Keeping a continuous track of all the business transactions can be a tedious job. However, the non-maintenance of such transactions will lead to a difference in the business calculations and relevant proceedings. These business calculations are important for the management to decide the future path for the business.
The business owners and entrepreneurs prefer the option of such calculations and bookkeeping services to a third party so that they can make better utilization of the time available to them. Now, hiring or selecting a professional firm to handle such functions of the business can be a tough decision for the management. To ease this process for the businesses and to understand things a business should look for, this article provides the relevant aspects that you need to have a look at before choosing the professional expert for your business services. Let’s dive in.
Things to look for in a Bookkeeping Firm
There are many things to look for in a bookkeeping firm before availing of their services. Deciding to avail such services can be a very important decision as these calculations form the basis of all the reports of the company and using these reports all the major decisions such as budgeting, management, expansion etc. are decided.
Some of the important factors to look for before taking their services are:
Reputation and Standing in the Market
The reputation of the firm plays a very important role in deciding which bookkeeping firm you should choose. The management should check whether the firm has been approved by banks as an approved auditor, how many free zones it is listed in, how old is the firm, how many offices the firm holds in the UAE, etc. It is a well-documented fact that companies of smaller size and of a lower repute often run away or are closed down quickly and because of this, a company may lose all of their accounting data.
The management of a company needs to have a look at the cost of availing the outsourced bookkeeping services of the professional firm. Now, if your analysis has given the result that the cost is feasible, still you should not stop the analysis and furthermore, the management needs to check the quality of the services provided. Take a moment to analyze the price range, as well as the quality of service that the experts have promised to deliver.
Many a time a business only requires selected services in which case there can be a huge decrease in costs which will, in turn, increase the profitability of the company.
A bookkeeping or accounting firm holding a certificate from the recognized bodies provides authenticity regarding their work process and quality of services served. Make sure to proceed ahead with a certified firm to carry out your business services accordingly. The firm should be equipped with the knowledge to serve the business in the best possible way.
It is a fact that the accounting and bookkeeping firms also provide other services like business planning, VAT, financial restructuring, etc. which are directly or indirectly related to a business. However, it is essential to understand the KPI (Key Performance Indicator) of a business entity before you finalize a business deal. You need to understand the specializations that the firm holds, and then have a cross-check with your business requirements.
Way of Approach
In the market, there are multiple accounting or audit firms that promise to deliver fast services to their clients. However, selecting one from them is may not be the right choice, you need to have a look at the way of their approach. This will help you to understand their quality and also you will get clarity regarding the process that they will be initiating.
Quality of Service
The whole idea of proceeding ahead with a bookkeeping firm is that your business records are maintained in a professional and sorted way. The quality of service matters a lot because that is what you have paid the relevant fee for. Before selecting a bookkeeping firm, make sure that you know about the quality of their services through different mediums like testimonials, certificates, etc. Having this assurance will help you to gain a sense of confidence that your business records are in safe hands.
Imagine a scenario wherein you have paid the relevant fee, but then, over a period, you are not able to reach out to your business partner. While choosing a bookkeeping firm, keep in mind that you need to check the accessibility parameter to a great extent. This will help you to clarify your business at the right time. On the other hand, if the business partner finds out any loopholes, it becomes easy for them to communicate and inform the issue.
So, by now, you have got a complete idea of the various parameters that need to be checked before proceeding towards a bookkeeping firm in Dubai. It is essential to understand that you are not only selecting a business partner to take care of your accounts but also you will be revealing the confidential details with the third party. Once you invest, you need to avail of the services at any cost. So, the smarter option is to proceed ahead with a business partner who holds a reputation in the market, is certified, and can simplify the tough-end process for you.
How Can We Help?
JAXA has been focusing on providing the best and easy bookkeeping, accounting, and audit process to its esteemed clients. Since its inception, we have been delivering the best business records services to numerous clients across the UAE. Our accounting and audit experts take the utmost initiative to understand the business requirements and provide tailored solutions accordingly. In case you hold any query or want to implement the accounting or bookkeeping services in your business entity, feel free to have a word with our business experts. Contact us today-we’d be glad to assist.