A helping hand in accounting can bring a new twist to your business and can make the business proceedings easier. In recent times, it has been seen that most corporate organizations outsource all the accounting work to professional firms who claim that they will solve all their accounting issues and help them to leverage the current business scenario. It is to be kept in mind that the accounting department is one of the core departments of any business and holds confidential information related to business structure. Outsourcing helps to manage the work professionally, but before you take the initiative, certain aspects are to be considered. If you are also planning to outsource your accounting books, do figure out the answers for the below- mentioned areas.
Amount of Fees Charged
When it comes to outsourcing, it involves cost. Before delegating the company’s confidential information, the amount of fees charged by the consultant needs to be checked. The accounting fees vary from firm to firm. It might also differ according to the services opted. Few firms charge a certain amount on a set of activities performed, while others might charge separately on each of the services chose. The cost should only cover the charges of the services which are being availed and the complete cost must not go above the profit margin.
Specialized Areas of Business
The next move while selecting an accountant is to find out in which area the business needs assistance. Most of the accounting firms specialize in a set of services like Accounting, TAX, VAT, and Audit that helps the clients to get a clear picture in one shot. It would help if you also kept in mind that whether the accountant is aware of your industry or not. An accounting task performs in the logistics company is entirely different from the accounting task performed in the hospitality industry.
To authenticate the level of experience, you should check the certifications that an accounting firm holds. Specialists dealing with services like Tax, Accounting needs to hold specialized certificates issued from the accounting body of the country. The firm that holds ISO certifications and employs certified public accountants or CPA’s can benefit you in a more excellent way.
It is to be kept in mind that some of the accounting firms advise at the initial stage and once you avail the services, they work along with you guiding you at every step. While on the other end, there are other firms wherein once you avail the services, they start paying less attention to guiding you to the necessary steps that ultimately lowers down the business productivity. The number of devices to be provided to the business management should be decided beforehand.
Level of Service
The next query that you should figure out an answer to is related to the service that will be provided by the firm. If you are looking for a complete set of accounting services, it is recommended to opt for a full-time accounting service provider as compared to a part-time service provider.
Few accounting firms do get in touch with their clients once a year of tax filing. On the other hand, some firms get in touch with their clients frequently, at regular intervals that helps the clients to solve their business doubts and plan further for their business growth. So, while selecting an accounting firm, make sure that they should be in a position to help you as and when you need their advice to tackle current business issues.
Another factor that is to be looked into is whether you are comfortable with your accounting partner or not. If you hire the most expensive accountant in the country but are failing to have a good relation, or not able to be in the sink to discuss confidential issues, or there exists a lack of bonding, then things will not work for your business needs.
There exist accounting firms who help their clients to set business goals and then monitor them accordingly. While choosing your accountant, make sure that you want the one who can show you a path, guide you to take the necessary steps to leverage your business profits.
An audit process requires your accountant to stand beside you. Be it an internal audit or an external audit; your accountant is responsible for representing the book of accounts on your behalf. Some accounting firms also provide audit services, which turns out to be much more beneficial for the clients as the professionals entirely take care of the accounts processes. The accounting firm will be able to see the complete business picture and will be able to suggest better decisions.
A business always looks for well-experienced accounting professionals, and a satisfied client indirectly helps the accounting partner to grow by referring it to other business associates by word of mouth. If you are looking for an accounting firm to take care of your business books, make sure that the firm has enough references, which will ultimately help you to lift your business to the next shift.
While initiating the steps for choosing an accountant, you might come across multiple accounting professionals who will ask you to avail of their services. However, if the questions mentioned above are asked before choosing an accountant, it will help you to choose the best one. An accounting firm that provides an overall service is recommended to choose. Being in touch with the same partner will help you as well as the accounting partner to meet the business requirements.
We at JAXA are here to help you in this matter by providing a complete package that includes Accounting, VAT, Audit, and Tax, Business Restructuring process that will ultimately help your business to furnish and grow flawlessly. We stand as one of the best accounting firms in Dubai and our experts hold in-depth knowledge in the respective fields and will guide you at each step. To have a word, do contact us-we’d be glad to assist.