Things to keep in mind before choosing an outsourced Accounting Firm in UAE
For every business, accounting is considered very important. Businesses these days prefer to outsource their accounts to professional firms who can solve their issues and help increase their profit. Professional firms help in maintaining the work more efficiently. Certainly there are things that have to be checked before you plan to outsource your accounting and book-keeping, as listed below:
Pricing
Handing over your business accounts to another firm involves cost. The pricing with the firm would depend on the scope of work, number of visits to the company, any changes to the already decided work or different services would be charged separately by the firms. You need to find the right accounting firm for your business, who fit within your budget.
Area of Expertise
Next thing to consider would be the expertise of the firm. You need to check the number of years of experience of the firm and in this online world, a quick reference check on
google reviews or other online reviews would help. Hiring a firm that is experienced and an expert for your scope of work makes it a smooth sailing process.
Achievements
Another important aspect would be to check the years of experience of the accountants in the firm. The certification they have and the authentication of the same could be verified. The firm that has qualified CA’s or CPA’s can be more beneficial as they would be capable to handle your account more efficiently.
Guidance from the Firm
Again, some firms would give you the basic information at the initial stage but once you get the services from them, they would keep guiding you throughout time. The amount of guidance required by you depends on the knowledge you already have, and the scope of work that you have outsourced to the firm. Having continuous guidance from your outsourced firm eases your accounting operations.
Feasibility
When choosing an accounting firm, you need to have a fair idea as to how many times you would want the accountant to visit your office. Some firms get in touch with their clients once a year during the Audit or filing of returns for the company. Some get in touch frequently depending on the requirement of the client to solve their issues more efficiently and in a quicker manner and help them with ideas for their business. Every accounting firm might have different policies when it comes to the number of visits to their clients, so while selecting the firm you need to make sure the accountant is available to clarify your doubts and advice you on any issues.
Association with the Accountant
It is very important as to how comfortable you are with your accountant when it comes to sharing your financial information of the company. If you’re not able to associate with the accountant on a personal level, then it would be better to look for different options because even if you hire a expensive firm but cannot trust with your financial information it wouldn’t give you the expected results.
Objective
When you select an accounting firm, they also help you in setting your business objective and how would you work towards achieving it. This could be beneficial when you are starting a new business in order to achieve more profits. Some firms might charge for this service and you need to find out the cost for the same.
Help in Audit
Every business has to go through the Audit and it could be stressful. In such a situation your accountant helps in representing your business and giving assurance to the client. It is more useful to the clients as the accountant would be capable to handle it more professionally.
While you are on the search for an accounting firm, you would find many such firms providing the same service but if you ask the above questions you would be able to find one of the best firms suitable to handle your business accounts without any hassle. Also, maintaining the same accounting firm is more recommendable as it would save you the hassle of sharing your financial information to a new firm.
At Flyingcolour, we help you with a complete package of Accounting, VAT, Tax, Audit, and Business Setup in Dubai and UAE that will help you define your growth in the coming future. We have expert Business Advisors and Chartered Accountants with vast knowledge that would be able to assist you in your area of business.
This article was written by Ms. Suchita, Tax Advisor from Accounting & VAT Division. You can contact us through info@flyingcolour.com or call us at 04 4542366.
