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Aug 2020
To make the company a successful one, the management should pay close attention to the finances of the company and how they are handled. Initially, the funds of the company can be managed by the owner of the company, but as the size of the company grows, the finances of the company become more complex. At this time, you need to avail of the services of an accountant and also of a reputed auditor.
Depending upon the type of business conducted by the company and the various other requirements of the country, a proper accountant and bookkeeper are required. These will not only help in the appropriate recording and analysis of all the financial transactions of the company but will also help in the preparation of reports which will be later required by the management to file for taxes.
For proper and accurate tax filing, an auditor must be hired as he will be in a better position to clarify all the questions of the customer. An auditor will help the management of the company to understand what is happening with the company and how they can change the present situation.
Factors to Look for in Auditors and Accountants in Dubai
Certain factors should be kept in mind when an accountant or an auditor is chosen for a company. The critical factors are given below:
●The Reputation of the Professionals
The status of the professional will answer any questions as to how the problem will be handled by them. If the reputation of the particular professional or firm is not that good, it is not usually the right choice as they do not have any work to show for. A well-known firm will not only provide excellent and quick solutions but will also offer a guaranteed and experienced remedy to the problem faced by your company.
●Qualification of the Professionals
After deciding upon some of the possible names of Accounting and Auditing firms and their alternatives, this is one of the first things that is noticed by anyone. The auditing firm should possess a qualification at least of a Chartered Accountant (CA) or Certified Public Accountant (CPA). The number of qualifications the firm owns, the better it is for the company.
●Reviews and Experience of Peers
A company will provide all its confidential and essential data to a third party when accounting and auditing services are availed. This means that the auditing and accounting firm should have already done some work in the industry. We can question their former clients if they were happy with the performance of the firm and also if they were able to provide a resolution to their problem. The performance review by the previous clients will be a significant factor in availing the services of that Firm or Professional.
●The Degree of Communication
In business, it is essential to have mutual communication between the management and the third party. This means that communication should consist of the third party firm analyzing and providing the refined data to the company, but it should also consist of communication from the side of company management. Also, if there is any unclear data transfer, then it will lead to bad decision making for which the administration and the Accounting and Auditing firm will be responsible.
●Fees Charged
Every company has a fixed budget, and it is required that the management takes care that the company does not go over budget. In case your company has just been set up, your company might not need an in-depth audit. If the audit and accounting firm provide the option for only paying for the services which are required, it will be a great help to the budding business.
The factors, as mentioned above, are to be kept in mind while choosing the type of accounting and auditing firm in Dubai. Selecting an audit and accounting firm is a very crucial decision that should not be taken blindly. Such decisions should only be undertaken after in-depth scrutiny.
If you are looking for a firm that has all the right qualifications and is well-reputed in Dubai, then you do not need to look anymore. JAXA Chartered Accountant is a reputed Auditing and Accounting firm. The firm is also ISO 9001-2015 certified and will provide you with a customized solution which will suit the requirement of your business. For more details on the services provided by JAXA, Contact Us. We will be happy to help.