A helping-hand in accounting can bring a new twist and turns to your business. In recent times, it is seen that most of the corporate organizations outsource the accounting department to professional firms who claim to solve their accounting issues and help them to leverage the business profit. It is to be kept in mind that the accounting department is one of the core department 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.
1.Amount of Fees Charged
The cost of the service plays a critical role. Before delegating the company’s confidential information, the amount of fees charged by the consultant needs to be checked. The accounting fees differ from firm to firm. It might also differ according to the services opted for. Few firms charge a certain amount on a set of activities performed, while others might charge separately on each of the services opted.
2.Specialized Areas of Business
The next move while selecting an accountant is to check if the accountant is an expert in specialized areas of the business. Most accounting firms are specialized in a set of services like Accounting, TAX, VAT, Audit, which helps the clients to get a clear picture of the business in one shot. It would help if you also kept in mind that whether the accountant is fully aware of your industry or not. This is because of the difference an accountant in a different company can face. 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 much greater way.
It is to be kept in mind that some of the accounting firm advice 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 pay less attention to guiding you the necessary steps, which ultimately lowers down the business productivity.
5.Level of Service
The next query that you should figure out an answer 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 for the purpose of tax-filing. On the other hand, there are firms that 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 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 sync 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 choose 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.
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 number of 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, 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.