Hiring an accounting firm in Dubai 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 organisations outsource all the accounting work to professional firms who claim that they will solve all their accounting issues and help them 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 so choosing an accounting firm in Dubai is a very important decision. 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.
Benefits of Hiring an Accounting Firms in Dubai
Read the list below to understand the benefits of hiring an accounting firm in Dubai:
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Cost Effectiveness
Hiring an accounting firm in Dubai is much more cost-effective than hiring an accounting firm in any other part of the world.
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Accuracy in Account Statements
The accurate audit services in Dubai helps you maintain your business’s profits and loss statements; to maintain accuracy, accounting has to be done in a quiet environment because it requires high concentration. Accounting firms in Dubai will have such an environment with efficient teams who have a thorough understanding of accounting principles.
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Maintain Compliance with Accounting Standards
Accounting firms always adhere to the regulations, so this will help you maintain your business transactions, accounting methods, and other paperwork in line with the updated regulations.
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Proper Utilization of Time
Hiring an accounting firm in Dubai will ease your work of handling all the business activities that result in the inflow or transaction of money to regulators and tax-collecting entities.
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Expert Knowledge
This is the major point to be focused on because accounting firms in Dubai come with a group of experts within. The expertise of those chartered accountants will help your business manage finances properly.
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Risk and Fraud Protection
Most of the accounting firms in Dubai have highly professional people to rope in for all your process guidelines meetings, project feasibility studies, and even new client meetings for expert advice. Accounting firms in Dubai know that you have to take risk protection measures in your balance sheet and help you get it done without any difficulty.
How do you evaluate the best Accounting firm in Dubai?
Below are the points to be considered to evaluate the best accounting firm in Dubai:
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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 for.
Few firms charge a certain amount for a set of activities performed, while others might charge separately for each of the services chosen. The cost should only cover the charges for the services that are being availed, and the complete cost must not go above the profit margin.
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Specialised Areas of Business
The next move while selecting an accountant is to find out in which area the business needs assistance. Most accounting firms in Dubai specialise in a set of services like accounting, tax, VAT, and audit services to help clients get a clear picture in one shot.
It would help if you also kept in mind whether the accountant is aware of your industry or not. An accounting task performed in a logistics company is entirely different from an accounting task performed in the hospitality industry.
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Certifications Achieved
To authenticate the level of experience, you should check the certifications that an accounting firm holds. Specialists dealing with services like Tax and accounting need to hold specialised certificates issued by the accounting body of the country.
A firm that holds ISO certifications and employs certified public accountants or CPAs can benefit you in a more excellent way.
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Firm’s Advice
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.
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 lower the business productivity. The number of devices to be provided to the business management should be decided beforehand.
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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 in Dubai, it is recommended that you opt for a full-time accounting service provider as compared to a part-time service provider.
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Availability
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, which 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 are in a position to help you as and when you need their advice to tackle current business issues.
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Personal Connection
Another factor 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 fail to have a good relationship, or you are 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.
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Goal Setting
Accounting firms exist that help their clients 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 and guide you to take the necessary steps to leverage your business profits.
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Audit Support
An audit process requires your accountant to stand beside you. Be it an internal audit or an external audit service in Dubai, your accountant is responsible for representing the book of accounts on your behalf.
Some accounting firms also provide audit services in Dubai, which turns out to be much more beneficial for the clients as the professionals take care of the accounts processes entirely. The accounting firm will be able to see the complete business picture and will be able to suggest better decisions.
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Reference Status
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, meet the business requirements.
