21 February 2023
A business thrives only when its accounts are proper, and an efficient accounting system is the only way to enhance an understanding of how the business operates. Therefore, choosing a good accounting firm has to be the priority of businesses in Dubai and around the world. A good accounting firm can help relieve a lot of stress from following up with terms and conditions that are not the business owner’s area of expertise. It further helps with keeping up with frequent updates concerning laws and regulations. The accounting firm you choose for your business takes care of many activities ranging from budgeting, bookkeeping reporting, financing, daily tasks and activities, and so on.
In this blog, we urge our readers to consider some tips before choosing the accounting firm for their business needs:
There are many areas in which an accountant specializes, and these areas differ according to the business. Therefore, the first step is to analyze the purpose of hiring an accountant and the area of specialization your business requires. While looking forward to choosing the right accounting firm in UAE for your business, hire a business that can provide you with experts in different accounting domains. It will ensure that all your needs will meet by the accounting firm associated with your business. The services offered by the accounting firms in Dubai should include auditing, reporting, financial management, analysis of cash flow, succession planning, etc.
The accounting firm in Dubai should have accountants who have valid credentials in taking care of the financial statements and other reports of the businesses. The accountant should possess relevant accreditation and should have an ID that states he or she is a registered tax practitioner. The qualifications of the accountant can be a Chartered Accountant, CPA, ECPA – Emirates Certified Public Accountant, IACPA – International Arab Certified Public Accountant, or CPAA – Certified Public Accountant & Auditor. Evaluation of the value and authenticity of the accounting firm will be evident if their accountants possess the above qualifications and credentials. This also indirectly states that the accounting firm in Dubai has in-depth knowledge and follows the Generally Accepted Accounting Principles (GAAP).
Market familiarity and understanding is the next factor you need to look to into while availing of the services of accounting firms in Dubai. Consider looking at the client profile and past works they have done and analyze whether they will be a good fit for your business. The accounting scenarios differ from each other in different work situations. So it will always be a plus point if the accounting firm of your choice has had associations with industries of a similar kind. A strong understanding of your industry can help you maximize your returns on investment.
Communication is an attribute that can determine how well your business and the accounting firms will be able to exchange information, and it will directly reflect in your engagement with them. Setting suitable communication operative among both parties to ensure that there will be a seamless flow of information. So that it will not affect the working system of the business.
The accounting firm in Dubai that you choose for your business should have in-built processes. When the accounting firm in Dubai that you hire has good systematic processes, then it becomes ideal to hire them as it will help manage the accounts effectively.
The choice of accounting firm in Dubai should also be along the lines of the amount of money you are intending to invest in the services of the accounting firm. Make sure to get a detailed understanding of the services that you are planning to take from them and understand the services that you are being charged for. Most services either provide services as a package or give services on an hourly basis. So evaluate all options before hiring the services of an accounting firm in Dubai.
The accounting services that you choose to hire should have technical expertise. With the pace with which the technology is changing, it is necessary for the accounting firm that you hire to keep up with the relevant updates and this will help make your processes agile. Choose accounting firms in Dubai that are well-versed in using cloud-based applications, this helps in accessing records any time of the day or even when we are not in the office.
Hiring an outside accounting firm will help detect fraud and any kind of embezzlement that might be happening in the business. The quality and accuracy of the financials of your business will be taken care of effectively by an accounting firm in Dubai effectively.
These are some of the best tips that will help you choose the right accounting firm in Dubai for your business needs. Following up with these tips will ensure that you are able to adopt adept accounting practices that will help in the further growth of your business.