Essential Tips To Choose The Best Accounting Service Provider In UAE
There are several factors that business owners have to consider before choosing an accounting service specialist who can handle all their company’s accounting tasks. From quality services, skills, and price ranges to meeting scalability requirements, all these aspects play an essential role in choosing the best accounting service provider in Dubai. Professionals at these firms ensure a profitable, influential, and prominent future for the client’s company. Though it might sound easy, choosing the perfect and right option requires several factors to be checked.
In this guide, we have curated a list of essential factors that will help you choose the best accounting firm in Dubai, UAE.
Tips To Choose The Best Accounting Service Provider
(1) Reviewing Accounting System Internally
Before outsourcing accounting services, bring an internal team onboard and discuss your company’s current accounting system in detail, focusing on the weak and strong points, which will help you highlight specific areas that require improvement. Only after the internal review, if you find anything that cannot be handled internally, you must opt to hire professional accounting experts.
(2) Shortlisting Services That You Need
Post the internal review of your accounting system and different accounting services options; now, you have a concrete list of services and categories your company requires. This list helps you understand your exact business requirements. In addition, this will help you decide whether you need to outsource the complete accounting systems or bring an outside consultant or financial officer who will serve the purpose.
(3) Envision Future
You need to ask questions that define a complete future plan, like how the accounting firm or service provider will aid you in growing your business. Professional accounting service providers like Sarah Ferguson Tax Consultancy can help you visualize your future even before you select them by laying down custom-based business solutions.
(4) Pay Attention To Your budget
You must acquire detailed quotations from various accounting firms to estimate their cost and make a sound and informed decision before evaluating all your options for new service providers that will fit your budget.
(5) Inspect Thoroughly
Potential accounting service providers extend a fair view of deliverables & expectations for the business. Request for their sample financial reports and demos of work so you can evaluate how they have been serving their clients and how they tend to support you. Businesses should ensure that any SLA (service level agreements) includes a response from the firm within 24 hours; therefore, your potential accounting firm must extend timely support and communication.
Also, going through the case studies of some previous & current clients will give you a clear picture of what you should expect from them. If you have particular requirements for a niche industry, then ask for distinct references from clients to ensure that they understand how to handle your specific requirements.
(6) Types of Services Offered
Most accounting firms in the UAE provide support for auditing and bookkeeping, but very few possess the relevant expertise in VAT. Therefore, when preparing for VAT, businesses must consider firms with successful testament through VAT expertise and experience.
(7) Software Expertise
Technology is changing daily, and the pace is no different for the accounting field. With more and more businesses using cloud-based applications to support their operational and accounting functions, you must choose an accounting firm that is up to date with all new technological developments to support their clients.
(8) Size of The Firm
For many, the accounting firm’s size is a concern. However, that must not be the case because other factors such as industry experience and VAT expertise should be weighed more importance. For example, a larger firm may not always be able to provide the level of customer service that you require. Meanwhile, a smaller firm will likely consider the needs of your business with more seriousness and dedication.
Benefits Of Hiring An Accounting Service Provider In The UAE
- Time Effective
The accounting process is time-consuming and even complicated for a non-expert. Therefore, companies tend to divert their focus from their core objectives toward managing accounts. Accounting service providers break this cycle by helping businesses to focus on their primary activity, i.e., producing revenue and growth of the business and its other operations.
- Cost Effective
By hiring an accounting service provider, you are liable to pay only when the services are received. Hence, businesses only pay for basic accounting, and this money saved can be optimized to finance the core business activities.
- Prevents Frauds
Hiring a professional outsourcing company can reduce the possibility of fraud by the employees within the organization as the outsourcing company is accountable for the quality and accuracy of all the transactions processed.
To Sum Up
After bringing the accounting services providers onboard, introduce them to your team members, who will directly interact, guide, and manage them. So that every individual’s objectives are in tandem with the organization’s, and it also establishes clear lines of communication, peace of access, and no egos or emotions that may hinder productivity.
Every business requires adopting a careful methodology in its underlying stage while dealing with its funds. However, a lack of professional accounting services can dent the dream of a business to be a strong competitor in the commercial marketplace. That is why a company’s accounting should be taken care of professionally. Top accounting service providers like Sarah Ferguson Tax Consultancy work closely in providing end-to-end accounting services, covering daily accounting activities, employee reimbursements, payroll processing, management reporting, and financial analysis to extract the maximum benefits at affordable prices.