You are currently in the early stages of running your business, you have already established a customer base that’s both loyal and solid, and you have money in hiring some help for certain aspects of your business. Like a veteran multitasker, you figure that you will simply put in the extra hours and just put the money to use for rainy days. If that’s the case, then you have to know that this is only a short-term strategy. This is not great, especially when you are running an Amazon business in UAE and you have a lot of customers from your world- or nationwide reach.
Before we give you tips on how to hire an accountant or bookkeeper for your Amazon business in UAE, let us first take a close look at some of the reasons why there is a need for you to hire an Amazon accountant or bookkeeper in UAE.
Why is there a need for an Amazon accountant in UAE?
In the United Arab Emirates, 82% of business failures can be due to poor cash management rather than due to bad employees or the lack of customers. Poor cash management is always often the reason why businesses fail. With an Amazon accounting professional in UAE, you have an expert that can ensure you are working both smart and hard. If you do not know the price that is perfect for your business and you are working yourself every single month to the bone only to get breakeven, then there is most definitely something wrong in your business operations. An Amazon accountant in UAE can help in detecting issues prior to becoming massive issues.
An important way of Amazon accountants and bookkeepers in doing this is through the preparation of financial statements. The most common financial states are the following: cash flow statement, income statement, and balance sheet. When putting together, they provide a very good picture of the business’ revenue, assets, expenses, and liabilities.
Read More: VAT Registration Guide for Amazon Companies in UAE
How to hire an Amazon accountant in UAE?
Here is how you can choose the best Amazon accountant to help you with your business in UAE:
Select an Accountant with the correct Expertise
The accountant that you should hire has to have the correct expertise and training in helping you with your Amazon’s business accounting matters. Bookkeepers and accountants for Amazon businesses in UAE are abundant across the region.
This is why you need to ask for qualifications and certifications, which can include:
- Passing of CPA examination
- At least two years of accounting and bookkeeping experience for Amazon businesses
- Possess a bachelor’s degree in accounting and bookkeeping
- Obtain at least 24 hrs of CPE credit every year
Ask for Experience
Whether an independent accountant or bookkeeper for Amazon businesses or working through a firm, an Amazon accountant that you hire has to have experience in handling transactions that are similar to yours. What is preferable is for the accountant to have experience in your industry. When you are interviewing prospects for Amazon accountants, you should ask thoroughly about the experience in order to avoid assumptions.
Following you asking several questions, it’s going to be clear to you if someone only had two years of experience in the industry or someone that has ten years. You can also assess whether you will benefit from hiring someone with only 2 years of experience or someone with at least a decade.
Find out the software that the Accountant is using
If applicable, find out if the prospect is familiar with the accounting and bookkeeping software that you prefer for the accountant to use. There are a lot of product lines and versions available, so the bookkeeper saying that he/she has used your software is absolutely not enough. You have to dig deep so you can find out if you are using the same line or version that the expert is using. If the accountant says that there is no need for software as the accounting will be done manually, that is also fine. However, this will entirely depend on your requirements and preferences.
Find out more: When to Hire an Accountant for Your Amazon Business in UAE
Find out if the Amazon Accountant can be Trusted
With good references and qualifications that you can review, you will find an Amazon bookkeeper/accountant that you can totally trust. Make sure that you are hiring a firm or a professional that is honest and transparent. The expert should be very easy to access or reach through email or phone. Whether he/she is working independently or working with an accounting firm is something that you should know. You should also know if there are other clients that the accountant is working for.
If you want to consult with an Amazon accountant or bookkeeper in UAE, call us here in Farahat & Co today!