Real estate accounting builds a pathway for the real estate business to grow ahead. Selective measures and techniques are used to figure out the best possible ways to leverage the profit and expand the business. Most of the business owners are taking the help of professional accountants to carry out the accounting activities, which turns out to be a flexible and easy option. However, before partnering with a third party, you need to check specific parameters, and if the conditions are met, then you can give a green go. This article will focus on six specifications that you need to check before handing over your real estate accounts to an accounting firm. Let’s get started.
Get an Idea Regarding the Experience They Hold
This turns out the first criteria where you need to check the level of experience the accounting firm holds. High-level of expertise will give a surety that the firm is well-versed with the accounting rules and regulations, and cater to your needs adequately, and this will also provide confidence in receiving error-free accounting records. On the other hand, if the task is assigned to a new player in the market, the risk gets increased.
Newly established accounting firm fails to gain a deeper understanding regarding the competition prevailing in the market, and might also deliver accounting records with errors. So, it would be best if you are careful enough to select an experienced accountant.
Check the Approved Certifications
When it comes to the accounting profession, certifications are issued to the accountants that highlight the capability of the accounting firm to carry out the accounting activities. In Dubai, the accounting firm holding certifications issued by ICAI, CMA, ACCA, CIMA, DAC, IAF, ISO etc. can be chosen to handover the accounting activities. This provides a surety that the accounting firm is capable enough to deliver the desired results and will help you to boost your business.
Check the Area of Expertise
An accounting firm, they do end up dealing with other services as well along with accounting services like Auditing Services, Tax, VAT etc. Before selecting an accounting firm as your business partner, you need to check the area of their expertise, which will help you to understand whether your business needs will be met or not. If an accounting firm is an expert in several domains, then you can hand over the complete company books to one firm. This will save time and money, as you might have to pay more while dealing with multiple firms specialized in different areas.
Strategy Building Capability to Grow Business
The next parameter that needs to be considered is whether the accounting firm will help you in building business strategies or not. The task of any department gets outsourced with a belief that it will increase the business profits. Only performing the calculations don’t complete the entire scenario. An accountant should analyze the company records and should act as a guide to inform you of the business strategies, business valuation that can help you to maximize the organization’s profit.
Nowadays, technology is used by every possible business domain as it has made the manual task much more comfortable. When it comes to accounting, customized software are available in the market that can give a more in-depth analysis. While selecting an accountant, you should keep in mind that the accounting firm is technologically sound and does use the latest accounting software to meet the business requirement.
Check the Client Portfolio
Last, by not least, you should never forget to check the client’s portfolio of an accountant. The client list reflects the overall expertise level of an accountant. If an accountant has got a portfolio of clients dealing with a large number of satisfied clients, then you can trust the accounting firm as they will be an expert in their area, and can also help you in leveraging your business growth.
In short, we can say that the aforementioned parameters turn out to be fruitful in regards to selecting a requirement for your real estate business. In a real estate business, you need to be dealing with a large number of clients, and to maintain an accurate record for each, turns out to be a challenge. At JAXA Chartered Accountants, accounting experts deal with this challenge to make more comfortable for the clients to suit their business needs.
The expert’s team take deep interest to know a business organization thoroughly and then cater accordingly to the business needs, which makes us one of the top ten consultants in Dubai. To have a word with our experts, do contact us- we’d be glad to assist.