Tips for Choosing the best-fit Bookkeeping Firm for your Business
24

Mar 2020

The UAE is one of the leading business hubs in the world. Accounting and bookkeeping services are of significant importance for any business firm irrespective of its size and demographics.

Many businesses fail to survive the competition and thrive mainly due to two reasons. The inadequacy of-

  1. Timely or pivotal or accurate reports
  2. Confidential accounting reports generated, which helps the business make well-informed decisions.

Is Outsourcing the Best option for your Company?

Outsourcing is a recommended option to keep your UAE-based company’s records in track because it is carried out by a professional who is qualified, trained, and experienced. They can do the job more cost-effectively and efficiently. Keeping the account books of the previous five years is mandated in the region. This, as well as VAT, make accounting a vital function for any business firm in Dubai.

The right accounting and bookkeeping firm can facilitate your business with not just tax accounting services, but also long-term business-planning, tax-planning, networking, and personal tax designing if you are foremost neutral in your industry.

Why should you Outsource Bookkeeping Services?

Instead of hiring a new employee or handling a team of experts for your company’s bookkeeping needs, outsourcing is the trending and more reliable option to choose. The reasons for this are listed below.

  • Time-Saving
  • Skilled Individuals
  • Improved Cash Flow
  • Avoid Mistakes
  • Cost-effective
  • Efficient handling of VAT and general Tax

What shall you Consider while Choosing among Accounting and Bookkeeping Service Firms?

●Qualification

A firm qualification is not a necessity to be an efficient bookkeeper. However at least a minimum of one-year bookkeeping diploma or an equivalent works while differentiating between potential competitors in the sector. Having some accounting qualification like B.Com is worthwhile if the bookkeeper can handle non-routine accounting issues. Hiring someone from an efficient team of CA (Chartered Accountant) to take care of your entire accounting, bookkeeping, and financial needs are your way to go.

●Reputation and Reference

The best gauge to understand whether a firm is reliable and trustworthy or not is its reputation. Nevertheless, the main issue is that many bookkeepers operate exclusively, and can move from one firm to the other with no brand or code of conduct to adhere to. Don’t hesitate to ask for testimonials, and your service provider is liable to respond while requesting a reference.

●Experience

Any experience is an added-advantage while choosing a bookkeeping service providing firm. But remember that the firm you are choosing must specialize in your type of business. A bookkeeper with hands-on experience or at least knowledge of the accounting software used in your company is beneficial since entrepreneurs often don’t have the time to train a bookkeeper about their accounting systems or software.

When choosing a CA (Chartered Accountant), they will have at least three years of experience completing their articles at an auditing firm. Therefore must have at least attained some valuable knowledge of different accounting software/system.

●Reliability

Hiring a bookkeeping service from referrals or previous customers or employees is recommended as many bookkeepers/ accountants leave you in a lurch when they take a holiday or fall ill unexpectedly.

●Cost-Effectiveness

Compare the prices and the pattern of charges levied by different accounting and bookkeeping firms. Some firms charge a specific fee for every financial task they perform. However, some firms charge per minute and call you to make to the accountant, which can effectively increase the bill you pay. Explore and choose the option that suits your company’s requirements.

● Regulation

If a governing industry body administers a bookkeeper, it goes a long way to ensure they adhere to a code of ethics and conduct. Make sure the firm is registered in significant UAE free zones and well-equipped to carry out professional services in all the Emirates of the United Arab Emirates. Make sure the firm you hire is registered, has a licensed CPA, and a lawyer specializing in tax law. Later, you can do your own follow up to ensure these memberships are valid.

●Level of Service

If you are looking for a firm for your complete bookkeeping or accounting services, choose a firm that offers comprehensive information about accounting and bookkeeping for your business. These firms employe bookkeepers that handle everyday transactions.

●Audit and Consulting Services

Having an accountant by your side while facing an audit or having an accountant as a consultant for your firm helps deal with the quick suggestions needed for your company. Hire a company that accommodates an accountant in time of need for your company.

Jaxa Chartered Accountants are one of the top firms providing accountingbookkeeping, taxation, VATpayroll, and other such financial and legal services in the UAE region. To avail accounting and bookkeeping services for your establishment, have a word with one of our experts now. For further information and assistance contact us.