time you’ve saved to increase value to your clients in other fields.
• Accounting can be described as a person-centered company. Ensure you recruit and develop the top individuals to stand out from your competitors. It’s possible to recruit interns and juniors. However, they must be at most five percent of your staff.
• If you’re ready to explore new markets, consider the possibility of a merger with a different company or seeking suitable partners. In a solid business relationship, 1+1 is more than. Together, you will be able to achieve more than you would have your efforts joined.
• Take a look at an advisory. This is a significant growth sector for accountants, and clients appreciate companies who can offer a greater understanding. The ability to crunch numbers is beneficial, but the way you do with that data is the real issue.
• Consider your client’s company like yours, especially if you’re working with other SME owners – your work can affect their financial situation.

Cost-effective and requiring minimal capital investment to start accounting is among the most popular and lucrative small-business industries. If you have the right ingredients, right now is the best opportunity to reap the benefits of the region’s rapidly maturing economies.