The function of accounting is the most time consuming and basic of all but is considered as one of the most critical tasks that need to be performed by a business. This function can be performed by you but if you really want your business to flourish and do not want to take any chances, you are required to avail the services of a firm which would provide accounting and bookkeeping services to you.
However, choosing an accounting and audit firm in Dubai is a significantly difficult task than it seems. The accounting firm selected will be deciding the future of the company, and one wrong decision on your part would lead to certain doom for the company.
There are specific points that should be considered by you before availing the services of any of the accounting and auditing firms in Dubai.
Factors to be Considered
Here are a few essential points that should be considered before actually hiring or outsourcing the accounting services from an accounting firm.
1.Fees
This is the first thing that needs to be considered by a business before availing accounting services in the UAE. The fees of the accounting firm play a major role in deciding which type of services would be availed. The company would be working under a set budget, and the services need to be chosen according to it. A firm which would provide the flexibility to select which services are required should be chosen as it would cost you less and your business would utilize the service completely.
2.Future Vision
Your vision for the future of the business should be clear and the efforts of the outsourced accounting firms should align themselves with the growth of the business. Before selecting an accounting firm, we should be clear as to how can they help the business in growing and achieving the set targets and goals. If the firm visualises the goals of the company and is ready to work for the betterment of the company, the particular firm should be selected.
3.Extra Benefits
Sometimes along with the needed accounting and bookkeeping functions, the hired or outsourced firm also provides many other services such as VAT services, TAX services, Payroll services, etc. without any charge. The free services are just the necessary services and can be added on or extended according to the need of the business. If the client likes the basic extra services of the hired accounting firm, he can avail the complete set of the services and pay accordingly.
4.Specialities
Every accounting firm specializes in a branch of accounting and offers better service in comparison to others. You need to be clear on the different specializations of the accounting firm and hire a firm according to it. This specialization may be in terms of a particular branch of accounting, a particular sector or just the situation that the company is in.
5.Customer Support
This means how often can you communicate with the accounting firm. It may be possible that your business may require sudden and immediate information, but the hired accounting firm is busy and is unable to establish any form of communication with you. In such a case, your business would be unable to produce the required information at that particular point in time which could lead to substantial losses. Thus, it is very necessary that such a firm is hired which is easily accessible at all times.
6.Service Level
Not all businesses require the same level of service. It is not one size fits for all situation. It is preferred if the firm has the elasticity to offer various levels of services. This usually includes different bundles of services packaged as one single pack. Different packs serve different needs of the companies. Depending on the type of services required by the company, you need to select the particular package relevant to your business.
7.Reviews
This is a very old fashioned but a sure-fire technique of knowing about an accounting firm. To save time, you can ask your friends or previous clients about the services availed. According to their experience, we can choose to either avail their services or look for any other accounting firm.
An entrepreneur needs to keep the above-mentioned factors in mind before selecting an accounting firm to support their growth. The proper analysis of the data of the company and its reporting provide a very important insight into the workings of the business. With the implementation of VAT in UAE, the businesses need to keep more elaborate accounting records so that they do not face any difficulties in the future.
If you are looking for accounting and bookkeeping services, then you can avail accounting and bookkeeping services from “JAXA”. We stand as one of the reputed chartered accountant firms in Dubai and provide financial advice in Dubai, and can help you by providing outsourced accounting and bookkeeping services in Dubai. Moreover, we offer customized solutions for your accounting and auditing problems. For more information, do contact us today – we’d be happy to assist.