Book-keeping is the most crucial part of handling a business. If there’s mismanagement at any level, the company’s profits might get translated into losses or vice versa. Given the importance of accounting, it’s crucial to have the accounts handed over to safe hands and be clear about your choice of an accounting firm.
But do you need a book-keeping service? Some fact-checking first!
Are you afraid that your accounts need better management by a professional? Do you want a reliable book-keeper for your business? Do you need reliable tax-paying guidance? Do you help with budgeting and setting up financial goals?
Does your business lack a professional advisor for analyzing investments, weekly payrolls and selling properties? If the answer to at least one of these questions is yes, then you really do need to hire one of the best accounting firms in Dubai to ensure business growth and sustainability.
How to choose a company for bookkeeping
Nevertheless, the selection of an expert accountant enables the businesses to keep a record of their financial matters that is one of the most important operations. The post is aimed to guide you on how to choose an accounting firm for your business, be it in Dubai or any other part of this fast-moving world. Following are some points to be considered before selecting an accounting firm:
1. Check for Certified Book-keepers
The book-keepers an accounting firm hires must be professionals with essential certifications. Every country has different certification requirements. For example, in Dubai, accounting firms must employ personnel with the following certifications:
- Certified Public Accountants (CPAs)
- Certified Management Accountant
- Chartered Global Management Accountant
2. Consider reliability first
Financial information is susceptible information to share with just anyone out there. Hence it is vital that when a firm is chosen, it is trustworthy. The reason is that financial sheets should be prepared by experienced yet trustworthy professionals.
3. Evaluate service charges as a must
When you take services, you’ll most definitely have to bear the expenses as well. It’s essential to identify an accounting firm’s fee policies and come to terms with them. Some companies prefer being paid per hour, for their services, while others at a fixed rate. If these costs don’t suit your company’s budget and might, you might want to look for another accounting firm.
4. Check for service packages
Variety of service of an accounting firm must be gauged before partnering with them. There are firms which provide a diverse range of services from financial management to audit reporting, cash-flows and future planning.
5. Ask for audit support
If your business is based in an industrialized state like Dubai, audit reporting services becomes very crucial, especially if it is big business. Looking around you’ll find out that some accounting firms do offer audit support in their offices, with or without an extra fee, and if asked they provide a client with an accountant to represent your company’s interests
6. Focus on Goal Setting
Before making a choice, talk to the representatives of firms. Find out if the goal-setting services they provide align with your requirements. How flexible are they? Interestingly, the best accounting firms in Dubai assist the business people to make short term and long term goals in terms of improving cash flow and audit process.
7. Look for references
Talk to people in your social circle and find out which accounting firms are they borrowing services from. If their review about their experiences is positive, you can hire the same for yourself, and if their reviews are negative, you gain information without experiencing it first-hand. Hence, it’s even better because now you’ll be cautious.
Not all accounting firms are equal. Every firm has its pros and cons. So, being associated with an accounting firm is crucial for every small or big business. Any business leader must be conscientious about who is responsible for bookkeeping and the rest of the financial details of the company because it can make or break the back of a company.